Bonzai answers

Q1: Why is good credit important when renting an apartment?

A: Good credit is important when renting an apartment because the interest will be
lower because you seem like a responsible person.
Q2: Approximately, how much does it cost to rent an apartment in your area?
A: Around $3000 to rent an apartment
Q3: What happens if you cant pay your rent?
A: You can get evicted if you are not able to pay
Q4: How long does an eviction stay on your credit history?
A: It will last 7 years on your credit report
Q5: Why would you want to have renters insurance?
A: So if something breaks or gets damaged you are covered
Q6: What is the difference between gross and net income?
A: Gross is before tax and net is after tax
Q7: Why do we pay Social Security taxes?
A: So we can social security benefits
Q8: What are Medicare taxes for?
A: Pays for hospital and medicine bills
Q9: How much can a high school graduate expect to earn in your area?
A: $28,000 a year
Q10: What are the benefits of using direct deposit?
A: Saves time, helps save money, and no delay in getting money
Q11: What factors influence your cars fuel economy?
A: Quick acceleration and heavy braking cam influence the fuel economy
Q12: What is the difference between paying with cash, debit, or credit cards?
Discuss the pros and cons of each form of payment.
A: Cash: good way to avoid overspending. Con: can get stolen, burns a hole in
wallets
Debit card: Pro: Some banks allow you to lock your debit card if it gets lost or stolen.
Con: If you try to spend more than you have, your purchase may be declined or the
bank may charge you an overdraft fee.
Credit Card: Pro: For certain purchases, credit cards may be convenient or even
necessary. For some purchases, you may be required to use a cardthings like
booking a hotel room or rental car in advance. In addition, many credit cards offer
rewards programs that allow you to earn points that are redeemable for things like
travel and merchandise; other rewards programs offer you cash back. Con: Carrying
a balance on your credit card will result in interest charges and can harm your credit
score if the balance gets too big.
Q13: Why does the total on the receipt differ from the total amount paid?
What is an appropriate tip at a restaurant?
For what other services is tipping appropriate?
A: The total does not add the taxes on receipt. 15-20% is a good tip. Delivery,
bartenders are jobs where tipping services are appropriate.
Q14: What are effective strategies for saving money on groceries (there are 8
strategies)?
A: Eat before you shop. Read the sales flyer. Read the sales flyer. Look up and down
for savings. Check for store brands. Grab from the back. Ask for a rain check. Join
your stores loyalty program.
Q15: These concert tickets were expensive. What are cheaper sources of
entertainment in your area?
A: Free museums, movies, read
Q16: What was the impact of going to the emergency room without insurance?
What are the benefits of having medical insurance?
The balance in the Reserves jar is now negative. What does this mean?
A: More money to pay. With insurance less money to pay. You dont have any more
money in the reserves jar.
Q17: Why are you unable to pay the entire credit card bill?
What are the consequences of not making a payment by the due date?
A: Doesnt let you put money in credit card. Making more payments every time.
Q18: What is a grace period?
A: The grace period is the gap between when your credit cards billing cycle closes
and when the bill comes due.
Q19: What if you ONLY made minimum payments on the entire $585 balance?
24.99% interest with a minimum payment of $20 .00
A: The number of months would increase and it will be a low cost.
Q20: You write a check for $25.00, but theres only $2.21 in your bank account.
What does this mean?
A: You will be charged with overdraft fees
Q21: Why are you charged an overdraft fee?
The bank could have bounced the check instead. What would have happened then?
If you pay through a credit or debit card and dont have enough money you will be
charged with an overdraft fee.
plans so that your checks do not bounce and your ATM and debit card transactions
go through
Q22: What is a W-4?
What happens if you ask your employer to withhold too much?
A: It is a form so that your employer can withhold the correct federal income tax for
your pay. You will owe the government money.
Q23: What is an ATM?
How do you avoid fees?
A: ATM is an Automatic Teller Machine and dispenses money from your bank
account.
By not over drafting
Q24: Is gasoline tax the same, higher, or lower than sales tax?
A: Gas taxes are higher
Q25: According to the Banzai scenario Why doesnt the bank statement show all
of your checking account
transactions?
Which transactions are missing from this statement?
How can you verify the current balance of your account?
A: Maybe because some are minor transactions.
Minor transactions are missing
Every time you make a debit entry, subtract that amount from your prior balance,
and record the difference in the Balance column.
Q26: What might you do with a tax refund?
What are the benefits of an emergency fund?
How large should your emergency fund be?
A: Spend the money
More money to have 6,000 t0 18,000 dollars
Q27: Higher-quality food costs more. What are some ways to eat healthily on a
budget?
Junk food is the cheapest, but is it the best choice?
A: Stick to grocery list buy more greens choose fresh or frozen over canned. Junk
food is not the best choice
Q28: Use Banzai Life Scenario: How was the monthly interest payment on the auto
loan calculated?
How was the monthly principal payment calculated?
How long will it take for you to pay off this car, and how much will you be paying in
interest over the life of this loan?
What happens if you fail to make your auto loan payments?
What happens when you have a poor credit score?
A: Total, term of loan
Total term of loan and interest rate
A year and $50
Modify auto loan, refinance your vehicle loan, trade in your car

Activities that negatively impact your credit score include:

Late or missed payments.

Bankruptcy, foreclosure, or defaulting on other loans.

Little or no history of credit.

Having no assets that serve as collateral (e.g. a home or car).

Too much existing debt.

Q29: Rolands Bookstore pays its employees weekly. On what

other pay schedules do employers operate?
A: Once a month or every 2 weeks
Q30: Buying clothing is fun, but also expensive. What are ways to get quality
clothing for less?
A: Consignment stores, yard sales, thrift shops, host a clothing swap
Q31: It can be difficult to eat healthily while traveling. What are ways to avoid
eating a junk food during trips?
A: watch the added sugar amount, portions
Q32: Many people are surprised when they see the utility bill for a new home or
apartment. How can you reduce the amount you pay each month?
A: Lower usage of electricity
Q33: Transportation costs (fuel, maintenance, etc.) are among the top expenses for
young people. How can you keep from going broke when you need a car?
A: change oil, vehicle fluid flushes, replace timing belt
Q34: Going over your minutes is expensive. How can you avoid that mistake?
A: