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WSS Unit 3 & 4 Key Terms Review. Credit & Debt, College & Career, Income & Taxes Questions and Answers 100% Solved
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WSS Unit 3 & 4 Key Terms Review. Credit & Debt, College & Career, Income & Taxes
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WSS Unit 3 & 4 Key Terms Review.Credit & Debt, College & Career, Income
& Taxes
APR - answer Annual percentage rate; the annual rate of interest that is charged for
using credit
Balance Transfer - answer Paying off one credit card balance by transferring it to
another credit card. (Paying off one credit card by using another)
Transaction Fees - answer A charge for making a transaction. Transaction fees may be
a percentage of the total amount or a flat rate regardless of size.
Late Fee - answer A penalty for making a payment after the due date.
Grace Period - answer A time period after your bill is due in which you are not charged
any fees for your late payment.
Principal - answer The original amount of money borrowed in a loan agreement.
Interest - answer The price you pay for the use of borrowed money, usually a
percentage of the borrowed amount.
Schumer Box - answer Terms and fees of a credit card in an easy to read box required
by law on all credit card applications and solicitations.
Fixed Interest Rate - answerAn interest rate that does not change from month to month.
Variable Interest Rate - answerAn interest rate on a loan or security that fluctuates over
time, because it is based on an underlying benchmark interest rate or index that
changes periodically.
Secured Credit Card - answerA type of credit card that is backed by a savings account
used as collateral on the credit available with the card. This type of card is great for
young people trying to establish credit, or for people with a poor credit rating.
Annual Fee - answerA yearly fee that's charged by the credit card company for the
convenience of the credit card
, Cash Advance - answerBorrowing cash using your credit card. Interest begins accruing
immediately and you may be charged a fee based on the terms and conditions of your
card. In general, not a good way to borrow cash!
Introductory APR - answerThe, typically low, rate charged during the introductory period
after a credit account is opened, after which the regular, typically higher, APR will apply
Credit Limit - answerThe maximum amount of credit a lender will extend to a customer.
Award Letter - answerThe notification of financial aid award. The letter lists the types
and amounts of financial aid the student is eligible for. To finalize the award package,
the student must sign and return the award letter to the Financial Aid office.
Cost of Attendance - answerThe total amount it will cost you to go to school (includes
tuition and fees, room and board, as well as personal expenses).
Subsidized Student Loan (Federal) - answerA need-based loan from the federal
government, the interest of which is paid for by the U.S. Department of Education while
the borrower is in school and during grace and deferment periods.
Unsubsidized Student Loan (Federal) - answerThis is a type of federal student loan on
which the government does not pay the interest that accrues while a student is in
school.
Private Student Loans - answerThese are financed by private companies rather than
the government. Since interest rates and
fees for these loans aren't capped by the government, they cost more than federal
loans.
Grants - answerFinancial Aid funds from colleges or the federal government, usually
need-based aid, and do not need to be paid back.
Scholarships - answerFinancial aid that is awarded for merit or talent. These funds do
not have to be paid back.
Room and Board - answerThe cost of housing and food while attending college or
career school.
Tuition - answerA sum of money charged for teaching or instruction by a school,
college, or university.
Delinquency - answerBroadly refers to a borrower not being current on his or her
payments
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