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Presentation transcript:

Budgeting Credit Checking Investing Living on your own

What percent of a person’s income is recommended for savings?

10%

What is the difference between net and gross income?

Gross is pre-tax and net is after taxes are taken out (take-home pay)

What is a fixed expense?

One that doesn’t change from month to month and usually can’t be eliminated easily.

What are the two spending styles and how are they different?

Present-oriented spends for things wanted now and the future-oriented would save for future wants.

What is withholdings?

When the government saves money tax free for your to pay your annual taxes.

True or False Credit cards can be used for all of their benefits without paying any extra money.

true

What is the amount of money charged for using credit called?

interest

True or False All credit cards have to offer the same rates, incentives, and charge the same fees by law, so there is no point in “shopping around” for a “good” card.

false

Because of a recent change in laws people can do what? a.Check their own credit report b.Dispute a charge they didn’t make on their credit card c.Charge more than their credit limit without getting charged a fee d.None of the above

a. Check their own credit report

There are many credit laws to protect consumers but what does the “Fair Debt Collection Practices Act” do for us?

Says that bill collectors cannot harass people they are collecting from.

What is a debit card?

Like a credit card but $ comes right out of a checking account.

What is it when a check bounces?

There is not enough money in the account to pay the check.

What does the bank do with your deposits?

Loans your money out to other people at higher rates of interest than they pay you.

What is balancing what you think you have in your checking account with what the bank has recorded called?

reconciliation

Which pays better interest: savings account or a CD?

CD

What is liquidity?

How quickly your investment can turn into cash.

True or False Most of the time real estate is wise investment.

true

What are you buying when you buy stock?

A small piece of a company

What are two advantages of a mutual fund?

Professionally managed and the group of stocks balance each other out (diversification)

True or False The right time to move out is the same for everyone.

False

Why might a young person move back home after being on their own?

Financial trouble, divorce, injury

What is a security deposit?

A set amount of money that a landlord will collect upfront to pay if there are damages.

What is autonomy?

The ability to control your own life.

What is “developing a way of life”?

Living life the way you want, making choices you are comfortable with