Budgeting
Managing your income and expenses to meet financial goals is called this.
What is budgeting?
This 3-digit number shows how trustworthy you are with borrowed money.
What is a credit score?
A mortgage is an example of this type of credit.
What is closed-end credit?
The most important factor affecting your credit score is this.
What is payment history?
In the 50/30/20 rule, this percentage goes toward savings.
What is 20%?
Buying now and paying later is made possible by this type of credit.
What is consumer credit?
Visa and Mastercard are examples of this type of credit.
What is open-end credit?
Having a variety of loans and credit cards is referred to as this aspect of your credit score.
What is credit mix?
Name one free app you can use to track your budget.
What is Mint or Rocket Money?
Name one major advantage of using credit cards.
What is immediate access to goods and services, emergency support, or expense tracking?
True or False: Open-end credit always has a fixed repayment period.
What is False?
Opening too many new credit accounts quickly can do this to your score.
What is lower it?
True or False: Wants include essential expenses like rent and transportation.
What is False?
Credit scores typically range between these two numbers.
What is 300 and 850?
Overdraft protection is an example of this type of revolving credit.
What is open-end credit?
This type of credit card requires a cash deposit as collateral.
What is a secured credit card?
If you make $200 a month and spend $60 on a bus pass and $30 on your phone bill, how much do you have left for savings and fun?
What is $110?
One major disadvantage of using too much credit is this serious legal outcome.
What is bankruptcy?
Name two types of closed-end credit.
What are mortgages and auto loans?
Name one way a teen can start building credit.
What is becoming an authorized user on a parent's credit card?