Terminology
An item with economic value
Asset
The fee banks charge for spending more than you have in your account
Overdraft fee
A three-digit number, typically ranging from 300 to 850, that reflects your creditworthiness
Credit score
This is the total amount of money in your paycheck before taxes and deductions are taken out
Gross pay
A unique, dynamically generated code that can only be used once to verify the user’s identity when attempting to log into their account.
One-Time PIN
Extra money you own or owe
Interest
Final withholding tax of banks
20%
What is the only way to not incur interest on your credit card?
Pay in full
This is the pay when deductions and taxes are taken out
Net pay
Wrongful or criminal deception intended to result in financial or personal gain.
Estafa
A digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Cryptocurrency
The central bank of the Republic of the Philippines
Bangko Sentral ng Pilipinas
What is your available credit if you have a credit limit of PhP 250,000 and you owe PhP 137,000?
PhP 113,000
Does Maria, a 16-year old student who made PhP 200,000 from her cake business need to file taxes?
Yes
A fraudulent system based of making money based on recruiting an ever-increasing number of investors.
Pyramid scheme
The practice or arrangement in which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.
Insurance
The first bank in the Philippines and in the Southeast Asian region.
Bank of the Philippine Islands
How much can you spend if your credit limit is PhP 100,000 and you have made a PhP 20,000 purchase in credit and PhP 5,000 in cash?
PhP 80,000
Deadline to file tax returns
April 15
An investment fraud that pays existing investors with funds collected from new investors.
Ponzi scheme
People-centred enterprises owned, controlled and run by and for their members to realise their common economic, social, and cultural needs and aspirations.
Cooperative
What is the formula to compute the interest earned from placing money in a bank?
IE = ( (P*t) / 360 ) * r
P = Average Daily Balance (ADB)The only credit bureau in the Philippines that provides credit information and other services related to credit and risk assessment for individuals and businesses in the Philippines.
Credit Information Bureau, Inc.
Philippine tax law was formulated based on
1987 Constitution
RFID stands for
Radio-Frequency Identification