Show:
Budgeting
Saving vs Spending
Investments
VCU
100

What is a plan for how you save and spend money?

Budget

100

How old do you have to be to open a savings account?

18 years old

100

What is known as "interest on interest"?

Compound Interest

100

Which office at VCU can provide financial counseling?

Financial Success Center

200

What is a predictable, recurring cost that remains the same amount each billing cycle called?

Fixed Expense

200

Why is it important to research a durable good before purchase?

These items should last a long time and will require maintenance

200

What type of money should you never use to invest?

borrowed

200

What federal financial aid program allows undergraduate students to earn money for living and school-related expenses by working in an approved job on or off-campus?

Federal Work Study

300

True or False: You should make a budget based on money you will earn in the future

False - A budget should be created with present dollars

300

What is expense?

Something spent as a consumer or in a business
300

Investing sooner means you can _____ sooner

retire

300

True or False: VCU student financial services can help you set up a retirement plan

True

400

When categorizing your expenses, which category consists of expenses that increase your financial stability?

Security

400

A higher rate of return on an investment means greater risk. True or False. 

True

400

What type of investment lets you purchase a portion of a corporation?

stock

400

Where is the Student Financial Management Center located?

Harris Hall

500

The final phase of the budgeting process is to? Choose one of the following: 1. set personal and financial goals 2. compare your budget to what you have actually spent 3. review financial progress 4. monitor current spending patterns

3. review financial progress

500

What are interest and inflation, and how do they affect savings and society?

Interest is the money you earn on investments and could result in more cash that is received. Inflation is the general rise of prices over time and reduces the purchasing power of money. 

500

What type of investment account do you pay taxes upon withdrawal?

Traditional IRA and 401k 

500

What is the virtual line to contact VCU financial counseling?

RamQ