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