Needs Vs. Wants
It's important to put your needs infront of wants when it comes to money. True or False
True
what's the difference between a recurring expense and non-recurring expense?
recurring expenses occur every month. some could occur on the same day each month
Nonrecurring expenses occur anytime during the month and are not on a set schedule
Is a Credit Union For profit or Non-profit?
Non-Profit
Credit is money that you borrow with the promise to repay it at a later date, true or false?
True
Things you'll have to pay for living on your own
A. Renters insurance
B. Utilities
C. Rent
D. All of the above
D. All of the above
Can you explain what a Need is?
Something you must have to survive, like a place to live and enough food to eat
What are the benefits of having a surplus?
having money left over to put into savings
what has more branches and services?
Banks or Credit Unions or both?
Banks
A fee paid to the lender in exchange for use of borrowed money?
A. Credit
B. Principal
C. Interest
D. Fees
C. Interest
One-time Expenses when moving out?
A. Application fees, Security deposit, moving costs
B. Party Supplies
C. Food
D. All of the above
A. Application fees, Security deposit, moving costs
Can you explain what a Want is?
Something you might want to have, but not something you must have to survive. You also don't have to have a want right away. You can save it for later
what are the drawbacks of having a deficit?
inability to save for the future, and challenges with paying for unexpected expenses
What has memberships requirements?
Banks or Credit Unions or both?
Credit Unions
What is something that can happen if you are irresponsible with your credit?
•credit card gets revoked, debt collectors may repeatedly call, they can damage their credit score, and it will be difficult to get loans in the future.
what percentage of housing expenses should not exceed how much of your gross monthly income?
A. 10%
B. 30%
C. 90%
D. 55%
B. 30%
What are ways people use money?
A. for warmth and for sun protection
B. To buy things you need or want
C. To save for things you may need or want later
D. B and C
D. B and C
What are some ways to manage your budget?
Online journal, using a spreadsheet, mobile app
Which has ATMs?
Credit unions, Banks or both?
Both
What do you do when you have a problem you can't solve with your credit?
the best thing to do is to talk to the people or companies to whom you owe. Sometimes, those companies will help develop an affordable payment plan to pay off the debt
A. Location
B.Number of bedrooms
C. It's up to the person looking
D. If a washer and dryer are in the unit
C. Its up to the person looking
Needs: House, Food, Water, clothes etc
Wants: Chocolate, video game, night out with friends, Vacation, eating at a restaurant
How does money mapping help you to control your finances?
helps you figure out you planned spending vs actual spending for each month
What do you need to open a checking/savings account?
Government issued photo ID, Drivers license or passport
Social security card or taxpayer ID card
Proof of address
Minimum amount of money you need to open account
Why is it essential to have good credit?
A. So you are able to make larger purchases
B. So people like you
C. To make you parents proud
D. All of the above
What should you do if you get in a car accident?
A. Run around and shout as loud as you can
B. Call 911
C. Exchange information with other driver
D. B and C
D. Both B and C