Writing Check
What are some common things people write checks for in 2025?
rent, down payments, certain bills
What does SSN stand for?
Social Security Number
What are categories of the 50-30-20 budgeting method?
50 - needs
30 - wants
20 - savings/debt repayment
define the word "loan"
loan - a sum of money borrowed from a lender (ex. bank) with an agreement to pay it back over a set amount of time
How does making a larger down payment affect monthly payments and the total interest paid over the life of an auto loan?
larger down payment = less principal amount borrowed and less time spent paying off loan which means less interest overall
What is the "memo" section meant for on a check?
the reason for the check (ex. rent)
Name two safe practices to help prevent identity theft when using online accounts.
Use strong / unique passwords, Monitor financial statements, Enable two-factor authentication
What is the difference between gross pay and net pay?
gross pay: total income before taxes
net pay: total income after taxes/deductions
What are two key differences between a debit and credit card?
credit - borrowed money now, pay later / helps build credit score
debit - your own money in the bank / does not help build credit score
Define "term" and "APR" in the context of an auto loan
term - the amount of time agreed upon to pay off a loan (ex. 36 months)
APR - annual percentage rate , yearly cost of a loan expressed in a percentage
Why do you need to write the check amount in both numbers and words?
to prevent fraud and to clarify the payment amount
What federal agency is represented by the acronym FTC, and why would you contact them about consumer issues
Federal Trade Commission
to report scams, fraud, unfair business practices
What is a "fixed expense" and a "variable expense" and provide one example of each
fixed expense: is a necessity bill that is charged regularly (rent, amenities)
Variable expense: usually more of a want, but could also be a necessity but changes in price each bill/charge period (gas, groceries, eating out)
What is generally considered a "good" credit score range?
670 - 700s
what does FAFSA stand for and what role does it play?
Free Application for Federal Student Aid
it's role is to determine a student's eligibility for financial aid for college / career school
Grab the white board and have a representative write this amount in words: $523.00
five hundred twenty-three dollars
Identify two groups who are more likely to fall victim to scams and one reason each why they are targeted.
Older Adults - have more money / less familiar with scams
Lonely Individuals - targeted scams that play on connection
What is the zero - based budgeting type and how does it work?
The zero-based budget method ensures every dollar you earn has a purpose by assigning income to various expenses and savings
Name the three major credit bureaus.
Experian, Transunion, Equifax
What does the term "COA" and "EFC" mean when it comes to FAFSA?
Cost of Attendance
Estimated Family Contribution
Do you always have to draw a line or dotted line after the amount / pay to the order of for a check?
You don't "have to" but it is recommended and helps prevent fraud
You discover unfamiliar charges tied to your identity. List the immediate five-step course of action (who to contact and what to do) to respond to identity theft.
1. contact credit bureaus (freeze credit)
2. file police report
3. contact FTC
4. change all passwords
5. alert financial institutions (banks, credit card companies)
Why might it be helpful for someone to establish a budget?
to ensure that there is structure and reason behind money management to better prepare for financial goals
Name all five categories that make up your credit score.
payment history
amounts owed
length of credit history
credit types/mix
new accounts
What is the one of the key differences between a "subsidized loan" and an "unsubsidized loan"?
SL - government pays the interest on the loan while the student is attending school
UL - student is responsible for the interest on a loan that starts once it is accepted