Credit
what is credit?
Permanente record as a borrower
what are the two parts of a mutual funds account?
Bonds and stocks
what is money a symbol of?
goods and services
why do you need accounts with interest?
money value becomes less over time
what is the difference between a Buyers and a Sellers market?
buyers: more goods
sellers: more buyers
why do you need good credit?
To have the reliability and trust to by things and pay it back
what titles can a bank account have?
Single, joint, custodial
what is the difference between Micro and Macro?
mirco is personal and macro is worldy
what do APR and APY stand for?
annual percentage rate
annual percentage yeild
when should you pay yourself?
First
who determines your credit
Transunion
Experian
Equifax
what is a 529 account used for?
education savings
what is Net Worth?
assets minus liabilities
what bank account has interest?
savings
what is inflation?
decrease in money value
what are the four types of credit?
Open ended
Closed ended
Charge card
Secured
what are the two types of trust accounts?
revocable and nonrevocable
what is the difference between fixed and flexible expenses?
fixed stays the same, flexible changes
what is the Rule of 72?
doubling money
what is the safest way to spend money?
credit card
what is the difference between a credit score and a credit report?
Credit score: just shows the score, 6 month-2 year snapshot
Credit report: full report of lending, last 7 years of history
what is the difference between IRA and Roth IRA?
Roth has no taxes
what does S.M.A.R.T stand for?
specific, measurable, attainable, realistic, timely
if you have $1,000 in savings and 5% interest how much money will you make?
50$
what year were women allowed to obtain lending without their husband?
1974