ORNT 199 , FINANCIAL LITERACY AND STUDENT SUCCESS

Finals Review

What does E.L.M. stand for?

Elaboration Likelihood Model

“SMART” stands for…

a. Specific, Measurable, Attainable, Realistic, and Time-bound

b. Savings, Mortgages, Annual Rates, and Terms

c. Specific, Measurable, Applied, Reasoned, Taxed

d. Sally makes apples really tasty.

What are the routes to processing information?

a. Central and auditoryb. Visual and kinestheticc. Central and peripherald. Visual and auditory

BONUS: With which route does an individual closely focus on a message?

Central

Student loan history can be viewed at…

a. www.fafsa.govb. www.studentloans.govc. www.nslds.ed.govd. www.annualcreditreport.com

The diagram below is an example of what note-taking system?

Notes Cornell

Cues

Summary

Order the steps in financial planning.

a. Create a planb. Analyze the informationc. Monitor and modifyd. Set goalse. Implement the plan

1

23

4

5

A ____ evaluation, advisor, ____, and transcripts are helpful when creating a schedule.

a. Financial, televisionb. Degree, catalogc. Scheduling, catalogd. Degree, calculatore. None of the above

Identify the two phases of stress

Alarm

Vigilance

Which of the following is a predictor of stress?

a. Negative situationsb. Positive situationsc. Personalityd. Secondhand stresse. All of the abovef. None of the above

Physical signs of stress include…

a. Headaches or migrainesb. Irritabilityc. Aches and painsd. A & Be. A & C

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

a. Trueb. False

Name the three crediting agencies.

EquifaxTransunionExperian

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

a. Subsidizedb. Unsubsidized

Ability and _____ determine our ability to process information centrally.

Motivation

Which is NOT a benefit of central processing?

a. Messages are more stable over time.b. Messages are more resistant to change and

challenges.c. Messages are not easily accessible.d. Messages are predictive of attitude-relevant

behavior.

Complete the following formula:

Number of days since last payment x

Interest Rate Factor x

Principle Balance Outstanding=

Interest Amount

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

Diversification

The ______ ___ _______ explains the time value of money.

a. Diversification of fundsb. Dynamics of compoundingc. Interest rate factord. Value of investment

_______ and ____ are dispositional factors affecting the ability to centrally process information.

a. Issue-relevant knowledge schema, distractions

b. Age, intelligencec. Need for cognition, aged. None of the above

Which is a situational factor influencing one’s motivation to centrally process information?

a. Issue-relevant knowledge schemab. Personal relevancec. Need for evaluationd. Need for cognition

______, healthy habits, and relaxation are effective ways in dealing with stress.

a. Procrastinationb. Exercisingc. Sleeping in extreme amountsd. Shopping

Which of the following events could cause stress?

a. A weddingb. Birth of a childc. Graduationd. All of the abovee. None of the above

Which is an effective habit for test preparation?

a. Asking questions when you don’t understand something.

b. Keeping up with all assignments.c. Knowing your instructor’s expectations.d. Attending every class.e. All of the above.

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

a. Trueb. False

Which of the following is a note-taking system?

a. Cornell systemb. Outliningc. Mind Mapd. All of these are note-taking systemse. None of these are note-taking systems

What does P.Y.F mean?

Pay yourself first

A decision to be fully focused with the intent of understanding the speaker is called…

a. Active listeningb. Kinesthetic learningc. Financial planningd. Mind mapping

A mind map is…

a. A very consistent form of note-taking using a system of Roman numerals, letters, and numbers.

b. A free form of outlining that is determined by the individual.

c. A holistic form of note-taking that starts with the main idea in the middle with related topics branching outward.

d. Learning style in which individuals learn best by picturing information.

Kinesthetic learning is…

a. Learning by hearing informationb. Learning by seeing informationc. Learning by working on a computerd. Learning with hands-on processes

A learned response to stress during tests is called…

Test Anxiety

Define financial planning.

Setting goals, developing a plan, and putting the plan into action.

A short-term goal is accomplished in ______; an intermediate goal is accomplished in_____.

a. Less than three months, three months to a year

b. Less than six months, over a yearc. Less than three months, over a yeard. Less than three months, three months to six

months

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

unsubsidized

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….

a. The completion rate/pace requirementb. The maximum timeframe (150%) rulec. Standards of Academic Progressd. None of the above

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

Auditory

A site one can use to run a free yearly credit report is…

a. Creditcards.comb. Fafsa.govc. Freecreditreport.comd. Annualcreditreport.com

A site that allows consumers to search for the best credit cards by rates and issuer is…

a. Creditcards.comb. Credit.govc. Annualcreditreport.comd. Freecreditreport.com

What is the SAP rule that requires students to complete at least 67% of total hours attempted in college courses?

