Which of the following will result in your paying the LARGEST amount of interest?
Paying 20% of your credit card balance each month
Paying off your balance every month
Making the minimum payment each month
Which would you use when creating a budget-your NET PAY or GROSS PAY?
Gross Pay
Net Pay
If you have extra money at the end of the month you should...
put it toward and credit card debt you have
spend it
Which of the following can be found in your credit report?
Your checking and saving account balances
A list of items you've purchased using credit
Your credit payment history
With renters insurance, you pay monthly premiums and then file a claim to cover losses if something goes wrong
True
False
What is one way to protect yourself from identity theft?
use websites that start with http instead of https
check your bank statement each month
throw expired credit cards in the trash without shredding
How can you get money from your checking account?
buy a prepaid card using cash
use your debit card at a store or ATM
take money from the ATM using your credit card
Why is your take home pay less than the rate you are offered when you are hired?
taxes, social security, and medicare are deducted
businesses often pay high schoolers less than minimum wage
most employers charge a payroll fee
Savings accounts are less risky than investing
True
False
When paying for college, the first option you should consider is...
A private loan
A federal student loan
A grant or scholarship, because you don't repay them
Interest Rate is how much the lender charges per year for the loan, the Principal is the initial amount someone borrows.
FALSE
TRUE
In order to qualify for financial aid, college students must submit their...
SAT score
FAFSA
Parent's credit score
Which document lists a person's education, work experience, and skills?
job application
resume
cover letter
reference letter
A Target Date Fund (TDF) will automatically adjust your assets for you over time as you get closer to retirement.
True
False
Which of the follwing is TRUE about car insurance.
If you cause an accident, insurance will cover medical bills
If you pay each month, you will never pay repair bills
If you are speeding, you will not get points
What is the first step to make sure you pay the right amount of taxes when your get a job?
buy Turbo Tax
complete a 1040
complete a W-4
All of the following are benefits of taking out a loan with a cosigner EXCEPT...
There are no penalties for late payments
You gain access to loans you may not have been approved for
Your interest rate might be lower
Which of the following is a recommended way to follow up after a job interview?
sending a personalized thank you letter or email
sending the interviewer a friend request on social media
buying the interviewer a gift
Using online and mobile banking allows you to check your balances before making a purchase and transfer money electronically
True
False
What amount is found when you subtract grants and scholarships from the cost of college?
room and board
sticker price
Net price
Comparing the price, reviews, and other factors for the same product offered by different retailers
comparison shopping
buyers' remorse
When picking a financial product (loan, bank, etc), which advice is LEAST valuable?
Just choose the option your parents use
Read the fine print of any disclosures
Do research to learn about your options