Budgeting Basics
This is a plan for how you will spend and save your money.
What is a budget?
This is a the money that you set aside for future use.
What are savings?
What is the three-digit number lenders use to evaluate your creditworthiness?
What is a credit score?
What does FAFSA stand for?
What is Free Application for Federal Student Aid?
What is income?
This fund helps cover unexpected expenses, such as car repairs or emergency travels.
What is Annual Percentage Rate?
Difference between a grant and a student loan?
Grants: don't need repayment
Loans: need to repay
Rent, groceries, and transportation are examples of these.
What are expenses?
You have $20 each week for five weeks. How much do you have? (only have 20 seconds to answer)
$100
What happens when you only make the minimum payment on your credit card each month?
You can accumulate interest and take longer to pay off the balance.
What is a student loan?
What is the difference between a fixed expense and a variable expense?
Fixed expense: stay consistent
Variable expense: changes
This is the account you have that earns money on the balance you keep in it.
What is a savings account?
What. percentage of your available credit are you using if your balance is $300 and your credit limit is $1,000? (Only have 10 seconds to answer)
What is 30%?
Why should college students review their financial aid award letters carefully?
Understanding grants, scholarships, loans, and remaining educational costs.
You keep buying food out and run out of money before payday. What financial habit could help you?
Budgeting, tracking how much money you spend, and saving.
Prioritize expenses, avoid overspending and reach financial goals.
How can consistently paying bills late affect your financial future?
You receive a financial aid award letter that includes $3,000 in scholarships, $2,500 in grants, and $5,000 in student loans. Which portion do you have to pay back?
What are $5,000 in student loans?