money
A circulating medium of exchange, including paper money or coins.
cash
Acceptable, Recognizable, Durable, Portable, & Divisible
What are the properties of money
Money added to an IRA.
What is a contribution
A type of financial institution that provides short-term, high-interest loans.
What is a payday lender
True or False. Some scholarships are the same as loans where you have to repay the money back
False. You do NOT have to pay back scholarship awards, UNLESS you did not follow or meet the rules and guidelines.
Money you pay the government.
Taxes
Janet Yellen
Who is the current Fed Chair
A person saving for a long term would be most concerned with this.
What is interest rate
The current central bank in the U.S.
What is the Federal Reserve Bank
These are loans offered to students to attend school
Subsidized, Unsubsidized, Parent Plus, and Private Loans
A value or size of money.
Denominations
Board of Governors, Janet Yellen, and the NY Fed President are all part of this committee.
Who is part of the Federal Open Market Committe?
A person saving for a short-term would be least concerned with this.
What is interest rate
IRAs, Checking Accounts, CDs, Money Market Accounts, and Savings Accounts are all examples.
What is a deposit account
True or False. For a Direct Subsidized loan, you don't have to demonstrate financial need.
False. For a Direct Subsidized loan, you MUST demonstrate financial need. However, for a Direct Unsubsidized loan, you do not need to demonstrate financial need.
To make money.
Earn
This bank employee is responsible for conducting transactions between the bank and the customer.
What is a teller
The age you are required to start taking distributions from your IRA.
At age 70.5 you must do what
Money that carries serial numbers that have been recorded by the bank.
What is bait money
What is the 8-10% Rule
A loan should not exceed 8-10% of your total gross monthly income
Amount of money you spend on something.
Expenses
Store of Value, Unit of Account, & Medium of Exchange
What are the functions of money
F=P(1+R)^T
What is the compound interest formula
It protects consumers deposits up to $250,000 due to bank failure.
What is FDIC insurance
True or False. Direct Subsidized Loans are only for undergraduates demonstrating financial need, while Direct Unsubsidized Loans are for both undergraduates and graduates of whom are not required to demonstrate financial need.
True