The Basics
List five non-college options available for postsecondary education.
Trade and vocational schools, enlisting in the military, on-the-job training, and licenses or certifications
Why is it important for students to think about what they want to do before pursuing a college education?
A college education might not be right for everyone, and you don't want to waste time and money pursuing a degree that you won't actually use.
Describe a fixed expense.
Expense that remains the same from month to month.
List the five foundations.
1. Save $500 emergency fund
2. Get out and stay out of debt
3. Pay cash for your car
4. Pay cash for college
5. Build wealth and give
Who was credited with inventing the telephone?
Alexander Graham Bell
What's the difference between soft skills and hard skills?
Hard skills are more about what you know and what you can do. Soft skills are more about your interpersonal skills and how you work with others.
List 3 things you can apply for to help with the costs of college.
Scholarships, grants, FAFSA
How can debt hold someone back from living like no one else after retirement?
When you have debt, a huge chunk of your paycheck is paying for your past. Getting out of debt is your main priority since it's stealing money from your paycheck. If you have debt, you'll never be able to start investing in a retirement fund consistently.
Why is it important to do the five foundations in order?
Each step has a purpose and work together to help you "win with money." If you skip a step, it makes the following steps more difficult to achieve.
What's the name of Bluey's dad?
Bandit
How does planning and saving for your future help you build wealth?
The key is to start saving as soon as possible, because it takes time for compound growth to work. Have patience and invest consistently.
What are two questions smart spenders ask before making a purchase?
Am I buying this for a good reason? Is this in my budget? is this the best option, price, etc? Is now the best time to buy it?
List three ways the credit card industry makes money off of customers.
Interest charges, annual fees, late payment fees, merchant fees
What is a zero-based budget?
A cash-flow plan that assigns an expense to every dollar of your income; the goal is for the total income minus the total expenses to equal zero
If you get an eagle in golf, how many strokes did you get?
Two under par
What are some key components of successful budgeting?
Creating the budget, tracking spending, finding a system that works for me, adjusting my budget depending on how the month went, sticking to the budget.
Describe the process of balancing your checking account.
Make sure your records match what your bank shows. IF there are any fraudulent transactions or mistakes made by the bank, report them right away.
List some examples of how a thief would commit card fraud.
Card skimmers at gas stations, opening mail from your mailbox, stealing your card info online, waiters charging extra at restaurants
The knowledge and skill base necessary for people to be informed consumers and manage their finances effectively.
Financial Literacy
Which three countries make up Scandinavia?
Norway, Sweden, and Denmark
Explain the difference between gross income and net income.
Gross income is the total amount of money you earn in a given pay period, and you're taxed on your gross income. Your net income is the amount of money left in your paycheck after withholdings and deductions are taken out.
Why is personal finance dependent on behavior?
List 3 tactics credit card companies use to get you to use their products.
1. offering a low or zero interest introductory rate
2. requiring only the minimum monthly payment
3. offering cash back and other rewards
What is the difference between saving and investing?
Saving is for short-term goals, while investing is putting money away for longer than five years. (often more like 20-30 years)
Investing should be in a wealth-building vehicle like a 401(k) or mutual funds.
What year was the Rocket placed in front of the middle school (at that time the high school)?
1971