Economy BUDGET AND FINANCE U5 Q1

A is assistance from the government which is not to be repaid; the assistance may be thousands of dollars.

Federal Pell Grant

Credit is the agreement to repay a lender for buying something.

T

If you receive a subsidized loan you will not be charged any interest before you begin repayment.

T

Karina had an emergency fund saved. However, when she had to stay in the hospital, the bills added up to about $1,000 more than she had saved. She decided to use her credit card to pay for the remaining hospital bills. Was Karina using credit responsibly and being a good steward?

T

Which 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

an agreement in which the borrower buys something of value and agrees to repay the lender

credit

an amount of money that is owed to a bank, a credit card company, a store, or another individual

debt

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

deferment

What is Expected Family Contribution?

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

Although it is a good idea to pursue financial aid, the Christian teen ought to be diligent to get a job and save as much as possible. "In all labour there is profit: but the talk of the lips tendeth only to penury." The hard worker will be able to meet many financial goals. This work ethic principle is found in

proverbs 14:23

Which of the following is not a Biblical principal as far as debt is concerned?

Debt should be avoided whenever possible. Only accumulate long-term debt.(right Avoid making promises to pay without a sure way to pay. The borrower has an absolute commitment to repay.