Coumpound Interest is
The interest you make off the money you already have, which will be added to the principal.
A budget is
A plan for how you will spend the money you earn or receive.
Which would most likey have the highest interest rate?
Certificates of Deposit (CDs)
Examples of savings vehicles include
Simple Savings Accounts
Money Market Savings Accounts
Certificates of Deposit (CDs)
Auto-Save with online Banking
When it comes to savings, a good rule of thumb is to always
Pay yourself first
What’s the penalty for using the ATM of another bank?
Your bank and the other bank may charge you a fee.
What are the two numbers listed at the bottom of a check?
Account Number and Routing Number
Often, a hidden feature of a account is its
Balance requirements, interest rates, and fees.
With what type of account can you earn interest while still being able to write checks from it?
Checking account
What is the best way to avoid cred card debt?
Paying your bill in full whenever possible and on time.
A grace period is
The amount of time you have after making a credit card purchase before interest is applied.
Payday lenders can cahrge up to how much interest?
900%
Making small purchases on a credit card is
Bad, because it can add up to a big amount. Also if you don’t pay for it, interest wil start to add up.
How many free credit reports are you legally entitled to per year from each credit bureau?
One (From each credit bureau) (Three overall)
What are the two biggest influences on your credit score?
Your payment history and the amounts owed.
Why is your credit score important?
It is important because banks and lenders will see whether or not someone will qualify for a loan.
How many free credit score updates are you entitled to each year?
Zero
Which of the following is likely to have the lowest interest rate?
Perkins Federal Loans
Which of the following does not have to be paid back?
Grants and Scholarships.
Real estate is usually an example of what type of asset?
Appreciating Asset
What is a down payment?
A down payment is a large amount of money paid upfront.
If you plan on moving after a year, your best option would probably be to…
Renting a home/apartment
Which of these is NOT funded by United States tax dollars?
Retail and department stores
Which of the folllowing tax types does NOT require you to complete forms to determine the amount you owe or are owed at the end of the year?
Sales
Which of the following describes the amount you pay on each insurance claim you make?
Deductible
What are cosumer protection laws meant to do?
Protect consumers from unfair or deceptive selling practices.
Which of the following is often a type of consumer fraud?
Unauthorized of fictitious billings and Phony prize promotions.
What number is used to identify U.S. citizens and designate who should be paying taxes?
Social Security Number (SSN)
Which of the folowing is NOT one of the steps to take in resolving fraud?
Go tell report it to a talk show
What does a company’s market capitalization represent?
The market capitalization represents the company’s shares outstanding by the current market price of one share.
What is a stock?
A share of ownership in a company.
When it comes to investing, what is the usual relationship between risk and reward?
The lower the risk the lower of a return. The higher the risk, the higher potential return but also there is a much higher chance that you will lose money.
True or False: Balancing a checkbook is the same as balancing a checking account.
True
True or False: Even non-profit credit counseling companies aren’t guaranteed to help you get out of debt.
True
True or False: The FICO score is the most commonly used credit score in the United States
True
True or False: There is such a thing as good debt.
True
True or False: Something that appreciates decreases in price (Loses value)
False
True or False: The interest rate on your federal loans will remain the same over the entire life of that loan.
True
True or False: Renting and buying mean the same thing.
False
True or False: Dealers set mileage limits on leased vehicles
True
True or False: The amount of income you make affects the amount of federal taxes you will owe
True
True or False: If you opt to withhold more money from each paycheck for federal taxes, you don’t have to complete federal income tax forms at the end of the year.
False
True or False: The best way to protect yourself from consumer fraud is to check your credit report yearly.
True
True or False: The interest earned from a municipal bond is often tax deductible.
True
True or False: Stocks are considered a risker investment than bonds.
True
x

Hi!
I'm Niki!

Would you like to get a custom essay? How about receiving a customized one?

Check it out