Finals Review

1. Finals Review ORNT 199, Financial Literacy and Student Success

2. What does E.L.M. stand for? Elaboration Likelihood Model

3. “SMART” stands for… • Specific, Measurable, Attainable, Realistic, and Time-bound • Savings, Mortgages, Annual Rates, and Terms • Specific, Measurable, Applied, Reasoned, Taxed • Sally makes apples really tasty.

4. What are the routes to processing information? • Central and auditory • Visual and kinesthetic • Central and peripheral • Visual and auditory BONUS: With which route does an individual closely focus on a message? Central

5. Student loan history can be viewed at… • www.fafsa.gov • www.studentloans.gov • www.nslds.ed.gov • www.annualcreditreport.com

6. The diagram below is an example of what note-taking system? Cornell Notes Cues Summary

7. Order the steps in financial planning. 3 • Create a plan • Analyze the information • Monitor and modify • Set goals • Implement the plan 2 5 1 4

8. A ____ evaluation, advisor, ____, and transcripts are helpful when creating a schedule. • Financial, television • Degree, catalog • Scheduling, catalog • Degree, calculator • None of the above

9. Identify the two phases of stress Alarm Vigilance

10. Which of the following is a predictor of stress? • Negative situations • Positive situations • Personality • Secondhand stress • All of the above • None of the above

11. Physical signs of stress include… • Headaches or migraines • Irritability • Aches and pains • A & B • A & C

12. True/False: Credit reports can be requested for free each year and can show a consumer’s addresses, credit history, and loan history • True • False

13. Name the three crediting agencies. Equifax Transunion Experian

14. A ______ loan does not charge interest while you are in college enrolled at least half-time. • Subsidized • Unsubsidized

15. Ability and _____ determine our ability to process information centrally. Motivation

16. Which is NOT a benefit of central processing? • Messages are more stable over time. • Messages are more resistant to change and challenges. • Messages are not easily accessible. • Messages are predictive of attitude-relevant behavior.

17. Complete the following formula: Number of days since last payment x Interest Rate Factor x Principle Balance Outstanding = Interest Amount

18. ______ is reducing investment risk by putting money in several different types of accounts. Diversification

19. The ______ ___ _______ explains the time value of money. • Diversification of funds • Dynamics of compounding • Interest rate factor • Value of investment

20. _______ and ____ are dispositional factors affecting the ability to centrally process information. • Issue-relevant knowledge schema, distractions • Age, intelligence • Need for cognition, age • None of the above

21. Which is a situational factor influencing one’s motivation to centrally process information? • Issue-relevant knowledge schema • Personal relevance • Need for evaluation • Need for cognition

22. ______, healthy habits, and relaxation are effective ways in dealing with stress. • Procrastination • Exercising • Sleeping in extreme amounts • Shopping

23. Which of the following events could cause stress? • A wedding • Birth of a child • Graduation • All of the above • None of the above

24. Which is an effective habit for test preparation? • Asking questions when you don’t understand something. • Keeping up with all assignments. • Knowing your instructor’s expectations. • Attending every class. • All of the above.

25. True/False: Analyzing your test performance should not be done immediately after the test. • True • False

26. Which of the following is a note-taking system? • Cornell system • Outlining • Mind Map • All of these are note-taking systems • None of these are note-taking systems

27. What does P.Y.F mean? Pay yourself first

28. A decision to be fully focused with the intent of understanding the speaker is called… • Active listening • Kinesthetic learning • Financial planning • Mind mapping

29. A mind map is… • A very consistent form of note-taking using a system of Roman numerals, letters, and numbers. • A free form of outlining that is determined by the individual. • A holistic form of note-taking that starts with the main idea in the middle with related topics branching outward. • Learning style in which individuals learn best by picturing information.

30. Kinesthetic learning is… • Learning by hearing information • Learning by seeing information • Learning by working on a computer • Learning with hands-on processes

31. A learned response to stress during tests is called… Test Anxiety

32. Define financial planning. Setting goals, developing a plan, and putting the plan into action.

33. A short-term goal is accomplished in ______; an intermediate goal is accomplished in_____. • Less than three months, three months to a year • Less than six months, over a year • Less than three months, over a year • Less than three months, three months to six months

34. A subsidized loan does not accrue interest while a student is in school; an ______ loan does accrue interest while in school unsubsidized

35. The length of time (by credit hours), that includes transfer hours, students have to receive financial aid for an associate degree or eligible certificate program is called…. • The completion rate/pace requirement • The maximum timeframe (150%) rule • Standards of Academic Progress • None of the above

36. ______ learning is a learning style in which individuals learn best by hearing information. Auditory

37. A site one can use to run a free yearly credit report is… • Creditcards.com • Fafsa.gov • Freecreditreport.com • Annualcreditreport.com

38. A site that allows consumers to search for the best credit cards by rates and issuer is… • Creditcards.com • Credit.gov • Annualcreditreport.com • Freecreditreport.com

39. What is the SAP rule that requires students to complete at least 67% of total hours attempted in college courses? Completion rate/pace requirement

40. Secondhand stress is… • Stress that others feel that also affects those around them and to which men are particularly susceptible. • Stress that others feel that also affects those around them and to which women are particularly susceptible. • An adrenaline rush. • A predictor of stress. • A & C • A & D • B & D

41. With the 70-20-10 rule… • 70% of your income goes to living expenses • 20% of income goes to savings • 10% of the “20” in the rule goes towards retirement • 10% of your income goes towards payment on debt • All of the above.

42. What are the various types of test questions? Multiple choice True/false Fill-in-the-blank Short answer Essay Matching Open Book ***Be able to identify 1-2 strategies effective in answering the different types of questions***

43. The different types of expenses are… • Periodic and variable • Periodic, fixed, and variable • Only fixed • Only variable

44. A ____ expense is the same cost each month; a ________ expense can change monthly in amount; and a ______ expense may only occur once or twice a year. • Variable, fixed, periodic • Fixed, periodic, annual • Fixed, variable, periodic • Unchanging, variable, sporadic

45. Which strategy can help protect you against identity theft? • Using a cross shredder to destroy documents with confidential information. • Withholding your SSN when filling out an online application or talking to someone on the phone. • Only providing confidential information on sites with the “s” in https. • Using a mailbox with a lock. • Reporting phishing emails from fraudulent senders. • All of the above.

46. For which expenses can financial aid NOT be used? • Tuition, room and board, & fees • Books and supplies • Equipment • Dependent child care expenses • Transportation • Rental or purchase of a personal computer • All of these are approved expenses.

47. Identify which of the following are characteristic of federal student loans and which are characteristic of private loans. • Government loans: federal • Fixed interest: federal • Unsecured funds: private • Repayment while in school: private • Can be consolidated: federal • May require a cosigner: private • Tax-deductible interest: federal • No pre-payment penalty: federal • Based on credit score: private

48. ______ is a combination of thoughts and worries that have negative affect on the body’s responses. Stress Be able to identify the two phases when defining stress.

49. An IRA … • Is an individual retirement plan • Can be in the form of a Roth IRA (contributions are made with after-tax assets and have no penalty for withdrawal at retirement age). • Can be in the form of a Traditional IRA (contributions are tax deductible but are taxable when withdrawn at retirement) • Allows full income contribution or $4000 per year, whichever is less • All of the above

50. A 401K… • Is an employer-sponsored retirement account. • Can be withdrawn once an individual reaches 59 ½ years of age. • Can include up to $17,000 in pre-tax salary deferrals. • All of the above.