Personal Finance
Should you only make your minimum payments on your loans?
No, always try to pay more
What is the difference between a bank and a credit union?
A bank is for profit and a credit union is not for profit.
What is principal?
The initial amount you borrow
What type of insurance is required if you own a car?
Automobile insurance
What does it mean to PYF?
It means putting 20% of your paycheck into your savings as soon as you are paid.
What agency insurance your money in a bank?
FDIC
What type of interest builds the fastest?
Compound interest
What is inflation?
Inflation is when the value of money goes down and the costs of goods go up.
What are the two aspects of FICA?
Social Security and Medicare
Daily Double (surprise APUSH question)
What is the "Black Legend?"
The anti-Spanish and anti-Catholic propaganda used by the English as an excuse to expand colonization.
What are the 5 C's of Credit?
Capacity, Capital, Collateral, Conditions and Character
What insurance pays out after you have passed away?
Life insurance
How do you measure net worth? (give the formula)
Assets - Liabilities = Net Worth
What agency insures your money in a Credit Union?
NCUA
What is the general range of a credit score?
300-850
What insurance pays more Whole life or Term life?
Whole life insurance pays more. It also costs more but covers your entire life.
What is the rule of 72?
The formula used to measure when an investment will double.
What type of savings account earns you the most interest but you can't take it out for a certain period of time?
Certificate of Deposit
How did the Great Awakening influence the American Colonies?
It increased religious participation and moved the focus of religion towards people's emotions.
How do you lower the overall cost of a loan?
Make larger payments or increase your down payment.