Budgeting
In the "Pay Yourself First" budget, where does your first "bill" get paid to?
Savings
What bank account requires a "maturity term" before you can access the funds in it?
Certificate of Deposit (CD)
What term is the calculation of total interest built up over time?
Annual Percentage Yield (APY)
The initial amount of money you either borrow or invest
Principal
What is one strategy grocery stores use to convince you to spend more?
Answers will vary
Identify two examples of Variable Costs
Answer will vary (groceries, car maintenance, personal care, etc.)
Which bank account has the highest liquidity?
Checking
What document should you regularly check to avoid banking fees or any other unauthorized transactions?
Total Assets - Total Liabilities = what?
Net Worth
Total debt in America is ~$16 trillion, what is the biggest reason for this?
Mortgage Payments
An expense that remains the same in both amount and frequency is called what?
Fixed Costs
The percentage a financial institution pays on the money you deposit in an account is called what?
Interest Rate
When withdrawing funds, you should use these types of machines only if they are within your bank's network
ATM
When type of schedule lays out the details of your loan payments?
Amortization
Identify two living factors that determine where someone chooses to live.
Answer will vary
What is the difference between Gross Pay and Net Pay?
Gross Pay is before deductions, Net Pay is after deductions
Identify two differences between banks and credit unions.
Answers will vary (membership requirements, mission, interest rates, etc)
When you withdraw or transfer money between accounts over the bank allowance
Excessive Transaction
Credit cards are an example of what type of credit?
Revolving
What is unique about American transportation trends?
What budgeting strategy emphasizes having a specific balance for purchasing needs and wants?
50/20/30 Budget
Which bank account combines the features of a checking and savings account?
Money-Market Account (MMA)
What is the difference between an overdraft and an insufficient funds fee?
Identify one reason why it is important to have a high credit score
Answers will vary (lower interest rates, more advantageous term lengths, higher chance of qualifying loans, etc.)
How much did Americans spend on Thanksgiving turkeys in 2023?
$1.2 billion