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100

What is one benefit of continuing your education after graduating high school?


A.           A person who goes on to earn a college degree will have to pay the full costs of going to college.

B.           A person with a high school degree can enter the job market and start earning money immediately.

C.          A person with a college degree typically earns more than someone with a high school degree over time.

D.          A person with a high school degree typically earns more than someone with a college degree over time.

 A person with a college degree typically earns more than someone with a high school degree over time.

100

Who is most likely to have chosen a professional career path?


A.           Isaac served an apprenticeship with a plumber.

B.           Jane is building a company to market her new shoe design.

C.          Gloria got certified in TIG welding to advance her career.

D.          Harry has a degree in marketing and works for an advertising firm.

 Harry has a degree in marketing and works for an advertising firm.

100

Which statement about earnings and education is most true?


A.           Graduates with a professional degree always earn more than others.

B.           Graduates of technical education never earn more than college graduates.

C.          College graduates often earn 50 percent more per year than high school graduates.

D.          College graduates always earn a high salary.

 College graduates often earn 50 percent more per year than high school graduates.

100
  • What is one tool that can help you determine an academic major?
  • A.           An interest inventory
  • B.           The academic calendar
  • C.          A CSS Profile
  • D.          A FAFSA

An interest inventory

200

Which of the following is a common type of scholarship?

A.           Work-study scholarship

B.           FAFSA scholarship

C.          Federal grant

D.          Athletic scholarship

    Athletic scholarship

200
  • Which form of financial aid needs to be paid back?
  • A.           Loans
  • B.           Work-study income
  • C.          Scholarships
  • D.          Grants

Loans

200
  • What is the purpose of the Free Application for Federal Student Aid (FAFSA)?

  • A.           To assess the academic merits of a student after secondary school
  • B.           To assess the financial aid needs of a student after secondary school
  • C.          To assess the ability of a student to pay back a loan after secondary school
  • D.          To assess the job qualifications of a student after secondary school

 To assess the financial aid needs of a student after secondary school

200
  • Why should you fill out the Free Application for Federal Student Aid (FAFSA) even if you don't qualify for need-based financial aid?

  • A.           The FAFSA can tell you the amount of money you will need for college.
  • B.           The FAFSA may identify other types of financial aid you qualify for.
  • C.          The FAFSA can speed up the college application process.
  • D.          The FAFSA can identify schools that meet your academic needs.

  The FAFSA may identify other types of financial aid you qualify for.

300
  • Which person would qualify for federal student aid?

  • A.           Jean worked hard in high school, but her family can't afford college.
  • B.           Emma comes from a wealthy family that saved the full cost for her education.
  • C.          Scott did not fill out the FAFSA.
  • D.          Alex is taking a gap year while he decides whether to attend college.

 Jean worked hard in high school, but her family can't afford college.

300
  • What is a difference between a grant and a scholarship?

  • A.           A grant needs to be repaid, while a scholarship does not.
  • B.           A grant only covers education expenses.
  • C.          A grant is need based, while a scholarship is based on merit.
  • D.          A grant does not need to be paid back.

 A grant is need based, while a scholarship is based on merit.

300
  • The difference between a financial aid package and the total cost of college can be made up by _____.

  • A.           signing up for fewer classes a semester
  • B.           personal savings and student loans
  • C.          going to a college with lower tuition costs
  • D.          reapplying with different family contributions

personal savings and student loans

300
  • Which statement best describes financial well-being?

  • A.           I feel secure about my financial future.
  • B.           I don't have enough money to cover my expenses.
  • C.          I won't be able to retire until much later in life.
  • D.          I worry I won't be able to buy anything I want.

  I feel secure about my financial future.

400
  • To meet increased expenses, Marsha will need to increase her _____.

  • A.           income
  • B.           financial goals
  • C.          savings
  • D.          costs

 income

400
  • Who is least prepared for an unexpected life event?

  • A.           Ren keeps 50 percent of her savings in liquid assets.
  • B.           Ben set aside a month's wages as an emergency fund.
  • C.          Rodrigo has good health insurance and a low-risk portfolio.
  • D.          Jared is underinsured and has no savings.

 Jared is underinsured and has no savings.

400
  • A financial plan is most influenced by _____.

  • A.           retirement income
  • B.           work-life balance
  • C.          priorities and goals
  • D.          race and gender

priorities and goals

400
  • Which is true about the role of cost of living on meeting financial goals?

  • A.           The cost of living stays the same in any state but does affect financial goals.
  • B.           The lower the cost of living, the more it affects meeting financial goals.
  • C.          The higher the cost of living, the more it affects meeting financial goals.
  • D.          The cost of living varies from place to place but does not affect financial goals.

 The higher the cost of living, the more it affects meeting financial goals.

500
  • Which action can derail your financial plan?

  • A.           Avoiding excessive debt
  • B.           Planning for unexpected events
  • C.          Misuse of credit
  • D.          Setting long-term goals

Misuse of credit

500
  • Which event might have a negative impact on your net worth?

  • A.           The bank sends you the title to your car.
  • B.           You pay off the mortgage on your house.
  • C.          You move your long-term investments into bonds.
  • D.          The stocks you own lose value when the market declines.

The stocks you own lose value when the market declines.

500
  • When will the U.S. Armed Forces provide financial aid?

  • A.           After you have served two years
  • B.           Before, during, and after your service
  • C.          Before and after your service
  • D.          During and after your service

Before, during, and after your service

500
  • How does federal financial aid for a trade school compare to federal financial aid for a college?

  • A.           Federal financial aid applies only to trade school attendance.
  • B.           Federal financial aid applies only to college attendance.
  • C.          Federal financial aid is available for both trade schools and colleges.
  • D.          Federal financial aid is merit based and is only for colleges.

 Federal financial aid is available for both trade schools and colleges.