PERSONAL FINANCE AND EVERFI UNIT REVIEW
Which type of bank account typically offers the least (if any) interest? - answers -
checking(little to none)
Which type of bank account is best for everyday transactions? - answers - checking
account
Using the rule of 72 be able to cacluate how long your money will take to double using
different interest rates - answers - -take 72 and divide it by interest rate
Ex. Money in 12 years -> 72/12
Ex. 3% interest rate in how long 72/3
Difference between investing and saving - answers - investing- your money to work for
you- make money- long term
Saving- short term, purchases and emergencies
Stocks - answers - shares of ownership in a company
Bonds - answers - debt security loan to buisness or company
Mutual fund - answers - collection of investment vechals you can buy as a single
package mix of investment assets that must be proffesional
Money market account - answers - less riskey than a stock.glorified savings account
type of saving account that can offer higher interest rate compound compared to
traditional savings
How does your education level impact future earnings - answers - higher degree means
you can pay off debt in the future because of income. Competative market
Gross vs net pay - answers - gross= money before taxes and deductions are taken out
Net= take home pay
W4 - answers - form the employee fills out upon hiring to let an employer know how
much to withhold from their paychecks
W2 form - answers - w-2 is a form the employer fills out each tax year to record how
much an employee was paid and how much tax was withheld
1040 form - answers - individual income tax return
W9 - answers - irs confirmation to private information
Whats the difference between a bank and credit union - answers - banks make profit
and offer more
Which type of bank account typically offers the least (if any) interest? - answers -
checking(little to none)
Which type of bank account is best for everyday transactions? - answers - checking
account
Using the rule of 72 be able to cacluate how long your money will take to double using
different interest rates - answers - -take 72 and divide it by interest rate
Ex. Money in 12 years -> 72/12
Ex. 3% interest rate in how long 72/3
Difference between investing and saving - answers - investing- your money to work for
you- make money- long term
Saving- short term, purchases and emergencies
Stocks - answers - shares of ownership in a company
Bonds - answers - debt security loan to buisness or company
Mutual fund - answers - collection of investment vechals you can buy as a single
package mix of investment assets that must be proffesional
Money market account - answers - less riskey than a stock.glorified savings account
type of saving account that can offer higher interest rate compound compared to
traditional savings
How does your education level impact future earnings - answers - higher degree means
you can pay off debt in the future because of income. Competative market
Gross vs net pay - answers - gross= money before taxes and deductions are taken out
Net= take home pay
W4 - answers - form the employee fills out upon hiring to let an employer know how
much to withhold from their paychecks
W2 form - answers - w-2 is a form the employer fills out each tax year to record how
much an employee was paid and how much tax was withheld
1040 form - answers - individual income tax return
W9 - answers - irs confirmation to private information
Whats the difference between a bank and credit union - answers - banks make profit
and offer more
