Show:
Banking
Budgeting and behavioral economics
Credit
Insurance
Investing
100

What is the purpose of a checking account?


To store money for daily use and make transactions easily.


100


  • What is a budget?



  • A plan for your money.


100


  • What is credit?



  • Borrowing money to pay later


100


  • What is insurance?



  • It helps pay for big problems, like accidents.


100


  • What is investing?



  • Using money to try to make more money.


200


  • What does FDIC do?



  • It protects your money in the bank


200


  • What does “pay yourself first” mean?



  • Save money before you spend it.


200


  • What is a credit score?



  • A number that shows how good you are with money.


200


  • What is a deductible?



  • What you pay before insurance helps.


200


  • What is a stock?



  • A small part of a company you can own


300


  • What is the difference between a bank and a credit union?



  • A credit union is member-owned, banks are not.


300


  • What is a want?



  • Something fun, but not needed


300


  • How can you build credit?





  • Pay bills on time.


300


  • Why get health insurance?



  • It helps pay doctor and hospital bills.


300


  • What is diversification?



  • Putting your money in different things to lower risk.


400


  • What is an overdraft fee?



  •  fee for spending more money than you have.


400


  • What is opportunity cost?



  • What you give up when you choose something else.


400


  • What’s the difference between a credit and debit card?



  • Credit uses borrowed money, debit uses your money.


400


  • What is renter’s insurance?



  •  It protects your stuff in a rented home.


400


  • What’s the difference between Roth IRA and Traditional IRA?



  • Roth is taxed now, Traditional is taxed later.


500


  • What is compound interest?



  • Earning interest on interest


500


  • What is loss aversion?



  • People hate losing money more than they like gaining 


500


  • What is APR?



  • The cost of borrowing money 


500


  • What is a premium?



  • The payment you make for insurance


500


  • What does risk vs. return mean?



  • Bigger risk might mean bigger reward.