Credit Fundamentals
The higher your credit score the _____ your interest rates.
Lower.
As of 2023, what is the Social Security tax rate of wages?
12.4%
What can help reach long-term goals?
Making short-term goals.
What does it mean when one's bank account is "overdrawn"?
They have spent more money then there is available in their account.
Where are investments bought and sold?
The stock exchange.
What is the range of a good credit score?
700-850
TRUE or FALSE: Claiming children on your taxes could deduct the amount you have to pay.
TRUE!
A ____ is a path you take throughout your work-life.
Career.
Scheduling an _____ payment of your bills is one way to use online or mobile banking apps to help manage your money.
Automatic.
What is a dividend?
Payment you receive from a company's profit.
What kind of card effects your credit score?
Credit card.
What kind of economy has a flexible market that allows you to work short-term?
Gig economy.
What's a skill that helps you reach long term goals?
Prioritization.
TRUE or FALSE: It's safe to access your bank information while using public WiFi.
FALSE!
TRUE or FALSE: Working with a broker at a brokerage firm is needed to buy or sell assets in the market.
TRUE!
TRUE or FALSE: The cosigner's financial assets, such as a house or car, are put up as collateral when payments are missed.
TRUE!
What does the 1099-Q form do?
Determines if you owe any taxes from an education savings account.
TRUE or FALSE: Breaking big goals into smaller ones, writing down your goals, and taking care of your physical and mental health are all things you can do to help reach long-term goals.
TRUE!
What will people do to get you to fall for their scam?
Appeal to your emotion, create a sense of urgency, and offer you things that seem too good to be true.
How long you plan to keep your investments.
Hypothetically, if you were to check with the credit bureau without having any sort of previous credit, yet they have a report for you, what could be a reason for that?
You could be the victim of identity theft.
TRUE or FALSE: You don't have to file things like stocks you've invested in and cryptocurrency.
FALSE!
What is one of the most important factors when getting your first job?
Communicating well with others.
Which type of interest can earn more money over the long term?
Compound interest.
A financial advisor ____
Offers financial guidance.