Banzai Questions with correct Answers 2023

Banzai Questions with correct Answers 2023 Why is good credit important when renting an apartment? Your landlord will run a credit report before he agrees to rent to you, so he can find out if you have a history of paying your bills on time. If you have a low credit score, he will either be less likely to rent to you, require a bigger deposit, or charge higher rent. How much does it cost to rent an apartment in your area? The average one-bedroom apartment can cost anywhere between $300-$3,000 per month. This depends heavily on where you live, with Hawaii being the most expensive. What happens if you can't pay your rent? Initially, you will be charged a late fee--even if the payment is only one day late. If you still fail to pay, you may be evicted from your apartment, and the amount you owe will be sent to a collection agency. Your credit rating will also go down, significantly decreasing your chances of qualifying for a mortgage, or even a car loan. If you cannot pay your rent, talk to your landlord; they may be able to work something out with you by extending the deadline or waiving a late fee. How long does an eviction stay on your credit history? Seven years. What are the advantages to renting an apartment? Less money up front, and a shorter time commitment versus buying a house, More freedom to easily relocate, No stress related to maintenance, repairs, and other costs of owning a home, Typically less expensive per month than buying, Renting can also help build your credit score. What is a lease? A lease is a binding agreement containing the terms and conditions for both the owner (lessor) and the renter or tenant (lessee). These terms include:Monthly rental price, Payment due date, Term (length), Consequences for violating terms, Restrictions, Policies on pets, Who will pay for repairs and maintenance and utilities Why is cosigning required? Sometimes a landlord is concerned that you might not be able to make your payments and will require a cosigner. Cosigners share financial responsibility for the lease and must make the payments if you can't. A cosigner is often a parent, grandparent, or significant other. A cosigner can be required any time credit is extended, and is not uncommon on car loans or mortgages, particularly when the borrower does not have a long credit history. What is the difference between gross and net income? Gross or "pre-tax" income is your hourly rate multiplied by the number of hours you've worked. Net income is your "take-home-pay," or the amount you actually receive after taxes. Why do we pay Social Security taxes? Social Security is a government program designed to provide income to working Americans and their families after retirement, disability, or death. What are Medicare taxes for? Medicare is like Social Security, except it is used to specifically provide medical services to Americans after they retire. How much can a high school graduate expect to earn in your area? On average, young adults (age 25-34) with a high school degree earn $30,000 per year. With a bachelor's degree they earn, on average, $46,900 per year. What are the benefits of using direct deposit? Direct deposit lets your employer place your paycheck directly into your bank account. Choosing direct deposit saves you a trip to the bank and eliminates the risk of losing the check. You can also access the money sooner. How does Social Security work? Throughout your career, a portion of your earnings is paid into a trust fund by paying Social Security or self employment taxes. Your employer is required to contribute an equal amount. By paying money into the Social Security fund during your working years, you and your family members can receive income at retirement or if you become disabled. Who is eligible for Social Security? To be eligible for Social Security benefits, most people need to build up to 40 credits. Fewer credits are required for disability and survivor's benefits. Credits are earned as you work and pay Social Security taxes. Depending on the amount of income you have, you can earn up to 4 credits per year. evolution of the social security number Beginning in 1936, the United States began assigning Social Security numbers to citizens to track income and determine entitlement benefits. Since then, the Social Security number has become a nearly universal personal identification number and is assigned at birth. What factors influence your car's fuel economy? Your driving habits: The faster you go, the less you can drive on a tank of gas, Some cars are designed to get better gas mileage, so check before you buy, A well maintained car has better fuel economy. How much can I save in fuel costs? Depending on your vehicle, you can save as much as $1,000 or more each year. For example, if the average car is driven 15,000 miles per year and gas costs $3.00 per gallon, a car that gets 35 miles per gallon will cost you $1,285 a year in gas, while a car that drives 20 miles per gallon will cost $2,250.