BYG Financial Literacy Cheat Sheet

The following will be covered on the BYG - Financial Literacy Quiz:
ID Theft

You should know...
what to do if your identity has been stolen
the benefits of checking your credit report yearly

You should also know these terms:
phishing- What is it?
Equifax
Experian
TransUnion

Credit
Here are some sample questions:

- If you send your credit card payment in late, what is the approximate fee charged by most credit card companies?
- When using a credit card, __________ is the percentage of the unpaid balance you pay the lender.
- How can you build a good credit score?
- What information does a credit report contain?

You should also know these terms:
grace period- What is it?
FICO score- What is it?

Income
Here are some sample questions:

- The entire amount of your income or paycheck before any deductions like taxes or insurance are taken out is called your __________ income.
- Each pay period, some money is taken out of your paycheck for FICA (Federal Insurance Contributions Act) tax? What does the government fund with this money?

You should also know these terms:
net income- What is it? 
FICA- What is this?
401k- What is it?
Pension- What is it?

Money Management
Here are some sample questions:

- What does having “negative cash flow” mean?

You should also know these terms:
automated teller machine
fixed expenses- What are they? What are some examples?
variable expenses- What are they? What are some examples?

Saving

You should also know these terms:
checking account- What is it? How does it work?
savings account- What is it? How does it work?
IRA- What is it? How does it work?
Rule of 72- - What is it?
compound investments- What are they?
liquid investments- What are they?

Spending
Here are some sample questions:

- When you use your debit card to make a purchase, when can you expect the money you spent to be removed from your checking account?
- The long set of numbers at the bottom of a check is known as the __________.
- The term used to describe a special line of credit or your savings account setup to cover checks that are written without enough money in the account to cash them is __________.

You should also know these terms:
“bounced check”- What does this mean?
routing number- Where would you find this on a check?
check number- Where would you find this on a check?
account number- Where would you find this on a check