unit 1 review
1.1 Vocab What is Opportunity cost?
a. Things outside of your control
b. A choice you make about money
c. What you give up when you choose one option or the other.
C. What you give up when you choose one option or the other.
what is a soft skill
personality trait
what is interest?
Additional money paid to the bank added to the principal of the loan
What is a prime credit score
best credit score
where can I use a Cabellas credit card?
Cabellas
1.2 define Needs vs. Wants
A need is something necessary for life (like food or shelter); a want is something extra you’d like to have.
Why is it important to proofread and edit your resume?
check for typos, update your resume
what is principal?
the original amount needed for the loan
why do you pay less interest if you have a prime credit score?
because you've proven to be responsible at borrowing
When should I make my Credit card Payment?
ASAP or no later than the billing Cycle
why it can be helpful to think about your future
and goals.
to help you succeed and meet goals in your timeline
Give me an example of a hard skill?
Something that can be proven on paper
what is Loan term?
length of the loan
what did you do to have a bad credit score?
didn't make payments on time, too much debt
Should you use your credit card to pay for a car?
no should be treated as cash
Why do you think it will be important to stay flexible if your goals change as you get
older?
because life changes
what is an elevator pitch?
a short pitch to highlight your strengths in 30-60 seconds ( has nothing to do with an elevator)
Why is it important to consider the loan terms and conditions before accepting?
to make sure you can afford it
Why is my interest rate high if I have never had a loan or Credit card before?
Bank cant trust you yet
What should I tell my friend who is afraid to get a credit card?
good source to build credit, good for emergency, use it like cash
Money Personality: give me an example of an "avoider"
someone who avoids putting off financial decisions
what are 2 ways you can prepare for an interview?
dress for Success,Plan to Arrive Early
Be Professional,(Don’t be overly
familiar),Leave Your CellPhone Behind,Take Notes ,Bring Copies of Your Resume,Be Honest
Where can I get a loan (3 examples)
store loan, credit union, bank
What is a way to get a lower interest rate if I haven't had a loan yet?
cosigner
why is it bad to only make the minimum payment?
You rack up interest making it hard to pay back