Give me some credit
True or False: You get a late fee if you do not pay your minimum credit card payment for the month.
True. Late fees could range between $25 and $35 and could increase the longer you wait to make your payment.
Let's just say you want to buy a car. You start putting $20 a week aside so that one day, you can afford one. Which bank account do you put the money in, checking or savings?
Savings
True or false. If I live in and work in a city, buying a car is a necessity.
False. Cities provide public transportation which is much cheaper than buying a car. Also, most city apartments do not provide parking.
True or False: Living with roommates is cheaper than living alone.
True! Living with roommates allows you to split the cost of a living space meaning that you pay a fraction of what you would be paying alone.
True or False: Graduating from college guarantees a higher paying job.
False! There are many ways to make decent money without getting a college degree. While getting a degree certainly helps, it is not the only important factor.
Let’s say you have a very low credit score. Would the interest rate for a loan be higher or lower?
Higher
If you are trying to buying groceries, which bank account do you take money out of, checking or savings?
Checking
Multiple Choice: In your 20's at least what percentage of your paycheck should you be putting into savings each month?
a. 0-5%
b. 10-15%
c. 30-40%
d. 50-60%
B. While it is a good idea to save as much of your income as you possibly can, 10-15% is the minimum amount that you should do.
DOUBLE JEOPARDY
Which is the least expensive method of buying food?
a. Going to a fancy restaurant
b. Going to a fast food chain
c. Going to a grocery store
d. Going to a convenience store (wawa)
C, Grocery store.
What is the cheapest way to buy clothes?
a. Department stores
b. Thrift stores
c. Name brand stores
d. Grocery stores
b. Thrift stores typically offer the biggest discounts on clothing because they are used.
What is a credit card?
A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit. (Buy now pay later).
True or False: You can cash a check without using an ATM
True! Most banks offer a service where you can deposit your check by using their mobile app.
Why do people save money? Name at least 2 reasons.
For retirement
For a big purchase (house, car, etc.)
In case of emergency
How many children have their identities stolen every year?
a. 500,000
b. 10,000,000
c. 1,300,000
d. 10,000
c. 1,300,000. According to Michigan State University
What is one difference between trade/technical school and college?
Trade school is typically less expensive, trade school teaches hands on skills, college teaches you how to think and requires more book work.
DOUBLE JEOPARDY
How is a credit card different from a debit card or cash?
When paying with a credit card, you buy now but can pay at a later time. When using cash/debit card, you pay the full amount exactly at the time of purchase.
What is the main reason why you should always keep cash on you?
In case of emergency/some places don't offer card purchases
What is the main difference between paying rent and paying a mortgage (monthly house payment)?
When you pay rent, you do not own the property whereas with a mortgage payment, you own the house and are paying it off over time.
What is the main reason why you should protect your Social Security Number?
Someone who has access to your social security number could steal your identity/ruin your credit
What are at least two perks of going into the military?
What are the 3 most important factors that determine what your credit score is?
Whether you make your payments: 35%
How much you owe: 30%
How long you've been using credit: 15%
1. Theft
2. Disaster
3. Misplaced
4. Accident
5. Banks are insured for $250,000 for your account
In 2023, what is the average price of a home in the United States?
a. $348,079
b. $256,288
c. $621,900
d. $401,245
a. $348,079
If you are living paycheck to paycheck and can’t afford to save any money, what are the two things you could do.
Cut expenses and or increase income.
Which state has the highest cost of living?
a. California
b. New Jersey
c. Alabama
d. Hawaii
d. Hawaii