Money
Which types of costs should you pay first when budgeting?
Rent, utilities, dept
What is the overall goal of investing money?
To make more money
How does your credit score impact your mortgage rates?
It can affect how much you pay.
What is the only type of insurance that is required in North Carolina?
Car insurance
What are the three functions of banks?
Take in funds—called deposits—from those with money, pool them, and lend them to those who need funds.
What are the advantages of having roommates?
They give you entertainment and make your rent less/mortgage
What investment options have the highest risks?
Stocks
What are the risks associated with accepting credit card promotional deals such as low-interest
teasers?
Failure to make payments on time results in large finance charges and fees.
Explain the difference between a traditional IRA and a Roth IRA.
With Roth your money grows tax free.
What are the three types of savings vehicles used by banking institutions?
Savings accounts, money market accounts (MMAs) and certificates of deposit (CDs)
Why is having an emergency fund important?
So if something like getting a root canal happens you can pay for it out of pocket.
What are some major investing red flags?
a threat to a company's share price, which can appear on a company's financials, via headlines, or through social media.
What are 3 ways to build credit?
Pay your loans on time, Don't get close to your credit limit, Only apply for
credit that you need
What are the advantages and disadvantages of buying a home?
You dont have to pay rent but you do have to
pay for repairs
How do overdraft protections work at a bank?
Overdraft protection works by linking another deposit account, a line of credit, or a credit card to your checking account.
On average, which expenditure takes up the largest percentage of a person's income?
Housing
When should you start looking to invest? How much money should you put down up front?
A good place to begin getting to 15% is by making sure you are contributing enough to meet any 401(k) employer match, if your company offers one.
What are some important considerations you must make when borrowing money or using a credit card?
Know the loan repayment terms, the length of time to repay the loan, and any other specific rules of
repayment.
What is the difference between premiums and deductibles?
Dedcuctible is what you pay before your
health plan kicks in
What is the difference between an installment loan and revolving credit?
Revolving credit allows borrowers to spend the borrowed money up to a predetermined credit limit, repay it, and spend it again. With installment credit, the borrower receives a lump sum of money that they must repay, in installments, by a specified date.
What types of costs should be adjusted when you realize you are running out of money each month?
Food, and entertainment
Where should I go to learn more about investing if I'm totally new to this?
Mrs.Steele
What are two advantages and disadvantages of having debt?
Pros-tax deductible, depts are tax deductible Cons-high rates, loan repayment.
What is the difference between premiums and deductibles?
Deductible is what you pay before your health plan kicks in.
What is the difference between a secured loan and unsecured loan?
A secured loan is backed by collateral, meaning something you own can be seized by the bank if you default on the loan. An unsecured loan, on the other hand, does not require any form of collateral.