Personal Finance & saving
A system by which goods and services are produced and distributed
What is the economy?
The meaning of the acronym NFS
What are nonsufficient funds?
A decrease or loss in value
What is depreciation?
A form of financial aid given to students who demonstrate financial need; doesn't need to be repaid
What is a grant?
To buy an item with credit; pay overtime
What is financing?
The minimal amount you should have in an emergency fund
What is $500?
When you match your bank statement with your checkbook
What is reconcile?
Preferred method of debt repayment; paying off the smallest to the largest debt
What is debt snowball?
A form that is completed annually by current and prospective college students to determine their eligibility for financial aid.
What is a FAFSA?
Feeling regret or concern after making a large purchase
What is buyer's remorse?
A fee paid by a borrower to the lender for the use of borrowed money
What is interest?
Occurs when money is withdrawn from a bank account and the available balance goes below zero
What is overdraft?
A measure of an individual's financial risk known as FICO
What is a credit score?
Merit-based money awarded for academic or athletic achievements; doesn't need to be repaid
What is a scholarship?
A purchase over $300
What is a significant purchase?
A debt is evidenced by a note which specifies the principal amount, interest rate, and date of repayment
What is a loan?
An item that is bought without previous planning or consideration of the long-term effects
What is an impulse purchase?
Time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated for another term
What is a loan term?
A program that allows students to work part-time while continuing their studies
What is work study?
Refers to the public's ability to know a company or organization by its logo, jingles, or packaging
What is brand recognition?
A person or organization that uses a product or service
What is a consumer?
A copy of each check you write
What is a carbon copy?
A type of card issued by a bank that allows users to finance a purchase
What is a credit card?
How often you have to file FAFSA for college
What is once a year?
Latin term for buyer's remorse
What is caveat emptor?