1. 3 months

1. 9 months

1. 24 months

1. 30 months

1. Prepaid cards typically include a lot of fees

1. Prepaid cards are a useful option for someone who is unbanked to make online purchases

1. Prepaid cards are a great way to build credit

1. Prepaid cards are usually accepted anywhere that debit and credit cards are accepted

1. Needs, wants, savings

1. Savings, needs, wants

1. Money sharing apps like Venmo and CashApp

1. Your bank’s app like Wells Fargo or Ally Bank

1. A budgeting app like YNAB

1. A digital wallet like Google Pay or Apple Pay

1. Online savings accounts are FDIC insured to a higher limit

1. Online savings accounts typically pay higher interest rates on deposits

1. Online savings accounts are less likely to make you the victim of identity theft

1. Online savings accounts are created specifically for people under age 25

Aunt Tina gets a paycheck one month, and her husband gets a paycheck the next month; they alternate pay periods

1. Aunt Tina and her family don't have any money saved, and their paychecks are just barely covering monthly expenses

1. Aunt Tina and her family have high paying jobs and don’t worry much about money

1. Aunt Tina only receives paper paychecks instead of direct deposit

1. Higher than, gaining

1. Higher than, losing

1. Equal to, gaining

1. Lower than, losing

1. Writing your monthly rent check which you will mail tomorrow

1. Using your debit card to pay for groceries at the supermarket

1. Using your credit card to pay for your school books

1. Depositing a check at a local bank branch

1. Optional coverage consumers can purchase so that their bank deposits remain safe

1. Insurance bank branches can buy to protect their business against fraud and scams

1. 
   Required if you want to do online or mobile banking

1. Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business

1. Investing is always a less risky option than saving

1. Investing is best for short-term situations like emergency funds; saving is best for the long-term

1. Investing typically earns between 1-2% while saving generally earns between 5-7%  

1. 
   Investing allows you to accumulate wealth for retirement while saving is best for short-term purchases or emergencies

1. Staying calm when the market is experiencing a downturn

1. Buying stocks when prices are low and selling them when they’re high

1. Exiting the market because that’s what everyone else is doing  

1. Investing in a diversified portfolio instead of trying to beat the market

1. A bond pays you dividends while a bond fund pays you regular interest

1. A bond guarantees you a higher rate of return than a bond fund

1. A bond is issued by a company while bond funds only invest in government bonds

1. A bond is considered to be a less diversified investment than a bond fund

1. ETFs are traded once a day after the market closes

1. An ETF is a single stock that you can buy in the stock market

1. Actively managed ETFs have very low fees

1. 
   ETF prices can change throughout the day as they are exchanged on the market

1. Investors expect to earn a lower return when they invest in a high risk asset

1. Investors expect to earn a higher return when they invest in a low risk asset

1. Investors expect to earn a higher return when they invest in a high risk asset

1. Investors expect to earn zero return when investing in a low risk asset

1. Dollar-cost averaging is a way to decrease your risk

1. Dollar-cost averaging is a strategy that only expert investors use

1. Dollar-cost averaging is advantageous because earnings are untaxed

1. Dollar-cost averaging is offered exclusively through robo-advisors

1. Generally has lower fees than a passively managed index fund

1. 
   Is managed by a fund manager who charges a fee

1. Always performs better than an index fund

1. 
   Is a mix of two types of stocks and two types of bonds to diversify your portfolio

1. It’s an online portal that allows you to set up appointments with a fund manager

1. 
   It’s the account you use to pay any taxes you owe on money you earned on your investments

1. It’s a type of account used to buy and sell stocks, bonds, and funds

1. It’s a special type of 401(k) plan that only some employers offer

1. Do I want to make a guaranteed return of 6% or 8%?

1. Do I want to pay taxes now or later?

1. Do I want to take advantage of my employer’s matching contribution?

1. Do I want to take on more or less risk?

You may receive dividends from the company, if the company pays them, and you have ownership of a portion of the company

You must receive dividends from the company and you can select members of the management team

1. You can select members of the management team [e.g., the Chief Executive Officer (CEO)] and vote for members of the Board of Directors

1. You have ownership of a portion of the company and receive coupon payments from the issuer

1. All 3 cards are completely different

1. Debit cards and prepaid debit cards are the same

1. Debit cards and credit cards are the same

1. 
   All 3 cards are completely the same

1. A student loan

1. A credit card

1. A prepaid debit card

1. An auto loan

Every time you pay extra, the lender will reduce the interest rate they're charging by a small amount

1. 
   The extra payment will be applied to the principal amount you owe, which will pay down your debt more quickly

1. 
   The extra payment will be applied to the interest you owe, which will reduce the overall cost of your loan

1. Amortized loans typically have much higher interest rates than credit cards, so they're the best place to put your extra cash

