Personal Finance

1.

5 points

Sam plans to attend college in 2 years. He and his family have saved some money to help pay for it but he want to explore ways he can receive money he WON’T need to repay. Which set of options below should he explore?

Pell Grants, Work‐study, and scholarships

Federal Perkins Loans, PLUS and local bank loans

Work‐study, scholarships and PLUS Loans

Federal Student Grants, PLUS Loans, and scholarships

2.

5 points

Carlos family has always struggled financially due to his parents’ leaving high school before graduating and working lower paying jobs to support the family. His parents don’t want him to make the same mistake and are encouraging him to apply for scholarships and any type of student
aid he might qualify for. Which application will determine which typed of need‐based aid he will qualify for?

Federal Work Study Application

Direct Subsidized Stafford Loan Application

Perkins Federal Loan Application

Free Application for Federal Student Aid (FAFSA)

3.

5 points

One's Lifestyle is to their Standard of Living as present is to ________ ?

Future

Recent

Gift

Past

4.

5 points

Which statement is TRUE regarding college‐level expectations for studying and completing projects?

It is best to study alone in a quiet environment.

Plan backwards from major deadlines.

Multi‐tasking during study time develops the important skill of working while being distracted, so it is okay to message with friends or watch TV while studying.

The busier your schedule gets, the more important it is to write down only the most critical tasks to be done. Wasting time writing down smaller details is not recommended.

5.

5 points

The average cost of basic necessities, such as housing and food for a particular city is call the:

Lifestyle

Cost of Living

Economy of Living

Standard of living

6.

5 points

In order to make an informed career decision, a high school student will want to:

choose a training program that will guarantee employment after the course work is completed.

develop personal goals, complete a career assessment, and research careers

choose a career that offers the amount of money desired

commit to a profession that requires a college degree

7.

5 points

The regular schedule that employers pay their employees is called the __________.

worker's compensation

employee benefits

employer contributions

pay period

8.

5 points

Individuals with more formal educational training usually have:

higher estimated lifetime earnings

greater amounts of leisure time

lower personal satisfaction

more comfortable work environments.

9.

5 points

Emily has been assigned by her school counselor to complete a career assessment. Which statement BEST describes why her counselor has suggested she do this?

Her counselor wants Zoe to conduct interviews with people in her area of interest to determine if she truly enjoys the career she wants to prepare for.

Her counselor wants Emily to match her skills, abilities, interests and values with a list of specific occupations.

Her counselor wants Emily to find a career that will provide a high level of income to support Zoe's lifestyle and well being.

10.

5 points

Career assessments help to identify:

possible career areas related to one's interests

positions available in a particular occupation

the job an individual should have if he/she wants high well-being

fastest and slowest growing careers in a particular occupation

11.

5 points

Erin has been in college for 2 years and has decided that the major she has been studying isn’t for her. Changing her major and/or her college could result in:

losing credits for classes she has already taken.

remediation courses to make up for the change in majors.

a well‐rounded college degree.

the need for backwards planning.

12.

5 points

An example of a transferable skill is a skill:

that can only be used in an individual's job or career.

that each employer requires you to learn.

used in your job that you acquired through past jobs, volunteering, hobbies, school sports, or other life experiences.

that is learned at one job and is required at other jobs as well.

13.

5 points

Eric is writing a paper on the importance of investing in yourself and he is looking for a sentence to use as the thesis statement for his paper. Which sentence below would be the best choice?

Education pays in higher earnings and lower unemployment rates.

Completing your college degree is the best way to prepare for a career.

Investing in yourself too early can lead to a lower standard of living.

Human capital and transferable skills result from formal training.

14.

5 points

It is recommended that your educational loan payments require no more than 10‐15% of your estimated starting income. To calculate this amount, students need to calculate the _________ of their education and training

Opportunity cost

Debt-to-income ratio

Career Pathway

Benefit

15.

5 points

Shannon is reviewing her pay stub to determine how much money she earned before her deductions were subtracted. Which column should she check to find this amount?

Gross Income

Net Income

Hours and Earnings

Employer Contributions

16.

5 points

Which of the following statements is NOT true?

People can develop human capital in a variety of ways.

Transferable skills can be applied to many personal and professional roles.

Most people have several CAREERS throughout their lifetime.

Jobs are paid positions.

17.

5 points

James is struggling to make his student loan payments after college. He is considering defaulting on the student loan. Which is not a potential consequence if he decides to default on the student loan?

He may not be able to obtain a marriage license.

His wages may be garnished.

He could be denied credit cards, car or home loans, or apartment leases.

The bank could refuse to allow him to open a checking account.

18.

5 points

Gross income – deductions = _______________

Net Income

Medicare

Social Security

Employee Benefits

19.

5 points

The most secure method for an employer to pay employees is to use:

in-store credit

payroll card

direct deposit

printed paycheck

20.

5 points

The _________________ of continuing your education is the money you would have earned if you have worked instead.

Benefit

Debt‐to‐income ratio

total estimated cost

Opportunity cost

Personal Finance - Earning