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Exp Bus
Exploratory Business Midterm Review
| Term | Definition |
|---|---|
| Budgeting | A plan for making, saving and spending money. |
| Cash Flow | Money coming in and money going out |
| Cost-Benefit Analysis | Analyzing whether the cost of an item is more than. equal to, or less than the benefit that comes from purchasing that item. |
| Cost Comparison | Comparing the cost of two or more goods and services in an effort to find the best value. |
| Fixed Expense | Expenses that are the same each month. (rent, phone, car) |
| Gross Pay | The total amount of money you earned for work |
| Long Term Goal | Longer than a year to achieve |
| Medium Term Goal | Less than a year to achieve |
| Net Pay | The amount of money you have left, after deductions. Also known as take home pay. |
| Opportunity Cost | Choosing one option that affects whether or not we can make the other choice when making a spending decision. |
| Salary | A set amount of money paid to an employee for a set period of time worked. You are paid the same no matter how many hours you work. |
| Short Term Goal | Less than 6 months to achieve |
| Variable Expense | Expenses that change in price and frequency each month (food and gas) |
| Wage | An amount of money paid to an employee at a specified rate per hour worked. If you work more hours, you will be paid more |
| Award Letter | A letter that outlines your financial aid package from the college(s) to which you applied, detailing your federal, state, institutional and private aid |
| Cost Of Attendance | Total expense to go to college which may include tuition, room and board, fees, books and supplies, computer costs, transportation to/from home, health insurance, etc. |
| Direct Plus Loans | A federal loan available to graduate or professional students and eligible parents of dependent undergraduate students to help pay for the cost of the student's education at participating schools |
| Direct Subsidized Loan | A student loan that the federal government pays interest on as long as the student is in school at least half-time |
| Direct Unsubsidized Loan | A student loan where the student is responsible for the interest during the time they are in school, which means they must pay that interest while studying or have it rolled into their loan |
| Expected Family Contribution (EFC) | Measure, appearing on your Student Aid Report, of your family's financial strength and how much the college expects your family to cover of your college expenses |
| Federal Student Aid | The largest form of student aid in the country, federal aid programs come in the form of government grants, loans, and work-study opportunities |
| Free Application For Federal Student Aid (FAFSA) | A form prepared annually by current or prospective college students to determine their eligibility for financial aid |
| Grants | Student aid coming from the state or federal government, the college itself, or from private sources that does not need to be repaid |
| Interest Rate | The rate charged for borrowing money usually expressed as a percent of the amount borrowed |
| Loan Servicer | The organization that collects payments on a federal student loan, responds to customer service inquiries, and performs other administrative tasks associated with maintaining a loan on behalf of a loan holder |
| Net Price | Actual expenses that a student pays in order to attend college, which is calculated as the sticker price of a college minus the financial aid received |
| Pell Grant | A Federal program based on substantial financial need and which does not need to be repaid |
| Perkins Loans | A Federal loan for students who demonstrate substantial financial need |
| Principal | Original amount of money borrowed, separate from interest or fees |
| Promissory Note | A contract signed by the student agreeing to pay back all student loan obligations |
| Repayment Period | The maximum time period over which you must repay your student loan -- currently between 10 and 30 years for Federal loans |
| Room And Board | Cost of housing and food while at college |
| Scholarship | Type of aid primarily awarded for academic merit (good grades) or for something you have accomplished (volunteer work, athletics, etc) that does not need to be repaid |
| Student Aid Report (SAR) | The report you will receive once you submit your FAFSA, which will contain your EFC |
| Tuition | Sticker price for the academic portion of your college expenses, which does not include room and board, textbooks, or other fees |
| Work Study | A program that provides funds to eligible students in exchange for part-time employment to help finance the costs of postsecondary education |
| Capitalized Interest | Unpaid interest that has been added to the principal balance of a federal student loan |
| Default | Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower's credit score |
| Delinquency | Describes the status of being behind on one or more loan payments |
| Disbursement | A portion of a federal student loan that the school pays out by applying the funds to the student's tuition and fees and then by paying the borrower directly for any remaining funds |
| Grace Period | A period of time that generally begins on the day after a borrower graduates, leaves school, or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this time |
| Master Promissory Note (MPN) | A legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees to your lender or loan holder |
Created by:
cpollino
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