unit 2 economics

Which card is linked to your personal checking account?

• direct deposit

  
  

• debit card

  
  

• checking account

  
  

• smart card

  
  

Helps save and spend, limits payments, controls finance

• Net income definition

  
  

• Budget benefits

  
  

• Insurance requirement

  
  

• Credit rating agencies

  
  

how to maintain a good credit score?

• Income after taxes

  
  

• Leads to more loan choices

  
  

• Paying on time builds credit history

  
  

• Paying off debt, bills on time

  
  

T/F Most leaders will only give you a mortgage if you offer up the home you plan on

• True

• False

what must you file each year?

• Income before taxes

  
  

• Federal and state taxes

  
  

• Social security taxes from employers and employees

  
  

What will help your chances of getting a personal loan from a bank?

• Reduce debt

  
  

• Credit card

  
  

• Improve credit

  
  

• Decrease down payment

  
  

Good credit score impact

• Paying off debt, bills on time

  
  

• Tax rate increases with income

  
  

• Liquidity

• Leads to more loan choices

  
  

Insurance requirement

• Most states require it for cars and motorcycles

  
  

• Reimburses investors if bank loses their money

  
  

• Not deductible from paycheck

  
  

• Income after taxes

  
  

Tax rate increases with income

• 3 C's of credit worthiness

  
  

• Progressive tax

• Sales tax deduction

  
  

• Gross income definition

  
  

Which payment option could have interest attached to it?

• Credit card

  
  

• Credit score

  
  

• Cash

• Mortgage