Credit
A _____ score is a credit score created by the Fair Isaac Corporation
FICO
Describe one example of something that might be a need for you but a want for someone else.
Answers may Vary
Direct deposit typically refers to your ____ sending your ___ electronically to your bank account.
employer, paycheck
What is the benefit of having a fixed interest rate loan?
Your interest rate stays the same,
What does pay your self mean?
Save or invest first.
What does APR stand for?
Annual Percentage Rate
When you are creating a budget, should you use your gross pay or net pay?
NET PAY
True or False: When you deposit your money at a community or online bank, your money is insured by the FDIC up to $250,000.
True
Name an installment loan?
Home mortgage, Auto loan, student loan
How much should you have in an emergency funds?
Adults should have 3-6 months of living expenses.
List a type of fixed rate loan, with secured debt?
Auto/Home
Accurately describes how the 50/20/30 Rule would break down your take-home pay?
50% needs, 20% on saving, and 30% on wants
What is the difference between a credit and debit card?
A credit card is a line of credit
A debit card is linked to a checking account
How much money should you put toward your home's down payment?
20%
Experts recommend that you accumulate enough to cover 3 to 6 _____ of expenses in your emergency fund.
Months
List two ways to keep a good credit score?
You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college. Which of your expenses would likely decrease by having roommates?
Rent
Which of the following is usually a benefit of being a member at a credit union?
Higher interest rates and lower fees
A fully amortized payment is split into which two components
The principal and the interest
If inflation is ________ your savings account interest rate then you will be ______ purchasing power.
Why would credit card companies prefer that their cardholders make the minimum monthly payment every month rather than paying their total balance in full?
This enables the credit card company to make more money
You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You set a goal of creating a $16,000 emergency fund. How long will it take for you to achieve your goal?
2 years
What is the most frequently charged fee on checking accounts?
Overdraft fees
When loans are amortized, monthly payments are __ , while the amount of your monthly payment applied to interest ___ and the amount of your monthly payment applied to the principal __ over time.
Constant, Decreases, Increases
A feature of a savings account but not a checking account?
Your money earns interest