Money Mapping

IRA

100

What is a traditional IRA Account? 

A pretax account, tax-deferred, and you can pay taxes on withdrawals in recruitment. 

200

What is the difference between a Traditional Ira and a Roth Ira account? 

T IRA- Good if you expect to be in a lower tax bracket 

ROTH IRA- Good if you expect to be in a higher tax bracket later 

300

List a couple of investment accounts. 

Stocks

Bonds

Certificate of Deposits

DEBIT CARD

100

What is a Debit Account? 

Liquid money that can be spent without borrowing 

200

True or False

A debit card has interest on it and grows once money enters that account

False

300

True or False

Are you more liable to fraud with a debit card? 

True. 

SAVINGS

100

What are the types of savings accounts? 

High Yield Savings Account and Regular Saving Account

200

List some facts about a Savings account

Easy to access, but APY is often low — sometimes near 0.01%. Best for keeping a small buffer close at hand.

• Easy branch and ATM access
• FDIC insured up to $250,000
• Low interest rates at most banks

300

What is the interest amount that banks pay in a HYS? 

ranging between 4-5% on your deposited dollar

401K

100

What is the use of a 401K account? 

Pretax contributions, early withdrawals, and employees can match your amount

200

True or False

A consumer can have both and IRA and 401 K account

True. Both are investment accounts

300

Is there a contribution cap for a 401k account? If yes, what is the cap amount? 

Yes. $24,500. 

CREDIT CARD

100

What is a credit card? 

Borrowed money that needs to be paid back 

200

Can a credit card be used build credit?

Yes. A credit-building credit card can be used to build credit

300

What is the interest percentage if you do not pay your credit card balance in full?

If you don't pay in full, interest kicks in — commonly 15–25% APR. A $1,000 balance at 20% APR takes over 5 years to repay making only minimum payments, costing hundreds in interest.