Banking
True or false checking, savings account, and debit all have to do with banking.
True
Who can open a checking account ?
You need to be 18 or you can open a checking account at 14 - 18 with a guarantor. Your guarantor needs to have good credit.
What does it mean to invest?
Using your money now to purchase an asset that will produce a profit in the future.
True or False a car can be a liability or an asset.
True
What is a credit score range ?
300- 850
What is banking online?
Banking online means accessing your bank account and carrying out financial transactions through the internet.
What is a checking Account?
A deposit account held at a financial institution that allows withdrawals and deposits.
What does it mean to retire?
Work for a set period of time and save a portion of your earnings to be used in the future when you no longer work.
Which of these can be an asset?
A) Car
B) House
Both
Name a credit bureau who gives you the score.
Examples
Equifax
Transunion
Experian
What kind of credit do you need to open an account?
good credit or no credit. But bad credit makes opening an account very difficult.
What is a savings account?
An interest-bearing deposit account held at a bank or other financial institution.
What term is often used interchangeably with retirement.
financial independence
What is an asset?
Something that has value and can make you money.
Why is good credit necessary?
if you plan to borrow money for major purchases, such as a car or a home it will allow you to do this more easily.
What is an interest rate based on?
Your Credit score.
True or false checking and debit accounts are the same thing.
No. One is interest barring. A savings has a limit on how often you can withdraw money.
How many years does it typically take to retire.
15 to 30 years depending on the job.
What are 3 examples of an asset
Cash.
Investments.
Inventory.
Office equipment.
Machinery.
Real estate.
Company-owned vehicles.
What is credit?
the ability to borrow money or access goods or services with the understanding that you'll pay later
True or false a secured credit card is for someone with bad or no credit.
True.
Does it cost to open a bank account.
No. But most banks make you start off with a minimum of 25 dollars in your account.
Do you need a lot of money to start investing?
No.
Can your phone be a liability ?
yes.
What is a credit score?
A three-digit number (300-850) designed to represent the likelihood you will pay your bills on time.