Giving Credit where Credit is Charged
Most people think _________ is the most important factor related to the true cost of a loan.
What is the interest rate?
Interest rate is only one factor in the cost of a loan. The amount you borrow and the length of time you pay the loan off are the other 2 factors.
True or False:
Something happened, so I can't stick to my budget right now. I must start all over again.
What is False?
A budget is a guideline to help you stay on track. If something happens, you make adjustments. Don't toss the baby out with the bath water.
This type of basic account has limited access and earns interest.
What is a Savings Account?
What is required to be eligible for membership with America's Credit Union? Name one.
What is live, work, worship, or attend school in Dallas, Rockwall, and Collin Counties?
True or False. Saving money means I will never have fun again.
What is False?
Often, what starts people to save is that they are saving for something fun they want.
True or False. A Home Equity Loan and a Home Equity Line of Credit are the same.
What is False?
A Home Equity Line of Credit is an open-end mortgage loan based on the equity in your home. You draw money out almost like a credit card.
A Home Equity Loan is a closed-ended, cash-out mortgage loan based on the equity in your house.
True or False. You should start reducing debt before you begin to save money.
What is False?
It's never too soon or too late to start saving money. Debt reduction is an important tool to increase the amount of money you save.
The first step to start saving is to...
a. Pay off or down debt. b. Make a target. c. Find a sugar mama or daddy to pay your bills.
What is b. Make a Target?
You are more likely to succeed with building savings if you have a goal in mind. It's hard to hit a target if you're not aiming.
This is the most common loan type America's Credit Union writes for its members.
What is an Auto Loan?
This basic demand deposit account doesn't usually earn interest.
What is a checking account?
A money market is also a demand deposit, but it has limitations on withdrawals and usually pays a higher yield than checking, savings, and CDs. They also have a higher minimum deposit.
The average household carried $_________ amount of debt in 2023.
a. $50,000 b. $25,250 c. $100,000
What is c. $100,000?
$10,000 of that debt is unsecured, credit card debt.
Want or Need. I always buy Daisy Cottage Cheese to help me stay on track with my low-carb diet.
What is a want?
I need to purchase groceries, but I want the more expensive Daisy Brand.
Stocking up on non-perishable items when they are on sale or in bulk can save you up to...
a. 30% b. 15% c. 25%
What is c. 25%?
The average shopper, per couponfollow.com, could save $145 monthly by buying in bulk or items on sale.
An America's Credit Union member must maintain a balance of ____ in membership savings: a. $50 b. $25 c. $10
What is b. $25?
What makes credit unions different from banks?
a. Credit Unions are not-for-profit. B. Credit Unions give every member a credit card. C. Credit Unions do not offer debit cards
What is A. Credit Unions are not-for-profit.
This type of credit account can grow larger monthly if your total payment is equal to or less than the interest charged.
What is a Revolving account or Credit Card?
The interest charged for Revolving Credit accounts like Credit Cards gets applied to the principal balance. So it's a wheel, always revolving, compounding interest upon interest.
According to Nerdwallet, this percentage of Americans says they overspend every month.
A. 84%, B. 55%, C. 30%
What is A. 84%
And 44% of those say they use a credit card to make ends meet.
This quote is attributed to Ben Franklin (though many people have been quoted as saying this):
"________ is the best policy".
What is honesty?
You must be honest with yourself regarding how much you spend, or your saving goals will always fall short.
This Government agency provides insurance protecting the deposits held at a bank. It insures your money in case of a catastrophic event.
Credit Unions have the same insurance provided by the NCUA.
Who is the FDIC? Federal Deposit Insurance Corporation.
This emotional technique is the trick all scammers use to motivate their victims.
What is urgency?
These types of loans are examples of an installment loan.
What is an Auto or Home Loan?
Instalment loans have a set number of payments. Also known as "simple interest".
Want or Need. The owner of a Land Survey Company is purchasing a 2025 Ford F250 4x4 Kings Ranch addition.
What is Need?
While the owner could purchase a base model for less money, he/she will need the size and off-road capabilities of a 4x4 truck but also the upgraded luxury package to entertain clients.
You should shop around to find a better rate on any monthly bill you pay. These three services are competitive and often have specials you can take advantage of to lower your monthly bills.
Who are the internet, cellular, and cable TV providers?
Credit unions in the United States were established to fight against:
a. the government, b. loan sharks, c. banks, d. The Company Store
What are B. loan sharks? What are C. banks? What is D. The Company Store?
Many companies took advantage of middle and low-income households. Credit Unions were designed to help the average person.
What is the correct percentage for each of the following categories in the 50/30/20 budget system?
Savings - Wants - Needs
What is 50% Needs, 30% Wants, and 20% Savings?