MONEY MANAGEMENT
keeping track of your purchases and deposits will help you avoid becoming ___________ on your checking account
overdrawn
a financial investment tool that provides a safe place to store your money for future use
savings account
$7.25 per hour
the minimum wage in Pennsylvania
an online resource offering free financial education information to college students to help them make financial decisions
CashCourse
the price paid for the use of someone else’s money
interest
a popular method of making transactions in a checking account is the use of ______________
debit cards
the savings account interest rate is typically (lower or higher) than other investment options
lower
total amount of wages before any payroll deductions
gross income
the government form used to calculate the maximum amount of need-based federal financial aid that a college student qualifies for
Free Application for Federal Student Aid (FAFSA)
total consumer debt load (not including housing debt) should be less than this percentage of annual net (after-tax) income
20%
a popular option that allows depositors to enjoy the benefits of banking without the need for brick and mortar locations
online banking
deposits in savings and checking accounts are insured by the...
The Federal Deposit Insurance Corporation (FDIC)
also called "take-home pay," the amount of income left after payroll deductions
net income
a gift of money for college awarded to a student that applied and met certain need-based, merit-based, or other criteria like field of study, ethnicity, religion, or athletic ability
scholarship
a number that helps lenders evaluate a person's credit report and estimate his or her credit-worthiness/risk
credit score
when using a debit card to make a purchase, money is removed from a checking account ____________
immediately
the limit on FDIC insurance protection is $ ________ per account
$250,000
a large and usually unexpected financial gain, like an inheritance, lawsuit settlement, salary bonus, or lottery win
windfall
a good opportunity to gain both employment experience and earn income while attending college
work-study
has the most impact on credit score
payment history
the time it takes between the time a check is used for payment and the funds are removed from the checking account is called _______________
the float
___________ and ________ are offered by commercial and mutual savings banks, credit unions, and savings and loan institutions
checking and savings accounts
possessions that have value in an exchange, like cash, stocks, bonds, and real estate
assets
the legally binding document applying to a college loan
promissory note
the number of months to pay off $1000 in credit card debt with a minimum monthly payment of $40 and at an annual percentage rate of 18%
70 months