Unit 1
What is direct deposit?
allows your paycheck to be automatically deposited into your bank
What is the 50-20-30 rule?
50% - Needs
20% - Savings
30% - Wants
What is the stock market?
a place where shares of pubic listed companies are traded.
What is a company description?
it describes the basic concept of the business like size, need for product, etc...
Which of the following options is an example of a HARD SKILL?
A. Leadership
B. Data analysis
C. Adaptability
D. Collaboration
B. Data analysis
What is Online Bill Pay?
a feature of mobile banking that allows you to pay bills directly from your checking account (both recurring and on-time payments)
What does saving mean/what is it used for?
money tucked away in a safe, low-interest account for near-term goals/smaller purchases. Money doesn’t grow very fast; could grow slower than the pace of inflation.
Which adjective would best describe a BEARish investor attitude?
Pessimistic/Negative
What is a mission statement?
a way to identify the goals and aspirations of the business that should align with the corporate philosophy and culture of the buisness
Which description best defines SOFT SKILLS?
A. Skills that an employee acquires only after staying at one job for longer than 6 months
B. Interpersonal people skills that can be used in every job
C. The ability to write a strong resume and cover letter
D. Job-specific skills and knowledge required to perform a task
B. Interpersonal people skills that can be used in every job
What are overdraft fees?
a fee that you pay to the bank when you spend more money than you have in your account.
What does investing mean/what is it used for?
main purpose is for money to grow and is best suitable for long-term goals. Generally, investing generates returns or allows money to grow faster than inflation.
What percent of 18-29 year olds are investing in the stock market?
41%
What is a product and service plan?
a way to show your businesses core offerings
What are the 5 forms usually given to you to fill out when you first start a job?
I-9 Form, W-4 Form, Health & Dental Enrollment Form, 401(k) Enrollment Form, and Direct Deposit Enrollment Form
What is mortgage?
an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest.
What are the 4 ways you can save?
Traditional Savings Account, Online Savings Account, Certificate of Deposit, and Money Market Account
What is the difference between a BULL and a BEAR market?
A BULL market is when the stock market is rising and the economy is booming, while a BEAR market describes a declining market and a receding economy
What does a contingency plan do?
examines potential risks and how these can be avoided or what can be done to prepare.
What is a W-4 Form?
the employee's filing status, multiple jobs adjustments, amount of credits, amount of other income, amount of deductions, and any additional amount to withhold from each paycheck to use to compute the amount of federal income tax to deduct and withhold from the employee's pay.
What are the 6 types of identity theft?
Social security, tax, medical, employment, child, and criminal
What is a target date fund?
A type of mutual fund that periodically adjusts how your assets are allocated as you get closer to a retirement date.
What is the difference in how a brokerage account functions compared to a normal bank account?
Brokerage accounts hold securities such as stocks, bonds, and mutual funds and some cash. While banks just hold cash
What are the 4 different types of target markets for a product?
Geographic, demographic, economic, and physiological
What is a 401(k) Enrollment Form?
automatically deduct a fixed percentage or amount from an employee's wages and contribute that amount to the retirement plan unless the employee has affirmatively chosen to contribute nothing or a different amount.