econ review

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

In-state public college, out-of-state public college, private college

what should you do before you use an ATM?

Inspect the ATM and its surroundings to make sure it is safe to use.

To avoid losing a lot of money in the event something happens to them or their property, people purchase...

Insurance

Which of the following statements is TRUE?

None of these are true

Which of the following expenses would be a good reason to spend money from an emergency fund?

Repair your laptop that you use for homework.

All of the following are true about health insurance except:

Being young and healthy means you can skip out on health insurance.

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

Charging of excessive fees and Lengthy negotiations

Which of the following financial institutions typically have the highest fees?

Check cashing and payday loan companies

Savings accounts typically offer more interest than what type of account?

Checking account

Annual Percentage Rate (APR), credit limit, and penalties and fees are important to consider when

Choosing a credit card

Which method of payment actually is a form of borrowing money that needs to be paid back later?

Credit card

Which payment option takes money out of your bank immediately?

Debit card

This helps you prepare for unexpected expenses.

Emergency fund

What type of federal funding is free money, but is based on financial need only?

Federal grants

When setting a budget, you can choose to make room for

Financial goals, Entertainment expenses, and Charitable donations

Which of the following should NOT be considered when setting a current budget?

Future income

What is the difference between gross and net pay?

Gross pay is pay before taxes and net pay is after taxes are taken out.

Which of the following is NOT a possible tax or deduction that could be withdrawn

Sales tax

What is one of the best ways to get reliable information about a product?

Search online reviews

Which of the following is NOT an advantage of owning a car?

Smaller down and monthly payments than leasing a car

Which of the following is true about the Free Application for Federal Student Aid (FAFSA)?

The earliest you can submit your FAFSA is October 1st of each year. different states may have different deadlines. and the form paper is available online

Your employer sends you this form that tells you how much you've made & how much you've paid in taxes in the last year.

W-2

What option will NOT be available if you are behind on loan payments?

You can ask to get out of your loan.

What is NOT a benefit of having a good credit score?

You'll get accepted to better education institutions.

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

Your financial institution

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

additional costs for attending a college or university.

Where should you look to find your current expenses when building your budget?

bank and credit statements

Credit cards can help _____________ when paid off on time regularly.

build credit history

Saving money by earning an Associate's degree first & then transferring to a 4 yr college can be done

by going to a local community college

When you are deciding what to buy, you should...

compare the unit price of items similar to the one you want.

Federally-funded grants require the student to...

have financial need only

Generally, the more education you receive, the ________________ will be.

higher your lifetime earnings

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

it requires collateral.

Insurance that will pay for injury to another driver and/or damage to their car if you are in an accident is called...

liability insurance.

Preparing to pay for higher education can start in 9th grade or earlier by...

opening a 529 plan

Paying only the minimum balance on your credit card can lead to...

paying more interest over time

A stock is a

share of ownership in a company.

The W-4 tax form is used to

tell employers how much federal income tax to withhold from your paychecks

An insurance premium is...

the amount of money you pay for an insurance policy.

An insurance deductible is...

the amount you owe before insurance will cover the rest of the bill.

Each year, you must file

your federal taxes and state taxes if your state requires it

Which of the following is NOT a common feature of a financial institution?

Access to investment products

What should you NOT use a loan to purchase?

Airline tickets to your dream vacation