Money & Me
What does APR mean?
Annual Percentage Rate
Which of the following social media influencing tactics can be described as getting someone to do or buy something because others are also doing it?
Bandwagon
What do you think it means that your money is FDIC?NCUA insured; up to $250,000?
This means if something goes wrong at the bank and your money is lost, it is insured and your money will be paid back up to $250,000.
What is one strategy you can use to save more easily?
Pay yourself first.
Living paycheck to paycheck a smart thing. True or False
False
What does FICA consist of?
Social security and Medicare
What information does the W-2 provide?
It reports your total wages for the year and amount of federal, state, or other tax withheld from your check.
Which is accessible money Credit or Debit?
Credit
Online banking is very accessible. True or false?
True
Why is it important to “pay yourself first?”
It keeps you moving towards your financial goals.
Sometimes we unconsciously “act out” in our adult money habits in response to messages received in _______.
Childhood
You need a W-2 Form only for filing your federal taxes, not your state taxes.
False
What is an overdraft fee?
Fee for withdrawing more money than you have in the account-
Direct deposit typically refers to your ____ sending your _______ electronically to your bank account.
Employer, Paycheck
Explain how compound interest is different from simple interest.
Compound interest is based on the principal amount and the interest that accumulates on it in every period. Simple interest is based solely on the principal amount.
What is a credit score?
A number between 300–850 that depicts a consumer's creditworthiness
What is the longest tax form?
1099
What is misleading about the term "overdraft protection"?
It doesn’t protect you from overdrafting
What is the difference of online and mobile banking?
Mobile is in app, online is any device with internet connection.
Why should teenagers, in particular, look for no fee savings accounts?
The amount of fees a bank charges is likely to be greater than the interest a bank would pay on a teenagers' balance as they are first starting to save in a savings account.
Which social media platform has the greatest influence on consumer purchasing habits?
Why might it be DISADVANTAGEOUS to receive a large refund instead of a smaller one?
Because you could have this money put towards your Medicare.
What banking activity do most consumers use online banking for?
International money transfers.
Is investing long or short term?
Investing is long term.
f you have money saved now that you intend to spend in 2 or more years, which type of savings account might be best?
Certificate of Deposit (CD)