Semester Review Vocabulary

What does FAFSA stand for?

• Free Application for Federal Student Aid

• Federal Assistance for Student Aid

• Financial Aid for Students Application

• Federal Application for Student Assistance

What is the Annual Percentage Rate (APR)?

• Interest rate you are charged for borrowing money (mortgages, car loans, credit cards)

• The total amount of money in your savings account

• The amount of cash you can withdraw from an ATM daily

• The fee charged for opening a bank account

What is a Credit Score?

What is a Credit Report?

• Report of your financial history. Includes loans, credit cards, timeliness of payments, Debt to Income Ratio, and addresses (personal info). Any and all positive or negative situations may appear. Determining factor in getting credit.

• A summary of your monthly expenses and income only.

• A document that lists your educational qualifications and work experience.

• A report that only shows your current bank account balance.

Name one way to manage credit.

• Pay off the balance monthly OR Snowball Method OR Avalanche Method

• Ignore monthly statements

• Max out all credit cards

• Only pay the minimum due each month

What are Hard Skills?

What are Soft Skills?

• Skills that are required at almost any job regardless of the technical skills needed to perform that job. Interpersonal skills like communicating, following directions, following workplace rules etc.

• Technical abilities specific to a particular job such as programming or machine operation.

• Physical abilities required for manual labor jobs.

• Knowledge of foreign languages only.

What are Benefits in a job context?

• Extra compensation other than your salary that make jobs more attractive. These include health insurance, pension, etc.

• The main tasks and responsibilities of your job.

• The amount of vacation days you are required to take.

• The number of hours you must work each week.

What is a Pension? Fill in the blank: A Pension is a defined benefit plan funded by the employer and employee where you get a % of your last salary for the remainder of your life when you retire.

• A defined benefit plan funded by the employer and employee where you get a % of your last salary for the remainder of your life when you retire.

• A savings account that only the employee funds and can withdraw at any time.

• A government grant given to all citizens regardless of employment history.

• A short-term loan provided by the employer to the employee.

What is a Cover Letter? Fill in the blank: A Cover Letter is an introductory letter to a possible employer.

• An introductory letter to a possible employer. It introduces yourself and shares your interest in working for that company. Often this letter is presented in an interview or attached to a resume.

• A letter sent to friends to invite them to a party.

• A document listing your educational qualifications and work experience.

• A letter written to request a bank loan.