LOANS
If you are trustworthy and repay all loans/credit being extended to you, you typically have:
Good Credit
True or False: It is better to start saving earlier rather than later.
True!
Defined as the framework for spending choices that minimizes waste and helps people move towards their goals.
What is a budget?
Stocks that are considered undervalued by investors
The ability to obtain goods or services before payment in full.
What is credit?
True or False? All subsidized loans are interest free?
False! The taxpayer actually picks up this bill.
True or False: A dollar received tomorrow is worth more than a dollar received today.
False - a dollar today is worth more than a dollar today! (Due to interest rates and inflation)
When setting a budget, you should try to be these three things.
What is honest, non-judgmental, and flexible?
True or False: The average interest for a savings account is .08% APY.
True
The minimum is 300; the maximum is 850.
What is the range of credit score?
Do students typically have low or high loan forgiveness?
LOW!
The rule of 72 tells you how long it will take to ------ your money.
What is double?
You should not underestimate this when planning a budget.
What is casual spending?
Less risky and good for short term goals
What is income investments?
10% new credit, 10% credit mix, 15% length of credit history, 30% how much you owe, 35% your payment history.
What are the 5 key components to credit score?
What is the standard amount of time to repay student loans?
10 years
This is the name for interest earned on interest.
What is compound interest?
Name at least three different methods for spending plans to stick to your budget.
What is the cash method, the envelope method, the checkbook register, and/or a notebook?
Stock of stable company, with higher than average dividends.
What is investment stocks
You can do this by taking out a credit builder loan.
What is one way to establish credit?
What university was the first ever scholarship given at? (Hint: Ivy League)
Harvard University
What percentage of your gross income should you consider saving for retirement?
What is 15-25%?
Name three things that a budget is not.
What is complicated, a punishment, or perfect?
More volatile, but higher long term return potential
What is growth investment?
10%-20% is preferred, but this should definitely be below 30%.
What is the credit utilization ratio?