Banking
Name two types of bank accounts.
Checking and Savings
In simple words explain how a budget helps a person.
What Is a Budget?
A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a group of people, a business, a government, or just about anything else that makes and spends money.
What is a good range to have for a good credit score?
670 and above
Name the three types of taxes collected by the government.
Federal, State, and Local tax.
What part of Boston did Mr. Shuman grow up in?
South Boston
Name three documents needed to open a bank account.
Social Security Card, Birth Certificate, Proof of address, valid ID, Passport
What are the two parts of a budget?
Income and Expenses
What is a bad percentage to have when using your credit cards on a monthly usage?
Anything above 50%
What do federal taxes pay for in the United States? Name 4 programs.
All federal programs
Medicare, Healthcare, Highways, Bridges, infrastructure, welfare, food stamps, WIC, fuel assistance, section 8, and many more
What year was Madison Park TVHS Established?
1975
Can a minor open a bank account, Explain why?
Answers will vary.
Up to the three teachers to determine if answer is valid
Name four expenses on your budget?
Rent, Utilities, Car payment, food
Auto Insurance
Auto Repairs/Maintenance/Fuel
Public Transit
Phone (Landline and Cell Phone)
Loan Repayment
Homeowners/Renters Insurance
Homeowners Association Fee
Property Tax
Does paying your credit cards on time or before increase your credit score? Explain
Answers will vary?
How are local taxes collected?
Anyone who owns, a business, commercial property, Homes, and/or property
What is the name of the freshman guidance counselor?
Mrs. Paynter
What is the difference between a checking and saving accounting
Mainly, checking accounts are meant to be used for spending money, while a savings account has federally-regulated limits on how often you can take cash out every month.
What are two types of expenses that would be in your budget?
Essential Expenses
Non Essential Expenses
What are the five categories used by the three credit bureaus to determine your credit score on a monthly basis?
Types of Credit Usage, Lenth of Credit History, Amount Owed Relative of Limits, Frequency of New Credit, and Payment History
What state in New England does not have a sales tax?
New Hampshire
What is Mr. Torres's favorite NBA basketball team?
The Los Angel's Lakers
What are the services that financial institutions provide to their customers?
Individual Banking—Banks typically offer a variety of services to assist individuals in managing their finances, including:
Business Banking—Most banks offer financial services for business owners who need to differentiate between professional and personal finances. Different types of business banking services include:
Digital Banking—The ability to manage your finances online from your computer, tablet, or smartphone is becoming more and more important to consumers. Banks will typically offer digital banking services that include:
Loans—Loans are a common banking service offered, and they come in all shapes and sizes. Some common types of loans that banks provide include:
10%
Name the three credit bureaus?
Equifax, Experian, TransUnion
What is a tax bracket? Explain?
A tax bracket refers to a range of incomes subject to a certain income tax rate.
How many vocational schools does BPS have?
One