Income
What is Gross Income?
Income before any deductions
What is scarcity?
the use of scarce resources to satisfy unlimited wants
A checking account is mainly used for.....
Day to day transactions
Name one type of financial aid
scholarship, grant, fed loan, private loan
Stocks represent.....
ownership in a company
What is net income?
Income after deductions
What is a trade-off?
Whatever you sacrifice as an alternative option
Savings accounts earn.....
interest
FASFA is an application for what kind of financial aid?
federal student loans
What is a bond?
a debt security or loan that the government/corporations pay back
What is discretionary income used for?
Extras like entertainment or for saving
What is opportunity cost?
The value of the next best alternative
What is the difference between a credit union and a commerical bank?
one is nonprofit and one is for profit
Scholarships are ____ based financial aid
merit
What is a mutual fund?
A collection of investments
What does FICA do?
government program that helps fund social security and medicare.
What is an example of a SMART financial goal?
saving $1,000 for an emergency fund in 6 months
What is collateral?
An asset put up as security for a loan
grants are _____ based financial aid
need
Name one thing that can influence a auto-insurance payment
Driving history, age, location
What is the progressive Tax system?
Tax based on levels of income
What is comparison shopping?
Budgeting method that helps consumers determine the best value by comparing price and quality
Compound interest is calculated based on principal plus
A. previous interest
B. taxes
C.deductions
D. fees
A. previous interest
When is it not a good idea to consider a 4 year college or university
when you do not know what you want to do.
Life insurance provides help for your
dependents/family