Team KEYS Splashketball

Insurance

100

this type of insurance helps pay for doctor visits, hospital stays, and prescriptions

what is health insurance?

200

this insurance is required in most states if you own a car

$200: what is auto (car) insurance?

300

this term describes the amount you pay out of pocket before insurance starts covering costs

$300: what is a deductible?

400

this type of insurance helps replace income if you’re unable to work due to injury or illness

$400: what is disability insurance?

500

this insurance helps protect your family financially after your death

$500: what is life insurance?

Credit & Debit

100

this card uses money directly from your checking account

$100: what is a debit card?

200

this number represents how trustworthy you are as a borrower

$200: what is a credit score?

300

this happens when you don’t pay your credit card bill by the due date

$300: what is a late payment?

400

this fee is charged when you carry a balance on a credit card

$400: what is interest?

500

this ratio compares how much credit you’re using to how much you have available

$500: what is credit utilization ratio?

Loans & Interest

100

this is money borrowed that must be paid back

$100: what is a loan?

200

this is the cost of borrowing money

$200: what is interest?

300

this type of interest is calculated only on the original loan amount

$300: what is simple interest?

400

this type of interest is calculated on both the principal and accumulated interest

$400: what is compound interest?

500

this loan is commonly used to pay for college or university expenses

$500: what is a student loan?

Taxes

100

this is money collected by the government to fund public services

$100: what are taxes?

200

this tax is taken directly out of your paycheck

$200: what is income tax?

300

this form reports your annual earnings from an employer

$300: what is a w-2 form?

400

this tax is added to the price of most goods and services

$400: what is sales tax?

500

this filing status applies to someone who is unmarried and has no dependents

$500: what is single filing status?

Budgeting

100

this is a plan for how you will spend and save money

$100: what is a budget?

200

this budgeting rule suggests spending 50% on needs, 30% on wants, and 20% on savings

$200: what is the 50/30/20 rule?

300

this category includes rent, utilities, and insurance

$300: what are fixed expenses?

400

this is money set aside for unexpected expenses

$400: what is an emergency fund?

500

this budgeting method gives every dollar a specific job

$500: what is zero-based budgeting?