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You Gotta Save, Spend, Invest, Donate!! Flashcards | StudBud
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You Gotta Save, Spend, Invest, Donate!!
You Gotta Save, Spend, Invest, Donate!!
32 terms
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Review of economic basics- and some scenarios too!!
Flashcards
32 cards
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Practice quiz
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Questions
32
Answers
1
What is RISKIER to do with my money?
Invest in the stock market.
Put it in a savings account.
2
What does it mean to, "pay yourself first?"
donate money
spend money
invest money
save money
3
What is CREDIT?
MASTERCARD
getting a credit card
borrowed money for goods and services
VISA
4
What is financial literacy?
Reading my bank statements.
Making smart financial choices.
Knowing about save, spend, invest, donate
Reading my taxes.
5
Interest can GROW your money because...
Keeping money in a bank means it GROWS because they pay you.
Interest is like having a job.
Interest is when you are interested in making more money.
6
If I do THIS with my money, I might be considered an agent of change.
spend
save
invest
donate
7
I want to buy a car- the LOAN manager is going to check my CREDIT HISTORY- what is that?
...all the money I have in my bank account.
...information that helps to determine y CREDIT SCORE.
...a record of how well I have repaid other loans.
...all the money I owe.
8
What is the BENEFIT of giving to charity?
It makes you feel GOOD.
NONE of the above.
You can use it as a tax write off.
BOTH A and B.
9
Why should Ryann INVEST her money instead of save it?
College is in 6 years- she has plenty of time to GROW her $.
College is coming up quickly and she only has 6 years.
10
I just got my tax returns back and I have $2000. What might be a good plan to REDUCE my debt.
SAVE it.
PAY off my house.
PAY off my credit cards.
PAY off my car loan.
11
What is the BENEFIT of FDIC (Federal Deposit Insurance Corporation)?
BOTH A and C.
NONE of the above.
You will get up to $250,000 back if a bank is robbed.
Your money is protected and safe.
12
I decide to buy some Starbucks stock. This is an example of:
investing
donating
spending
saving
13
Most charities are NON- PROFIT. What does that mean?
They operate only to serve and give to others.
They operate to make money.
14
If I need money QUICK- where would I most likely get it?
My checking account.
My savings account.
15
How can I make my money GROW?
buy STOCKS and BONDS
meet with Payton's dad to invest it
put it under my mattress
put it in a SAVINGS account
16
WHY might a credit score be important to my future?
It isn't important if I have never used a credit card.
Applying for a loan.
Leasing or buying a new car.
If I want to buy a house or rent an apartment.
17
Most credit score are between:
300-450
600-750
500-673
800+
18
If something is HIGH risk HIGH return...
...it means it's risky to make BUT you can make more money.
...it means it's NOT risky & you probably can't make much $.
...it means it's risky to do but you can't make much money.
19
Why should Austin SAVE his money instead of investing it?
Carlos wants the phone in the LONG term so saving is best.
Carlos wants the phone in the SHORT term so saving is best.
20
I'm just a kid- how can I build CREDIT?
Just always pay cash.
Always make payments on time.
Open a checking account.
Sign on to a DEBIT card with a parent.
21
Austin wants to buy a new phone in the next 3 months. What should he do with his money?
invest it
save it
22
The money you use for goods and services.
spending
investing
saving
donating
23
What is DEBT?
...it's like a credit card.
...how much money you owe.
...money you need to pay back to a lender.
...really bad.
24
What is PAYING interest?
When a bank pays you to have them look after your money
When banks charge you to use their money.
25
What is TRUE about a credit score?
It includes a payment history.
You get a score between 300 and 850.
It includes your bank balance.
It includes the amount you still owe.
26
If I have a POOR credit score- why might a loan officer DENY a loan request?
I already owe too much to actually pay it back.
I don't have a job that pays me enough to pay back the loan.
They will probably give me the loan because YOLO.
I am a risk- I might not pay it back.
27
WHEN might you NEED credit?
Credit means you are in debt- which is BAD.
Credit is just bad.
To BUILD a credit history.
For an unexpected expense (like a new refrigerator).
28
Ryann wants to go to CSU in 6 years. What is the BEST way to GROW her money?
Kennedy should save her money in a bank.
Kennedy should invest her money.
29
If I want to make my money GROW- who should I meet with?
an architect
a financial planner
a real estate agent
a banker
30
I have an unexpected expense because my hot water heater stopped working. I'm ok because...
I have insurance.
I have an emergency fund.
I have invested my money.
I have a bank account.
31
What is the MAIN difference between a credit card and a debit card?
CREDIT CARD: BORROW money and DEBIT CARD: HAVE money in bank
DEBIT CARD: BORROW money and CREDIT CARD: HAVE money in bank
32
What is EARNING interest?
When a bank pays you to have them look after your money
When you borrow money from a bank- they charge you to use it
