Education Funding
Q: This should be your first option when financing your education.
A: What are scholarships, grants, and work-study?
100: This type of account is the most liquid.
A: What is a checking account?
100: These expenses, like rent and cable bills, typically remain the same each month.
A: What are fixed expenses?
100: This three-digit number affects your ability to get loans and the interest rates you'll pay.
A: What is a credit score?
100: This type of account offered by employers helps you save for retirement.
A: What is a 401(k)?
Which of the following can be found in your credit report?
Your credit payment history
200: This form determines your eligibility for federal student aid.
A: What is the FAFSA?
200: This practice helps you avoid overdrafts and catch errors in your account.
A: What is reconciling your account?
200: This type of budgeting method allocates every dollar to a specific purpose.
A: What is zero-based budgeting?
200: This type of credit card requires a cash deposit as collateral.
A: What is a secured credit card?
200: This investment strategy involves spreading your money across different types of assets.
A: What is diversification?
During a period of financial hardship, you can apply for this to pause student loan payments while interest still accrues…
Grace period
300: This type of student loan typically has lower interest rates than private loans.
A: What are federal student loans?
300: This type of account typically offers higher interest rates but less liquidity than savings accounts.
A: What is a Certificate of Deposit (CD)?
300: This category of expenses, which includes groceries, can vary from month to month.
A: What are variable expenses?
300: When taking out an auto loan, this term refers to the length of time you have to repay the loan.
A: What is the loan term?
300: This type of fund automatically adjusts its asset allocation as you approach retirement.
A: What is a target-date fund?
What does the term "withholding" mean in reference to your paycheck?
How much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement
400: As a general rule, you shouldn't borrow more than this amount for your education.
A: What is your expected first-year salary?
400: This banking feature allows you to deposit checks using your smartphone.
A: What is mobile check deposit?
400: When creating a budget, you should start by listing all of these.
A: What are sources of income?
400: Paying only this amount on your credit card each month can lead to long-term debt.
A: What is the minimum payment?
400: This type of IRA allows for tax-free withdrawals in retirement.
A: What is a Roth IRA?
Your renter's insurance policy costs $20/month and has a $1,000 deductible. A thief breaks into your apartment and steals your $800 TV set. How much would your insurance company pay?
Nothing
500: This type of financial aid does not need to be repaid.
A: What are scholarships and grants?
500: This security measure for online banking requires two different forms of identification.
A: What is two-factor authentication?
500: This practice involves researching and comparing products before making a purchase.
A: What is comparison shopping?
500: This component of an auto loan is the cost of borrowing money, expressed as a percentage.
A: What is the interest rate?
500: This powerful concept helps your money grow in savings and investments over time.
A: What is compound interest?
Frank has an auto policy with a coverage limit of $30,000 and a deductible of $1,000. He gets into an accident and the damages to his car total $6,200. Fortunately, he has collision coverage. How much will Frank need to pay out-of-pocket?
1000