Budget
You earn $200 from a part-time job and automatically save $40. What percentage of your paycheck did you save?
What is 20%?
What type of savings goal would buying a gaming console most likely be?
What is a short-term savings goal?
Why should people begin saving for retirement early?
What is to allow money more time to grow?
You should never share this information related to your banking accounts.
What is a PIN or password?
Which is generally better for your credit score: paying the minimum balance or paying the full balance?
What is paying the full balance?
Housing, transportation, and food are examples of what type of expenses?
What are needs (essential expenses)?
Why is an emergency fund important?
What is it helps cover unexpected expenses without borrowing money?
What is a 401(k)?
What is an employer-sponsored retirement account?
A text claims your account is locked and asks you to click a link immediately. What type of scam might this be?
What is phishing?
Why do lenders check your credit history before approving a loan?
What is to assess the likelihood you'll repay the debt?
If your monthly income is $1,000 and your expenses are $1,150, what situation are you experiencing?
What is a budget deficit?
If you save $25 each week for 20 weeks, how much will you have saved?
What is $500?
Which is generally more powerful over time: saving a large amount later or saving smaller amounts consistently over many years?
What is saving consistently over many years?
Someone opens an account using another person's personal information. This is called what?
What is identity theft?
A borrower has excellent payment history but applies for five new credit cards in one month. What could happen?
What is their credit score may decrease?
Which budgeting mistake often causes people to rely on credit cards for everyday expenses?
What is spending more than they earn?
You have a choice between spending $100 today or saving it toward a goal. Economists call this concept what?
What is opportunity cost?
What is one reason some employers encourage employees to contribute to a retirement plan?
What is they may offer matching contributions?
What is a red flag that a social media giveaway may be fraudulent?
What is being asked for personal information or money to claim a prize?
You borrow $10,000 at a higher interest rate than your friend. Over time, what will you likely pay?
What is more money overall?
A person receives an unexpected $1,000. Name two smart financial priorities before spending it on wants.
What are paying off debt, building emergency savings, investing, or covering necessities?
A financial expert recommends having enough emergency savings to cover several months of expenses. Approximately how many months?
What is 3–6 months?
If two people invest the same total amount, but one starts at age 20 and the other starts at age 35, who generally has the advantage?
Who is the person who started at age 20?
A caller claims to be from your bank and asks for your online banking password to verify your account. What should you do?
What is hang up and contact the bank directly through an official number?
What is more money overall?
What are payment history, debt levels, credit age, new credit inquiries, and credit mix?