FIN101 Final Exam Ball State University - Olga McAtee (Ch. 6-10) | Questions And
Answers Latest {2024- 2025} A+ Graded | 100% Verified
High Cost Consumer Loans - a loan with above average fees
Main Stream Financial System - banks, credit unions, credit card issuers, etc.
Alternative Financial System - payday loans, pawn shops, check cashers, etc.
Installment Loan - a loan repaid with interest in equal periodic payments
Revolving Credit/Loan - specified maximum amount of funds over a specified period of time
Calculation: How to calculate APR loan... - o 365 / pay period = answer
o answer * loan charge % = answer
Federal Student Loans - student financial aid loans that are financed by the government
Federal Subsidized Loans - based on financial need and the interest does not accrue while the student is
in college, paid by the government
Federal Un-Subsidized Loans - available to undergraduate and graduate students; there is no
requirement to demonstrate financial need
Depreciation - lessening in value
Calculation: How much equity you have in your home... - fair market value - how much you owe =
answer
, Calculation: FHA total fixed payments-to-income ratio.... - cannot if the ratio is greater than 43% (Are
you lower than 43%?)
Types of Risks - financial, social, performance, physical, time
Federally Insured Banks - preserves and promotes public confidence in the U.S. financial system by
insuring deposits in banks and thrift institutions for at least $250,000
Credit Unions - a nonprofit-making money cooperative whose members can borrow from pooled
deposits at low interest rates.
Inflation Risk - the danger that money won't be worth as much in the future as it is today
Investment Pyramid - a graphic used to illustrate different investments and their risk levels
Emergency Funds - money set aside or budgeted for unanticipated but necessary expenditures
Calculation: Emergency Fund Ratio - account savings / monthly payments = answer
Tax-Deferred Growth - taxes are not paid on contributions or earnings until withdrawn
Tax-Deferred Earnings - investment earnings on a retirement plan that will be taxed later, after
retirement
Establishing Roth IRA - - You must have earned income to establish Roth IRA
- A non-working spouse may use the earned income of the working spouse to open an IRA
Financial Fraud - a form of fraud that serves the interests of the corporation
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller oneclass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.48. You're not tied to anything after your purchase.
