Interest
The money paid upfront before applying for a loan.
Down Payment
FDIC Insurance covers up to _____________?
$250,000
It is not important to weigh your future salary against the cost of your education.
False
Budgets includes three main categories
Income, Expenses and Savings
True / False
Late payments do not have a significant impact on your credit score.
False
When you borrow money, which is more important?
Lower Payment
Lower Interest Rate
Lower Term
Lower Interest Rate
When you open a checking account, what documentation is required?
SS card
Award Letter, Merit Letter
Financial Award Letter
Budgets are not one size, fits all - they are dependent on three factors that vary with each person.
High credit scores often result in a __________ APR.
Low
What is the annual interest for the following example?
P = 14000
APR = 10%
$1,400
What qualifies as a government ID? (Name 2)
Driver's License
Passport
State ID
What is the primary information that is included on your FAFSA?
Your personal financial information and your parent's financial information.
Take home pay is
the income you receive after taxes have been deducted from your paycheck
Which two categories both account for 10% of your credit score?
New Credit and Diversification
One way of using interest to your advantage is by _______________________.
Investing
This type of bank allows customers to handle their banking needs only with a computer or mobile device.
Online Bank
Name three things that employers find valuable in additional to your college degree.
Volunteer Work
Internships
Extracurriculars
Jobs
Real world experiences
The three main categories that cause the most financial problems, often bankruptcy.
Housing, Transportation, Food
30% of your credit score is attributed to
Accounts owed
Interest rates are largely determined by ______________________.
Federal Reserve
Jill bought a computer for $875 and paid $30 each month for 36 months. What is the annual simple interest rate on her loan?
Total payments - 30*36 = 1080
1080-875 = 205
205 = 875 x R x 3
R = 7.8%
This type of college can be a good option for several reasons including they are much cheaper, they give you a chance to see if you like college, smooth transition to a four year school and they offer an authentic college experience.
This is calculated by dividing your total monthly debt payments by your total monthly gross income.
Debt to Income Ratio
What is an example of a "hard inquiry" on your credit report?
Applying for a student loan, mortgage, auto loan or personal loan
Applying for a rental or lease, or requesting a credit line increase.