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Financial Planning > Final Notecards > Flashcards

Final Notecards Flashcards

1
Q

fee for instruction

A

tuition

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2
Q

the cost of a place to live

A

room

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3
Q

the cost of food

A

board

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4
Q

legal resident of the state in which the college is located

A

in-state resident

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5
Q

students who are not legal residents of the state in which the college is located

A

out-of-state students

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6
Q

an institution of higher learning that is operated and funded by the state in which it is located

A

public university

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7
Q

an institution of higher learning that is operated by a private organization

A

private university

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8
Q

type of student financial aid that you don’t have to repay

A

scholarships/grants

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9
Q

funds are given to students who have a documented need

A

need based

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10
Q

the government pays interest when you’re in school

A

subsidized

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11
Q

you pay all the interest

A

unsubsidized

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12
Q

adding the interest payments to the loan balance

A

capitalizing

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13
Q

What are the three financial aid programs you can apply for through FASFA?

A

Scholarships, grants, and loans

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14
Q

What are the other three sources of aid other than scholarships, grants, and loans?

A

Federal aid, State aid, Federal-Work Study Program

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15
Q

college that is approved of meeting certain standards

A

accredited

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16
Q

the teachers or professors

A

faculty

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17
Q

course of study

A

curriculum

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18
Q

people who have graduated from a certain school

A

alumni

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19
Q

students enroll in college classes and if they earn the passing grade, they earn credit that may be applied toward their high school diploma, a college degree or a certificate

A

dual enrollment/concurrent enrollment

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20
Q

participating in course activities and assignments whenever and from wherever it is convenient during the school week

A

asynchronous-mode course

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21
Q

you are informed by December whether or not you are accepted e

A

early-admissions policy

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22
Q

they make decisions as students apply

A

rolling-admissions policy

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23
Q

list of students who will be admitted if others choose not to come

A

waiting list

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24
Q

What are the basic factors that colleges use to judge an applicant’s suitability
for admission?

A

Scores, grades, extracurricular activities, interviews, admission essays, recommendations

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25
Q

a standardized test that often helps with admission

A

entrance examination

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26
Q

widely used entrance exam, measures knowledge and academic skills students need for success in college

A

SAT

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27
Q

tests what the student has actually learned

A

aptitude/acheivement test

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28
Q

college entrance examination, alternative to the SAT

A

ACT

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29
Q

helps students get classes that would help them most

A

CPT

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30
Q

covers the same areas as SAT

A

Preliminary SAT

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31
Q

What is the main purpose of college entrance exams?

A

They help with admission

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32
Q

What are the two basic entrance exams used by colleges in the United States?

A

SAT and ACT

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33
Q

person who helps decide who to admit

A

admissions officer

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34
Q

official record of your grades

A

transcript

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35
Q

travel schedule

A

itinerary

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36
Q

graduate student who specializes in the course topic

A

teaching assistant

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37
Q

how you manage your money

A

personal finance

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38
Q

a document that outlines your monetary goals and how you plan to reach them

A

financial plan

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39
Q

money you earn

A

income

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40
Q

things you need to live

A

needs

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41
Q

things you don’t have, but you want

A

wants

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42
Q

immediate access to funds for short term need

A

liquidity

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43
Q

a charge on loaned money

A

interest

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44
Q

interest on interest

A

compound interest

45
Q

something that has value

A

asset

46
Q

uncertainty to the outcome of an investment

A

risk

47
Q

What are the six steps for developing a personal financial plan?

A

establish financial goals, consider your current financial position, identify evaluate alternatives to achieve your goals, select the best plan to achieve your goals, evaluate your plan, and revise your plan

48
Q

a form on which you keep track of the money you deposit or withdraw

A

checkbook register

49
Q

a list of transactions from your bank account over a period of time

A

account statement

50
Q

a paper document saying how much money you deposited into what account

A

certificate of deposit

51
Q

borrowing money with interest

A

loans

52
Q

nonprofit bank owned by members

A

credit union

53
Q

checking your checkbook register compared to the bank statement

A

balancing

54
Q

converts a paper check into an electronic payment in store

A

conversion

55
Q

a debit card for use at retail stores or cash withdrawals

A

prepaid debit card

56
Q

What are the two major types of banking institutions? Explain the differences
between them.

