Financial Math Fall Final Vocabulary Review

Front

What is Coinsurance?

Back

Coinsurance is the time period when you pay a small percentage of your medical expenses and the insurance company pays the bigger percentage.

Tags

CCSS.7.RP.A.3

Front

What does 'n' represent in the compound interest formula?

Back

In the compound interest formula, 'n' stands for the number of times compounded per year.

Front

What is a Scholarship?

Back

A scholarship is an award of financial aid for a student to further his or her education, often based on merit such as academic achievement or athletic skill.

Tags

CCSS.L.9-10.4C

CCSS.L.11-12.4C

CCSS.L.8.4C

CCSS.L.7.4C

CCSS.L.6.4C

Front

What is a Grant?

Back

A grant is a monetary award given by the federal, state, or local government to an eligible student for educational expenses, without the expectation of repayment.

Tags

CCSS.L.9-10.4C

CCSS.L.11-12.4C

CCSS.L.8.4C

CCSS.L.7.4C

CCSS.L.6.4C

Front

What are Student Loans?

Back

Student loans are money borrowed to pay for college expenses.

Front

What is a Premium in insurance?

Back

A premium is the amount you pay for your insurance policy, typically on a monthly or annual basis.

Tags

CCSS.7.RP.A.3

Front

What is a Deductible?

Back

A deductible is the amount you pay out of pocket before your insurance coverage kicks in.

Tags

CCSS.7.RP.A.3

Front

What is a Copay?

Back

A copay is a fixed amount you pay for a covered healthcare service, usually at the time of service.

Tags

CCSS.6.RP.A.3B

Front

What is the formula for Compound Interest?

Back

The formula for compound interest is A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest, P is the principal amount, r is the annual interest rate, n is the number of times that interest is compounded per year, and t is the number of years.

Front

What is FAFSA?

Back

FAFSA stands for Free Application for Federal Student Aid, a form used to apply for financial aid for college.