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Financial Literacy

Final exam review

QuestionAnswer
What does SEOG stand for? Federal Supplemental Educational Opportunity Grant
Generally until when do you start paying loans? After College Graduation
When do you start paying a federal Perkins loan? 9 months after graduating, leaving school, or dropping below half-time status.
What does the acronym FAFSA stand for? Free Application For Federal Student Aid
What information is requested when you complete your FAFSA? - Social Security - Tax Returns -Marital Status - Citizenship Status - Selective Service Registration (Male)
What is the difference between Grants and Scholarships? Grants are given on the basis of needs while scholarships are based on either need/and or outstanding achievements.
What are Work Study Program wages based on? Federal Minimum Wage Guidelines
With Federal Subsidized Stafford Loans, repayment begins how many months after you graduate? Six Months
If there is an access code in a book should you peel it off? Why or Why not? No, because you might not use the book, and you can't return it.
Why is it important to focus on the Net Price and not on the Sticker Price? Students pay less than their college's sticker price, Thanks to Financial Aid. Remember that the total amount of registered hours will affect the Net Price.
When you get to college can you park on campus for free? No
Where can you find a personalized estimate of the Net Price for the college you're planning to attend? A Net Price calculator
Where should you check to see which subject test the university may require for the SAT? Check admission requirements
What test must you pass in Texas to receive college credit? TSI
When creating a total cost for transportation, what should you factor in about a car? Gasoline costs
Who are SAT fee waivers available to? Low income 11th and 12th students
When do you take the SAT for the first time? Spring semester of Junior year
True or False: Work Study students have to be enrolled at least half-time and show progress in their studies True
What's Financial Aid? Money used to help you pay for college (grants, scholarships, work programs, and student loans)
If your legal parents are separated or divorced who's information do you put on your FAFSA? You use the information from the parent you lived most with during the last 12 months.
What equals Financial Need? Cost of education MINUS expected family contribution = financial need
If your qualify for work study, how many hours will you work? 10-15 hours
True or False: Financial Aid is given on the basis of need True
How is a student's eligibility to receive Financial Aid calculated? By a process called Need Analysis
What types of Financial Aid are available to college students? - Grants - Scholarships - Loans
If you want to keep all of your records for college applications, you should _______________. Start a folder to keep all the records together
What is included in the costs of education? Tuition, Fees, Room & Board, Books, Supplies, Transportation
What is a student loan and to who is it available to? Loans are Financial Aid available to both parents and students
What is one example of demonstrating Financial Need? If your education will cost more than you are able to pay
How often do you need to renew your FAFSA? Every year
When should you apply for FAFSA (at the latest)? Valentines Day (2/14)
What should males be registered for in order to qualify for Financial Aid? Selective Service
How many credit hours is one class? One class is worth 3 credit hours
What question does a net price calculator ask you? It may ask you questions about your family's finances and your GPA, test scores, activities, and other things to qualify you for Financial Aid
Who must take the TSI? Anyone who wants to enroll in Dual Credit classes or wants to attend a Texas College/ University
What is a refund check? Money left over from a loan that has been accepted
If a loan is absolutely necessary, which is better; Federal Stafford Loan, or Federal Unsubsidized Stafford Loan? Federal Subsidized Stafford Loan
If you are wealthy and planning to attend college, does that mean you cannot apply for Financial Aid? No. You can apply for Financial Aid no matter your income
With some loans it is important to keep your grades up and not drop out, why is that? The student will be responsible for repaying the loan fully
Why is getting a private loan bad? Because they have high interest rates
What are wages best associated with? Employee compensation
At what ages are workers, retired workers, and spouses eligible to receive medicare benefits? Age 65
Who do the employers send the payroll taxes and income taxes that they withhold to? The Federal Government
After how many hours are high salary employees not likely to receive additional pay? 40 Hours
What is Salary? It is a fixed annual payment
How do you calculate Net Pay? By subtracting the deductions from the gross pay
True or False: Do you receive an allowance for each dependent on your W4? True
