Interest Rate is how much the lender charges per year for the loan, the Principal is the initial amount someone borrows.
TRUE
FALSE
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?
Net price
sticker price
room and board
All of the following are benefits of taking out a loan with a cosigner EXCEPT...
You gain access to loans you may not have been approved for
Your interest rate might be lower
There are no penalties for late payments
How can you get money from your checking account?
take money from the ATM using your credit card
use your debit card at a store or ATM
buy a prepaid card using cash
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...
FAFSA
SAT score
Parent's credit score
Which of the following can be found in your credit report?
Your credit payment history
Your checking and saving account balances
A list of items you've purchased using credit
When picking a financial product (loan, bank, etc), which advice is LEAST valuable?
Just choose the option your parents use
Do research to learn about your options
Read the fine print of any disclosures
Which of the following will result in your paying the LARGEST amount of interest?
Making the minimum payment each month
Paying off your balance every month
Paying 20% of your credit card balance each month
When paying for college, the first option you should consider is...
A federal student loan
A grant or scholarship, because you don't repay them
A private 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 are speeding, you will not get points
If you cause an accident, insurance will cover medical bills
If you pay each month, you will never pay repair bills
Savings accounts are less risky than investing
True
False
