IRA
What is a traditional IRA Account?
A pretax account, tax-deferred, and you can pay taxes on withdrawals in recruitment.
What is a Debit Account?
Liquid money that can be spent without borrowing
What are the types of savings accounts?
High Yield Savings Account and Regular Saving Account
What is the use of a 401K account?
Pretax contributions, early withdrawals, and employees can match your amount
What is a credit card?
What is the difference between a Traditional Ira and a Roth Ira account?
T IRA- Good if you expect to be in a lower tax bracket
ROTH IRA- Good if you expect to be in a higher tax bracket later
True or False
A debit card has interest on it and grows once money enters that account
False
List some facts about a Savings account
Easy to access, but APY is often low — sometimes near 0.01%. Best for keeping a small buffer close at hand.
True or False
A consumer can have both and IRA and 401 K account
True. Both are investment accounts
Can a credit card be used build credit?
Yes. A credit-building credit card can be used to build credit
List a couple of investment accounts.
Stocks
Bonds
Certificate of Deposits
True or False
Are you more liable to fraud with a debit card?
True.
What is the interest amount that banks pay in a HYS?
ranging between 4-5% on your deposited dollar
Is there a contribution cap for a 401k account? If yes, what is the cap amount?
Yes. $24,500.
What is the interest percentage if you do not pay your credit card balance in full?
If you don't pay in full, interest kicks in — commonly 15–25% APR. A $1,000 balance at 20% APR takes over 5 years to repay making only minimum payments, costing hundreds in interest.