Personal Finance & U.S. Currency: Key Facts for NPFC, Personal Finance Challenge 2024-2025, National Personal Finance Challenge Quiz Bowl Questions, National Personal Finance Challenge 21-22, Personal Finance Challenge, National Personal Finance Chal…

Who is currently featured on the $10,000 bill?

Salmon P. Chase

What is the highest denomination of U.S. currency ever printed?

$100,000

Which U.S. President is featured on the $100,000 Gold Certificate?

Woodrow Wilson

Does the U.S. Treasury currently produce $500, $1,000, and $5,000 bills for public use?

False

Which woman is slated to replace Andrew Jackson on the $20 bill?

Harriet Tubman

What is the approximate target range for the Federal Funds Rate set by the Federal Reserve as of early 2025?

4.50% - 4.75%

Who is the current Chair of the Federal Reserve?

Jerome Powell

What was the 2025 contribution limit for a 401(k) plan for those under age 50?

$23,500

Which stock is NOT part of the 'Magnificent Seven' stocks that dominated the market in 2024?

Netflix

What is the name of the new, simplified FAFSA form that faced rollout issues in 2024-2025?

Better FAFSA

What is the maximum FICO credit score a consumer can achieve?

850

Which factor carries the most weight in calculating a credit score?

Payment history

In the 'Standard' 20/4/10 rule for buying a car, what does the '10' represent?

Transportation costs should not exceed 10% of monthly gross income

If you die without a will, what is it called?

Intestate

Which type of insurance uses the term 'COBRA'?

Health Insurance

What is the W-4 Form used for?

To tell the employer how much tax to withhold from an employee's paycheck

What does the W-2 Form summarize?

Annual wages and taxes withheld

What is the purpose of the 1099-INT form?

To report interest income earned over $10

What does the 1040 Form represent?

The standard U.S. Individual Income Tax Return

What is the standard deduction for singles in 2024/25?

Approx. $14,600

What is the difference between a tax credit and a tax deduction?

A credit reduces tax owed dollar-for-dollar; a deduction reduces taxable income

What does FICA Tax fund?

Social Security and Medicare

What is the Social Security Tax Rate?

6.2% paid by employee and employer (12.4% total)

What is the Medicare Tax Rate?

1.45% paid by both (2.9% total)

What is the traditional deadline for filing federal income tax returns?

April 15

What is the role of an executor in a will?

To carry out the deceased's wishes

What is a revocable living trust?

A trust that can be changed during the grantor's lifetime

What is the purpose of a Power of Attorney (POA)?

To give someone authority to make financial/legal decisions for you

What is a Health Care Proxy?

It designates someone to make medical decisions if you are incapacitated.

What is a Living Will?

It outlines specific medical treatments you do or do not want.

What is Estate Tax?

A tax on the transfer of property at death, applicable to estates over $13M.

What is Inheritance Tax?

A state-level tax paid by the person receiving the money.

What is Guardianship in a will?

It designates who will care for minor children.

What is a Codicil?

An amendment or addition to an existing will.

What does Escheat mean?

The reversal of property to the state when no legal heirs can be found.

What is a 10-K?

The annual audited report filed by public companies with the SEC.

What is a 10-Q?

The quarterly unaudited financial report.

What is a Prospectus?

A formal legal document providing details about an investment offering for sale to the public.

What is a Ticker Symbol?

The 1-5 letter code representing a stock.

What is the P/E Ratio?

Price-to-Earnings; used to value a company.

What is a Dividend?

A portion of a company's profit paid out to shareholders.

What is a Bull Market?

A period of rising stock prices, usually 20% up from a low.

What is a Bear Market?

A period of falling stock prices, usually 20% down from a high.

What is a Blue Chip Stock?

Stock in a large, well-established, and financially sound company.

What is a Mutual Fund?

A pool of money from many investors used to buy a diversified portfolio of stocks/bonds.

What is an Index Fund?

A type of mutual fund designed to mimic a market index.

What is an ETF?

Similar to a mutual fund but trades on an exchange like a stock throughout the day.

What is a Bond?

