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Financial Literacy
Final exam review
| Question | Answer |
|---|---|
| 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
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