TCMS: Final Vocabulary

What is the difference between Rent and Lease?

• A lease can be terminated at any time without penalty.
• Rent is always more expensive than a lease.
• The main difference is that rent is usually short-term and flexible, while a lease is a long-term commitment.
• Rent agreements are legally binding for a year.

You need to ride a bike twice a week for 5 weeks to get to your part-time job. You are deciding between buying your own bike and renting a bike. You can rent a bike for one day for $37. You can buy a bike for $315, but you will also need to buy a tire pump and some spare parts for $62.

How much will it cost you to rent a bike two times a week for 5 weeks? How much will it cost you to buy a new bike?

• Renting a bike costs $370, while buying a bike costs $377.
• Renting a bike costs $300, while buying a bike costs $500.
• Renting a bike costs $200, while buying a bike costs $400.
• Renting a bike costs $450, while buying a bike costs $300.

What does Tuition refer to in the context of education?

• Tuition is the fee paid for instruction at a school or university.

• Tuition is a type of classroom furniture.

• Tuition is a sports activity offered by schools.

• Tuition is a holiday celebrated by students.

What are Fees in the context of education or finance?

• Fees are additional charges for services or activities beyond tuition.

• Fees are the main source of government revenue.

• Fees are a type of investment income.

• Fees are scholarships given to students.

What are Grants?

• Grants are funds given by an organization, often the government, for a specific purpose that do not need to be repaid.

• Grants are loans that must be repaid with interest.

• Grants are taxes collected by the government for public services.

• Grants are personal savings set aside for emergencies.

What are Loans?

• Loans are borrowed money that must be repaid with interest.

• Loans are gifts that do not need to be returned.

• Loans are money given without any conditions.

• Loans are rewards for good behavior.

What does Net cost mean?

• Net cost is the price excluding taxes and fees.
• Net cost is the final price after deductions.
• Net cost refers to the initial price of a product.
• Net cost is the total amount before any discounts.

What are Subsidized Loans?

• Subsidized loans are loans that do not require any documentation or credit check.
• Subsidized loans are loans with higher interest rates than unsubsidized loans.
• Subsidized loans are loans that have their interest paid by the government while the borrower is in school or during deferment.
• Subsidized loans are loans that require immediate repayment after graduation.

What are Unsubsidized Loans?

• Unsubsidized loans are only available to graduate students.
• Unsubsidized loans do not require repayment until after graduation.
• Unsubsidized loans are provided by private lenders only.
• Unsubsidized loans are federal student loans where the borrower pays the interest from the time the loan is disbursed.

What is a Down payment when renting a car?

• A down payment is an initial amount paid upfront when renting or buying a car.

• A down payment is the monthly fee for car insurance.

• A down payment is the total cost of renting a car for a year.

• A down payment is a refundable deposit for fuel.