Finance-Everfi module 1-9

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What is interest?

Amount owed for borrowing money

Relationship between time/interest rate

Longer time equals higher interest rates

To earn as much interest as possible

Open savings account that earns compound interest and has highest interest rate

Types of saving vehicles

Certificate of deposit (CD) Savings account Money Market Account

True about saving vehicles

People should evaluate different forms of savings vehicles based on needs

Which savings vehicle requires highest minimum balance

Certificate of deposit

Which account gives you the least access to your money

Certificate of Deposit

Responsiblities of Federal Reserve

Supervising the reserve banks Maintaining a stable banking system Setting the nation’s monetary policy

Financial institution that has membership requirements

Credit union

Type of account that is most liquid

Checking account

Primary responsibility of Federal Reserve

Establish monetary policy

Savings account offer ________ interest rates than checking accounts. It is ________ to access your money in a saving account than checking account


Type of account that have the highest interest rate

Certificate of deposit

3 parts of Federal Reserve System

Reserve banks, Federal Open Market Commitee, and Board of Governors

Which fees would likely be the highest

Overdraft fee

Features of credit unions

Credit unions are typically owed and ran by their members. Credit unions limit membership to certain people of groups.

Payment types require you to pay upfront

Money orders Cashier’s check Pre-paid card

Checks and Debit cards both

Withdraw money directly form a bank account

Debit cards allow you to

Draw funds directly from your checking account

NOT true about credit cards

Best payment type to use to stick to budget

Payment method that charges highest interest rate

Payday loans

Tells you how much credit card interest will be if you only pay minimum balance each month

Annual Percentage Fee

Payment types that helps you stick to a budget

Debit cards

Look for low APR if

You plan on carrying a large balance on credit card

Credit limit

Amount of interest you are charged on credit card purchases

Annual percentage rate on credit cards determines

Amount of interest you are charged on credit card purchases

Credit scores

Reflect how likely individuals are to repay their debts Range from low 300’s to the mid 800’s Each person has three credit scores

T or F The more money you make, higher your credit score


Having a good credit score is important because

It impacts your ability to be approved for banks loans

Big three credit reporting agencies

Experian TransUnion Equifax

True of someone with a low credit score

Might not be able to get the apartment they want. More likely to miss a payment than someone with a high credit score

Which influences you credit score most

Payment history

Credit score represents

Numerical rating that expresses how likely you are to repay your debts

What would improve your credit score

Paying off your credit card bill

Which could damage your credit score

Paying credit card bill late Opening 3 credit cards at once Ignoring a late payment notice

The return on investment from education is typically the highest for

Someone with a 4-year degree

Type of financial aid that does not require you to pay back


Loans that will typically offer the lowest interest rate

Federal student loan

Loan that requires you pay interest accumulated during college

Unsubsidized federal loan

Grace period

Period after graduating or leaving school before you must begin paying back student loans

What is true about federal student loans

Interest rate on your loan will be fixed over time

Renting provides ________ flexiblity but can lead to _________ costs in the long term.


Owning provides _________ flexibility but can lead to _________ costs in the long term

Less; lower

Typically homes ______ over time and cars __________ over time

Appreciate; Depreciate


A contract outlining the terms under which a landlord agrees to rent property to a tenant

One reason to buy a home instead of rent a home is

Homes have potential to appreciate in value over time


Type of loan used to buy property

Insurance helps you

Financially protect against unexpected accidents

Covered under homeowners insurance but not renter insurance

A tree branch breaks into your bedroom window during a storm

Regular payment is called a


Which type of insurance will require you to pay the least out of pocket

Low deductible plan

Tax you pay when making a profit from selling a house

Capital gains tax

Net pay

How much you’ve made during a pay period

YTD Net Pay

How much you’ve made this year

Why might you complete a 1040 instead of 1040EZ

You own a home

Best way to protect against identify theft

Change online account passwords frequently

Consumer protection laws might result in

Fewer unwanted telemarketing calls

Identify thieves can use your personal information to

Open a credit card Sign up for electricity service Get a cell phone contract

Safest way to dispose of old bank account statements

Shred them

First action you should take if you suspect there has been a fraudulent charge on your credit card

Contact the credit card company to report the fraudulent charge

What activitiy might require you to provide your social Security number

Starting a new job

How can investors receive compounding returns

By investing their earnings back into their original investment


Distribution of a small percentage of profits to shareholders

When you buy a _________, you are loaning money to an organization


What happens when a bond becomes due

The issuer will pay you back, plus interest


Allow investors to own a portion of the company


Are loans to the company

The __________ the risk, the ___________ the potential return/loss


Primary reason to issue a stock

To raise money to grow the company

Investment type typically carries the least risk

Savings account

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