Credit & Debt
Whenever you take out a loan, you pay back the loan plus what?
Interest
This is the amount you pay monthly for insurance
A premium
The amount of money you earn before taxes is called
Gross income
Mortgage
Who was the Second President of the United States?
John Adams
This number represents how trustwrothy you are to lenders
Credit Score
This is the amound you must pay out of pocket before insurance starts covering cost
Deductible
The amount of money you take home after taxes and deductions.
Net income
The best time to invest was ___________ ago, the second best time is __________.
10 years, now
Which Presidnet signed the Monroe Doctrine?
James Monroe
What is the difference between revolving credit and installment loans?
Revolving credit is flexible and changes. Installment loans are short term and fixed.
This type of insurance is typically required if you have a mortgage.
Homeowners insurance
This document reports your yearly earnings. You fill it out for an employer.
A W-2
How does adding one extra payment a year lower one's interest rate?
It lowers the amount you owe which lowers the interest added on the loan.
This President fought in the America's war with Spain. He was instrumental in our National Park system and stared in the franchise "Night at the Musuem"
Teddy Roosevelt
What is the total US debt per person? Must be within $400
$8,600
This insurance protects your loved ones from financial burden incase something happens to you.
Life insurance
What is the difference between mandatory deductions and voluntary. Provide an example of each
Teacher's Discretion
Name 4 ways in which you can financially pay for college
1. Savings
2. STudent aid
3. Scholarships
4. Military
5. Work
This President of the United States was a famous actor from California before becoming President
Ronald Regan
Name 4 out of 5 ways your Credit score is calculated.
1. Payment history
2. Amounts owed
3. Length of credit history
4. Credit mix
5. New credit inquiries
Explain this insurance policy:
- Premium: $500/mo
- Deductible: $5000
- Co-Pay: Insurance - 80% Insurer - 20%
- Max out of Pocket: $7500
Once a month payment of $500, When you pay $5000 out of pocket insurance kicks in and covers 80% of cost until max out of pocket.
Explain the U.S. tax bracket system (Federally)
The more money you make the higher bracket you are in. However, only money in that bracket is taxed at that %.
Explain the difference between a real return on investment versus a nominal.
Real factors in inflation, Nominal is just the dollar amount changed.
This President was born in Hawaii and started his political career in Chicago.