BANK ACCOUNT
What are the most important factor to consider when opening a bank account?
What are monthly fees, online options, interest rates, accessibility, student benefits.
What is a credit score?
What is a 3 digit number that details amount of debt you have, and the length of your credit history. You can also think of it as a grade for how responsibly you’ve managed loans, lines of credit and other financial obligations over the years.
What is the difference between wants and needs?
What are the things you would like to have, but don’t need to survive.
What are the things you must have in order to live such—food, medicine, clothing.
This is seen on the FAFSA confirmation page and refers to how much you and your family can be asked to contribute to your Cost of Attendance for the year.
What is the Expected Family Contribution - EFC
What are fixed expenses?
What are expenses that remain the same every month?
What is the difference between a checking and a savings?
What is a financial account that is better for everyday transactions such as purchases, bills, and ATM withdrawals. They typically earn less interest — or none.
What is a financial account that is better for storing money and earning interest, and because of that, you have a monthly limit on what you can withdraw.
What are interest rates?
What is the price associated with using someone else's money. Banks pay savers interest to encourage them to make deposits. Banks charge interest to borrowers, who pay this interest as a cost of using someone else's money.
What is the term that you use when you spend money on goods and services?
What are expenses?
When taking out a federal student loan, what is a grace period?
The grace period are the six months following college graduation when students are exempt from loan repayment.
What is a money order?
What is a form of payment that a person can buy for a specific amount and sign over to the person or firm named on the money order. People must pay a fee to obtain a money order. A money order cannot bounce because full payment is needed before the money order is issued.
What documents are needed to open up a bank account?
What is a photo identification, Social Security card, and proof of current address.
What is a credit limit?
What is credit card issuer determining your credit limit when you first apply for the credit card. They will assess your income, current debt level, and credit history and set a credit limit base on those factors.
What are three different forms of income?
What is a job, allowance, refund check, public assistance?
A stipend that is received after all financial aid has been applied to college costs.
What is a refund check.
Make sure to figure out where this refund is coming from, along with how and this gets disbursed at your school. In addition, have a plan in place for what you will be using this funding for.
What is a liability?
What are things that are owed; financial obligations that must be paid. Debt is a common house-hold liability.
What is the electronic transmission of a payment to the payee from the payer called?
What is direct deposit?
What do I need to open up a credit card?
What is photo identification, Social Security number and annual income.
What is a plan to manage income, spending and saving?
What is a budget?
For financial aid, what does being a "full time" student mean? Hint: Think about how many total credits students would need per term.
What is 12 credits per term
What are assets?
What are possessions that have economic value (some of which may provide an economic and/or financial return).
What is the term that refers to the number of days between the last statement date and the current statement date?
What is a billing cycle?
How do I build credit?
What is paying bills on time, reducing the amount of debt you owe, don't open several credit cards.
What is variable expenses?
What are expenses that may change from week to week or from month to month?
When renewing your FAFSA for the 2020-2021 academic year (your sophomore year), what income tax year will you have to use to file? Hint: Think of the term "prior-prior."
What is 2018
What is a grace period (not for college)?
What is the amount of time one has to pay a line of credit before there is a finance charge?