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What is the main reason that many people end up in trouble financially and see bankruptcy as their only option? You had a part-time job that paid you $950 in one tax year. You're getting ready to buy your first car. Bankruptcy can impact your entire life, from your credit rating to your ability to get a job or even your ability to rent an apartment. Identify the want items. When you gamble you need to make sure you never: Spend money that is budgeted for your monthly expenses. Which of the following things will affect your credit score, Skipping payments on your cell phone account, paying your bills on time, and paying your bills late will all affect your credit score, The business that gives you a loan or rents you an apartment is the one in charge of your credit record and credit score. You may be charged a penalty fee for a "returned" or bounced check, you may pay higher rents or interest rates because of your poor credit history, and if you aren't aware of your negative balance and don't put more funds in your account you bounce more checks and receive more penalty fees. In some cases, more than one statement will report the needed data. See if the school offers a degree program that interests you, find out how much it cost to attend the college, and determine whether features the school offers that may help you. Your future will be greatly hindered by not graduating from high school. If the credit bureau's lower your credit rating, you get charged more on interest for loans and credit cards, and you may have to pay bigger deposits for utilities. What is not impacted by bad credit history? Which statement is true about your credit history and score? What is this called? True or false? You can apply for scholarships, or apply for a work study program or other jobs that allow you to go to school and work at the same time. Why does this not help Bill build a positive credit score, The lease and utility bills are not in his name, How many new accounts you have plays a role in your credit rating. A good question to ask yourself when you are deciding if you should put money into savings or investments is, when will I need the money, True or false? 5. In this module, we talk in detail about critical thinking skills. Which of these will most likely have a positive affect on your lifestyle? 84-6249;$52.95 Mable Parker, drawn on Security National Bank, ABA No. Transactions: Borrowing up to your credit limit on your credit card increases your debt to income ratio. Which of these choices is the worst mistake to make when you are renting or leasing an apartment? Which answer is correct? Prepaid Insurance Next Saturday, you have four choices. Online gambling sites do a really good job with which of the following? Which statement best illustrates that power? Which answer is correct about subletting? You have $500 in your account. Does the company that provided me the payment guideline make more money if I get a larger mortgage, is the payment guideline from a source that does not make money on mortgages, and have I been really honest with myself and using any payment guideline, How much money do people around the world spend on gambling in one year. The sales tax you pay when you gas up your car is regressive, Select the correct example of a benefits received tax, The tax that is collected at a tollbooth on a highway, True or false? Credit is an arrangement for you to pay at a later date. Your credit score rules your life - that's reality. Many companies like fine print because you can be confused by it and make the wrong decision. Choose the options that make sense. Assume you're getting ready to move out on your own. Paid cash on account to Palm Supply, $250.00. We spent a lot of time talking about the key habits of millionaires when they were in high school. If your debt is increasing, regardless of your payments and you are in danger of losing your home. When deciding on an apartment what should you do first? When buying a home, what is one of the first items you need to decide? Which of the following is not a right of the landlord, A landlord can't keep all of your security deposit if you do not take out the garbage one day. It may help you to get into a college, even if you don't make a high score. \text{a. Bad credit takes away your options. Most savings accounts do not pay enough interest to keep up with inflation, and it is easy to draw your money out of the savings account. You skip buying new jeans and put the money in your college fund, you deposit your entire paycheck in your investment account instead of cashing it and taking your buddies out to eat, and you bring your lunch to your part-time job instead of spending eight dollars on lunch. \text{b. I should at least make the minimum payment, but should make the biggest payment I can afford. The interest rate a credit card company gives you when you first get your credit card can never be changed, even if your credit gets ruined and you don't make your credit card payments on time, True or false? Good credit equals power. Seek counseling from a bankruptcy attorney, You owe $2300 on your motorcycle. Whose credit will be hurt if this bill isn't paid? Now it's time to take control of your spending habits. A college degree or a skill-based education, Which of the following will have the most influence on your pay. Paid cash for insurance,$300.00. True or false? Gambling can never be an investment, and in the long run, gambling is always about losing money, not making money, True or false? They didn't do their homework on the investment and therefore