Credit Cards
What does APR stand for?
Annual Percentage Rate.
What interest rate do debit cards charge on purchases?
0%, None
No - standard savings accounts do not have a maturity date.
How many months of income should set aside in your emergency fund?
3-6 months
What is the rule that tells you how long it will take to double your money in an investment?
Rule of 72
What is the single greatest impact on your credit score?
Payment history.
How much saving accounts insured by the government?
Up to $250,000
What is a discretionary fund?
Money left over after paying for your needs.
How often should you evaluate your budget and adjust as necessary?
Monthly.
What happens if you withdraw your retirement savings early?
You may lose tax benefits and pay fees
List one of the three credit agencies?
Experian, Equifax, TransUnion.
Who owns credit unions?
The members
What is a common budgeting mistake?
Not tracking small expenses.
This is a budgeting method you can use to pay off your lowest balance debt quickly
Snowball method.
Experts estimate you will need _% of your preretirement income per year of life to maintain your standard of living
70%-90%
The maximum interest rate a credit union can charge for an auto loan is___
18%
What is something a high credit score can allow you to have/do?
What is the 50/30/20 rule
50% of net income towards Needs
30% of net income towards Wants
20% of net income towards Savings
While not technically an investment, this account offers a modest return on your money over time
Savings Account.