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Terms in this set (20)

Sean 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
Direct Subsidized Stafford Loans offer some features that are different when compared to borrowing money from a bank to pay for college. Which of the following is NOT difference between of a Direct Subsidized Stafford Loan and a typical bank loan?
Interest rates for Stafford loans tend to be higher because the loans are held for a relatively long period of time.
Carson's 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?
Free Application for Federal Student Aid
Jaimen 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.
Sarah learned in her Financial Education class that she needs to consider the Cost of Living when comparing job offers. Which statement is most accurate?
The average cost of basic necessities, such as housing and food in the city where her new job is.
The average cost of basic necessities, such as housing and food for a particular city is call the:
Cost of Living
Steven is considering taking a job with a company that is offering gym memberships, flexible hours, repayment of education loans, merchandise discounts, and childcare. These components of the job offer are called:
employee benefits
To be considered for lifelong employment a person must continually maintain their employability. Three actions below will help to maintain employability. Which one WILL NOT?
Seek ways to blend your personal and professional images online to enable current and future employers to see that you have a varied and interesting life both in and outside of work.
Susan is currently working in Kansas City, MO earning $30,000 per year. She is offered a position in Indianapolis, IN earning $32,000 per year. If Kansas City's Cost of Living Index is 100 and Indianapolis' Cost of Living Index is 125, which is true?
Susan will have more spending power if she stays in Kansas City.
Rob's parents asked him what employee benefits his employer was providing. Which would be considered
Paid sick leave
When Rob compared the Cost of Living Index for the city he currently lives in with the city where the other job was located, the index for his city was 106 and the index for the other city was 78. Which statement is most likely to be TRUE?
Rob chose his current job for reasons other than a lower cost of living.
Jamie has elected to be paid by direct deposit at her new job. This means
She will receive her pay directly into her checking account at her depository institution for each pay period.
Gross income - deductions =
Net Income
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
The most secure method for an employer to pay employees is to use:
direct deposit
Hunter has been offered a job by a local mechanic who has offered to pay him in cash rather than by paper paycheck, direct deposit, or payroll card. Hunter is excited that the amount of money he will take home each week will be larger since his employer won't be deducting any taxes from it. His employer wants to hire him for the 10 weeks of his summer break and expects to pay him $300 per week. Which statement below is most likely to be true?
Hunter will need to pay his federal and state taxes on his own since his employer is not paying these required taxes for him.
The regular schedule that employers pay their employees is called the
pay period
Ally learned in her Personal Finance class that some paycheck deductions are required and others are optional. She is checking over her paystub and sees several deductions. Which of the following would be TRUE?
Federal Income Tax, State Income Tax, Social Security and Medicare deductions are all required deductions.
What is Bob's gross pay on his paycheck?
$640.00
What is Bob's net pay on his paycheck?
$501.66
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