Economics Ch. 4 Quiz #2

An ____________ card allows you to quality for free travel or other businesses

Affinity

A "rollover" IRA is one that gets money from __________________

Another qualified plan

An explanation of how the cards balances are determined is required to appear on_____________

Billing statements

You can/cannot withdrawals money anytime you want; or you will have a financial penalty

Cannot

The amount of spending that the credit card company will allow you is known as the __________

Credit limit

When using a credit card, a food face to remember s that you are not paying on credit, you are actually paying on a ______

Debt

Official permission to postpone the payments of a loan is known as _________

Deferment

A partial payment given in order to show intent of purchase is called:

Down payment

Assistance from the government which is to be repaid

FFEL Stafford Loan

Under the_____________________, you have the right to compare different cards' terms and conditions.

Fair Credit and Charge Disclosure Act

Assistance from the government which is not o be repaid

Federal Pell Grant

Is a cost for the convenience of borrowing money

Financial charge

A time when there is no obligation to repay your loan

Grace period

A % of the amount loaned which is a charge for the use of money

Interest

A ______ breaks down the yearly cost into billing periods

Periodic rate

The passage in __________ gives this advice: "With old not good from them to whom it is due, when it is in the power of thine hand to do it. Sat not into this neighbor, Go, and come again, and to morrow j will give, when thou hast it by thee."

Proverbs 3:27-28

A __________ item means it comes with the car at no extra cost

Standard

A loan where you will not be charged any interest before you begin repayment

Subsidized loan

When no taxes are due until the required time and the payment are held off, the action is called:

Tax-deferred

What is Expected Family Contribution?

The amount of money you and your family will contribute to your college education

If you attempt in good faith effort to work out the problem with he seller about a charged item or service, that law gives you:

The right to withhold from the card issuer payment for the merchandise or services

When card issuers charge a fee when you use the card to obtain a cash advance

Transaction fee

What type of federal student aid is being described below? This aid is not awarded on the basis of financial need and is not interest free. The government will charge you interest from the start, making it important to pay interest as it grows.

Unsubsidized loan

Me. Lamont's $5,000 contribution into the IRA has "protected" him from having to pay tax on that portion of his ________

Wages