Credit
How many credit bureaus are there?
Three (Experian, Equifax and Transunion)
DAILY DOUBLE!!!
What is the trick question that car salesmen will ask?
"What monthly payment are you looking for?"
When looking at your credit card bill the due date is very important. What is the other date on there that's also important?
The statement date.
The marshmallow experiment was an experiment that looked at the battle of instant vs delayed ________.
Gratification
At which age does car insurance typically become more affordable?
25
Checking your own credit will add an inquiry and lower your score. True or False
False!
You should secure financing before going into the dealership.
True
580 is a really good credit score.
False, 580 is considered a poor credit score.
What is the main difference between saving and investing?
Risk
When you get paid, who should you pay first?
Always pay yourself first!!!
This does the most damage to your credit score.
Missing payments.
You have to buy a car before you can find out how much you're going to pay for insurance.
False
Other than credit karma, where else can we go to check our credit reports?
The 8th wonder of the world, the single most important concept in investing. The chart was purple and gold (not the Lakers though).
Compound Interest.
What is the difference between fixed and variable expenses?
Fixed are the same monthly; variable will vary each month.
Paying off a credit card and closing the account will raise your credit score.
False, it will lower your credit score (utilization)
The _______ boys are the reason why this make of cars are more expensive to insure.
The Kia Boys
Missing payments on your student loans will not affect your credit score.
False
Large companies have the highest levels of risk when investing in the stock market.
False, international companies have the highest level of risk.
What does it mean if you finish your zero sum budget and you have a positive number?
You have extra money left over. (Give that money a job)!
DAILY DOUBLE!!!
What is an inquiry?
When you allow a lender to check your score. Commonly referred to as, "running your credit."
Instead of buying the car some people prefer to ______. Doing this allows them to make monthly payments then return the car after a set term.
Lease
Name one of the three main benefits of a credit card.
Acceptable answers: Build credit, secure and convenient, greater consumer protection.
Name at least TWO of the investment apps that we covered.
Possible responses: Acorns, Stash, Webull, Robinhood, Bettermint, Schwab, IBKR, Fidelity and eTrade
DAILY DOUBLE!!!
Dividends are paid _______. (How often)?
Quarterly