A debt instrument where you lend money to a government or corporation.

What is a Coupon Rate?

The interest rate paid by a bond issuer.

What is a Municipal Bond?

Issued by state/local governments; interest is often federal tax-free.

What is NAV?

Net Asset Value; the value per share of a mutual fund.

What is a Load?

A sales commission/fee charged by some mutual funds.

What is Market Cap?

Total value of a company's shares.

What is Beta?

A measure of a stock's volatility compared to the overall market.

What is Dollar Cost Averaging?

Investing a fixed amount of money at regular intervals regardless of price.

What is a Premium in insurance?

The monthly or annual cost of an insurance policy.

What is a Deductible?

The amount you pay out-of-pocket before insurance kicks in.

What is a Co-pay?

A fixed fee paid for a specific service.

What is Co-insurance?

The percentage of costs you pay after reaching the deductible.

What is Liability Coverage?

Pays for injuries or damage you cause to others.

What is Collision Coverage?

Pays for damage to your car in an accident.

What is Comprehensive Coverage?

Pays for damage to your car from non-accidents.

What is Term Life Insurance?

Provides coverage for a specific period; cheapest form of life insurance.

What is Whole Life Insurance?

Provides lifelong coverage and builds cash value.

What is an HMO?

Requires a primary care doctor and referrals for specialists.

What is a PPO?

Allows more flexibility in choosing doctors without referrals.

What is Disability Insurance?

Replaces a portion of income if you are unable to work due to illness/injury.

What is Renter's Insurance?

Covers personal property in a rental and liability.

What is an Umbrella Policy?

Extra liability insurance that kicks in after other policies are exhausted.

What is COBRA?

Federal law allowing you to keep employer health insurance for 18 months after leaving a job.

What is Liquidity?

How quickly an asset can be converted to cash without losing value.

What is an Emergency Fund?

3-6 months of living expenses saved for unexpected events.

What is a Certificate of Deposit (CD)?

A savings account with a fixed term and usually a higher interest rate.

What is a Money Market Account?

A savings account that offers some check-writing features and higher rates.

What is the Rule of 72?

72 divided by interest rate equals years to double money.

What is Compound Interest?

Interest earned on both the principal and the accumulated interest.

What is APY?

Annual Percentage Yield; the effective annual rate of return.

What is FDIC Insurance?

Protects bank deposits up to $250,000 per depositor.

What is NCUA?

The equivalent of FDIC for Credit Unions.

What is Discretionary Income?

Money left over after paying for taxes and necessities.

What is Disposable Income?

Money left over after paying taxes.

What is a Zero-Based Budget?

Every dollar of income is assigned a specific job.

What is the 50/30/20 Rule?

50% Needs, 30% Wants, 20% Savings/Debt repayment.

What does 'Pay Yourself First' mean?

Automatically putting money into savings before paying any other bills.

What is a Sunk Cost?

Money already spent that cannot be recovered.

What is a FICO Score?

The most common credit score, ranging from 300 to 850.

What is Credit Utilization Ratio?

Balance divided by Credit Limit; should be kept under 30%.

What are the 5 C's of Credit?

Character, Capacity, Capital, Collateral, Conditions.

What is APR?

Annual Percentage Rate; the total cost of borrowing per year.

What is Amortization?

The process of paying off a loan over time in equal installments.

What is a Secured Loan?

A loan backed by collateral.

What is an Unsecured Loan?

A loan not backed by collateral.

What is a Schumer Box?

The standardized table on credit card offers showing rates and fees.

What is Chapter 7 Bankruptcy?

Liquidates assets to pay debts; stays on credit report for 10 years.

What is Chapter 13 Bankruptcy?

Creates a 3-5 year repayment plan; stays on credit report for 7 years.

What does Default mean?

Failure to repay a loan according to the terms.

What is a Subsidized Student Loan?

The government pays the interest while the student is in school.

What is an Unsubsidized Student Loan?

Interest begins accruing as soon as the loan is disbursed.

What is Open-End Credit?

A revolving line of credit.

What is Closed-End Credit?

A one-time loan for a specific amount and time.