College Costs and Taxes
How many years of post-secondary education are needed in order to achieve a bachelor's degree?
4
What is a deduction?
Money you can get deducted off of your taxable income.
Why should you always pay off the balance of the card?
You will be charged interest and it will mean you have to pay back more money in the long run.
Where are stocks usually traded?
The stock market
When should you give out your social security number?
Never- except to an employer.
What do you call the cost of taking classes at a college or university?
Tuition and fees
What type of tax has a larger effect on people who are poorer?
What is a credit limit?
The amount of money you can put on a card until it maxes out.
Cryptocurrency is an example of what type of investment?
Speculative investment
What is a ponzi scheme?
A scheme in which money made from new investors is then given to old investors to give the illusion that they are making money.
What are some other options for life after high school other than college?
Military, workforce, gap year
What is the difference between salary and wages?
Wages are based on the amount of hours you worked in that pay period.
How trustworthy someone is at paying back money is known as what?
Credit
What does comprehensive auto insurance cover?
Theft, vandalism, or storm damage
Which government agency uses lawsuits to go after monopolies?
FTC
What is FAFSA?
A federal form you are supposed to fill out for every year in which you plan to attend college in order to see what aid and grants you might qualify for.
According to the 50/30/20 rule, what percentage of your paycheck should go to entertainment and hobbies?
30%
Which government agency insures all bank deposits up to $250,000
FDIC
What is the purpose of life insurance?
Makeup for the loss of income a household may have lost as a result of the death of a family member.
What should you do with your bills after you've paid them?
Shred them
What is the difference between a loan and a scholarship?
Scholarships don't have to be paid back.
What type of taxes are used to pay for public schools?
What is the difference between a bank and a credit union?
Which type of insurance can you stay on your parent's until you are 26?
Health
Which law was passed in 2010 as a result of the 2008 Financial Crisis, and limited financial institutions in what they could do?
Dodd-Frank