personal finance

an emergency fund should be about

3-6 months of living expenses

this agency was created to insure the money a person places in a bank up to $250,000.

FDIC

what does FAFSA stand for?

Free Application for Federal Student Aid

student loans offered to parents of students.

PLUS

form an employer must send to employee and IRS every year that reports employee's annual wages and the taxes withheld from their check.

W-2

which of the following is not one of the characteristics of SMART goal? specific, measurable, achievable, realistic

achievable

a financial institution licensed to receive deposits and make loans.

bank

the 3 C's of credit: this can be determined through the use of a pay stub.

capacity

what is the most liquid asset?

cash

the 3 C's of credit: a credit report will help you review a person's credit history and therefore determine their

character

a detailed breakdown of a person's credit history by the credit bureau.

credit report

a number assigned to a person indicating to lenders their capacity to repay a loan.

credit score

a non profit making money cooperative whose members can borrow from pooled deposits at low interest rates.

credit union

what should you always have in case of a natural?

emergency fund

this is limited to students who are in financial need, and have not earned their first bachelor's degree.

federal pell grant

what is a comprehensive evaluation of an individual's current pay and future financial state by using current known variables to predict future income, asset values and withdrawal plans?

financial plan

the amount of money an employee receives before taxes or deductions are taken out.

gross pay

which of the following is not a variable expense? entertainment, utilities, gas, insurance

insurance

which of the following is not an example of a financial goal? short term, median, intermediate, or long term.

median

interest bearing account at a bank or credit union

money market account

the amount of money an employee receives after taxes or deductions are taken out.

net pay

what is lost when another alternative is chosen?

opportunity cost

this is money borrowed from a cash advance business which must be paid back when the borrower receives their next paycheck.

payday loan

property which is leased in exchange for weekly or monthly payments.

rent to own

formula used to calculate the number of years required to double invested money.

rule of 72

which of the following is not an investment option? stocks, bonds, physical assets, saving accounts

saving account

this type of loan is only available for undergraduate students.

subsidized

which of the following is not something you would account for when creating a budget? fixed expenses, variable expenses, near essential needs, or time spent with kids.

times spent with kids

which of the following is not a fixed expense? mortgage, utilities, car payment, insurance

utilities

when a college program allows employment at the university while in attendance there.

work study