Checking/Savings
This account typically offers very low or non-existent interest rates and allows for easy access to funds.
Checking Account
Some employer retirement plans like 401(k)s may offer ________ _____, effectively providing "free money" to boost your retirement savings.
Employer Match
Who is the only player in NBA history to score 100 points in a single game?
Wilt Chamberlain
These accounts typically come with low interest (around .01%) but are used for storing money you don’t plan to spend immediately.
Savings Account
In banking, this refers to the extra money earned on the balance of a savings account over time.
Interest
Name two types of IRAs (Individual Retirement Accounts) that employees can use. Extra 200 points if you correctly explain the difference between them.
Roth, SEP, and Traditional IRA.
Name the differences between Roth and Traditional for 200 bonus.
Which player has the most NBA Finals MVP awards?
Bonus Points: 200 points for stating how many NBA Finals MVPs this player has.
Michael Jordan
6 Finals MVPs
What is the maximum number of withdrawals typically allowed from a checking account each month?
High-yield accounts are typically offered by these types of financial institutions.
Online banks
Name three investing platforms that you can use to start investing.
Schwab, Vanguard, Fidelity, Robinhood, Webull, Public etc.
Name a U.S. city besides New York or LA that has teams in all four major professional sports leagues. (NFL, NBA, MLB, NHL)
Chicago, Illinois
Philadelphia, Pennsylvania
San Francisco Bay Area, California
Boston, Massachusetts
Dallas-Fort Worth, Texas
Washington, D.C.
Miami, Florida
To open a bank account, these two types of documents are generally required.
Two Forms of Documentation
Common forms include a Social Security card, proof of residence (such as a utility bill), a passport, and a driver's license.
Name the key feature of a checking account that may be sacrificed for the increased interest of a high-yield savings account.
Accessibility of the funds (ex: debit card, checks, quick withdraws, etc.)
What is the minimum age one must be to withdraw earnings from a Retirement account from a 401(k) or IRA (Individual Retirement Account) without incurring a 10% penalty?
59.5
Early withdraws may be taxation and a 10% penalty
What major sports league has the highest average player salary?
NBA
This banking term refers to the fee that you incur if you withdraw more than your account balance or the minimum required amount.
Overdraft Fee
Explain how goals should affect the time frame in which you use a high-yield savings account.
Goals determine how long you keep funds in a high-yield savings account.
Sidenote: HYSA is best used for goals that you'd like to reach within 1-5 years.
Name two differences between a typical brokerage investment account and a retirement account.
A typical brokerage account lets you buy and sell investments whenever you want, and you pay taxes on the money you make right away.
A retirement account helps you save for the future, letting your money grow without paying taxes until you take it out, and you typically can't access it until 59.5.
Who is the only athlete to play in both a Super Bowl and a World Series?
Deion Sanders AKA Coach Prime