money
Jamie is creating a budget for the first time and doesn’t know which to use - Net Pay or Gross Pay. What do you tell him?
Use net pay, because it's the total amount you've earned minus taxes and other deductions
Which of these statements best describes the reason identity theft is such a s huge concern?
victims of identity theft can spend countless days, montha, or even years trying to correct their damaged credit history
Jennifer is trying to save up for an emergency fund of $3,000. Which saving strategy would likely be most effective in helping her meet her goal?
set up a direct deposit of $75 from each paycheck to automatically get put into her savings account instead of her checking account
Super Smarts University has a sticker price of $45,000 per year. Kyle is applying there and uses their online net price of $38,000 per year based on the information he is provided. He’s #1 in his high school class, and he’s got great SAT scores; so he’s pretty sure he’ll get in. How much will Kyle pay to attend?
it's impossible to know how much he'll pay until he recieves his financial aid package
Which of the following would have the most positve impact on your credit score?
Make all payments on time, and focus on paying down any credit cards that are close to their credit limits
Zoe buys three new lipsticks from a store at the mall. Which payment method would reduce the amount of money in her checking account?
uses her debit card and says, "credit" when the cashier asks "credit or debit"
Laura is a high school student who has a part-time job at a department store. All of the following options will be deducted from her paycheck EXCEPT...
overdraft fees
Which person from this list is saving rather than investing?
Yvonee, who puts $750 per month into her bank account earning 1% interest
These High School Seniors each bout $1,500 of stuff to bring to college with them in the fall. Each one used a credit card with similar terms to make their purchases. Who will pay the LEAST interest for their purchases?
Jasmine, who had saves the $1,500 previously and pays off the whole balance once her bill comes
Which of the following best describes the amount of money you'll have if you put $1,000 into a savings account earning 1% annual compound interest for 10 years? You can ignore the impact of inflation in this question.
slightly more than $1,100
Which definition best describes the FAFSA?
the application you complete in order to determine elegibility for federal student aid
You have $3,000 per month to cover your expenses. You estimate your monthly costs to be rent of $1,200, car expenses of $700, utilities of $200, insurance of $300, food of $400, student loans of $800, and going out with friends of $200. What is the end result?
a budget deficit of $800
Jay asks his friends for advice: "Should I start doing mobile banking now that I've got my new smartphone?" Which friend is correct in their statement on the benefits of mobile banking?
it's so convinient, because you can deposit your check using your phone's camera and the banks app
What is the definition of Chapter 7 Bankruptcy?
a brokerage firm
Which statement accurately describes the difference between a student loan and a scholarship or grant?
student loans need to be repaid, while scholarships and grants are both free and do not need to be repaid
Hudson always makes the minimum monthly payments on all of his debt, on time. He receives a raise at work which gives him an extra $250 per month in take-home pay. if his primary goal is to minimize the amount of interest he'll pay over the lifetime of his debts, which debt should he pay down most quicly using his increased pay?
his credit card with a 19.7% interest rate
What is the definition of the Time Value of Money?
a type of debt that a company issues to investors for a specified period of time
Maura has started a full-time job as an accountant at a nonprofit organization. Which tax paperwork is she likely to receive and complete during her first week on the job ?
a w-4 form
What is the definition of Chapter 13 Bankruptcy?
mutual funds are diversified investments
When you have liability coverage with your auto insurance policy...
your insurance will cover the payment for your neighbors fence repair if you crash into it backing out of the driveway
The Internal Revenue Service (IRS) is the federal government agency responsible for
property tax
Identity theft is not hard to fix.
false
SMART stands for…
Specific, Measurable, Attainable, Realistic and Time Bound
All health plans are the same.
false
What is the difference between gross pay and net pay?
net pay describes your pay after deductions; gross pay is before