Personal Finance 101
What is the first foundation of the five foundations?
Save a $500 emergency fund
What is your biggest wealth building tool?
Income
The price of goods and services increases over time due to __________.
The amount of time you have to pay back a loan is called the _______ of the loan.
Term
____ buying will often cause you to spend more than you've budgeted for a category.
Impulse
The term used to show where your talents and passions intersect in a way that allows you to see the results you want.
Sweet Spot
When you receive financial aid that's based on your achievements, that's called what?
A scholarship
The fee that is charged for using borrowed money for a purchase
Interest
When creating a budget, what's the first priority under "Expenses"?
Giving
In the Five Foundations, what is the Third Foundation?
Pay cash for your car
A ___________ reports on a person's credit history.
Credit Bureau
This occurs when you use shopping to change or boost your mood.
Retail Therapy
Personality traits that either come naturally to you or are developed over time
Soft Skills
When it comes to picking a college, look for one that is:
Affordable
Almost half of all Americans report having less than $________ in savings?
$1000
The cost of groceries and gas is considered a _______ expense.
Variable Expense
When you make a purchase but later wish you hadn't done so, you experience this.
Buyer's remorse
A __________ is a number that indicates the likelihood of someone repaying debt.
Since it's where most young adults spend their time, 50% of retailers spend at least half of their marketing money on _________________.
Social Media Advertising
Things you learn in school or with special training to help in your career
Hard Skills
Bachelor's Degree
Personal Finance is 20% head knowledge. What is the other 80%?
Behavior
What's it called when you make money on the percentage of the total sales you make?
Commission
The initial amount of money you deposit or invest is called what?
Principal
When an item is worth less than what you owe on it, that's called what?
Negative Equity
Your brain uses what to process and manage stress?
amygdala
A _______ is someone who will guide you, motivate you, encourage you, and hold you accountable.
Mentor
What will students who drop out of college have to do with their student loans?
Pay them off
Anything that you own that has value, is called what?
Asset
A ______ expense stays the same from month to month.
Fixed
What are the three reasons to save money?
Emergency Fund
Large Purchases
Build Wealth
What is it called when someone else uses your personal information to commit fraud?
Identity Theft
When someone starts and runs a business, they are called what?
An entrepreneur
20 years
American culture and businesses have convinced consumers that using _______ is normal?
credit
Name the three priorities in your budget after listing your income.
Giving, Saving, and Spending
An investment's __________ is it's percentage of gain or loss over time.
Rate of Return
When you fail to repay a loan on time, you're referred to as being in ________.
Default
Short, entertaining ads on social media are called what?
Snack Videos
Personal Brand
What does the acronym FAFSA stand for?
Free Application for Federal Student Aid