Financing Higher Education
Module 2: Employment and Taxes
Module 4: Consumer Skills
Module 0 & 7:Tax Simulations & Insurance
Blast from the Past
100
How are AP and College Now classes financially beneficial to students?
Earn college credit for free while in HS
100
Example of tax preparation software?
Turbotax
100
How is an advertisement different from a comment from a regular consumer?
The advertisement is one-sided
100
What is a consequence of not having health insurance?
You must pay all costs for health care and medical emergencies.
100
What is the range of a credit score (worst to best)?
assets make you money
liabilities lose you money
200
Statistically speaking, what is the main difference between someone who jumps right into the work force vs someone who goes to college?
Someone who jumps right into the work force usually makes more first but statistically someone who goes to college ends up making more money in the long run.
200
What is the difference between net vs gross pay?
Gross pay is total pay; Net pay is how much you receive after taxes and deductions are taken out.
200
What is the best reason for why someone would want to lease a house instead of buy one?
They are planning on living there for a short period of time.
200
An insurance deductible is...
the amount you owe before insurance will cover the rest of the bill.
200
401k vs Roth IRA: What's the Difference?
A Roth IRA offers tax-free investment growth and you don't get a tax benefit today. A traditional 401(k) offers the opportunity to put away more and get a tax benefit today, but you will owe taxes later when you withdraw.
300
What 3 things can you do as a 9th grader to help cover the cost of college?
-529 Plan
-High GPA
-Join clubs
300
Depending on the _________, a higher degree might make you more competitive in the job market.
Depending on the career, a higher degree might make you more competitive in the job market.
300
What is the difference between leasing a car vs buying a car?
When you lease a car, you do not pay for the entire car.
When you buy a car, you pay for it up-front or over time.
300
What do taxes pay for?
Taxes are taken from your gross pay to pay for things like roads, first responders, and public schools.
300
What are the four types of schools available after HS?
-Trade School
-Community College
-State University/ College
-Private University/ College
400
Subsidized loans vs Unsubsidized loans: What's the difference?
Subsidized loans are based on need and are available to undergraduates. You don’t have to pay interest while in school, but there’s a lower borrowing limit than for unsubsidized loans.
Unsubsidized loans are available for those with and without financial need and can extend to graduate school. You will have to stay on top of interest payments, but you’ll get a higher borrowing limit.
400
The W-4 tax form is used to ___________.
tell your employer how much federal income tax to withhold from your paychecks to send to the IRS.
400
What is a preapproval letter?
preapproval letter is a document from a lender stating that the lender is tentatively willing to lend to you, up to a certain loan amount.
400
What is the difference between a credit and a deduction?
Deductions are items that reduce the amount of income that can be taxed.
Credits are items that reduce the actual amount of taxes you need to pay. If it's a refundable credit, you can add the credit to your refund.
400
what is pros and cons of adding authorized user to a credit card?
The pros of adding an authorized user to a credit card outweigh the cons in most cases. The primary pro of adding an authorized user to an account is that it allows the authorized user to build credit, while the biggest con is that you are responsible for any purchases the authorized user makes
500
What has the biggest impact on whether a 4 year university is affordable?
The amount of financial aid offered by the university.
500
What factors should you consider before switching jobs and/ or careers? list 3 out of 5
-Pay
-time commitment
-benefits
-location
-culture
500
When you are deciding what to buy, you should...
compare the unit price of items similar to the one you want.
500
What happens if you do not pay your taxes?
You can get in trouble with the government which could lead to a large bill or jail time
500
What is the #FIRE movement?
Financial Independence, Retire Early (FIRE) is a movement is a lifestyle movement with the goal of gaining financial independence and retiring early.