Con Math Jeopardy

C and S

100

Which 4 reasons to open an account would benefit you

• Keeping your money safe
• More options for paying
• Easier to deal with checks
• Makes paying bills easier
• Makes a paper trail to track your money
• Ability to get cash from an ATM

200

What is the benefit of making sure your account is FDIC/NCUA insured?

Your money is protected.  If a bank fails, the FDIC or NCUA will reimburse you for deposits up to $250,000.

300

What are the main differences between a checking and savings account

• Checking accounts are where you put your money if you want easy access to it while savings accounts are for storing money to earn interest
• Checking accounts have relatively few restrictions on where and when you can deposit and withdraw your money
• Checking accounts may have fees associated with them since the funds are not typically available for banks to lend out.  Savings accounts may not have these fees because banks can use the money in those accounts to lend to other customers.

400

reason to open a checking account EXCEPT…

Saving money for retirement

500

One difference between a checking account and a savings account is that…

Checking account balances will typically change frequently

Strat. of saving

100

How much should you put in your saving per check 

20% of income should go to savings

200

Why does it make sense to start saving or investing right now?

The sooner a person starts, the longer the money invested or saved has to grow.  Every day that you wait is less opportunity for your money to compound.

300

1. True or False: When calculating the percentages for each budget category, you should use your pre-tax income

False.  Budget category values are calculated using post-tax income

400

What does it mean to "pay yourself first"?

1. Deposit money into your savings account before spending on anything else.

500

2. Why might it be better to keep your emergency fund money in a separate account?

It makes it easier to avoid the temptation of spending your emergency fund on day-to-day expenses.

Fun Facts about the Staff

100

What does Soja Drive

Truck

200

What was Mr Gresham dressed up for Halloween

Soup er Man

300

where did three staff members work before at the school

TSC

400

Who won the Sacks tourny

Brent and Soja

500

What room number are we in?

T-22

d. wallet/P2P

100

1. What is the primary advantage of using a physical card instead of a digital wallet?

The primary advantage of using a physical card is that many merchants may not accept contactless payments because they do not have the necessary technology. Having a physical card ensures that you can make payments in more places.

200

2. What are the advantages of using a digital wallet over a physical credit card?

Digital wallets offer multiple advantages such as:

• Faster payments through contactless terminals
• Enhanced security through multi-factor authentication
• All cards can be stored in one place, making it more convenient.
• Easier to track and secure your phone in case of loss or theft compared to a physical card.

300

2. What are the pros using P2P payments instead of traditional methods like cash or checks?

Pros

• Quick Transactions: P2P payments allow for instantaneous transfers, eliminating the wait time often associated with checks.
• Convenience: All that’s needed to send a payment is the recipient’s email address or phone number, simplifying the process.
• Privacy: Users can send money without exposing their bank account details.
• Generally Free: Most of these services are free when linked to a bank account.

400

2. What are the  cons of using P2P payments instead of traditional methods like cash or checks?

Cons

• Security Risks: Although these systems encrypt your financial information, some have been hacked or used by scammers.
• Limited Recourse: Once you've authorized a payment, it may be challenging to get your money back.
• Fees: Some providers charge fees for certain types of transactions, like if you use a credit or debit card.

500

1. When sending a payment using a P2P payment account, which information is typically required for the transaction?

1. Email address or phone number

online banking

100

What might be the benefit of setting up a recurring payment through online bill pay?

You can set up online bill pay as a recurring payment so you don’t have to remember the bills yourself

200

1. In your own words, explain what direct deposit is.

Your paycheck funds are deposited electronically directly into your account instead of being issued as a paper check.

300

2. What information will you need to provide to your employer to set up direct deposit?

Your bank’s name, your account number, and the bank’s routing number.  Alternatively, you can give them a voided check which has all of this information on it.

400

3. What are the benefits of using direct deposit?

Time saving and quicker access to your pay

500

Who is cooler Sam or Soja

Sam