Financial Math Fall Final Vocabulary Review

Front

What are the two types of transactions that can occur in a checking account?

Back

Credit and Debit.

Front

What is a Work-Study program?

Back

A program that provides students with part-time jobs while in school to help subsidize the cost of education.

Front

In the compound interest formula, what does 'n' represent?

Back

The number of times interest is compounded per year.

Front

What is a Deductible in insurance?

Back

The amount you must pay out of pocket before the insurance company pays their portion.

Front

What is a Scholarship?

Back

An award of financial aid for a student to further their education, often based on merit.

Front

What is the difference between a Grant and a Scholarship?

Back

A Grant is typically need-based financial aid, while a Scholarship is often merit-based.

Front

What is a Premium in insurance?

Back

The amount you pay for your insurance policy, usually on a monthly basis.

Front

What is a Student Loan?

Back

A loan specifically for students to help pay for their education, which must be repaid with interest.

Front

What does FAFSA stand for?

Back

Free Application for Federal Student Aid.

Front

What is the purpose of a Budget?

Back

To plan and track income and expenses to manage finances effectively.