PFP 1101-Exam 2 Review

PFP 1101-Exam 2 Review - Exam 2 Review 1 60,000 43,000 How...

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Exam 2 Review 1. 60,000 43,000 How much should you save? 3 months of your total earnings- $12,900 2. FRIC insures- Commercial banks 3. Deposit insurance fund- FDIC Funds 4. Tao $150,000 checking $200,000 saving $300,000 checking with mom How much is he insured for? 500,000 5. CD has a higher % interest and time commitment- FALSE 6. Direct deposits- most secure 7. Money Market Funds- low risk investments 8. Long term higher risk training or $ takes place in the $ markets- FALSE 9. Savings account is primary account- FALSE 10. Lowest APR and least frequent compounding- FALSE 11. Best method to get out of Credit Card debt- negotiate lower credits and interest rates 12. Higher interest rate- credit card
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Unformatted text preview: all of the above 14. An unsubsidized loan accrues interest as soon as you get it- TRUE Subsidized wait until you’re out of school 15. Students taking out subsidized will not have to pay interest during the life of the loan- FALSE 16. Which education loan typically have the highest interest rate- alternative student loans 17. Which type of loan can be taken out by both students and parents- PLUS 18. All of the above (eco hard ship, disability, returning to school) 19. Free credit report every year- annual credit report 20. Credit scores users- all of the above 21. Not a credit report agency - FICO 22. Credit bureau- collect and buy credit info...
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