Stump your Buddy Questions

1
Stump your Buddy Questions

• Period 2

2
Omega, Sarah H, Brandy

• Which IRA allows you to save money without paying
  taxes until you withdraw it?
• Traditional

3
Omega, Sarah H, Brandy

• To balance your checkbook each month, what two
  things must you compare?
• Transactions in the bank statement and your own
  record (check registrar)

4
Omega, Sarah H, Brandy

• Why is it a good idea to have checks with numbers
  starting in the 500s?
• Helps to show companies that the individual is
  established in checking

5
Omega, Sarah H, Brandy

• What range should your FICO score be in?
• 720

6
Lyndsay, Sarah M, Bina, Kenyatte

• How much money could a 50 year old make in Roth
  IRA contributions in the year 2005?
• 4,500

7
Lyndsay, Sarah M, Bina, Kenyatte

• Loans, credit cards, and other methods of
  ___________ are known as credit
• Deferred payment

8
Lyndsay, Sarah M, Bina, Kenyatte

• Creditors look for capital, character, and what
  else when judging your credit worthiness?
• Collateral

9
Lyndsay, Sarah M, Bina, Kenyatte

• What is the difference between Traditional IRA
  and Roth IRA concerning eligibility
• Traditional you have to be under 70 ½ and have an
  income. Roth anyone can be eligible if the have
  an AGI below 95,000

10
Brianna, Kevin, Sarah K, Michelle

• ___________ are special accounts with tax
  advantages to help you save for retirement
• IRAs

11
Brianna, Kevin, Sarah K, Michelle

• Define Interest
• The money lenders collect from borrowers who they
  loan money to

12
Brianna, Kevin, Sarah K, Michelle

• If you have a Roth 401(k) you can add 15,000 in
  contributions and if you are over 50 you can add
  an additional 5,000 called?
• Catch-up contributions

13
Brianna, Kevin, Sarah K, Michelle

• Who developed FICO socres?
• Fair Issac Corporation

14
Christa, Ben, Ray, Taylor

• Use your bank deposits as __________ for a credit
  card
• Collateral

15
Christa, Ben, Ray, Taylor

• What is a Keogh plan?
• Self-employed workers can establish tax deferred
  retirement plans for themselves

16
Christa, Ben, Ray, Taylor

• Your regular income plus the money in your
  savings and checking accounts is known as what?
• Capital

17
Christa, Ben, Ray, Taylor

• How much will your interest on a 30-year fixed
  mortgage loan be if your FICO score is in the
  675-699 range
• 6.7

18
Brian, Irma, Leida, Kristina

• What are the 3 credit bureaus that report your
  FICO score?
• Equifax, Experian, and TransUnion

19
Brian, Irma, Leida, Kristina

• What is the 3 digit number that determines the
  interest rate you will pay on your credit cards,
  car loans, and mortgage?
• FICO

20
Brian, Irma, Leida, Kristina

• Is there a withdrawal tax for traditional IRA?
• Yes, deducted from when you withdrawal money from
  your IRA

21
Brian, Irma, Leida, Kristina

• In a Roth IRA, how is your money taxed?
• When you put it in