Banking
What is a bank account?
What is a way to safely store and manage money, and different types of bank accounts cater to various financial goals, like checking accounts for daily spending and savings accounts?
This is something every spending plan should have.
What are goals?
Rent is this type of expense.
What is fixed expense?
What is the general rule of thumb for emergency fund?
A. $500 no matter what
B. 1 month of rent
C. 3 - 6 months of living expenses
D. 10% of your income
What is C?
I have insurance through my job. I have enough coverage for myself and my family.
What is FALSE? Most people who only have insurance coverage through their jobs are not adequately covered.
What is checking account?
What is bank account that offers easy access to your money designed for every day transactions?
Water, food, and shelter are called this
What are needs?
This type of expense can change every month.
What are flexible/variable expenses?
Women always had the right to have ownership of credit cards, loans, homes and businesses.
FALSE
The Equal Credit Opportunity Act of 1974
Prior to this, women could not legally obtain a line of credit without a male cosigner.
What is a type of bank account designed for storing money you don't intend to spend immediately that earns interest on your money?
What are wants?
Best way to track your monthly spending.
What is budget?
It's not worth saving if I can only contribute a small amount.
No matter how much or how little starting somewhere is better than never starting at all.
What is interest on a savings account?
What is the bank rewarding for keeping money in the savings account?
Saving for a trip or car is what kind of goal?
What is long term goal?
Examples of this type of expense include groceries, wireless telephone, electric, heating oil/gas, and gasoline.
What flexible/variable expenses?
What is a 401k?
A. a type of savings account
B. a retirement savings plan offered by employers
C. a credit score
D. a student loan
What is B?
The neighbors/my friends/my classmates have it. Why shouldn’t I?
What is FALSE?
Keeping up with the Joneses is a very dangerous game when it comes to your finances . . . and really, your life.
What is debt interest?
What is interest you pay when you borrow money?
One of the ways (relating to time) that expenses occur.
What is monthly, annually, quarterly, periodically, etc..?
What does pay yourself first mean?
Set aside savings before spending on anything.
I will always be broke.
What you believe about this statement will determine if it’s true. If you believe you’re always going to be broke, you’re probably right. And guess what—what you believe has a direct influence on what you do.