Quest For Success Exam
Which of the following is NOT a reason to complete the Free Application for Federal Student Aid (FAFSA)?
It allows you to be eligible for early admission.
Investing is best for:
Long-term financial goals, like paying for retirement.
A brief written account of personal, educational, and professional qualifications and experience, for use when applying for a job is
resume
Which is NOT a common feature of a financial institution?
Access to investment products.
Which choice or choices best describes the purpose of an emergency fund?
An emergency fund prepares you for unexpected expenses An emergency fund keeps you from borrowing money from friends and family An emergency fund removes the worry about expenses not in the budget
Which item is important to consider when selecting a credit card?
Both APR and fees
Which payment option is not accepted online?
Cash
Which type of bank account is best for everyday transactions?
Checking accounts.
Bank statements, credit statements, and records of cash expenses help you to estimate your__________.
Expenses
Which of the following should NOT be considered when setting a current budget?
Future income
Which of the following is a benefit of using a budget?
Helps to keep track of the money you receive Helps to prioritize your spending Helps reach short- and long-term goals
The W-2 form is a form that tells you:
How much taxes you've paid in the last year based on how much you've earned.
Which of the following is NOT a good way to track your spending?
In your head
A pack of 24 pencils is more expensive than 12 pencils, but why could buying the 24 pack be the better deal?
The price of each pencil, or the unit price, is actually cheaper in the 24 pack.
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.
How is having security system for your home a risk management strategy?
The security system will alert authorities and deter criminals, protecting your valuables and property.
Which of the following statements about check cashing companies is true?
They charge high fees.
Why is it important to reconcile your bank statements?
To avoid spending more than what is in your account.
When are loans a good option to use?
When paying for higher education.
What is NOT benefit of having a good credit score?
You'll get accepted to better education institutions.
What do you need in order to fill out your 1040?
Your W-2 Your routing number and bank account number A record of any other supplemental income
Planned efforts that are made to reach a specific goal
action steps
The outward aspect or look of something
appearance
The gestures, movements and mannerisms by which a person or animal communicates with others is
body language
A person who is admired or idealized for courage, outstanding achievements or noble qualities
hero
Collision insurance is...
insurance that will pay to get your car fixed in the event of an accident.
Paying only minimum balance on your credit card can lead to...
paying more interest.
To list or rate (Projects, goals, etc.) in order of priority
prioritize
All of the Following are true about why it is important to complete the Free Application for Federal Student Aid (FAFSA) process EXCEPT:
It allows you to be eligible for early admission.
Done or executed by sight only is
visual
Why is it important to have insurance?
It's important to have insurance so people can protect themselves from losing a lot of money in the event of an unpredictable event or something happens to them or their property. So individuals can defend against the possibility of financial loss due to unpredictable event.
Which fact supports the idea that renting is a good option for living in a place for a short period of time?
Landlords take care of most maintenance.
The behavior of motivating a person or groups to act towards a common goal or change an attitude or belief is
Leadership
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.
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.
The W-4 form is used to:
Tell your employer how much federal tax to withhold from your paycheck to send to the IRS.
What is net pay?
The amount of money you're paid after all the taxes and deductions are taken out of your paycheck.
An insurance premium is...
the amount of money you pay for an insurance policy.
How is an advertisement different from a comment from a regular consumer?
The advertisement is likely one-sided.
Which of the following is NOT a possible tax or deduction that could come out of your paycheck?
Overtime Pay
The belief in or practice of selfless concern for the well-being of others
case study
Insurance that covers damage to your car from an accident is called...
collision insurance
When looking for pre-approval on a car loan you should...
compare pre-approval offers and select the one that is best for you.
A constraining condition, agency. Or force; a check
constraints
The document used to introduce you to an employer and persuade them to interview you is a
cover letter
A standard on which a judgement or decision may be based on is:
criteria
Which is NOT considered an additional cost beyond tuition for higher education?
Academic counseling
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?
Maria could apply for federal grants to help pay for college Maria can apply for need-based scholarships
Which of the following is NOT an advantage of owning a car?
Smaller down and monthly payments than leasing a car.
An outline of action steps needed to achieve one's goals
Student success plan
