Financial Algebra Final Review

What does APR stand for?

• Annual Principal Rate

• Annual Profit Rate

• Annual Payment Rate

• Annual Percentage Rate

What is the role of a Credit Reporting Agency?

• To offer financial advice

• To collect and maintain credit information

• To manage bank accounts

• To provide loans to individuals

What does 'Insufficient Funds' mean?

• A surplus of funds in an account

• A type of loan

• An account lacking enough money to cover a transaction

• Having enough money to cover a transaction

What is Wage Garnishment?

• A legal procedure where a portion of earnings is withheld for debt repayment

• A tax deduction

• A bonus payment from an employer

• A type of savings account

What is the Principal in financial terms?

• The total amount of a loan

• The original sum of money borrowed or invested

• The monthly payment on a loan

• The interest earned on an investment

What is Direct Deposit?

• A cash deposit at a bank

• Electronic transfer of funds directly into a bank account

• A check payment

• A manual transfer of funds

What is Compound Interest?

• Interest on the initial principal only

• A variable interest rate

• Interest on both the initial principal and the accumulated interest

• A fixed interest rate

What is a Technical School?

• An institution offering general education

• An institution offering specialized training in technical fields

• A school for arts and humanities

• A school for business studies

What is an Associate Degree?

• A graduate degree

• A two-year undergraduate degree typically awarded by community colleges

• A four-year undergraduate degree

• A professional certification

What is a Grant?

• A loan that must be repaid

• A sum of money given by an organization for a specific purpose

• A scholarship based on academic achievement

• A financial aid package