Personal Financial Literacy | Baamboozle - Baamboozle

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How do you calculate simple interest?

Principal x Interest Rate x Time

What is interest?

Interest is a fee that is either payed or received when borrowing money or saving in a bank.

Where is the Giant's Causeway?

Ireland (Northern Ireland)

What is the difference between a savings account and a checking account?

A savings account pays interest on the money in the account where a checking account may not, depending on the institution.

What was my profession previous to teaching?

Aeronautical Engineer

In your own words, what is financial literacy?

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Explain how a credit score can affect a loan from a bank.

High credit score will lead to the lowest interest rates. Low credit score will lead to highest interest rates or refusal of a loan.

Name one way money can be withdrawn from an account.

ATM / Bank Teller / Write a check

How long is information kept on a credit report?

7 years

What is a credit report and what is it used for?

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What age am I?

30 years old

Which education level has the highest median earnings?

Doctoral or Profesional Degree

Name two methods to pay for third level education.

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Name one advantage and one disadvantage of using a credit card.

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What facts would you consider when deciding where to open a bank account?

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What is a transfer?

When money is moved from one account to another.

A deposit is when money is taken out of an account.

False

True

Name two ways you can build a good credit score.

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