Credit
What is the website where you can find your credit report, and how often can you look at your own report?
https://www.annualcreditreport.com/index.action; once a week!
What is the highest category of government income?
Personal Income Taxes constitute 50% of government income.
What is Decoy Effect?
Introducing an additional price option to make you feel like you’re getting a deal.
MNLC: Miller Nichols Learning Center
What does APR stand for, and what is it?
Annual Percentage Rate, it is the interest rate you pay if you carry a balance from month to month. Varies based on credit history, generally 13-24%.
What is the Standard Deduction?
The standard deduction protects a certain amount of income from taxation. For 2023, that amount is $13,850 for a single filer.
What is the Scarcity Effect?
Reduced Supply means Increased Value. People perceive lower-stock items as having more value
People are more likely to take action if they feel that they may miss out on a price or item.
What year was UMKC founded?
1933
What is credit repair?
Credit repair scams are fraudulent schemes that promise to improve credit.
What are Tax Deductions? Name at least 3 common tax deductions.
Tax Deductions reduce the amount of income that is taxable. Examples: Student Loan Interest Deduction, Standard Deduction, Mortgage Interest Deduction, Charitable Donations Deduction, and Educator Expenses Deduction.
What is the name of the frequency illusion phenomenon?
Baeder-Meinhof Phenomenon
What is the difference between a debit and a credit card (3 differences)?
With a debit card, the money comes directly from your account. It usually does not build a credit history and has no interest attached.
With a credit card, money is loaned to you and then repaid. It does build credit history and interest charged if not repaid within an agreed period.
What are Tax Credits? Name at least 3 common tax credits.
Tax Credits reduce the amount of taxes owed. Tax Credits look at the taxes you owe AT THE END, Then you get to reduce your taxes by a set amount. Examples: Child Tax Credit, American Opportunity Tax Credit, Lifetime Learning Credit, and Child & Dependent Care Credit.
Name 5 advertising psychology strategies
Psychological pricing, remove commas, daily equivalence, BOGO, staples in the back, maximize the discount.
What does ASM stand for?
Academic Support and Mentoring
What is liability and how does it differ from credit cards to debit cards?
Liability refers to what you may be responsible for if your card is stolen and misused.
Debit Cards
-Reported before unauthorized transactions: Zero Liability-Reported within 2 days: $50 limit
-Reported within 60 days: $500 limit
-Reported after 60 days: No protection
Credit Cards
-Reported before unauthorized transactions: Zero Liability
-Reported after unauthorized transactions: Up to $50 limit
-Many credit cards provide zero liability for all fraud
Name at least 3 Forms you might need when filing your taxes.
Form 1040, W-2, 1099-INT, Form 4137(unreported tips), 1099-NEC (door dash, uber, etc)
Give an example of a product placement or advertisement, and explain the psychological strategy used and why it was effective.
Varies!
ASSC