Taxes
the federal government
What happens to the interest rate of a fixed-rate mortgage?
It stays the same over the life of the loan
What account should be used to store money over longer periods of time?
A savings account
What does insurance do?
It protects people financially from risk
What is a credit score?
the numerical rating of credit worthiness
When's the deadline for filing your taxes?
Typically April 15
Mortgage loans are often paid over how long of a term?
15 to 30 years
What card should be used for everyday transactions?
A debit card
What is government aided health coverage?
Medicaid
What I the range of a credit score?
300-850
What do taxes fund?
Essential Services. (public education, social security, public safety)
What is an AMR (adjustable mortgage rate)?
A mortgage where the interest rate may change
What happens if you spend more money on your debit card than is in your checking account?
You have to pay an overdraft fee?
Medicare is typically for people of what age?
65+
How does paying bills on time affect your credit score?
Paying them on time improves your credit score
What states do not have income tax?
Florida and Texas
How does your credit score affect your interest rate on a car loan?
Typically you have lower interest rates if you have a higher credit score
What bank account typically has higher interest?
A savings account
Typically which is cheaper, a HMO or PPO cheaper?
A HMO
What are the 5 main factors that influence your credit score?
Payment history, credit usage, length of credit history, credit mix, and new credit
What tax structure is the United States under?
Progressive tax
A FHA loan
What's a negative effect of overspending on a credit card?
It can damage your credit score
Does HMO or PPO provide more options?
PPO
What percentage of your credit score does payment history affect?
35%