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Personal Finance
Saving Smart
Financial Aid
Credit
Financial Vocab
100
Examples of this type of expense include mortgage/rent, insurance, real estate taxes, and vehicle registration.
What are fixed expenses?
100
Adding or putting money into an account.
What is a deposit?
100
FAFSA stands for this.
What is Free Application for Federal Student Aid?
100
You can request a free credit report this often.
What is once a year?
100
This happens when you write checks for more money than is in your account.
What is an overdraft?
200
Examples of this type of expense include groceries, cellphone, electricity, heating oil/gas, and gasoline.
What are flexible/variable expenses?
200
An education savings plan operated by a state or educational institution. It is designed to help families set aside funds to pay for future college costs.
What is a 529 College Savings Plan?
200
EFC stands for this.
What is Expected Family Contribution?
200
The interest rate for a whole year (rather than monthly fee/rate) as applied on a loan, credit, or mortgage.
What is an annual percentage rate (APR)?
200
Retirement income paid by a company.
What is pension?
300
A good goal is to have an emergency fund to cover living expenses for this many months.
What is 3 months?
300
When saving money for a longer period of time, but you would still like easy access in case of an emergency, this type of investment typically has better yielding interest rates than a standard savings account (though fees may apply).
What is a Certificate of Deposit (CD)?
300
After you graduate, leave school, or drop below half-time enrollment you will have to begin repaying your Stafford Loans after this amount of time, known as a grace period.
What is 6 months?
300
This is where you can get a free credit report with no annual fees?
What is www.annualcreditreport.com?
300
If you have caused an accident, this type of automobile insurance would cover damage to your own car.
What is collision?
400
When possible, it is better to buy a home rather than rent because purchasing real estate is considered an investment. As you pay off your mortgage you build this.
What is equity?
400
David has a job with a take-home pay of $2,000 per month. He must pay $900 in rent, $150 for groceries, and $250 on transportation each month. If he budgets $100 for clothing, $200 for restaurants, and $250 on everything else, it will take him this many months to accumulate savings of $600.
What is 4 months?
400
The current interest rate for the Subsidized Stafford Loan.
What is 3.86%?
400
The maximum amount you can be charged if your credit card is stolen and the thief runs up a total debt of $1,000.
What is $50?
400
This type of income represents the amount of money left over after all bills have been paid.
What is discretionary income?
500
You calculate this by taking the total amount of money and assets you have and subtracting the total amount of money you owe.
What is your net worth?
500
When you spread the risk of loss over a variety of savings and investment options.
What is diversification?
500
This is where students can determine who their loan servicer is for their Stafford Loans.
What is NSLDS (www.nslds.ed.gov)?
500
Name one of the 3 major credit reporting agencies.
What is Equifax, TransUnion, or Experian?
500
The method of computing interest where the interest rate is applied to the principal and any earned interest.
What is compound interest?