Quiz about Financial Algebra Vocab FALL Study Guide

Question 1

The __________ is an annual no cost federal form that determines your eligibility to receive financial aid for college.

Accepted Answer

FAFSA

Answer

Work-Study

Answer

Grant

Answer

Scholarship

Question 2

At CNM, students must maintain a C average and complete at least 2 out of every 3 courses they attempt.  This is an example of _____________ but it differs at every school.

Accepted Answer

Satisfactory Academic Progress

Answer

Work-Study

Answer

FAFSA

Answer

Cost of Attendance (COA)

Question 3

If given the choice, college students should select a(n) ________________ student loan since the federal government covers the interest until the borrower starts making payments.

Accepted Answer

Subsidized

Answer

Unsubsidized

Answer

Federal

Answer

Private

Question 4

A ________ is a form of financial aid from the government based solely on your ability to pay and not on your academic or athletic merits.  This money does not have to be paid back.

Accepted Answer

Grant

Answer

Federal Student Loan

Answer

Scholarship

Answer

Private Student Loan

Question 5

A student loan made by a financial institution other than the federal government could be called a _______.  The loan must be paid back and typically with higher interest.

Accepted Answer

Private Student Loan

Answer

Grant

Answer

Federal Student Loan

Answer

Scholarship

Question 6

A ________ is a loan funded by the federal government to help cover the costs of college.  This loan must be paid back with interest.

Accepted Answer

Federal Student Loan

Answer

Grant

Answer

Scholarship

Answer

Private Student Loan

Question 7

A high score on the ACT or the ability to run fast may earn you assistance in paying for college in the form of a ____________.  This award does not have to be paid back.

Accepted Answer

Scholarship

Answer

Grant

Answer

Federal Student Loan

Answer

Private Student Loan

Question 8

A student loan that must be paid back along with all of the interest accrued from the date of disbursement regardless of whether you are still in school or not is called a(n) _____________ loan.

Accepted Answer

unsubsidized

Answer

sneaky

Answer

phishy

Answer

scam

Question 9

Shelving books in the campus library or serving meals in the school cafeteria are examples of part-time employment students can get to help pay for college expenses.  These jobs are part of a government program called _____________.

Accepted Answer

work-study

Answer

grants

Answer

Jobs across Main Campus

Answer

scholarships

Question 10

Includes tuition and fees, room and board, and allowances for books, fees, loan interest, and other miscellaneous college-related expenses.

Accepted Answer

Cost of Attendance

Answer

Grant

Answer

Scholarship

Answer

Federal Student Loan

Question 11

April 15th is typically the day that _____________  is due to both the federal government and the state of NM.  It is based on the amount of money you earn in wages, salaries and tips.

Accepted Answer

income tax

Answer

property tax

Answer

thumb tacks

Answer

sales tax

Question 12

An antique painting, a stock portfolio, or some vacant land out west of town are all examples of __________ since they can be sold and they have monetary value.

Accepted Answer

assets

Answer

mutual funds

Answer

debt

Answer

savings accounts

Question 13

Casey works 40 hours a week and makes $12.50 an hour.  His pay check comes every 2 weeks.  His pay check should read $1,000 in the box marked _______ since no deductions have been removed yet.

Accepted Answer

gross pay

Answer

net pay

Answer

medicare

Answer

social security

Question 14

Susan earns $68,000 a year and gets paid on a semi-monthly basis.  Once her deductions for taxes, insurance and  other benefits are removed, her ___________ is about $1840 per check.

Accepted Answer

net pay

Answer

medicare

Answer

gross pay

Answer

social security

Question 15

Something that you owe; could be short term or long-term.

Accepted Answer

Debt

Answer

Cash Outflow

Answer

Income Tax

Answer

Asset

Question 16

Money coming in, such as your paycheck.

Accepted Answer

Cash Inflow

Answer

Cash Outflow

Answer

Debt

Answer

Cost of Attendance

Question 17

Money going out. An example would be paying your cell phone bill each month.

Accepted Answer

Cash Outflow

Answer

Cash Inflow

Answer

Asset

Answer

Social Security

Question 18

Employers currently withhold 6.2% of our gross pay and send it to the government who holds that money for us to use as income once we reach retirement age or become disabled.  This benefit is called ________.

Accepted Answer

social security

Answer

net pay

Answer

medicare

Answer

gross pay

Question 19

Employers currently withhold 1.45% of our gross pay and send it to the government who holds that money for us to use in paying for health care once we reach retirement age or become disabled.  This benefit is called ________.

Accepted Answer

medicare

Answer

net pay

Answer

gross pay

Answer

social security

Question 20

Financial institutions that accept deposits and use funds to provide commercial business and personal loans owned by shareholders.

