economics unit 4 pt. 1

late fees

Are my creditors charging me with

middle

If you buy items at a retail store, there is a bit of ____ money that gets added on, meaning that money will not only go to the manufacturer but also to the store that stocks and sells the product

$18 or $25

In some cases banks have charged anywhere from _____ for an overdraft

credit bureaus

It is important that to pay back your student loan. Besides your reputation being damaged, other problems could arise. The default could be reported to national ______ and a negative history will stay your credit report

false

It is okay to overlook a "small" expense because it is not much of your overall budget

account numbers

Keep a list of your credit card _____, checking account information, and the telephone numbers of each credit card issuer in a safe place in case your cards or checks are ever stolen or lost

savings account; paying yourself

Make it a habit of putting money into a _____ This is known as ______

checking accounts

Over 75 percent of the country's money in circulation is in

expenses; income

When you listed all your income and expenses, subtract the _____ from _____ and see what comes out on the "bottom line"

opening

When you talk with a customer service representative, you can tell them of your particular needs in _____ a checking account

using checks

Which has the best system for keeping track of your spending?

consignment shop

You might find bargains at a place where people may take their used clothes or other items and sign an agreement to have the store sell the clothes on consignment, meaning that the store will pick up a percentage and give a percentage of the money to the individual who brought it in for sale. This place is called a

name brand

a famous name product that may be more expensive due solely to its high recognition logo or slogan

unsubsidized

a loan that will charge you interest from the start

subsidized

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

interest

a percentage of the amount loaned which is a charge for the use of the money

Pickett and Hatcher Educational Loan

a private student loan available to college students

grace period

a time when there is no obligation to repay your loan

process

actions which take the check from the merchant to the accounting centers of the blank

library

an alternative to a bookstore

factory direct

another name for a manufacturer to consumer selling.

FFEL stafford loan

assistance from the government which is not repaid

federal pell grant

assistance from the government which is not to be repaid

warehouse club

is another type of business that eliminates the retail part of the transaction. Many times a consumer can buy products in bulk, or larger quantities than is available in retail stores

true

it is easy to tell yourself "it's only ten dollars," but you will find yourself saving that again until you wonder where your money has gone

impulse buying

making a purchase on the spur of the moment without careful planning

non sufficient funds

notice sent to the customer if his deposits are not enough to cover the costs of the check he has written

some banks

offer interest on the money that is in the checking account

deferment

official permission to postpone the payments of the loan

false

one of the steps towards what many people call a "cashless society" was when the postal currency was introduced

NSF

stands for non sufficient funds

expected family contribution

the assumed amount that the family will contribute to the student's college tuition and other expenses

bank balance

the current money available in the depositor's account

false

the payee is your personal autograph attesting to the validity of the checking account

payee

the person who will receive the check as payment

minimum balance

the smallest amount allowed in an account without a financial penalty

gross income

total money earned, excluding all deductions

frivolous

trivial, not requiring serious thought; considered silly

total

when you sign receipts, draw a line through blank spaces above the _____ so that nobody may add extra charges to your credit card receipt