Definitions
Borrower
A person or organization that borrows something, especially money from a bank or other financial institution.
What is the highest and lowest credit score one can have?
850 & 300
What is redlining
Redlining is an illegal practice where people living in a certain area or neighborhood are not given the same access to loans and other credit services as people in other areas or neighborhoods on the basis of race, color, national origin, or some other prohibited reason.
APR
Annual Percentage rate
What is Ms. Bailey's Favorite Color?
Red
Estate Tax
Tax on the value of property someone owns at their death.
What are 5 important things to include on a check
Date
Payee
Signature
Cost in $
Cost in words
What year did Redlining Originate?
1930's
FDIC
Federal Deposit Insurance Corporation
Medicare & Social Security
Tariff
Tax paid on products imported from foreign countries.
How would I write 516.23 on a check in words
Five hundred sixteen and 23/100.
What are the 2 laws that make it illegal to discriminate against people who want a mortgage based on race or other characteristics?
FHA
ECOA
FICA
Federal Insurance Contributions Act
What is the difference between payroll tax and income tax
Federal, state, and local taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends).
Taxes taken from your paycheck, including Social Security and Medicare taxes.
Regressive Tax
Tax where everyone pays the same amount or percentage, such as with sales taxes.
List 4 ways we can deposit money into our checking account
At a bank branch
Through an ATM
Direct deposit from your employer
Electronic transfer in from another account
Mobile app deposit
3rd party app (ex: person-to-person payment)
What is Gentrification
The process whereby the character of a poor urban area is changed by wealthier people moving in, improving housing, and attracting new businesses, typically displacing current inhabitants in the process.
FHA
Fair Housing Act
What is the difference between a mortgage and property tax?
Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.
Property Tax - taxes paid on property such as real estate, boats, automobiles, and recreational vehicles.
Mortgage include property tax
Progressive Tax
Tax that takes a larger percentage of income from high-income groups than from low-income groups.
Calculate the Simple Interest on $500 deposited for 3 years at a rate of 8%?
$120
Name 3 ways in which redlining still affects us today?
Job Hunting (Address, Name)
Getting a mortgage
Graduation rate
ECOA
Equal Credit Opportunity Act
Name 3 factors that affect property taxes
Age
House Size
Location
Construction Type
Median home value in your area