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Personal Finance
| Question | Answer |
|---|---|
| This type of account is connected to your debit card | Checking Account |
| A monthly fee that some banks charge to keep your account open | Maintenance Fee |
| This federal insurance program protects the money you deposit in member banks up to $250,000 per depositor, per bank | FDIC |
| This stock market index represents 500 of the largest companies listed on stock exchanges in the United States | S&P500 |
| This investment vehicle automatically adjusts your investments based on a planned retirement year | Target Date Fund (TDF) |
| This strategy involves spreading investments across different assets to reduce risk | Diversification |
| The amount borrowed by someone for a loan | Principal |
| An initial payment made when buying something expensive, such as a car or house | Down Payment |
| The lowest amount you can pay on your monthly credit card bill to remain in good standing | Minimum Payment |
| A record of how you've managed loans and payments over time | Credit Report |
| This payment method can help you build credit and requires a cash deposit | Secured Credit Card |
| This strategy for debt repayment starts with the highest interest-rate debts | Avalanche method High-rate method |
| Money you borrow for college and need to repay | Student Loans |
| Sticker price - gift aid = | Net Price |
| The form submitted by students to determine their eligibility for financial aid | FAFSA |
| Who is one person that might ask to see your credit report? | Credit card companies, Insurance companies, Employers, Telecommunications companies, Public utilities, Government agencies and courts, Landlords, Assisted living facilities and nursing homes |
| What is one way to reduce the amount of overall interest you pay on a loan? | Making a higher down payment, Choosing a shorter loan term, Finding a lower interest rate, Making additional payments above the minimum |
| Used to apply for jobs, this document outlines your skills and experience | Resume |
| A social media site for professional networking | |
| Some jobs offer this valuable retirement plan as a benefit | 401(k) |
| This type of car insurance covers you if you cause injuries or property damage for someone else | Liability Coverage |
| If you want a lower deductible and higher coverage limit, you will pay a higher monthly _______. | Premium |
| Insurance companies use this strategy to afford large payouts by collecting premiums from a large group | Risk Pooling |
| This date is the typical deadline for Americans to file their taxes | April 15 |
| Employees receive this form each January that summarizes their earnings and taxes for the previous year | W-2 |
| Fill out this form when you start a new job to determine how much your employer withholds in taxes | W-4 |
| The 50/30/20 rule divides your budget to spend: 50% on _______ 30% on wants 20% on savings | Needs |
| Your total earnings BEFORE taxes or deductions are taken out | Gross Pay |
| If your expenses are higher than your income, you have a budget ________. | Deficit |
| The practice of analyzing different options when buying something | Comparison Shopping |
| Design choices made to manipulate you, like adding a countdown timer or hiding the unsubscribe button | Dark Patterns |
| A fake email pretending to be your bank to steal login details is an example of this kind of scam | Phishing |
| What is one step you can take to protect yourself from identity theft? | Check your bank statements each month to verify transactions, Shred sensitive documents and banking cards, Check your free credit report at least once each year, Freeze your credit so no one can open new lines of credit in your name |
| What is one common deduction that shows up on a paycheck? | ○ FICA: Social Security and Medicare, Income taxes (federal, state, local), 401(k)retirement contributions, Health insurance premiums, wage garnishment, union dues, job expenses, long-term disability, life insurance |
| The process that makes your money grow faster over time by reinvesting your earnings (interest or capital gains) | Compounding |
| One factor used to calculate credit score | payment history, amounts owed, length of credit history, new credit, credit mix |
| This alternative to a debit card doesn’t require a bank account, but often comes with higher fees and lacks consumer protections | Prepaid Card |
| Taxpayers must complete this form every year to file their taxes | 1040 |
| When paying for college, prioritize these TWO forms of gift aid that don’t need to be repaid | Grants and Scholarships |
Created by:
Drake Archer Peterson