Constant, Increases, Increases

1. Constant, Decreases, Increases

1. Variable, Decreases, Increases

1. Variable, Decreases, Decreases

1. Fixed-rate mortgages have a constant payment every month, but an interest rate that increases throughout the term of the loan

1. 
   Fixed-rate mortgages have a fixed interest rate for a few years, after which time the interest rate fluctuates according to general market conditions

1. Adjustable-rate mortgages have a fixed interest rate for a few years, after which time the interest rate fluctuates according to general market conditions

1. 
   The two mortgages work the same way but are called different names depending if they come from a bank or a credit union

1. Paying off your credit card bill in full every month

1. Paying 20% of your credit card balance every month on time

1. Making the minimum payment (3% of your credit card balance) every month on time

1. 
   Making the minimum payment (3% of your credit card balance) every month with an occasional late payment

1. It will not affect your credit score or credit history

1. Since it is tied directly to your checking account, it prevents you from spending money you do not have

1. If you need to carry a balance, the interest rates are generally quite low (less than 5%)

1. You can make an emergency purchase that you otherwise don’t have the money to pay for right now

1. higher, less

1. higher, more

1. lower, less

1. lower, more

1. Bargaining for a great sales price

1. Receiving a large down payment

1. Qualifying for a low interest rate

1. Having a wide selection of term lengths

1. This is required by federal law for tax purposes

1. This allows the card holder to pay their bill quickly and close the card when they’re ready

1. This enables the credit card company to make more money

1. 
   This helps cardholders develop financial independence

1. Payment history and types of accounts

1. Amounts owed and length of credit history

1. Payment history and total debt

1. Length of credit history and new credit inquiries

1. Salary of your current job

1. Payment history of your car loan

1. Credit card payment history

1. Student loan activity

1. Cancel his credit cards

1. Make on-time payments

1. Get a car loan

1. Check his credit score

1. Someone interviewing you for a job

1. Credit card companies

1. An insurance company reviewing your applicant for auto insurance

1. 
   A bank representative who is helping you open a savings account

1. Credit reporting agencies (Equifax, Experian and TransUnion)

1. Federal government

1. Consumer Financial Protection Board (CFPB)

1. Lenders

1. As soon as you apply for a credit card or loan

1. Six months after you first actively use your credit

1. Once you pay all of your credit balances in full

1. 
   Once you turn 18

1. Wages or tax refunds can be garnished

1. Passport revocation

1. Driver’s license suspension

1. Termination from your job

1. Your credit score

1. The amount of money you deposit into an account as collateral

1. The total amount of money across all your bank accounts

1. How long you’ve had an account with the bank

1. Only consumers with high scores are approved for credit

1. Consumers with low scores get lower interest rates on loans than those with high scores

1. 
   Your credit score can determine whether you are approved for a loan and what the interest rate on that loan will be

1. It generally has no impact on your financial situation

1. A high school graduate can expect to earn about the same as a college graduate

1. Every college graduate can expect to have a starting salary over $60,000 right after college

1. A college graduate can expect to earn, on average, more than a high school graduate over a career

1. A college graduate typically earns less than someone with a high school diploma for the first 10 years

1. Grace period

1. Grants and scholarships

1. FAFSA

1. Forbearance

FAFSA

1. PLUS

1. SAVE

1. SAI

1. Work-Study

1. Subsidized federal loans

1. Unsubsidized federal loans

1. Grants

1. Travel expenses

1. Cell phone bill

1. Tuition

1. Food and entertainment

1. Your money, borrowed money, free money

1. Borrowed money, your money, free money

1. Your money, free money, borrowed money

1. Free money, your money, borrowed money

1. Only report your own earnings and savings, not those of your parents, even if you live with them full-time

1. See how much you can borrow in loans before applying for scholarships

1. 
   Spend the money that you earn from your summer job so you can get more financial aid

1. 
   Save your earnings from your summer job so that you can reduce the amount of loans you need to take

1. Graduate students

1. Professional students

1. Undergraduate students

1. Students enrolled less than half-time

1. Consolidation

1. Deferment

1. Refinancing

1. 
   Forbearance

1. Minimizing your student loan debt at all costs

1. Having fun, because you’re only in college once

1. Focusing entirely on your studies to maximize your GPA

1. Balancing your academic, social, and financial decisions to make the most out of the entire experience while setting yourself up for success post-college

1. Theoretically, your payment should never be more than you can afford

1. You will pay the least amount of interest over the life of the loan when compared to other loans

1. They’re structured to be paid off in 5-10 years

1. 
   Even if you start to make more money, your monthly payments won’t change