Financial Aid 101
Budgeting
Banking
Credit
Investing
100
Name two main sources of gift financial aid.
What is Pell and TAP grants?
100
Name two types of expense categories in a typical budget.
What are fixed expenses and flexible/variable expenses?
100
Most people have these types of accounts with a bank or credit union to help them manage their money.
What are checking or savings accounts?
100
The report I can order free of charge to see how I have handled credit in the past.
What is my credit report using www.annualcreditreport.com?
100
You need to first do this before you can invest.
What is save money?
200
Name the system to speed up your financial aid refunds into your checking or savings account.
What is Direct Deposit?
200
Name the two main categories of a budget.
What are income and expenses?
200
The amount of money the FDIC insures at a bank.
What is $250,000?
200
Name the law that limits the interest rate lenders can charge.
What are usury laws?
200
The original amount of money put into an investment or savings.
What is the principal?
300
Name the federal financial aid program that enables student to work on and off campus.
What is the Federal Work Study Program?
300
Name one of two ways to start or increase savings in a budget.
What are either increase income or decrease expenses?
300
Name one way to avoid over draft charges on a checking account.
What is balancing your account or overdraft protections or low balance alerts?
300
Name a good way to improve your credit score when paying your credit bills.
What is pay my credit bills ON TIME?
300
Type of interest that grows over time at a faster rate like a snowball.
What is compound interest?
400
Name the CUNY Online system where students can view their financial aid status.
What is CUNYfirst?
400
The principle of "Pay yourself first" in a budget helps you do this.
What is save money?
400
Name the card that is generally offered to students who have a checking or savings account.
What is a debit card?
400
Name the agencies or bureaus that keep track of everyone’s payment history.
What are credit bureaus?
400
Name the portion of a company's profit returned to its investors.
What is a dividend?
500
Name the day each semester on the academic calendar that students need to either add or drop classes in order for the classes to be considered for financial aid.
What is the financial aid certification date or the add/drop date?
500
Name an example of a fixed expense.
What are rent-mortgage, transportation, utilities or medical expenses?
500
Name the two types of ID required to open a bank account.
What are primary or secondary IDs. Also passport, drivers license, social security card, college ID, credit card or green card.
500
True or false, paying the minimum payment is the best way to pay your credit card.
What is false?
500
The money you actually take home after taxes are taken out of your pay.
What is net income or net pay?
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