Personal Finance 101
This is the difference (in definition) between fixed and variable income.
What is "Fixed: Income that stays the same each pay period; Variable: Income that changes depending on work, sales, or hours"?
This three digit number shows how good you are at borrowing money and paying it back.
What is a "Credit Score"?
This is what "SAI" stands for.
What is "Student Aid Index"?
These types of aid are free money that you don't have to pay back.
What are "Scholarships and Grants"?
This is plan that helps you see how much money you have, how much you spend, and how much you can save, typically on a monthly basis.
What is a "budget"?
This is money you earn from employment, owning a business, gifts or allowance, and investments.
What is "Income"?
These are the three types of banks.
What are "Commercial Banks, Credit Unions, and Online Banking"?
These are just two of the many things you need in order to complete the FAFSA (Free Application for Federal Student Aid).
What are "Your Social Security Number (or Alien Registration # if not a citizen); Parent(s)’ Social Security Number(s) (if applicable) and birth dates; Driver’s license number (if you have one); Your and your parents' tax returns; W-2 forms or records of income; Bank account balances and records of investments (if any); List of colleges you're applying to"?
These are the four types of aid available to college students.
What are "Work Study, Loans, Scholarships, and Grants"?
This is the general rule for calculating the taxes that come out of your salary.
What is "Take out 30%"?
These are the three income types related to multiple streams of income.
What are "Earned, Business, and Passive"?
This is the main purpose of a checking account.
What is "Everyday spending & bill payments"?
This is the surprise and often overwhelming feeling that students and families experience when they see the full, published cost of attending a college or university.
What is "Sticker Shock"?
Fill in the blanks in the following phrase"
"Even if you don’t qualify for ________ ________ ________, some schools offer campus jobs that are open to all ________ so it’s always worth checking!"
What are "Federal, Work, Study, and Students"?
These are two reasons budgeting is important. (Answers may vary).
What are "Helping you avoid overspending, Helping you reach your savings goals, Reduces stress, Prepares for emergencies, Teaches discipline" ?
These are three of the seven key areas of personal finance.
What are "
Income – Money you earn from jobs, businesses, or other sources.
Budgeting – Planning how to spend your money so you don’t run out and can still save.
Saving – Setting aside money for emergencies, future expenses, or big goals.
Spending – Making choices about what to buy and how much to spend.
Credit & Debt – Using borrowed money (like credit cards or loans) and managing it responsibly.
Investing – Putting your money into things like stocks or real estate to grow it over time.
Insurance & Protection – Protecting yourself and your money from unexpected events (like car accidents or medical bills). "?
These are two of the five factors that make up a credit score.
What are "
Payment History- Paying bills late and missing payments will lower score
Amounts Owed- How much are you using credit and are you using less than 30%. The more you owe the lower your score will be.
Length of Credit History- How long have you had your credit. Older accounts that are in good standing brings your score up
New Credit- continuously applying for new credit streams will lower your score
Credit Mix- Having different types of credit like a card and a loan can help. "?
These are three categories of expenses that would be considered in the total cost of attendance.
What are "Tuition & Fees, Room & Board, Books & Supplies, Personal Expenses, and Transportation"?
These are two tips related to "borrowing smart" when taking out loans.
What are "'Only borrow what you need don’t take extra', 'Always accept grants and scholarships first', 'Choose federal loans before private ones', 'Try to pay off interest while in school (if possible)', and 'Keep track of your loans at: studentaid.gov'"?
This is a general rule for saving for a "rainy day".
What is "at least 3 months of expenses saved"?
This is money you pay to the government based on how much money you earn from a job or business. (Answer must match exactly).
What are "Income Taxes"?
(Needs two different responses) These are the types of banks that include the following pros: Many locations & ATMs nationwide, Full range of services, 24/7 customer support, Strong technology (apps, tools)
And the following cons: No physical branches, Cash deposits can be difficult, Customer service is remote only
(Must be written in the correct order.)
What are "Commercial Banks and Online Banks"?
This is the equation used to calculate net price.
What is "Sticker Price - Gift Aid & Tax Benefits (answers here may vary) = Net Price"?
This is the primary difference between unsubsidized and subsidized loans (must be specific).
What is "unsubsidized loans require a student to pay interest that accrues on the loan WHILE they are in school while subsidized loans have a student start paying interest AFTER they graduate"?
These are the definitions for fixed AND variable expenses. (Answers may vary)
What are "Fixed: expenses that stay the same every month and Variable: expenses that change every month"?