SMART
What does the "S" stand for, in SMART goals?
Specific
What is one way in which to avoid making an "impulsive purchase"?
Pause (build in a pause)
Talk yourself out of it
Calculate how many hours you would need to work for the item
Name the major difference between a Bank and a Credit Union
Bank is a corporation
Credit Union is non-profit, owned by members
What does I.R.S. stand for?
Internal Revenue Service
Name at least two things that your credit report (score) has an impact upon?
loans
housing
utilities
employment
credit cards
What does the "M" stand for, in SMART goals?
Measurable
True or False: Values don't matter when it comes to spending money. It all comes down to the math.
FALSE: your values play a huge role in how you choose to spend your money
What is the major difference between a Credit Card and a Debit Card?
Credit Card; you are borrowing the money and paying it back
Debit Card; Money comes straight out of your account and you can only withdraw available funds
What is another name for the Federal "Employee's Withholding Certificate"
(hint: W-____)
True or False: your arrest record and convictions appear on your credit report
FALSE
What does the "A" stand for, in SMART goals?
action-oriented
What does FDIC stand for?
Federal Deposit Insurance Corporation
True or False: Your money, in an FDIC insured account, is insured up to 250 dollars
What is the difference between a W-2 and a W-4?
W-2 tells you how much you earned and what the Federal Government withheld from your pay
W-4 informs the Government how you wish to claim your withholding for the upcoming tax year
Name at least two parts of what make up your Credit Report:
(example: length of credit history)
Payment History
Amounts Owed (credit utilization)
Credit Mix
New Credit
What does the "R" stand for, in SMART goals?
Reachable
250,000 dollars per account
Net
If you get paid "bi-weekly", then how often would you receive a paycheck?
Credit scores go as high as 850...
What is the lowest a credit score can be?
300
What does the "T" stand for, in SMART goals?
Time-bound
What does ATM stand for?
Automated Teller Machines
Name at least 2 deductions from a paycheck:
Federal taxes
State taxes
Health Insurance
Retirement account
(etc, etc)
Will "garnishment" of your wages increase or decrease your take-home pay?
garnishment means that someone is taking some of your pay in order to settle a debt, so your pay would DECREASE
True or False: A "soft inquiry" does not affect your credit score
TRUE: a soft inquiry does not affect your score.
(A hard inquiry does)