Gradready; Real-World Finance
With what service are realtors best equipped to assist?
Price negotiation
What is PMI?
Private Mortgage Insurance
Which of the following is not a standardized exam for graduate school?
SAT
How much will you have saved by the age of 65 if you save $3600 per year with an 8% annual return starting at age 25?
$1,000,000
After how many years are you eligible for public service loan forgiveness if you make qualifying payments while working in public service job?
10
As a general guideline, what percent of each paycheck should be set aside for retirement?
10%
What percent of a down payment is typically the threshold to eliminate PMI?
20
Fill in the blank: The cost of graduate school has increased nearly ____ in the past 10 years.
35%
What type of retirement plan is currently the most common employer-sponsored plan?
401 K
For how many years will a student loan default stay on your credit report?
7
What factors should you consider when you search for a car?
All answer are correct
What info do you need to know as you get ready to repay your loans?
All answers are correct
Which circumstances can qualify you for deferment or forbearance?
All answers are correct
Partial financial hardship is based on?
Both A and B
The difference between a home's market value and the mortgage balance is called _________.
Equity
TRUE or FALSE: A mutual fund is a single stock or bond managed by multiple entities.
FALSE
TRUE or FALSE: Anyone can qualify for a mortgage, but the qualification amount varies based on credit score.
FALSE
TRUE or FALSE: At year end, FSA account balances automatically rollover to the next year.
FALSE
Which repayment plan allows you to begin with payments as low as interest-only with the understanding that it will gradually increase over time?
Graduated
Which of the following is tax deductible?
Interest payments
To save money in repayment, rank your debt by _____________ and make an extra effort to pay the loans at the top of the list.
Interest rate
Which of the following is true about the extended repayment plan?
It is available only for those with federal loan dept exceeding $30,000
Fill in the blanks: The _______ is a standardized exam for entrance into law school. The _______ is a standardized exam for entrance into medical school.
LSAT / MCAT
Car loan interest rates are typically lowest for what type of car?
NEW
Fill in the blanks: _______income is your earnings after _______.
Net/ taxes and withholdings
What form(s) of identification are typically required in order to get set up in company's payroll system?
Social security card
When you buy _____, you are actually buying a portion of a company.
Stocks
What is interest capitalization?
The point in which accrued interest is added to your principal balance to make a bigger principal balance
Which of the following is not a reason to refinance a mortgage?
To lower Principal balance
Which of the following items is not deducted from a paystub?
YTD
To better manage your student loans you should know the following except:
Your school's default rate
Fill in the blank: A bond is _________.
A loan to a company or the government
Which of the following factors should not be considered when comparing graduate schools?
All factors should be considerd
What student loan information can you find at nslds.ed.gov?
All the federal loans you've borrowed
What is the first action you should take if you fall behind on your student loan payments?
Contact your lender or servicer
Fill in the blank: Federal loans go into _____ after 270 days of non-payment.
Default
TRUE or FALSE: Banks and lenders are required to offer the same interest rates
FALSE
TRUE or FALSE: Interest does not accrue on subsidized loans during periods of forbearance.
FALSE
TRUE or FALSE: Monthly payments on a car loan with a zero percent interest rate are often lower than other car loans because the term is typically longer.
FALSE
TRUE or FALSE: Once a loan defaults, it is NOT possible to get it out of default.
FALSE
TRUE or FALSE: PMI payments and 2nd mortgage payments are the same.
FALSE
Which of the following loan types features a monthly payment that does not change over time?
Fixed
Which option provides a means to suspend your loan payments for a given period of time?
Forbearance
Which of the following acronyms is not related to health insurance?
PTO
Under which repayment plan are scheduled monthly payments the same every month for the life of the loan?
Standard
TRUE or FALSE: Federal student loans generally have more repayment and postponement options than private loans
TRUE
TRUE or FALSE: Job interviews are just as much about your assessment of the company as it is the company's assessment of you.
TRUE
The consequences to default are very serious, which of these is NOT a consequence?
can't vote in Federal election
Fill in the blank: On your first day at a new job, you will likely meet someone in the ________ department.
human resources
Consolidation can ___________ by ____________.
lower monthly payments / extending your payment term
