You are in browse mode. You must login to use MEMORY

level: Level 1

Questions and Answers List

level questions: Level 1

Question	Answer
interest rate remains constant during the duration of the loan	Fixed-Rate
may be required depending on the college. If it’s required, it will be automatically billed to you and can cost several thousand dollars. If you have a comparable health insurance plan, you can submit proof of your plan to waive this charge from your bill	Institutional health insurance
net price Common app school = FAFSA school	Sticker price (website price) - grants and scholarships=?
Free Application For Student Aid	FAFSA
Student Aid Report	SAR
the federal government pays interest (government pays when in school but you pay when you're out of school)	Subsidized direct loan
interest builds right away, you pay (pay when in school) good to raise credit score	Unsubsidized direct loan
allow your parents to take out a loan to assist you pay for college	Direct plus loans
$12,950	If you're making less than _________ a year you don't have to pay tax
net pay	Gross pay - taxes = ?
PRE TAX DEDUCTIONS AND CONTRIBUTORS	TAKEN OUT BEFORE TAXES ARE CALCULATED
7.65%	Fica tax
Received in January There is one of me for every job you work You can tell how much you earned and how much you paid in taxes by reading	w-2
Received in January You get it if you are not an employee, but were paid by a company You probably didn’t get taxes withheld if you got it, so you may have a big tax bill coming up	1099
Completed every April Anyone can use it Beware, there is a LOT to fill out	1040 (tax return)
Received whenever you start a job You list information about yourself and your family Determines how much money gets taken out of each check	w-4
Received whenever you start a job Used to prove that you are eligible to work in the U.S. You must provide forms of identification when submitting it	i-9
If you have a child and pay for at least 50% of their needs CHILD MUST BE UNDER 19 unless they attend school Can be a daughter, son, stepchild, or foster child Must be younger than you unless the child has a disability If you care for an adult that makes LESS THAN $4,300	CAN be claimed as a dependent
Your child is above 19 You do not have a child You care for a parent but they work and make more than $4,300 If you aren't a US citizen or don’t fall under the other exceptions	CANNOT be claimed as a dependent
Item gets paid for (card doesnt decline) Potential fee	overdraft protection
Item gets declined Unpaid NS fee	NO overdraft protection
50% needs (groceries, housing, bills) 30% “fun money” (shopping, entertainment, dining out) 20% savings (retirement, long term goals)	50/20/30 - budgeting strategy!
$1,000	how much should you have in emergency savings
day its due / time you have to pay it off	Term
no collateral / higher interest / more risky to lender	Unsecured loan
collateral {if you fail to repay it off they'll take it back} / lower interest / less risky	Secured loan
used to finance a specific purchase for a specific amount of time. Regular payments are made to pay the interest and the principal.	Installment Loans
an open line of credit that can be used for any purchases as long as you’re under the credit limit. Payment amounts vary each pay period based on the size of the debt.	Revolving Credit
debt is tied to a specific asset that can be used as collateral and repossessed if borrower doesn’t make payments	Secured Debt
debt is not tied to a specific asset; there is no collateral that can be repossessed if borrower defaults	Unsecured Debt
interest rate can change during the duration of the loan based on the prime rate or an index rate	Variable-Rate
interest rate remains constant during the duration of the loan	Fixed-Rate