Credit and Identity
How many digits are in a social security number
9
What would be considered a NEED
anything required to live life (food, clothes, shoes, winter coats)
What is the difference between a paycheck and a regular check?
A paycheck is a check that specifically comes from your job while a regular check comes from anywhere
The amount of money you owe to a person or business
What is the risk of sharing things like your social security number and drivers license ID number
Someone can steal your identity
Describe the 50/30/20 rule
The budgeting rule of thumb
50% on needs
30% on wants
20% in savings
What are paycheck deductions
Money taken from your check for taxes and job benefits like health and life insurance
How does debt effect your credit score?
Having too much debt will negatively effect your credit score but paying off debt in time will positively effect your score.
What documents contain important parts of your identity
Birth Certificate, Social security card, ID/ Drivers License, Passport
Why would buying a used car be considered a "grey area" between needs and wants
While you may need a car to get around from place to place, you could also take the bus or use any other form of public transportation
What is gross pay?
The amount of money on your check after all the deductions
What is the main difference between a credit card and a debit card?
A debit card uses money that you put into your account.
A credit card is using borrowed money from a bank or credit union
What is phishing?
Emails, text messages, or any other form of communication where the sender is impersonating another business or organization in an attempt to get information out of someone
What is the difference between short-term and long-term budgeting?
Short-term budgeting if more to save for things you would want to buy within the next few months, while long-term budgeting is meant to save for the next couple of years.
What is net pay?
The amount of money on your check before taxes were taken out
You buy a car for $30,000. You put $1,000 down and you signed a payment plan to pay off the rest of the car paying $250/ month.
Are you in debt?
Yes. You are $29,000 in debt, however this is not debt that negatively effects your credit score unless you don't pay it back