Forms Of Financial Aid Flashcards
(39 cards)
Name the types of Student Loans
Subsidized and Unsubsidized
Scholarship Definition:
An amount of money that Is given by a school or organization
Grants definition :
The issuance of an award under a stock plan
Subsidized student loan :
A loan partially supported and paid for by the US Government.
Unsubsidized
An offer by the government but does not pay interest
Tuition
A sum of money charged for teaching or instruction by a school or college
Hard Skills
Quantifiable capabilities required for specific occupations
Soft Skills
Character traits and interpersonal skills that characterize a persons relationship with other people
Supply & Demand
Explaining the interaction between the supply of a resource and the demand of the resource
Economy
The wealth and resources of a country or region.
Forms of Financial Aid
Student Loans, Grants, Scholarships
Employee Benefits Examples
Social Security, workers compensation and health insurance
Earned income
Money derived from paid work
Unearned Income
Income from investments rather than work
Name 2 of the 5 types of taxes
Social security Tax
Federal Income Tax
Name 3 of the 5 types of Taxes
Income Tax
Sales Tax
Excise Tax
Name the 2 types of Transfer Payments
In- Kind Payments
In-Cash Payments
Name 2 of the 5 types of Forms
W-4
W-2
Name 3 of the 5 types of Forms
I-9
1040EZ
1040A
Calculate payroll
Gross pay
Deductions
Net Pay
What is the difference between Medicare and Medicaid ?
Medicare : Federal program attached to Social Security
Medicaid : A joint federal and state program that helps low income individuals pay for medical and long term custodial care
Flexible Spending Arrangement ( FSA )
One of a number of tax advantaged financial accounts that can be set up through a cafeteria plan
Networking
A process that fosters the exchange of information and ideas among individuals or groups that share common interest
Risks of Entrepreneurship
Risks: Financial Risk, Technology Risk, Competitive Risk
