Credit
Budgeting 101
Loans & Debt
Banking
Savings
100
This is considered a "financial grade."
What is a credit score?
100
This is a guide to spending money so you can buy what you want without stress.
What is a budget?
100
This term means money owed.
What is a debt?
100
- two forms of I.D.
- proof of residency
- and money!
What is things to open a bank account?
100
This account grows throughout time.
What is a savings account?
200
This is an external factor of how we handle our financial life.
What is credit?
200
What is the Five-Step Budgeting Process?
200
This is borrowed money that needs to be repaid.
What is a loan?
200
This is federal insurance that covers your deposit in the event of bank failure.
What is FDIC? (Federal Deposit Insurance Cooperation)
200
A retirement fund provided to employees is called...
What is a 401k?
300
These are the three major credit bureaus.
What is Experian, Transunion, and Equifax?
300
The "Budget Worksheet" shows two main things, what are they?
What is income and expenses?
You don't get points get! A team can steal! List two expenses that can be shown in a budget worksheet.
300
This is a loan backed by something of value pledged to ensure payment.
What is a secured loan?
300
In the digital world ________ has become a must have for many people.
What is online banking?
300
Savings are perfect for many things but most importantly for.
What is an emergency?
400
This is the major factor that lenders consider when lending money!
What is the ability to repay and willingness to use your resources to make those payments?
400
This is the biggest mistake students make after receiving their money back.
What is spending their student loan disbursements within the first few weeks within receiving them?
400
This involves these steps:
- List all your debt in order from smallest to largest.
-Pay minimum payments on all your debts except the smaller ones, and attack that one with intensity (preferred method when paying debt).
What is debt snowball?
400
Banks offer this protection to cover charges without fees when living paycheck to paycheck.
What is overdraft protection?
400
Income not spent or deferred consumption.
What is savings?
500
DAILY DOUBLE: These are the 5 C's of Credit.
Character, Capacity, Collateral, & Conditions.
500
Two main strategies to successful financial planning that we talked about in class.
Hint: Both are acronyms.
500
This is the big effect that debt can have on your future.
What is you will get deeper in debt and constantly be stressed?
500
What is it called when some banks require a certain amount of money kept in your savings or checking account, & if you fall below that amount you could be charged a fee?
What are the minimum balance requirements?
500
The amount received is based on the size of your balance.
What is the Annual Percentage Yield (APY)?