Banking
what is the difference between a debit and credit card?
debit cards are linked to your existing funds, while credit cards allow you to charge money that you must pay back monthly.
What office at SCU manages finances?
Onestop
What economic system does the US follow?
Capitalism
When you receive a paycheck, what is the first thing you should do?
Pay for your necessities, including housing, electricity, insurance, etc.
What movie follows Jordan Belfort who worked on WallStreet?
Wolf of Wall Street
What is a loan?
money borrowed from a lender, such as a bank, that the borrower agrees to pay back over a set period, usually with interest.
What are the two types of aid you can be eligible for?
Merit and Need-based aid
What is it called when the government gives money to schools to help finance them?
Subsidies or Grants
what is your "expendable income"?
The money left over after taxes and essentials have been paid for.
What movie follows a con artist who is running from the FBI because he scams banks?
Hint: the actor is the same one who played Jordan Belfort
Catch Me If You Can
what is a credit limit and how is it determined?
The amount of money you can spend on your credit card per month. It is determined by your card score (higher credit = higher limit)
What are the two forms you need to fill out to receive aid?
FAFSA and CSS Profile
What branch of the Government controls the budget?
Legislative (congress)
What is passive income?
Passive income is earnings from a source that requires little to no ongoing, active effort to maintain. While it typically requires an initial investment of time or money to set up, the income stream continues to generate money over time.
What is the name for someone who lends their financial services to individuals or groups to grow their money through inestments?
Investment Banker
What is interest?
The cost of borrowing money/a fee for loaning someone money- typically calculated as a percentage of the loan amount.
Name three services that give discounts for college students...
spotify, hulu, disney+, Youtube, amazon prime, microsoft 365, adobe
What American politician is know for advocating for a National Bank?
Alexander Hamilton
What is an investment?
When you commit a resource -typically money- now in the hope of a greater payoff later.
What is the 50:30:20 rule?
Hint: How do you spend your money when you get your paycheck
50% of money should go to necessities
30% should go to wants
20% should go to savings and paying off debts
what does ATM stand for?
Automated Teller Machine
What is the base rate of tuition at SCU?
$59,000-60,000
What Department of the US government is currently being used to survey finances and cut back on government spending.
Department of Government Efficiency (DOGE)
what is a 401k
It is a retirement plan offered by employers, to take part of the money from your paycheck and put it into an account that only can be accessed after a certain year.
why is credit important?
Because it often determines whether you are eligible for loans, rentals, lines of credit, certain credit limits, etc.