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Econ Finance Literacy
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What is the difference between NET INCOME and GROSS INCOME
Net income is how much you bring home after deductions (taxes/insurance/investments), Gross is amount earned before deducations
Explain Deductible vs Premium when discussing insurance
Dedutible is what needs to be paid before insurance pays out, premium is your ongoing monthly payments to insurance
Is your money protected while in a bank? If so, how?
FDIC - Insures your account up to $250k
When paying your credit card bill, you should pay only minimum payment
 
False
 
True
Explain one advantage of having credit cards
Convenience, purchase protection, rewards, building credit history, emergency purchases
Explain the difference between a debit card and credit card
Debt card is money you have in the bank, credit is money borrowed
What has the greatest impact on your credit score?
 
On time payments
 
Number of Accounts
 
Age of Credit
 
How Much Available Credit you Have
What is consider a good Credit Score? And why do you want a high score?
700-720+...Better terms on loans
BONUS POINTS - Explain the concept of Compound Interest
You earn interest on your interest over time leading to greater gains
Why are traditional savings accounts not a great way to invest your money?
Lowest returns/low interest rates
Why do stocks have the largest amount of risk? How can you minimize your risk?
their price can fluctuate significantly based on a company's performance/ Diversify
1 Advantage 1 Disadvantage of Sole Proprietorships
complete control, unlimited liability,
Another way to think of the term "Capital" is ___________.
Money/Assets
Another name for a passbook account is savings
 
True
 
False
What is one benefit and one negative about credit unions?
Negative - membership is required, less locations Positive - Better rates, more options
With insurance, a higher deductible means a higher premium (monthly payment)
 
False
 
True
Donations to charities are tax deductible?
 
True
 
False
People w/ bachelors degrees have lower earning power than works with a HS diploma only
 
False
 
True
How much money should you save before you start renting an apartment?
 
3 months rent
 
1 months rent
 
2 months rent
 
no savings necessary
What does it mean to default on your loan?
Failure to make pay it back
Which is the best synonym for the bonds that are used to raise corporate capital
 
Loans
 
Stocks
 
Taxes
 
Payments
EXTRA POINTS - Why do you want your portfolio to be diversified?
Less risk in case of market failure. Investments are spread out.
Extra points - Explain difference between Traditional IRA and Roth IRS
Traditionals are invest prior to being taxed and all gains taxed when money is pulled. Roth is taken out of net income. No taxes on gains
A mutual fund a company that sells shares of a portfolio of securities (stocks/bonds)
 
True
 
False
According to the book, when renting an apartment, your monthly rent should not be more than_____
 
one week of your monthly income
 
two weeks of your monthly income
 
three weeks of your monthly income
 
four weeks of your monthly income
A corporation has all the rights and responsibilities of
 
an individual
 
a government agency
 
a partnership
 
a family
Why is important to live on a budget or have a budget?
It will help prevent over spending, make life easier by making smart financial choices
A person who owns a share of shares of stock in a corporation is a stockholder?
 
True
 
False
A sole proprietorship is an unincorporated business with two or more partners that split duties evenly
 
False
 
True
What is the term for monthly, quarterly, semi annual price paid to an insurance company?
 
Premium
 
Interest Rate
 
Collateral
 
Income Tax
What is the best title for a list that includes: Direct Subsidized, Direct Plus, Direct Consolidation
 
Federal Student Loans
 
Fafsa requirements
 
Work Study Programs
 
Financial Aid
Who issues Municipal Bonds?
 
State and Local Governments
 
Financial Institutions
 
Congress
 
Coporations
Which is not a type of business organization?
 
Stockholder
 
Coporation
 
Sole Proprietorship
 
Partnership
Each student who wants Financial Aid must do what?
 
Complete the FAFSA Application
 
Join the Military
 
Take AP Classes
 
Complete an Application for a Social Security Card.
Money Market Accounts, Mutual Funds, and CD's are good ways to __________ money
 
Save
 
Borrow
 
Withdraw
 
Budget
Explain when one wants a high interest rate and when the same person would want a low interest rate
High Interest rate when investing, low interest rate when borrowing
Who pays interest on a loan?
Borrower
Explain the difference between a secured loan and unsecured loan
Secured loans require some sort of collateral, such as a car, a home, or another valuable asset,
______________ is something of balue that can be claimed by a lender if a loan is not repaid
Collateral
Person or institutions to whom money is OWED
 
Creditor
 
Borrower
 
Leasee
 
Investor
Payment made for use of borrowed money is called?
 
Interest
 
Fees
 
Budget
 
Collateral
A(n) ____________ is a group that channels savings to investors
 
Financial Instituion
 
Certificate of Deposit
 
Investors
 
Credit Bureau
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