Easier definitions
when you trade- off one thing (time, money, experience, item) for another (time, money, experience, item)
What is an opportunity cost?
Loans that are from a financial institution.
What is a private loan?
Credit cards lets you swipe now and pay later and debit cards lets you swipe now (type in pin number for security reasons for most debit cards) and it pulls your money from your banking account now.
What is credit VS debit?
The amount of an item that is broken down to the smallest unit.
What is unit rate?
When you trade-off your time to study instead of playing games with your friends in order to get a high grade on an exam.
What is an example of an opportunity cost?
Costs change as the quantity of the good or service that a business produces changes
What is a variable expense?
It provides part-time jobs for undergraduate and graduate students with financial needs, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student's course of study.
What is work-study?
An example would be getting Jordans VS shoes in my price range for school.
What is Want VS Need?
What are the 3 main taxes?
A document or electronic form that you need to complete in order to get federal student aid, such as federal grants, work-study, and loans.
What is Free Application for Federal Student Aid (FAFSA®)?
You should compare the prices of an item you intend to buy and use this to get more of an insight (understanding) of the quality of the product.
What is an independent consumer education website?
A form of financial aid that does not usually get repaid. They cover a variety of education-related expenses, such as tuition and fees, room and board, and books and supplies.
What is a grant?
One will have larger classes and will cost less, the other has smaller classes and will cost more.
What is the difference between public schools (colleges) VS private schools (colleges)?
How much you earn every hour and get paid bi-weekly.
What is wage?
My groceries tend to be worth over $100, but sometimes I like to splurge (spend extra) on my groceries and it can be over $200 a month.
What is an example of a variable cost?
Free money that you can apply for and occasionally need to write essays for.
What are scholarships?
When one is up, there is usually a need for the other. They can be even, but usually, it has a see-saw effect.
What are supply and demand?
If you've lived there for a certain amount of years, your tuition will be considered ____. If you are trying to attend college from another state, your tuition will be considered ________.
What is In-State VS Out-Of-State?
Professional pay that set at the start of working and is broken down into 12 months of payment (paid once a month or bi-weekly).
What is salary?
I pay my debt in full each month with the statement that comes in.
A form of financial aid that does not usually get repaid. They cover a variety of education-related expenses, such as tuition and fees, room and board, and books and supplies.
What are grants?
A plan designed to help families and individuals nationwide save for qualified higher education expenses. All U.S. citizens and permanent resident aliens 18 years of age or older can open and contribute to a Texas College Savings Plan account.
What is a tax-advantaged 529 College Savings Plan?
Staying on campus at a dorm/apartment could be costly and living off-campus with potential roommates or family could save money.
What is room and board VS living off-campus?
Something that is good for you. For instance, when you work at an establishment (restaurant, clothing store, company, etc.), you may get a discount for their items when you shop there.
What is a benefit?
Extra earnings (money) that you make on top of what you already earn.
What is a stipend?