What is included in Federal Income Taxes? - Social Programs - Law Enforcement - Interest on the national debt - Community Development - National Defense and Foreign Affairs
Who is not likely to receive additional pay for the hours in excess of 40 per week? Salaried employees in high pay positions
What are the medicare tax rate? 1.45%
What is the social security tax rate? 6.20%
What is an installment loan? A loan in which the amount of payment and the number of payments are pre-determined
What are the 6 types of credit? 1. Credit Cards 2. Installment loans 3. Revolving credit 4. Student loans 5. Payday loans 6. Auto title loans
When you have a credit card, many responsibilities come with it. Name 4 of them 1. know the real cost of debt 2. Point use credit to live beyond your means 3. Read the fine print 4. pay as much as you can, as early as you can
What are some risks of credit? - Interest rates - Over spending - Debts - Identity theft
A consumer who has a _____________- income level is more likely to buy ____________ foods because they are cheaper. Low; Processed
What are the steps in repairing the damage of identity theft? - Call the police - Check your Bank Accounts - Contact credit reporting agencies - Work with your creditors - Report your case to the Federal trade commissions
When doing business online, what is first thing you should check? Check if it is a secure site
What should you do with all Financial statements before throwing them away? Shred them
What are ways identity theft can happen, and why do you think these methods are used? Dumpster diving, stealing outgoing mail from curbside mailboxes, stealing important documents. usually this is done because people are careless and would least expect it
What is the Sticker price? The sticker price is the price college's publish on their page
What is a net price calculator? A net price calculator is a free online tool that gives you a personalized estimate of net price
What is tuition? Its the price you pay for taking classes at you college
What is a work study program? A program that allows the student to go to school while earning money towards their educational cost
What forms of money does Financial Aid come in? - Grants - Loans - Scholarships - Work programs
What's a student loan? Loans offered to students to assist with the cost of a professional education
In 1971, what act established a frame work for fair information practices to protect privacy and promote accuracy in credit reporting? Fair Credit Reporting Act (FCRA)
What's a co-signer? A person who agrees to be responsible for loan payments if borrower fails to make the
What is credit? Legal agreement to receive cash, goods, or services straight away & then pay for them in the future
What does the term Best By mean? It is a suggestion on which date the product should be consumed
When you take the SAT, Universities will accept your ____________ score. Highest
Some Universities also require that you take a __________________ along with the SAT subject test
Students who use a SAT fee waiver will receive___________ 4 college application fee waivers.
Is there a penalty for guessing on the SAT? No
When will you apply to Universities? No later than November of your senior year.
Should you save your Social Security number as a phone contact? NO
True or False Can a grant turn into a loan? True
This programs allows an employer to pay a small part of your wages and the federal government pays the rest. Work study program
Man people fail to read the _________ on their scholarship award packages. Fine print
________________ can cost time and money. It can destroy your credit and ruin your good name. Identity Theft
_______________ believed in no government regulations and a free market. Adam Smith
____________________debt takes years to pay off Credit card
What does FICA stand for? Federal Insurance Contribution Act
By law you should receive your W2 by___________ January 31st
What's a W4 form? this includes important information about yourself and any dependents you might have, it determines how much money is taken out of your paycheck.
A loan in which the amount of payment and number of payments are predetermined, such as an automobile loan. Installment Loan
What's a W2 form? this forms tells you how much you earned and the amount of federal taxes withheld.
Is there a federal law on expiration dates? No
What's a non-renewable scholarship? it is a one time scholarship amount given
The social security tax is also called the __________tax (FICA) Federal Insurance Contribution Act
What should you examine when you check your bank account or credit card statements? mistakes, unfamiliar charges, and signs of identity theft.
What is a deficit and why is it bad to have. a deficit is having no money left after all the necessary expenses are taken care of.
this form is received in January, you're not an employee but where paid by a company 1099 form
this form is received when you start a job to prove your eligible to work in the U.S. I-9
How long is a completed check good for? 6 months
Created by: dcontr08