credit
& debit
& debit
A credit card has an apr of 18% and a balance of $2,000 . no Payments are made for one year about how much interest will be added
what is about $360
This principle states that higher potential return on an investment usually comes with higher risk.
What is the risk-return tradeoff?
This process lets a bank verify you have enough money in your account before approving a debit transaction.
What is authorization
This is private information like your Social Security number, passwords, or bank details that criminals try to steal.
What is personal information?
This happens when a student receives more financial aid than the cost of tuition and may get a refund.
What is a financial aid refund
a student deposits $500 into a savings account earning 4% compound interest annually . About how much will they have after 2 years
What is about $540.80
This federal insurance program protects bank deposits up to $250,000.
What is the FDIC?
This fee is charged when you spend more money than you have in your account.
What is an overdraft fee?
This federal agency handles reports and complaints about identity theft in the United States.
What is the Federal Trade Commission
This type of college cost includes tuition, housing, meals, and fees.
What is the cost of attendance (COA)?
What information does a Schumer box provide?
What is apr , fees , grace periods , and penalties?
This budgeting method assigns every dollar of income a specific job.
What is zero-based budgeting?
This is the difference between your actual account balance and the amount you can immediately spend.
What is available balance vs. current balance?
This number allows you to track your credit history and is often checked when applying for loans or credit cards.
What is a credit score?
This type of aid is earned by working part-time while attending college.
What is work-study?
a person earns $2,500 per month . According to the 50/30/20 rule how much should go toward savings
What is $500 ?
This is the opportunity cost of the next best alternative when making a choice.
What is opportunity cost?
This type of account is designed for everyday spending and usually comes with a debit card.
What is a checking account?
This security feature uses a second step like a text code or app approval when logging in.
What is two-factor authentication
This number is calculated by the FAFSA and determines how much financial aid a student is eligible for.
What is the SAI
A student opens three credit cards in one month to get store discounts. How could this affect their credit score?
What is Multiple credit cardsand new accounts in a short period can temporarily lower their credit score.
This occurs when an investor sells an asset for more than they originally paid.
What is a capital gain?
This is the process of transferring money directly between two bank accounts without cash or checks.
What is a bank transfer?
This occurs when criminals steal information from a company database rather than directly from a person.
What is a data breach?
This type of college aid does NOT need to be repaid and is often based on financial need.
What is a grant ?