FIn Math semester review

Front

What is the difference between scholarships and grants?

Back

Grants are need-based; scholarships are merit-based.

Front

Which of the following is not considered a credit?

Back

Overdraft Fee.

Front

What type of account allows you to deposit money for safekeeping?

Back

Saving Account.

Front

What is the tax you pay when you work, deducted from your paycheck?

Back

Income tax.

Front

What action enters money into an account?

Back

Deposit.

Front

What is a financial aid that does not need to be repaid?

Back

Grant.

Front

What is the primary purpose of a checking account?

Back

To manage daily transactions and withdrawals.

Front

What is interest earned on savings?

Back

The money paid by a bank to you for keeping your money with them.

Front

What is the term for money taken out of an account?

Back

Withdrawal.

Front

What is a loan?

Back

Money borrowed that must be repaid with interest.