personal finance 1
True or False: You should only pay the minimum amount due on a credit card.
What is False? Always pay more to reduce the interest paid.
A helpful financial planning tool for managing money.
What is a budget?
An account you use to save money...
What is a savings account?
What is the difference between a debit and a credit card?
What is you cannot go into debt with a debit card?
True or False: credit is an agreement between a lender and a borrower that allows the borrower to obtain goods or services before paying for them.
What is True?
A bank account that allows you to deposit, withdraw, and transfer funds for everyday financial transactions.
What is a checking account?
Items of value that can be converted into cash or can appreciate in value.
What is an asset?
This is what credit card companies call those who pay off their balance every month.
What is a deadbeat?
What happens if you fail to repay a debt/loan?
What is your loans go into collections and may cause your wages to be garnished?
You have one five-dollar bill, one ten-dollar bill, a quarter, three dimes, two pennies, a twenty, and two nickels, how much money do you have?
What is $35.67?
Who should you always pay first after earning a paycheck?
Yourself! (savings account)
Utilities, groceries, and medical bills are considered...
What are expenses?
What the consumer pays to borrow money. Essentially the cost of a loan.
What is interest?
This person guarantees repayment of a loan in case a borrower can not make the payments...
What is a co-signer?
What was the largest bill ever printed in the US?
What is 100,000?
How many years is the average length of a career?
What is 40 years?
When money is withdrawn from a bank account and the available balance goes below zero...
What is overdraft?
This form is the way for a student to obtain federal financial aid.
What is the FAFSA?
When a bank takes back your house due to non-payment...
What is foreclose?
A retirement savings plan offered by a company to its employees. Sometimes an employer will match the employee’s contribution.
What is a 401K?
Paying on time is the most significant factor for determining your...
What is credit score?
The increase in the cost of goods and services or the decline in the purchasing power of money.
What is inflation?
When depositing a check to the bank you approve the transaction by __________ the check.
What is endorsing the check.
A missed payment and a bankruptcy stays on your credit report how many years?
What is 7 years for a missed payment and up to 10 years for a bankruptcy?
Used by investors to compare the expected return of an investment to the amount of risk they take to get the return.
What is the risk return ratio?