didn't understand the risk, they believed the person trying to sell them an investment rather than doing independent research to confirm that person's information, and they let emotion rather than common sense rule their decisions. Credit cards are expensive ways to borrow money, Which of these choices is not the smartest thing to do, Use my credit card to help my friends buy the stuff they cannot afford, What is the difference between a debit/ATM card and a credit card, With a debit/ATM card you are spending your own money. Is this statement true? Definitely! Because building a relationship with a financial institution makes good sense, What statement best describes a store charge card, Usually, the store card can only be used at the store or other businesses that store may own, Why do you think that we name this module sucker punch choose the one best answer, Because we want you to be aware that credit cards can be as painful as an unexpected punch in the stomach. It is one way to determine trustworthiness. Say, your savings account pays 1% interest and inflation is at .5%. Check the answer identifying the habits we talked about. \text{d. Income tax expense } & \text{l. Ending cash balance }\\ Your credit report can be checked once a year for free at the major credit reporting agencies, True or false? Accts. Bill shares an apartment with Matt. If you have the income to pay off all your bills, you are probably a better risk. The purpose of life insurance to protect your car in case of an accident, True or false? Risk based financing is the way that lenders determine your interest rate for a loan based on how likely you are to repay that loan, Which one of the following statements about risk based financing is false, Risk based financing is illegal and cannot be used by companies. Which answer best defines opportunity cost, The value of the things you have to give up to get something else, Which of these are examples of opportunity cost. It's just a matter of time. True or false? Then you, in addition, earn interest on the interest. 3. Generally, higher risk means you will have a lower rate of return on your investments, True or false? Your parents income will be used to determine what your insurance will cost, True or false? Vinnie has many credit cards, and he did have fun with them! When applying for student loan, you should take the first loan that is offered to you. how to report or treat a prepaid account. Landlords have rights too. You have to be rich to have a good credit score, It's really easy to mess up your credit score, True or false? No. Which of the following statements about your credit report is most accurate? Norm Derner, Drawing Which of the following statements are true? True or false? I should take any credit card I can get from a company regardless of terms and conditions. But what is the biggest difference between an ATM card or debit card and a credit card? During the current year, Strong String reported net income of $20 million. Because you pay more interest on your debt then you could make on your investments. Are mortgage brokers the ones who bring them home buyers and lenders together? Wendy Day Kite Company owns 40% of the outstanding stock of Strong String Company. Which of these sources would be the most dependable? Bought supplies on account from Palm Supply, $500.00. The main job of a rental agent is to help you make the right decision, even if that means not renting an apartment from the agent. It's stupid to trust an ATM machine to tell you your checking account, True or false? falling for anything which makes companies and other people think you're too stupid or too young to know better. Rohe The job of many companies is to make money, not to do what is right for youIf you look like a fool, they make more money. Money orders are not a good way to pay bills. So you - that's you - have to be on the alert for the sucker punches when you get ready to choose and use a credit card, True or false? You should look at your time horizon when deciding to put money into a savings account or an investment account. When you pay with a credit card, you are always borrowing money, Which statement best describes putting a hold on a check, You deposit a check in your checking account, and the teller tells you the money will be available in five days. The maximum amount of money that you can charge on a credit card is called: Why should you never borrow up to your credit limit on a credit card? Select all the actions that show you were doing your homework properly. Rec.L. Apr. Your parents score determines your credit score. You have $400 in your checking account, and deposit a check for $700. Which statement describes the smartest move, when it comes to paying your accounts, Select the one statement accurately describes credit bureaus, Credit bureaus keep records of your spending habits for 7 to 10 years. "My Social Security plus what I have put in a regular savings account will cover all of my retirement expenses. They want to see if you have enough total income to pay off all your bills. Which items below would be good reasons to regularly keep track of your personal spending records? Record the information for paying the telephone bill on Check Stub 41 and complete the check stub. All mortgage companies are willing to loan anyone money regardless of credit scores, True or false? True or false? $$ You want a new cell phone. True or false? Norm Derner owns Derner Copy Center, which uses the following accounts. Rate of return, rate on investment, and ROI mean the same thing. Sales Westlake Industries has total assets of $42.5 