Budgeting Stuff
When someone is attempting to steal your personal information as you input it on your device, typically be peeking or observation.
This organization that backs up your money in banks… the FDIC… stands for:
This type of malware tracks your activities and monitors you while you work:
Spyware
The person responsible for making payments in case you fail to is referred to as the:
Cosigner
A number that summarizes your credit worthiness:
Credit Score
When creating a budget, this is the correct breakdown in terms of distributing your money:
___% needs, ____% wants, ____% savings?
50 / 30 / 20
This type of “bank” typically have lower fees, higher savings rates, and better loan rates, though; they typically are slower to adopt technology and have fewer ATMs:
Credit Unions
CASH is a great example of a _______________ asset, as in, it is easily exchanged without a change in price.
Liquid
APR stands for what?
Annual Percentage Rate
A credit card is an example of which type of credit?
Revolving Credit
What should you use when creating a budget - Net pay or Gross pay? Explain what's the difference.
Net pay - because it is total after taxes and other deductions.
Mary Jane Watson, a high school senior, works 15 hours a week at the Aquatic Center as a lifeguard. She makes $10 an hour for a total of $150 a week Gross. Her Net Pay is $121. If she works for four weeks, what will her paycheck be?
$484 ($121 x 4)
Mr. Mason's favorite superhero is...?
Spider-Man (obviously)
Which method of debt payoff has you list your debts smallest to largest and then pay off those debts starting with the smallest owed amount first?
Snowball method
What is the credit score range?
300 - 850
Explain what an overdraft fee is?
A fee when you spend more money in your checking account (or pull out more money from an ATM) than you actually have in your account. (Essentially spending more than you have)
The equation to determine your Net Worth is that Net Worth
Assets - Liabilities = Net worth
You are most likely to be influenced through __________________________ by being targeted based on your age, gender, likes, interests, or other demographics.
social media
If I go do a house or car loan, they do this type of _______________________ check, which if done frequently, can negatively impact my credit score:
Hard Credit
What financial product am I? I am a type of credit card that requires cardholders to make a security deposit equal to the credit limit on their account. Due to this deposit requirement, I am often a good choice for young people looking to establish a credit history.
Secured Credit Card
Explain the Avalanche Method in terms of paying off your debt & explain why it is better?
Organize debts highest interest to lowest.
Pay off highest interest debts first.
You pay less interest over time and you'll eventually have a larger flow of money paying off your smaller debts quicker.
Tony Stark has $3200 a month to spend.
His costs are:
Rent of $1000, car bill of $350, utilities of $225, insurance of $125, food at $250, and other miscellaneous expenses of $300.
What is his end result in terms of surplus or deficit remaining?
Surplus of $950.
Name at least THREE of the criteria major creditors and lenders are looking at when looking at your credit?
Payment History
Length of Credit History
Total Outstanding Debt
Types of Credit you have currently
Applications history (new credit apps)
What are the names of the three major credit agencies?
Equifax
Experian
Transunion
Look at the account credit card statement below:
Account Number: 12345678
Statement closing date: 2/8/22
Credit Line: $1500
Available Credit: $850
Current Balance: $650
Credits: $100
Payments: $250
New Purchases: $150
What is their new total balance?
$650 - 100 - 250 + 150 = $450