1
Failure to repay a loan. You ________ on the loan.
Default
True or False: Entrance counseling is optional for students before receiving their first federal student loan.
False
True or False: Prepaid debit cards and regular debit cards are exactly the same.
False: Prepaid cards are loaded with a specific amount ahead of time.
________ is a fee paid to you fir keeping your money in an account OR a fee charged to you for a loan or credit card.
Interest
True or False: Interest rates on a variable-rate loan can change based on market conditions.
True
True or False: Direct Plus Loans are primarily available to graduate students
True
The FDIC is a government agency that insures customer deposits if a bank fails up to $_________ per individual depositor.
$250,000
A check that has been written but not yet cashed is called an ____________ check.
Outstanding
False: It is an alert that notifies you when your account falls below a set amount.
A legal document promising to repay a loan is called a:
MPN or Master Promissory Note
False: Decreases tax liability
__________your bank statement involves comparing your records with the bank's statement.
Reconciling
The original amount of money borrowed, excluding interest and fees.
Principal
A ________ _______ is a form that you fill out to credit money to your account when you make a deposit inside a bank.
Deposit slip
The measurement of assets minus liabilities is called:
Wealth
Allows borrowers to pause their federal student loan payments without accruing interest on subsidized loans.
Deferment
Aiden is certain that his answer to a question is correct, even though he's guessing. Which bias is he demonstrating?
Overprecision bias
________ is the tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often brought on by social media posts.
FOMO
Spaniotis Enterprises continues to invest in ownership of a failing hockey team because they have already spent millions on it. What behavioral economics concept is at play here?
Sunk Cost Fallacy
The legal proceeding carried out to allow individuals or businesses freedom from their debts, while also providing an opportunity for repayment to creditors
Bankruptcy
_________ interest refers to unpaid interest that has been added to the principal balance of a loan.
Capitalized
During the stock market crash, Olivia panics and sells her stocks because that is what her friends are doing. This behavior is an example of:
Herd Mentality
Despite evidence to the contrary, Owen believes he is the best driver in his friend group. Which bias is he exhibiting?
Overplacement bias
Inflation directly affects your ________ power.
Purchasing
The most commonly used credit score:
FICO