Interest Rate is how much the lender charges per year for the loan, the Principal is the initial amount someone borrows.
FALSE
TRUE
Which would you use when creating a budget-your NET PAY or GROSS PAY?
Net Pay
Gross Pay
Which of the following is a recommended way to follow up after a job interview?
buying the interviewer a gift
sending the interviewer a friend request on social media
sending a personalized thank you letter or email
What amount is found when you subtract grants and scholarships from the cost of college?
room and board
Net price
sticker price
All of the following are benefits of taking out a loan with a cosigner EXCEPT...
Your interest rate might be lower
You gain access to loans you may not have been approved for
There are no penalties for late payments
How can you get money from your checking account?
buy a prepaid card using cash
use your debit card at a store or ATM
take money from the ATM using your credit card
With renters insurance, you pay monthly premiums and then file a claim to cover losses if something goes wrong
True
False
In order to qualify for financial aid, college students must submit their...
Parent's credit score
FAFSA
SAT score
Which of the following can be found in your credit report?
A list of items you've purchased using credit
Your credit payment history
Your checking and saving account balances
When picking a financial product (loan, bank, etc), which advice is LEAST valuable?
Read the fine print of any disclosures
Do research to learn about your options
Just choose the option your parents use
Which of the following will result in your paying the LARGEST amount of interest?
Paying off your balance every month
Making the minimum payment each month
Paying 20% of your credit card balance each month
When paying for college, the first option you should consider is...
A grant or scholarship, because you don't repay them
A private loan
A federal student loan
A Target Date Fund (TDF) will automatically adjust your assets for you over time as you get closer to retirement.
True
False
Which of the follwing is TRUE about car insurance.
If you pay each month, you will never pay repair bills
If you cause an accident, insurance will cover medical bills
If you are speeding, you will not get points
Savings accounts are less risky than investing
True
False
