Day 16 - Review

Day 16 Review

• What % of families live pay check to pay check
• What % of financial success is based on knowledge
• Why do you need to understand the language of money
• What is the difference between buying and borrowing?
• Compare and contrast needs vs. wants.
• Define and explain delayed gratification
• Under what situation should you use a credit card?
• What does it take to become a millionaire?
• List different ways identity theft can happen and how to prevent it.
• What is a strong password?
• Why do you need a strong password?
• How often should you change your password?
• Who needs your social security #?
• Who does not need your SSN?
• What should you do if your bank calls you and asked for the last 4 of your SSN?
• What should you do with old bank statements?
• Which government agency monitors business practices and protects consumers from false advertising?
• What does caveat emptor mean?
• What is a loss leader?
• Give examples of product positioning
• What is personal selling?
• Who knows your buying behavior better than you do?
• How and why is repetition used in marketing?
• Explain how businesses use attractive financing to get you to buy.
• When should you use financing?
• What is a 401(k)?
• How much can you put in a 401(k) each year?
• What are the main benefits of a 401(k)
• What is a Roth IRA?
• How much can you put in a Roth IRA each year?
• What is compound interest?
• Explain the rule of 72.