Accepted Answer

Commercial Banks

Answer

Credit Unions

Answer

Federal Deposit Insurance Corporation

Answer

Stock Exchange

Question 21

Those individuals do not deposit funds into a bank or credit union or keep their money in a specific account are ______________.

Accepted Answer

Unbanked

Answer

Internet Only Bank

Answer

Credit Unions

Answer

Mobile Banking

Question 22

Access through an application on a smart phone or website.

Accepted Answer

Mobile Banking

Answer

Unbanked

Answer

Non-Depository Institution

Answer

Depository Institution

Question 23

Offers all of the services of a "brick and mortar" institution without the physical building; operated solely online.

Accepted Answer

Internet Only Bank

Answer

Commercial Bank

Answer

Credit Union

Answer

Time Value of Money

Question 24

A member-owned, non-profit financial institution is called a __________.

Accepted Answer

credit union

Answer

mobile bank

Answer

savings and loan

Answer

commercial bank

Question 25

When you deposit money in your financial institution, you would be wise to  look for documentation stating your funds are insured up to $250,000.  One such agency that protects your deposit is called the ____.

Accepted Answer

FDIC

Answer

APR

Answer

UNM

Answer

CIA

Question 26

Financial Institutions that accept deposits from individuals.  Also provide loans to individuals.

Accepted Answer

Depository Institutions

Answer

Non-Depository Institutions

Answer

U.S. Securities and Exchange Commission

Answer

Federal Deposit Insurance Corporation

Question 27

Financial Institutions that do not offer Federally Insured Deposit Accounts but provide other financial services.  Some examples are securities firms, insurance companies, and investment companies.

Accepted Answer

Non-Depository Institutions

Answer

Credit Unions

Answer

Commercial Banks

Answer

Depository Institutions

Question 28

The formula I = prt is used to calculate ________.  This interest is based solely on the amount borrowed, the interest rate, and the length of the loan.

Accepted Answer

simple interest

Answer

compound interest

Answer

imaginary interest

Answer

lack of interest

Question 29

In APR, the P stands for ______________

Accepted Answer

Percentage

Answer

Power

Answer

Potential

Answer

Precise

Question 30

The idea that $1000 today is worth more than $1000 five years from now is the concept of ___________.  This idea takes into account money's potential earning capacity over time.

Accepted Answer

Time Value of Money

Answer

Federal Reserve

Answer

New York Stock Exchange

Answer

IRS

Question 31

The United Way and St. Jude Children's Hospital are examples of a ____________, an organization that raises money for those less fortunate.

Accepted Answer

charity

Answer

investment bank

Answer

philharmonic

Answer

credit union

Question 32

The act of giving your money, time, or talents to those in need is called ________.

Accepted Answer

philanthropy

Answer

stock exchange

Answer

mobile banking

Answer

identity theft

Question 33

A ______ is a share in the ownership of a company which entitles the buyer to a portion of the company's earnings.

Accepted Answer

stock

Answer

mutual fund

Answer

philanthropy

Answer

bond

Question 34

In 2019, RRPS took advantage of voters passing a municipal ______ allowing RRPS to use money to replace heating systems and athletic fields.

Accepted Answer

bond

Answer

mutual fund

Answer

stock

Answer

philanthropy

Question 35

To help diversify his portfolio and keep his costs down, Steve bought shares of a ________ .   This allowed him to invest in several securities thus reducing his individual risk.

Accepted Answer

mutual fund

Answer

stock

Answer

philanthropy

Answer

bond

Question 36

Purchase of goods that are not consumed today, but are used to create wealth in the future.

Accepted Answer

Investments

Answer

Debts

Answer

SEC

Answer

FDIC

Question 37

The amount of profit, before tax, from an investment made.  Usually expressed as a percentage of the original cost invested.

Accepted Answer

ROI

Answer

SEC

Answer

FDIC

Answer

NCUA

Question 38

An exchange in which shares are bought and sold; examples include NYSE and NASDAQ.

Accepted Answer

Stock Exchange

Answer

Bonds

Answer

Mutual Funds

Answer

Investments

Question 39

Protects investors, promotes fairness and shares information about companies to help investors make informed decisions.

Accepted Answer

SEC

Answer

ROI

Answer

NCUA

Answer

FDIC

Question 40

Volunteer work done for free in order to give back to the community.

Accepted Answer

Community Service

Answer

Philanthropy

Answer

Charity

Answer

Investment

Question 41

A person who invests money in order to make a profit

Accepted Answer

Investor

Answer

Borrower

Answer

Defaulter

Answer

Investee

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