Financial Literacy End of MP Game | Baamboozle - Baamboozle

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Which is the bigger number - net income or gross income?

Gross income; net income is what's left after taxes and other deductions are taken out.

Give an example of an OPPORTUNITY COST of going to college

Not being able to work full time.

True or false: all your money is protected (safe) in a bank

Mostly true - all accounts up to $200,000 are protected by the FDIC

What is the Ticker Symbol for Netflix?

NFLX

You need a loan for $10,000. Is it better to pay $120/mo. for 10 years or $202/mo. for 5 years?

Ideally, $202 for 5 years. You pay over $2000 extra interest for the additional 5 years.

True or false: Once you put money in a savings account, it has to stay there for at least a year

false

Is Cheerios a brand or a company?

It is a brand. The parent company is General Mills

What is the difference between a brand and a company?

A brand is a product or group of products sold by a larger company.

What is one difference between a credit union and a bank?

(Answers vary) - credit unions are non-profit; you have to be a member of a credit union to have an account

Name a kind of DEDUCTION that might be taken out of your paycheck

Answers will vary (taxes, Social Security, Medicare, health/dental insurance, contributions to retirement savings account)

Why is it a good idea to look at a unit price when shopping?

Because it is the easiest way to compare prices on different sizes of the same item

What is the Unit Price of the Cheerios?

24.9 cents per ounce

True or false: Net income is the same as take-home pay

True

Is Starbucks a Brand or a Company?

It is a company.

Which product is the better deal?

The larger size because it has a lower UNIT PRICE (although sometimes it makes sense to get the smaller size anyway!)

True or False: You earn interest in a checking account

false

Can advertisers lie about a product in an advertisement?

No - that is illegal.

Give and example of needs vs. wants

Answers vary

When you borrow money, would you rather have an interest rate of 4% or 6%?

4%! The higher the interest rate, the more money you will have to pay back on TOP of what you borrowed!