economics everfi

public university

4 year college that allows students to live off campus requirements: diploma, qualifying SAT/ACT/GPA, application, interview, letters of recommendation in-state - $10,230 out-of-state - $26,290 room and board - $10,800 textbooks & supplies - $1,250 transportation - $1,170 other expenses - $2,100 degree type: bachelor's degree

which item is important to consider when selecting a credit card

APR and fees

all of the following may be a part of your benefits package available from your employer, except:

FICA

Which example shows an advantage of owning a car over leasing one?

No restrictions on the number of miles to drive and the ability to customize, or make changes to the car.

your employer sends you a _______ form that tells you how much you've made and how much you've paid in taxes in the last year

W-2

which is a tax-free savings account that can only used for educational expenses?

a 529 plan

529 plan

a savings plan for education operated by a state or educational institution (+ tax benefits)

what is not a common feature of a financial institution?

access to investment advice

textbooks, transportation and room and board are all...

additional costs for attending a college or university

what should you NOT use a loan to purchase?

anything that isn't a basic need (car, college tuition, a house, etc.)

credit cards can help _____________ when paid off on time regularly

build credit history

bank statements, credit statements, and records of cash expenses help you to estimate your ________.

expenses

the gig economy offers...

flexible, short-term, and independent jobs

private loan

loan negotiated between one borrower and one lender

investing is best for ________

long-term financial goals, like paying for retirement

benefits to paying the full balance of your credit card each month include:

not having late fees

trade school

offers hands-on working courses requirements: high school diploma average yearly tuition: public, in state - $3,350; private, non-profit: $13,427 average additional costs: room and board - $8,000; textbooks and supplies - $1,420; transportation - $1,780; other expenses - $2,410 degree type: certification/license

which savings account will earn you the most money?

one that compounds interest daily

What can help you meet your budget while shopping for important items?

prioritizing features to meet your needs

bank

reduces debt faster by reducing your spending on things that don't last

what additional costs are likely the most expensive?

room and board

stock

share of ownership of a company

all of the following are true about the Free Application for Federal Student Aid (FAFSA) EXCEPT:

the form is only available online

How is a post from a social media influencer different than a comment from a regular consumer?

the influencer is paid for posting it

dimitri's counselor told him that post secondary education can be expensive but can pay off in the long run, what does that mean?

the salary you will earn with a degree will pay back the cost of college over your career

why is it important to reconcile your bank statements?

to check for errors, determine if you were charged any fees, and to avoid spending more than what you have

what is a benefit of having a good credit score?

when you need a loan, you'll have more loan offers to pick from

what do you need in order to fill out your 1040?

your W-2

casino

avoid because it can be addictive even while you are losing money

pawnshop

avoid high fees for loans, so don't go to a pawnshop

living at home could save you money while enrolled in post secondary school or training because...

it reduces the cost of room and board

the cost of a secured loan is typically lower than the cost of an unsecured loan because _______

it requires collateral

Which of the following should NOT be considered when setting a current budget? 1. your financial goals 2. future income 3. needs and wants 4. savings

2

what bests describes the purpose of emergency funds? 1. an emergency fund prepares you for unexpected expenses 2. an emergency fund keeps you from borrowing money from friends and family 3. an emergency fund removes the worry about expenses not in the budget. 4. all of the above

4

subsidized loan

a need-based loan from the federal government, the interest of which is paid for by the U.S. Department of Education while the borrower is in school and during grace and deferment periods

unsubsidized loan

a non-need-based loan from the federal government the interest of which is paid for by the borrower

what could be a good option available to you if you are behind on loan payments?

a financial institution may offer for you to pay a little now and pay the rest after your next pay day

secured loan

a loan backed by collateral, something valuable such as property

GPA (Grade Point Average)

a measure of a student's academic achievement at a college (used to determine eligibility for scholarships and merits)

federal work study program

a part-time employment that can be awarded as part of a federal financial aid package

Which payment option is not accepted online?

cash

which type of bank account is best for everyday transactions?

checking account

Which forms of payment is linked to a bank account which limits the amount of money you can spend to balance in your account?