million, total debt of $29.3 million, and $2.4 million of 6% preferred stock outstanding. If you have the extra money on hand for a down payment on a house it makes more sense to: Buy a house because you plan on staying in the area for five years or more, You can't save any money because you need every dime to pay your mortgage and bills. Cash: $784.29 Checks: Charles Ling, drawn on American Bank of Commerce, ABA No. What is the best way to improve your credit? True or false? They are wildly more expensive than writing checks, What is true about check cashing services, Many check cashing services are rip offs because they charge huge fees, check cashing services do not help you build credit, and most check cashing services are wildly expensive compared to bank bills with a checking account, Which of the following statements is true about an ATM card, An ATM card allows you to draw money from your checking account and/or savings account, Which of the following statements is true, A debit card normally has a MasterCard or Visa logo on it, ATM cards and debit cards are much alike. Start making opportunity cost decisions now. He used one credit card to pay other credit card bills. 5. Pay.Palm Supply Anybody can make one payment on time. Phishing scams cannot hurt you if you don't respond to them. Collision insurance usually has a deductible which means the company will not pay for 100% of the damages. You decide to attend a meeting of young consumer advocates who will be talking about the problems young people have when they move out on their own. You never know when unexpected fees or expenses will hit your checking account. The rest are impulse expenses, Which answer illustrates compound interest, You earn interest on the money in your savings account. Complete a deposit slip. Which answer best describes these terms? You need to work this summer. The teller says that the $700 check is on hold for five days. But the interest rate is not directly related to your credit. The amount of risk you're willing to take in investments is define specifically as risk premium. Common stock } & \text{i. Start giving up something nice now for something a lot better later, when you get your first credit card, do you not use that credit card to regularly finance any purchases, and never invest more than you can afford to lose. What counts is how you pay overtime. Having a ________ normally means you were just clocking in and out. Are renting and leasing an apartment the same thing? Assume that you will be moving out on your own in three months. But last month it only cost you $50. $$. True or false? Selling, general, and administrative expenses }\\ We talked about the way these expenses impact your budget and your savings. What should you do when you open a checking account? Why? So, you are less likely to overdraw your account if you always keep $100 balance, You don't keep $100 balance in your checking account, and you overdraw your account a few times which of these is the most likely result, Your financial institution will charge you an overdraft fee every time you overdraw your account, and will probably tell the credit bureaus you have overdrawn your account. ", No. Which question or questions should you ask yourself when determining how much money you can afford to spend on a mortgage? True or false? You put eight dollars in your savings account. You have a good credit. You can usually lower your variable expenses more easily than you can lower your fixed expenses. Retirees are the fastest growing group to go bankrupt. What was that big thing? You can choose the credit card with the lowest interest-rate. Using the forms provided in your working papers: 1. Money in your pocket always gives you more options than not having money in your pocket. Making you think you are a smart gambler who will not lose money. Many not-for profit organizations will except money, cars, boats, groceries or time as donations, In business to earn money for a specific purpose such as helping others. Which is the best answer? If you die prematurely, if you die late in your life and your policy is still current, or if you die in an accident, In which cases does property insurance give you coverage. If you start investing a little money now you'll most likely have a lot more money than those who start investing later on in life, True or false? We talk in depth about critical thinking skills. Apr. What answer describes your situation. Which answer is correct? Renting usually means you have a month to month agreement. If you make a late payment on a 0% interest card you're responsible for paying the entire interest from the time you opened the card, Which statement is true about savings plans, It doesn't do much good to have a savings plan if you don't know how to budget your money, In this module, we say a good money burn means you have spent money wisely and bad money burnt means you have spent money you did not need to spend tell us which answer she is the best good money burn, You shop around and buy a pair of the exact same designer jeans at a thrift shop and they cost virtually nothing, By not negotiating the price of your first car purchase, you have a $1000 bad money burn. Many credit card companies will let you determine your interest-rate and your credit limit when they approve you for their card, True or false? According to full proof and most consumer groups, credit cards have a huge and usually negative impact on a young persons ability to budget and save. Most rental agents are honest. You legally declare you can't pay your bills.

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