Gradready; Real-World Finance

TRUE or FALSE: Monthly payments on a car loan with a zero percent interest rate are often lower than other car loans because the term is typically longer. FALSE
What form(s) of identification are typically required in order to get set up in company’s payroll system? Social security card
Fill in the blank: On your first day at a new job, you will likely meet someone in the ________ department. human resources
Fill in the blank: The cost of graduate school has increased nearly ____ in the past 10 years. 35%
Car loan interest rates are typically lowest for what type of car? NEW
Fill in the blanks: The _______ is a standardized exam for entrance into law school. The _______ is a standardized exam for entrance into medical school. LSAT / MCAT
Which of the following is not a standardized exam for graduate school? SAT
TRUE or FALSE: Job interviews are just as much about your assessment of the company as it is the company’s assessment of you. TRUE
Which of the following factors should not be considered when comparing graduate schools? All factors should be considerd
What factors should you consider when you search for a car? All answer are correct
What type of retirement plan is currently the most common employer-sponsored plan? 401 K
Fill in the blank: A bond is _________. A loan to a company or the government
When you buy _____, you are actually buying a portion of a company. Stocks
How much will you have saved by the age of 65 if you save $3600 per year with an 8% annual return starting at age 25? $1,000,000
Which of the following acronyms is not related to health insurance? PTO
As a general guideline, what percent of each paycheck should be set aside for retirement? 10%
Which of the following items is not deducted from a paystub? YTD
Fill in the blanks: _______income is your earnings after _______. Net/ taxes and withholdings
TRUE or FALSE: At year end, FSA account balances automatically rollover to the next year. FALSE
TRUE or FALSE: A mutual fund is a single stock or bond managed by multiple entities. FALSE
TRUE or FALSE: Banks and lenders are required to offer the same interest rates FALSE
With what service are realtors best equipped to assist? Price negotiation
TRUE or FALSE: PMI payments and 2nd mortgage payments are the same. FALSE
What percent of a down payment is typically the threshold to eliminate PMI? 20
What is PMI? Private Mortgage Insurance
TRUE or FALSE: Anyone can qualify for a mortgage, but the qualification amount varies based on credit score. FALSE
Which of the following is not a reason to refinance a mortgage? To lower Principal balance
Which of the following loan types features a monthly payment that does not change over time? Fixed
Which of the following is tax deductible? Interest payments
The difference between a home’s market value and the mortgage balance is called _________. Equity
Partial financial hardship is based on? Both A and B
TRUE or FALSE: Interest does not accrue on subsidized loans during periods of forbearance. FALSE
Which repayment plan allows you to begin with payments as low as interest-only with the understanding that it will gradually increase over time? Graduated
To save money in repayment, rank your debt by _____________ and make an extra effort to pay the loans at the top of the list. Interest rate
Which of the following is true about the extended repayment plan? It is available only for those with federal loan dept exceeding $30,000
After how many years are you eligible for public service loan forgiveness if you make qualifying payments while working in public service job? 10
What student loan information can you find at nslds.ed.gov? All the federal loans you’ve borrowed
What is interest capitalization? The point in which accrued interest is added to your principal balance to make a bigger principal balance
What info do you need to know as you get ready to repay your loans? All answers are correct
Under which repayment plan are scheduled monthly payments the same every month for the life of the loan? Standard
TRUE or FALSE: Federal student loans generally have more repayment and postponement options than private loans TRUE
Which circumstances can qualify you for deferment or forbearance? All answers are correct
The consequences to default are very serious, which of these is NOT a consequence? can’t vote in Federal election
For how many years will a student loan default stay on your credit report? 7
Fill in the blank: Federal loans go into _____ after 270 days of non-payment. Default
What is the first action you should take if you fall behind on your student loan payments? Contact your lender or servicer
To better manage your student loans you should know the following except: Your school’s default rate
Which option provides a means to suspend your loan payments for a given period of time? Forbearance
Consolidation can ___________ by ____________. lower monthly payments / extending your payment term
TRUE or FALSE: Once a loan defaults, it is NOT possible to get it out of default. FALSE

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