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Academic Team > Financial Literacy and College Prep > Flashcards

Financial Literacy and College Prep Flashcards

1
Q

Which type of account is typically used for everyday transactions?

A

Checking account

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2
Q

What type of interest is calculated on both the initial principal and the accumulated interest from previous periods?

A

Compound interest

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3
Q

Which numerical figure represents an individual’s creditworthiness?

A

Credit score

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4
Q

What financial product allows you to borrow money up to a certain limit and pay it back with interest over time?

A

Credit card

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5
Q

How many months’ worth of expenses are typically recommended to save in an emergency fund?

A

3-6 months

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6
Q

What type of loan interest rate remains the same throughout the life of the loan?

A

Fixed interest rate

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7
Q

What term describes the action of allocating resources, especially in terms of capital investment?

A

Investing

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8
Q

What is a retirement savings plan offered by many employers in the United States?

A

401(k)

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9
Q

What investment strategy involves spreading out investments to reduce risk?

A

Diversification

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10
Q

What term describes money earned from investments?

A

Returns

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11
Q

What type of account typically offers the highest interest rates?

A

Savings

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12
Q

What is the term for the fee charged for borrowing money?

A

Interest

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13
Q

What is the name for a loan that is backed by collateral?

A

Secured

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14
Q

What is the term for the process of repaying a loan over time?

A

Amortization

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15
Q

What is the name for the price of a stock or bond at a specific moment?

A

Market Price

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16
Q

What is the term for the difference between a company’s assets and liabilities?

A

Net Worth

17
Q

What is the name for a sudden, significant drop in the value of investments?

A

Crash

18
Q

What is the term for the process of converting assets into cash?

A

Liquidation

19
Q

What is the name for a type of investment that represents ownership in a company?

A

Stock

20
Q

How many safety schools should you typically apply to?

A

At least 2

21
Q

What type of college is generally the most affordable option?

A

Community college

22
Q

What is the common application deadline for many colleges known as?

A

Regular decision

23
Q

What type of admission decision requires you to attend the college if you get accepted?

A

Early decision

24
Q

Which exam is typically required for admission to many U.S. colleges?

A

SAT or ACT

25
Q

What should you request from your teachers to accompany your college applications?

A

Letters of recommendation

26
Q

What is the term for the office that helps students with their financial aid options in college?

A

Financial aid office

27
Q

When should you ideally start visiting potential colleges?

A

Junior year of high school

28
Q

What is a year taken off between high school and college called?

A

A gap year

29
Q

What is one of the first steps in the college application process?

A

Researching and choosing which colleges to apply to

30
Q

What term describes the process of exploring various career options and their associated educational paths?

A

Career Exploration

31
Q

What type of financial aid does not need to be repaid?

A

Grants

32
Q

What is the term for the standardized test that assesses English language proficiency for non-native English speakers?

A

TOEFL or Test of English as a Foreign Language

33
Q

What organization provides federal student loans to eligible students?

A

FAFSA (Free Application for Federal Student Aid)

34
Q

What term describes a program that allows students to earn college credit while still in high school?

A

Dual Enrollment

35
Q

What term describes the process by which colleges consider an applicant’s extracurricular activities, essays, and letters of recommendation, in addition to grades and test scores?

A

Holistic Admissions

36
Q

What type of financial aid requires students to work in exchange for tuition reimbursement?

A

Work Study

37
Q

What term describes the maximum amount of money a student can borrow in federal student loans?

A

Loan Limit

38
Q

What application system is commonly used for undergraduate admissions by the University of California (UC) campuses?

A

UC Application

39
Q

What alternative application system is commonly utilized by Texas schools as an alternative to the Common Application?

A

ApplyTexas Application

Academic Team (6 decks)

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