Purchasing Power
What is an increase in the general level of prices for goods and services?
Inflation
A form of financial aid that usually does not need to be repaid.
A grant
What degree do students typically earn after completing a four-year college program?
A Bachelor's degree
Which payment method takes money directly from your bank account when you make a purchase?
Debit card
Which of these is something to consider when trying to get a positive return on investment for higher education?
a. The total cost of attendance
b. The cost of a meal plan
c. The cost of tuition higher education?
d. The cost of books
a. The total cost of attendance
A business sets a product's price by adding a markup to the cost of producing it. What pricing strategy is this?
a. Value-based pricing
b. Market-based pricing
c. Cost-recovery pricing
d. Cost-plus pricing
d. Cost-plus pricing
What does FAFSA stand for, and why is it important?
a. Federal Application for School Funding Assistance; it guarantees admission to college.
b. Free Application for Federal Student Aid; it helps determine eligibility for financial aid.
c. Financial Aid for Students and Families Association; it provides private loans.
d. Federal Assessment for Student Academic Achievement; it determines college grades.
b. Free Application for Federal Student Aid; it helps determine eligibility for financial aid.
The total cost of attending a university includes…
a. tuition, housing, food, books, and other costs
b. student loans and federal grants
c. tuition, scholarships, grants, and loans
d. scholarships, grants, and other forms of financial aid
a. tuition, housing, food, books, and other costs
What is one benefit of using a credit card?
a. It guarantees that you will never pay interest.
b. It prevents all overspending.
c. It can help build your credit score.
d. It always costs less than using cash.
c. It can help build your credit score.
What is the benefit of a checking account?
a. It allows you to save money and earn interest.
b. It helps you spend money without carrying cash.
c. It allows you to spend money and pay the bill later.
d. It helps you invest money and gain a greater return
b. It helps you spend money without carrying cash.
What fraud type relies on recruitment and commissions from members?
A pyramid scheme
A program that provides eligible students with part-time employment to help pay educational expenses
Federal Work-Study Program
What type of higher learning institution typically award associate's degrees and often have lower costs.
Community colleges
Which savings option pays a fixed interest rate for a specified length of time?
Certificate of deposit (CD)
To deposit a check using a mobile banking app, you have to…
a. check your interest rate
b. have more than one account
c. upload pictures of your signed check
d. mail the check to your financial institution
c. upload pictures of your signed check
Rapidly rising prices that are out of control
Hyperinflation
What provides money that students generally do not have to repay, but may have eligibility requirements.
Scholarships
Property that can be used as security for a loan is called..
Collateral
A signature written on the back of a check
Endorsement
Lilly wants to save money for unexpected situations like emergencies. Which savings feature would benefit her the most?
a. earning the highest interest rate
b. easy access to her money
c. mobile banking alerts
d. no banking fees
b. easy access to her money
Fill in the blanks: ________ buying uses needs and logical choices, while ________ buying is driven by desire rather than logic.
Rational and emotional
Name a private 4 year University in Indiana
Examples: Valparaiso, Notre Dame, Butler, DePauw University, Trine University, Earlham College, Wabash College, Indiana Wesleyan University, University of Indianapolis, Rose Hulman, Taylor University, and Hanover College, there are probably more
What stratagy do businesses use to encourage customers to make repeat purchases through discounts and other incentives?
Customer loyalty programs
What is it called when you can withdraw money at any time without penalty. This makes getting access to this money easier.
Liquidity
Sawyer just got his learner's permit and can't wait to buy his first car. He received a large sum of money for his birthday and put it in an account to help it grow. He opened an account that required a large initial deposit, but that pays a high interest rate and allows him easy access to his money. What kind of account did Sawyer open?
a. Savings Account
b. Money Market Account (MMA)
c. Certificate of Deposit (CD)
d. Checking Account
b. Money Market Account (MMA)