Money Management
What is a spending plan that shows how much money comes in and where it needs to go?
What is a budget
This three-digit number is used by lenders to estimate how likely someone is to repay borrowed money.
What is a credit score
Money that you borrowed and are responsible for repaying is called what?
What is debt
True or False: Financial stress can become a relapse trigger.
True
How many days are in a leap year?
366
Name the two basic categories most expenses fall into, such as rent versus entertainment.
What are needs and wants
True or False: Checking your own credit report damages your credit score.
False
What is the extra amount charged for borrowing money, usually expressed as a percentage?
What is interest
Avoiding bills because they cause anxiety is an example of what behavior discussed in financial recovery?
What is financial avoidance
What is the largest planet in our solar system?
Jupiter
You get paid $1,500 and your planned expenses total $1,350. How much money do you save as your buffer?
Everyone answers
This factor generally has the biggest impact on a credit score: paying bills on time or how much money you make?
What is paying bills on time/payment history
True or False: Ignoring a collection account guarantees that it will disappear without consequences.
Someone gets paid Friday, feels excited, and immediately spends most of the paycheck. What recovery skill could help interrupt this pattern?
pause/delay the decision, follow a budget, contact a support person, remove access to impulsive spending, or use a coping skill before making purchases
What animal has fingerprints so similar to humans that they can be difficult to distinguish?
Koala
What type of savings is specifically set aside for unexpected expenses such as a car repair or medical bill?
What is an emergency fund
If your credit card has a $1,000 limit and you owe $800, what percentage of your available credit are you using?
What is 80%
Before making a payment on an unfamiliar collection account, what information should you confirm?
That the debt belongs to you and that the amount and collector information are accurate.
Why can repairing finances gradually be healthier for recovery than trying to fix every debt immediately?
It can reduce overwhelm and stress, prevent impulsive decisions, and make financial goals more manageable and sustainable.
What is the only mammal capable of true sustained flight?
Bat
Name three things you should prioritize before spending money on nonessential purchases.
housing, food, utilities, transportation, medications/health needs, minimum debt payments, and savings
You find an account on your credit report that you don't recognize. What should you do before immediately paying it?
Investigate/verify the account and dispute inaccurate information if appropriate.
What is the difference between the debt snowball and debt avalanche methods?
Snowball targets the smallest balance first; avalanche targets the highest-interest debt first.
Complete this cycle: Financial problem → avoidance → increased stress → ______ → greater risk of unhealthy coping or substance use.
anxiety, shame, feeling overwhelmed, cravings, or emotional distress.
What is the smallest country in the world by land area?
What is Vatican City?