Chapter 10 Personal Finance

Which is a short term need?

• education

• repairs

• home ownership

• investing

Which is a long term need?

• investing

• major purchase

• social event

• emergency

Expenses beyond your regular monthly items.

• long term needs

• short term needs

• investments

• retirement

Expenses that are costly and requires years of planning and saving.

• emergencies

• repairs

• long term needs

• major purchases

• short term needs

Cash allowances awarded to students to help pay for education costs.

• loans

• work-study

• grants

• scholarships

This usually consist of 10 to 20% of the total cost of an Item. Usually ownership of a home

• investment

• down payment

• retirement

• consolidation

Money that is borrowed for your education.

• grant

• scholarship

• work study

• loan

Educational funding that do not have to be repaid and usually do not require students to maintain certain standards.

• work study

• grant

• scholarship

• loan

The base amount of money you deposit in your savings is called _____________.

• principal

• interest

• compound interest

• APY

This represents earnings on the principal.

• APY

• balance

• interest

• consolidation