Financial wellness basics
The best time to start investing
What is immediately or as soon as possible?
A plan made in advance regarding the expenditure of money based on available income
What is budgeting?
Brian is trying to improve his credit. This is one of the areas that will have a great effect on his credit score.
(Any of these answers)
An account with only one person who is the owner of the account
What is an individual/primary account?
An online scam that targets individuals by sending an email that appears to be from a well-known source to acquire sensitive information, known as this type of scam.
What is Phishing scam?
The term that describes the compounding effect of investing early and letting the investment compound in value over time
What is Time Value of Money?
An account where you can make deposits, make withdrawals, write checks, and have a debit card
What is a checking account?
This type of asset often appreciates in value due to factors like location, development, and market demand
What is real estate?
An account with two or more people who are all the owners of the account
What is a joint account?
A call, text, or email where the fraudster pretends to be an authority, like law enforcement, and scares you into sending them money, known as this type of scam.
What is Imposter scam?
Other than your credit score, this is another top consideration for approval of a home loan
(Any of these answers)
This term refers to fees charged for transactions where a checking account lacks the necessary funds
What is overdraft fee?
If you want to find out your credit score, this is one of the three agencies you can check with
(Any of these answers)
If Tyler and Tammy have a Joint account, these people have the rights to that account.
Who are both Tyler and Tammy?
Scammers take advantage of people looking for love, often through social media apps and con the victim into sending them money and gifts, known as this type of scam.
What is Romance scam?
A calculation rule used by virtually all installment loan lenders where a greater percentage of interest is paid in the earlier months of a loan (and the interest portion of payments decrease over time)
What is Rule 78?
A secure, rented container within a bank's vault, used for storing valuable physical assets like important documents, jewelry, or heirlooms
What is a safety deposit box?
This is a sensible reason to take out a loan
(Any of these answers)
A person who receives the funds of an account AFTER the account holder is deceased
What is payable on death (POD) or beneficiary?
Scammers will contact by phone, email, or text message to tell you there’s a problem with your computer, known as this type of scam.
What is a Tech support scam?
According to Grok, these are the best things to do during your college years in order to prepare for a positive financial future
(Any of these answers)
An account when you leave your money deposited for a specific, predetermined period of time (known as the term), ranging from a few months to several years. In exchange for this commitment, the bank pays you a fixed interest rate.
What is a certificate of deposit (CD)?
You take out a five-year loan for $20,000 at a 5% interest rate. This is the amount of simple interest you will pay over the life of the loan.
What is $5,000 ($20,000 (principal) x 0.05 (interest rate) x 5 (loan term in years) = $5,000 in interest)?
A person who can act of someone's account while the account holder is still alive. However, they cannot transact their own business on the account.
What is a power of attorney (POA)?
If you fall for a scam, you should do this to limit the damage
(Any of these answers)