Banking
The main factor someone should use to decide their bank
What are interest rates?
At a basic level a budget should account for these 2 line items.
What are revenue and expenses?
A loan from a bank or other financial institution that helps a borrower purchase a home
What is a mortgage?
This type of expense includes mortgages, insurance, and car payments
Hint: think of the two types of expenses
What are fixed expenses?
A tax on wages or salary paid to both state and federal governments
What is an income tax?
This is what you would use to purchase something with funds directly from your account
What is a debit card?
This is an overarching term for what you spend your money on
Information about how a consumer has borrowed and repaid debt in the past.
What is Credit History?
Examples of this type of expense include groceries, wireless telephone, electric, heating oil/gas, and gasoline.
What flexible/variable expenses?
A tax that takes a larger percentage from low-income people than from high-income people.
What is a regressive tax?
A request for your bank to pay another part from money in your account.
Hint: this is more basic than you think
What is a check?
This is income after taxes and deductions.
What is net income?
Anyone who needs federal direct loans or private loans to pay for college expenses can apply for these.
What are student loans?
This stock's price exploded in Jan 2021 due to a certain subreddit
Bonus: 100 points if the team also gets the subreddit
What is GameStop?
$13,850
The definition of overdraft
What is writing checks for more money than is in your account?
The two types of expenses
What are fixed and variable/flexible expenses?
These loans collect many of your debts into one loan payment. This simplifies how many payments you have to make. These offers also might be for lower interest rates than you are currently paying
What are debt consolidation loans?
This can give you an immediate loan for the cash you don't have
What is a credit card?
This is the Virginia standard tax deduction for a couple
What is $16,000?
This should be performed monthly to ensure proper record keeping and help protect against identity theft.
What is bank reconciliation?
The following are sources of ____
paycheck, child support, investments, jobs
What is income?
Typically you start paying back student loans this much time after graduation
What is 6 months?
As you pay off your mortgage you build this.
What is equity?
A progressive tax
What is a tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals?