WorksheetsModule 5 & 6: Review
Total questions: 22
Worksheet time: 18mins
Money that a person, organization, or government owes to another person, organization, or government
Principal
Principal Balance
Debt
Loan
Your ability to generate income from your work by creating economic value; you can enhance this ability by gaining more skills, knowledge, experience, and professional connections
(a)
Money borrowed from a lender that is to be paid back over time, usually with interest
Loan
Loan Term
Debt
Principal
TRUE OR FALSE: A 'need-based' is a term to describe something which is awarded based on someone's lack of financial resources rather than their achievements or abilities
TRUE
FALSE
The amount of money a borrower currently owes to a lender; it includes any interest charges and it gets reduced as the borrower makes payments
(a)
An asset owned by a borrower that they promise to give to the lender if they are unable to repay their loan according to the terms and conditions of the loan agreement; for example, when financing a home or car, the home or car is the asset securing the loan
Principal
Collateral
Down Payment
Loan
A way for students to earn money to help cover the cost of their education by taking part-time jobs that are paid for by the government; these jobs are often on-campus and related to the student's field of study
(a)
Another person—other than the borrower—who agrees to be responsible for making loan payments on the borrower’s behalf if the borrower is unable to make their payments
(a)
Which of the following is NOT a non-income career factor?
company culture
job satisfaction
earning commission
work-life balance
A recurring pattern in which a borrower takes out new loans to help them pay back old loans, and this new borrowing leads to more future borrowing—and an ever-increasing amount of debt
(a)
The term for what happens when a borrower does not pay back a loan in accordance with the terms and conditions they initially agreed to with the lender; it usually results in penalties as well as other consequences like a lower credit score and possible legal actions
Deferment
Debt Consolidation
Bankruptcy
Default
A temporary pause on loan payments that a lender grants a borrower under certain circumstances; this pause gives the borrower time to get their finances back on track so they can pay off their loan once they are in a better financial position
(a)
Monetary assistance that is provided to students in order to help cover the costs of education; it may include scholarships, grants, and loans
Merit-based
Need-based
Tuition
Financial Aid
The costs you pay for items other than your courses which are necessary for your education; these items include textbooks, laptops, meals, housing, and living expenses
(a)
One of the key financial practices in this course, this involves thinking carefully about loans and debt, never taking on more debt than you need, and always having a plan for how you will pay money back to lenders on time
Saving
Budgeting
Responsible Borrowing
Spending
The amount of money you pay for the actual courses and instruction you’ll receive at a school or university; this cost does not include textbooks, housing, meals, and other living expenses
(a)
Which of the following is NOT considered as a way to avoid debt problems?
Debt Consolidation
Loan Refinancing
Credit Counseling
Bankruptcy
Individuals or financial institutions who try to trick or manipulate borrowers into taking out loans that are particularly unfair or harmful for the borrowers
(a)
An opportunity or benefit that you choose to forego in order pursue a certain professional goal or pathway; for example, you might choose to work longer hours and sacrifice work-life balance in order to earn a higher income from your job
Post-High School Pathway
Career Tradeoff
Earning Potential
Career Planning
TRUE OR FALSE: A 'need-based' is a term to describe something which is awarded based on someone's achievements or abilities rather than their lack of financial resources
FALSE
TRUE
Money that a student is awarded due to a lack of financial resources to help pay for their higher education; it is often provided by a state or federal government, or the school itself, and does not need to be paid back
(a)
Which of the following is NOT a type of financial aid which students can apply for to help pay for their education?
A need-based grant
A family contribution
A merit-based scholarship
A government-funded work-study program