A

online - a way of managing banking transactions through your personal computer or electronic device
not online- a real and physical bank that you can visit where you can talk to people about problems in person instead of having to call them

57
Q

Distinctive name identifying a product or manufacturer

A

brand

58
Q

a person who rents an apartment

A

tenant

59
Q

apartment owner

A

landlord

60
Q

come before taxes and other deductions

A

gross income

61
Q

a payment to make sure you meet your obligations as a tenant

A

security desposit

62
Q

income after taxes and other deductions

A

net income

63
Q

the lender’s charge on borrowing money

A

interest rate

64
Q

the difference between market value and the unpaid balance

A

equity

65
Q

What are the three Ps for eating on a budget?

A

plan, purchase, and prepare

66
Q

legal responsiblity

A

liability

67
Q

amount that you must pay before the insurance company pays anything

A

deductible

68
Q

laws that make each person responsible for his or her own damages and injuries

A

no-fault

69
Q

a way to protect your family and loved ones from financial losses

A

life insurance

70
Q

person who will receive insurance benefits

A

beneficiary

71
Q

policy that you buy to cover a certain period of time

A

term life insurance

72
Q

provides coverage for your entire lifetime

A

whole life insurance

73
Q

insurance for a specific period that accumulates savings for policy holdings during this period

A

universal life insurance

74
Q

What are the differences between term and whole life insurance plans?

A

Term is only for a certain amount of time and whole life is for all life

74
Q

What are the differences between term and whole life insurance plans?

A

Term is only for a certain amount of time and whole life is for all life

75
Q

yearly interest rate

A

APR

76
Q

the money you borrow

A

principal

77
Q

a situation in which a court rules that a person is not able to pay his or her bills

A

bankruptcy

78
Q

possessions that a borrower pledges in return for a loan

A

collateral

79
Q

record of paying your bills

A

credit history

80
Q

monthly rate

A

periodic rate

81
Q

an interest rate that changes over time

A

variable rate

82
Q

spending more than you earn

A

deficit spending

83
Q

A sequence of rigorous academic and career or technical courses leading to an associate’s degree, baccalaureate degree and beyond, or an industry recognized certificate and/or license

A

career path

84
Q

work you do to make a living

A

work

85
Q

A chosen field of work that has the potential for continuous growth and advancement by incorporating your interests, skills, values, and strengths to provide long-term fulfillment

A

career

86
Q

Process of making contacts and building relationships that can help you obtain leads, referrals, advice, information, and support

A

Networking

87
Q

An inroad or route to information before it is widely known

A

lead

88
Q

Website that provides a virtual community for people to share their daily activities or interests, or to widen their circle of professional acquaintances

A

social network

89
Q

Eight distinct areas of intelligence that everyone possesses

A

Multiple intelligences

90
Q

A technique for exploring the ways that your interests can be grouped into job categories so you can begin to select specific career paths to investigate.

A

Holland Interest Environments

91
Q

The ability to create mental images and transform them into an art form or useful product

A

visual/spatial intelligence

92
Q

Focuses on the use of language and words

A

verbal/linguistic intelligence

93
Q

Focuses on the ability to be aware of patterns in pitch, sound, rhythm, timbre

A

musical/rhythmic intelligence

94
Q

The ability to think abstractly, to problem solve, and to think critically

A

logical/mathematical intelligence

95
Q

Ability to connect mind and body, often excelling at sports

A

bodily/kinesthetic intelligence

96
Q

Ability to comprehend your own feelings

A

intrapersonal intelligence

97
Q

Ability to comprehend others’ feelings

A

interpersonal intelligence

98
Q

Ability to understand and work effectively in the natural world of plants and animals

A

naturalistic intelligence

99
Q

Programs in which you can work part time in career fields in which you are interested while taking job-related courses at schoo

A

cooperative education
(co-op) programs

100
Q

A life coach who guides, advises, and advocates for you in your individual life path

A

mentor

101
Q

Study at a college or university, perhaps starting at a community or junior college

A

higher education

102
Q

Job that does not involve manual labor, generally not requiring protective clothing

A

white-collar job

103
Q

Job that requires manual labor, requires protective clothing

A

blue-collar job

104
Q

Evening or weekend courses for working adults who are not able to enroll in college full time

A

continuing and adult education

105
Q

Formal education after you graduate college , gives in depth knowledge of your job career

A

graduate school

106
Q

Subject area in which you want to focus on

A

major

107
Q

What is the difference between a college and a university? Between
a university and a community college?

A

Colleges are usually smaller teaching places that can give undergraduate degrees, community colleges give associate degrees and training certificates, and universities can give graduate degrees

Financial Planning (6 decks)

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