RWC Simulator Flashcard

Front

What must you do if you have a bill that is past due in the RWC simulation?

Back

You must pay all the money owed all at once.

Front

Where can you check your credit score on the RWC Student Portal?

Back

Credit Management page.

Front

What are bills in the context of the RWC simulation?

Back

Bills are obligations you have already agreed to pay.

Front

What is discretionary spending?

Back

Discretionary spending refers to the money you have after your taxes are removed and any mandatory obligations have been covered.

Front

Does the RWC simulation pause during times of the year when you are not in school?

Back

No, you still have to worry about paying bills during that time.

Front

What is the definition of net income?

Back

Net income is the amount of money you have left after all deductions, including taxes and mandatory expenses.

Front

What is the difference between mandatory and discretionary spending?

Back

Mandatory spending includes bills and obligations you must pay, while discretionary spending is money you can choose how to spend.

Front

What happens if you only pay the past due amount on a bill in the RWC simulation?

Back

You cannot just pay the past due amount; you must pay all owed money.

Front

What is the purpose of the Credit Management page in the RWC simulation?

Back

To check your credit score and manage your credit-related information.

Front

True or False: You can ignore bills during school breaks in the RWC simulation.

Back

False, you must continue to manage your bills.