checks and debit cards

consequences of bankruptcy

difficult to get a job, credit, or a place to live; property and possessions can be sold or taken away; student loans can remain even while in bankruptcy; filing for bankruptcy can cost thousands of dollars in fees

private university

expensive 4 year college that offers better grants and scholarships requirements: diploma, qualifying SAT/ACT/GPA, application, interview, letters of recommendation in/out-of-state - $35,830 room and board - $12,210 textbooks & supplies - $1,220 transportation - $1,030 other expenses - $1,700 degree type: bachelor's degree

which of the following is NOT a recommended method to protect you from identity theft?

expensive specialty locking or monitoring service

if there is a mistake with one of your bank accounts, who should you contact to resolve the issue?

financial institution

when looking for pre-approval on a car loan you should NOT...

get a loan from the car dealer directly to keep things simple

scholarship, grant

gives money to pay for school expenses without needing to pay it back. grants are need-based, scholarships are merit-based

car dealership

gives prices of gas and repairs, as well as helps keep track of monthly payments and total cost

andrew doesn't want to spend a lot of money on student loans, and does not qualify for grants. What is his best option for affording a Bachelor's Degree?

he can attend the local community college whose courses transfer to the public four-year college

Federal Supplemental Educational Opportunity Grant (FSEOG)

help low-income undergraduate students who need a lot of financial aid

which of the following answers lists 4 year colleges from generally the least expensive to most expensive?

in-state public university, out-of-state public university, private university

clubs/extracurricular activities

increases chances of earning scholarships and funding for school

earning a degree can be expensive but which example shows why it might be worth it?

individuals with a bachelor's degree typically earn a higher annual salary than those without one

what should you do before you withdraw money from the ATM?

inspect it to make sure it wasn't tampered with

everyone interested in post secondary education should complete the Free Application for Federal Student Aid (FAFSA) because...

it allows you to be eligible for federal student aid and other scholarships and grants

federal pell grants

most popular grant aid usually awarded to undergrads going after 1st degree

loan offers

must always be in writing, never digital (texts, phone calls, etc.)

the amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________

net pay

What are possible red flags or signs of a scam when buying a car?

being told you financing fell through; charging of excessive fees

Why is figuring out the unit price of something useful when shopping?

it helps determine the best deal

to maintain a good credit score you must ______

manage your debt wisely

store

manages debt by keeping track of how many credit cards you can spend

Which fact supports the idea that renting is a good option for living in a place for a short period of time?

renting requires a large down payment

How can you ensure you don't go over your budget?

round up your expenses

what is false about savings accounts?

savings accounts allow an unlimited amount of withdrawals each month

maria is a high school senior. She wants to go to the local community college and become a nurse. Her grades are average, but she comes from a low-income family. What could she do to in order to afford the next step in her dream to become a nurse?

she could apply for federal grants or apply for need-based scholarships

An unanticipated expense that will make it difficult to get by day-to-day would be a candidate for...

spending money from your "rent" envelope

federal student loans

student financial aid loans that are financed by the government

TEACH grant

students who agree to teach in a high-need field in a low-income community for four years may be eligible for these grants

military service grants

students whose parent or guardian died as a result of military service after September 11, 2001, or in Iraq or Afghanistan, and who meet other eligibility requirements may qualify for these grants

what is false about check cashing companies?

they charge low fees

community college

2 year program that allows students to transfer to a 4 year college requirements: high school diploma average yearly tuition: in state - $3,600; out of state - $8,593 room and board - $8,400 textbooks & supplies - $1,420 transportation - $1,780 other expenses - $2,410 degree type: associate's degree

How does a consumer know whether a purchase may be a good deal? 1. a large percentage of positive customer ratings offer detailed explanations 2. the item has the most features compared to other similar items 3. the price is the most expensive for that type of item 4. both 1 and 2

4

Which of the following is a way to track your spending? 1. spreadsheet budget 2. envelope method 3. an app 4. all of the above

4

Which of the following statements is true about taxes? 1. taxes pay for schools and government departments 2. taxes pay for roads and emergency services 3. taxes are often used at the federal, state, and local levels 4. all of the above

4

Why is using a budget beneficial? 1. helps to keep track of the money you receive. 2. helps to prioritize your spending. 3. helps reach short- and long-term financial goals. 4. All of the above.

4