Budgeting
Something essential or a necessity.
What is a need?
The deadline to file taxes every year
Share ownership in a company.
What is a stock?
A three-digit score that ranges from 300-850.
What is a credit score?
A fee that banks charge for you to retrieve cash when you are not a customer of the bank.
What is an ATM or convenience fee?
A ______ expense that doesn't change and stays the same every month.
What is a fixed expense?
The % of your income you should save for taxes.
What is 30-40%
The interest you earn on an investment is added to your balance and now you can earn interest on that interest.
What is compound interest?
The maximum amount (%) you should charge on your credit card each month in order to build your credit.
What is 30% of your credit card limit?
Filing a _______ can protect your business from liability and provide tax benefits.
What is an LLC or Limited Liability Corporation?
The amount you should save for emergencies.
What is 3-6 months of living expenses?
A person who can file your taxes on your behalf and can try to lower your tax bill.
What is an accountant or CPA?
A _____ fund lets you pool your money with other investors to "mutually" buy stocks, bonds, and other investments.
What is a mutual fund?
A late or missed payment on your credit card will stay on your credit report for ______ years.
What is seven?
Car insurance is mandatory in the state of Oklahoma. Liability coverage will cover damage to the vehicle you hit if you are at fault, but will not cover damage to your car. What type of coverage do you need to cover damage to your car?
What is collision or full coverage insurance?
Something that you pay on debt, but you can earn on investments. This is also the benefit of having a savings account.
What is interest?
A legal way to lower your tax liability (tax bill).
What is a tax deduction or tax credit?
An individual retirement fund that you can start with part-time income, including NIL income. Your contributions and earnings can grow tax-free in this account.
What is a ROTH IRA?
A type of credit card that you can get from a bank that requires you to put down a small deposit. After one year, you will get your deposit back. You will have a small limit on this ______ credit card, but you can build your credit score.
What is a secured credit card?
Banks that are federally protected will display the acronym FDIC which stands for Federal Deposit Insurance Corporation. FDIC means your money is federally protected up to $__________.
What is $250,000?
In the 50/30/20 budgeting rule, this % of someone's income should be spent on needs and necessary expenses.
What is 50%?
_____ pay is the amount that you earn before taxes are withheld or paid.
What is gross pay?
A stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States.
What is the Standard and Poor's 500 (S&P 500)?
The name of one of the three credit bureaus that collect credit information for your credit report.
What is Experian, Transunion, or Equifax?
The maximum amount you are allowed to contribute to a ROTH IRA in 2025.
What is $7,000?