Banking & Credit
Something you can store in a bank that ISNT money?
What is Jewelry?
A percentage of the amount you borrowed, increasing the total amount you have to pay back in the end.
What is interest rate?
This practice denied home loans based on the location where people lived in
What is Redlining?
Money you receive for doing work or from investments.
What is income?
A plan for earning and spending over a period of time.
What is a budget?
Money that is loaned or borrowed, that needs to be paid back, often times with interest (additional fees).
What is Credit?
An advantage of investing early
What is building wealth that increases exponentially using Compounding Interest?
The meaning of each letter in SMART goals
What is Specific, Measurable, Achievable, Relevant, and Time Bound?
The money you earn at your job before taxes are deducted.
What is gross income?
Why budgeting is important for long-term financial success
What is helps control spending/achieve goals/prepare for emergencies?
A benefit of good credit
What is being accepted for higher loans with lower interest rates?
What could happen if you do NOT pay on time in a payment plan?
What is going into debt and paying higher interest on your bill?
An example of a Growth Mindset in financial terms
What is believing that you can build your wealth through your financial skills that you develop?
A share in the partial ownership of a company, giving investors a claim on part of its assets and earnings
What is stock?
Strategy where you put aside the money you want to save in a different account BEFORE paying for your expenses.
What is the Pay Yourself First method?
A debt-paying strategy that takes care of the higher interest rate loans first
What is debt avalanche?
The type of interest that you'd want on an investing or savings account. Ends up with more interest earned at the end of the term.
What is Compound Interest?
Tow Mater has a scarcity mindset, causing him to spend his paychecks on short-term pleasure. What is the main reason he might have gained this mindset?
What is Generational Poverty?
Name one thing tax money pays for? (Not Roads /Police /Firefighters /Schools /Parks)
What is Social Security/Medicare/City buildings/Government officials/Certain public events/etc.?
In order to spend less, you should do this before making big purchases
What is compare prices and price matching?
A financial institution that manages interest rates, money supply, and provides financial services to institutions and governments
What is the Federal Reserve Bank?
Interest rate where the percentage of money owed changes throughout the term
What is a Variable Rate?
Expenses that change from month to month; For instance Dining out, shopping for clothes, Toiletries
What are Variable Expenses
A portion of money paid to the government out of your paycheck for services that benefit the country. This takes your Gross income and makes it your Net income.
What is income tax?
Giving each dollar a job and cutting the unnecessary expenses each month
What is the Zero-based budgeting method?