Sounds "Interest"ing
Just a Couple of "Bud"gets
C'mon, Give Me Some Credit!
Miscellaneous
Don't "Bank" on it
100
Define interest in your own words
Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
100
Why is a budget helpful
helps you take control of your money and to help you achieve short and long-term goals, Seeing where your money is going, Plan for upcoming expenses, Save for the future, Get out of debt
100
Describe what it means to buy something on "credit"
An agreement for a borrower receives something of value now and agrees to pay back the lender at a later date.
100
Define what "collateral" is
An asset or amount of money provided as security for repayment of loan.
100
Name 2 local banks you see in your community
Bar Harbor, Mascoma Bank, Northfield Savings Bank, White River Credit Union, Claremont Savings Bank
200
Name 2 instances when you may have to pay interest on an item/object/circumstance.
Buying a car, paying credit card, buying a house
200
What is the name of the document that details what you get paid from your job, how much in taxes and benefits is taken out of your paycheck, and other important information regarding your compensation from your job?
A pay stub
200
In your own words, explain how a credit card works.
A card issued by a bank or other business for purchases using borrowed funds to be paid back later.
200
When you buy a car and you put some money towards the purchase but not paying the whole amount, what is that chunk of called?
A down payment
200
What object is linked to a checking account and used to make purchases, as well as deposit and withdraw cash at ATMs.
A debit card
300
True or false, interest is always a bad thing and never benefits you.
False. Lots of savings accounts with earn interest off the money you leave in it.
300
Is net pay or gross pay the income you want to use to build your budget?
Net pay
300
How are loans and credit scores related to one another?
One's credit score (how good or how bad) depends on how good of a loan you may get from a lender.
300
Why can't we just print more money?
More money in circulation=money now having less value
Ex: if we print more money, the dollar then may have the value of only $0.75 now
300
Explain the difference between a savings account and a checking account.
A checking account is a bank account where you can deposit or withdraw money using a debit card or checks. Primary uses are for daily spending and paying bills where a savings account is an account where money is kept for future use.
400
The rate at which a borrower pays interest for borrowing an item or money; or the percentage rate earned on a given investment is know as what term?
Interest Rate
400
What is the difference between net and gross pay?
Net Pay: The amount of money an individual earns once taxes and other items are deducted from the gross pay.
Gross Pay: The total amount of money an individual has earned before taxes are taken out.
400
What is the range of credit scores that you can earn?
300-850
400
What are the two types of inflation?
Cost-push inflation and demand inflation
400
Name at least 2 types of savings accounts.
Basic savings account, money market account, 529 savings account, retirement account
500
What is the difference between simple interest and compound interest?
Simple Interest: based only on the original amount. If you have an account with $100 in it and it earns 2% simple interest per year, you would end up with $102
Compound interest: Compounding means that whenever interest is calculated, it is based not only on the original amount in the account but also on any interest that has accumulated
500
What is the difference between a need and a want? Does everyone have the same needs?
A want isn't always essential to survival or living, but a need is essential to living. Not everyone has the same needs (think medications, dietary restrictions, health impairments)
500
When someone "runs your credit", what appears on the credit report?
How promptly you have paid off credit cards and loans. How reliably you have paid other bills, like rent and utilities. Your total outstanding debts. Your available credit on mortgages, bank cards, auto loans and other lines of credit.
500
Tell me how to write this check
date, money amount in numbers, amount in words, who the check is being paid to, what the check is for in the memo box, and a signiture
500
What is the purpose of the FDIC?
The FDIC or Federal Deposit Insurance Corporation protects the money depositors place in insured banks in the unlikely event of an insured-bank failure.