Saving
Nearly 28% of Americans fall into this category, having less than this amount saved for emergencies.
What is less than $1,000 in savings?
Opening one of these can temporarily lower your credit score due to a hard inquiry but may help long-term by increasing your total available credit.
What is a new credit card (or line of credit)?
What gets more expensive as oil prices rise?
Everything!
What is the difference between revolving and fixed debt?
Revolving debt allows you to borrow up to a limit and pay it back flexibly, while fixed debt involves borrowing a set amount with fixed repayment terms
Personal Loan
Fixed
This type of interest allows savings to grow faster because interest is earned on both the original amount and previously earned interest.
What is compound interest?
This type of loan—such as a mortgage or auto loan—has a fixed payment schedule and does not directly contribute to credit utilization.
What is an installment loan?
What is one previous major world event that influenced the world economy?
Tariffs, Covid-19, 2008 Housing Crash, 9/11
This federal agency insures bank deposits up to a certain limit if a bank fails.
What is the FDIC?
Credit Card
Variable
This financial strategy reduces reliance on high‑interest debt when unexpected expenses occur.
What is maintaining an emergency fund?
What are two benefits of owning a Credit Card?
Rewards, Cash back, Building credit history, Purchase protection, travel benefits, security, emergency fund etc...
What is the easiest way to protect ourselves against rising prices?
Maintaining a healthy budget
This banking service allows customers to deposit money electronically without visiting a branch.
What is mobile deposit (or electronic deposit)?
Auto Loan
Fixed
According to the Federal Reserve, about 37% of Americans could not cover this type of expense using only cash or savings.
What is a $400 emergency expense?
Pulling money out from an atm using a credit card, is called this?
What is a Cash Advance
What global shipping chokepoint is currently being disrupted?
Strait of Hormuz
This legal agreement allows a bank to seize an asset, such as a car or home, if a borrower fails to repay a loan.
What is collateral?
Home Loan (Mortgage)
Fixed
Despite relatively high incomes, many Americans still struggle financially because they consistently do this more than increase their income or savings.
What is spending more than they plan or earn (failing to budget)?
When a lender views your credit but you do not apply for new credit — such as when checking your own score — this type of inquiry is recorded and does not affect your score.
What is a soft inquiry (or soft pull)?
What % of global oil trade passes through the Strait of Hormuz?
25%
This ratio measures how much of a borrower’s monthly income goes toward paying debts and is commonly used in loan approvals.
What is the debt‑to‑income (DTI) ratio?
Home Equity Line of Credit
Variable