Completion rate/pace requirement

Secondhand stress is…

a. Stress that others feel that also affects those around them and to which men are particularly susceptible.

b. Stress that others feel that also affects those around them and to which women are particularly susceptible.

c. An adrenaline rush.d. A predictor of stress.e. A & Cf. A & Dg. B & D

With the 70-20-10 rule…

a. 70% of your income goes to living expensesb. 20% of income goes to savingsc. 10% of the “20” in the rule goes towards

retirementd. 10% of your income goes towards payment

on debte. All of the above.

What are the various types of test questions?

Multiple choiceTrue/false

Fill-in-the-blankShort answer

EssayMatching

Open Book

***Be able to identify 1-2 strategies effective in answering the different types of questions***

The different types of expenses are…

a. Periodic and variableb. Periodic, fixed, and variablec. Only fixedd. Only variable

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.

a. Variable, fixed, periodicb. Fixed, periodic, annualc. Fixed, variable, periodicd. Unchanging, variable, sporadic

Which strategy can help protect you against identity theft?

a. Using a cross shredder to destroy documents with confidential information.

b. Withholding your SSN when filling out an online application or talking to someone on the phone.

c. Only providing confidential information on sites with the “s” in https.

d. Using a mailbox with a lock.e. Reporting phishing emails from fraudulent

senders.f. All of the above.

For which expenses can financial aid NOT be used?

a. Tuition, room and board, & fees b. Books and suppliesc. Equipment d. Dependent child care expenses e. Transportation f. Rental or purchase of a personal computer g. All of these are approved expenses.

Identify which of the following are characteristic of federal student loans and which are characteristic of private loans.

a. Government loans: federalb. Fixed interest: federalc. Unsecured funds: privated. Repayment while in school: privatee. Can be consolidated: federalf. May require a cosigner: privateg. Tax-deductible interest: federalh. No pre-payment penalty: federali. Based on credit score: private

______ 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.

An IRA …

a. Is an individual retirement planb. 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).

c. Can be in the form of a Traditional IRA (contributions are tax deductible but are taxable when withdrawn at retirement)

d. Allows full income contribution or $4000 per year, whichever is less

e. All of the above

A 401K…

a. Is an employer-sponsored retirement account.

b. Can be withdrawn once an individual reaches 59 ½ years of age.

c. Can include up to $17,000 in pre-tax salary deferrals.

d. All of the above.

If you have been a victim of identity theft, what can you do to prevent someone from

using your personal information?

a. Stop using your accounts to see if there is any activity that you did not authorize

b. Get a new social security numberc. Place a fraud alert on your credit reportd. Get a new photo ID

What are the types of identity theft.

SkimmingMalwarePhishing

Pyramid scam

**Be able to identify how the different types of ID theft work.**

What are common types of credit?

Credit CardsAuto Loans

School LoansCell phonesMortgages

What influences the amount of one’s mortgage?

a. Income, amount available for down payment, and current mortgage loan interest rates.

b. Income and mortgage loan interest rates only.

c. The type of home you are buying.d. Whether or not you have a cosigner for your

loan.

Which of the following statements about student financial aid is NOT

true?

a. Using financial aid means that students must only take courses in their designated majors.

b. Financial aid can limit the number of credit hours you register for if you are not meeting Financial Aid Satisfactory Academic Policy.

c. To receive financial aid, students must maintain a 67% cumulative rate of completion (a.k.a., Pace).

d. All of these statements are true.e. None of these statements are true.

Which of the following is true regarding credit cards?

a. Even if you pay your balance in full before the due date, you will be charged interest.

b. Buying something on credit and paying it off over a long period of time means your costs are less because you only have to pay a little bit at a time.

c. Buying something on credit is always the same as buying with cash.

d. Paying the full balance on your credit card before the due date prevents you from being charged interest.

_____ is something of value that lenders can repossess if you do not

pay a loan as promised.

Collateral

List rewards/benefits of credit.

Helps establish creditSafer than cash

More purchasing powerProtection from fraud online

Helpful for emergenciesEnables you to purchase “big ticket” items

What are two main negative conflict management styles? What are some

specific ones?

AvoidingErupting

Belt liningName calling

Gunny sacking

Which of the following is not a source of conflict?

a. Differing goalsb. Differing means of achieving goalsc. Interpersonal needsd. Enactment of behaviorse. All of the above are sources of conflict

What are the levels of critical thinking?

Level 1: RememberingLevel 2: Understanding

Level 3: ApplyingLevel 4: AnalyzingLevel 5: EvaluatingLevel 6: Creating

What are ways to improve critical thinking skills?

Find various points of view on ANY issueDefine terms (even something as simple as “family”)

Look for assertions (these answer questions)Look for at least three viewpoints, answers

Practice tolerance—be open-mindedLook for logic and evidence

Consider the source—could he/she be biased?Understand another’s viewpoint before you criticize

Be willing to be uncertainty to take time to examine an issueWrite your thoughts to allow more time for reflection

Ask questions