FINAL REVIEW ECONOMICS

Front

The table below lists characteristics of money market savings accounts and traditional savings accounts. Indicate whether the characteristic describes money market savings accounts, traditional savings accounts, or both.

Back

Money Market Savings Accounts

Front

A parent is researching loan options to pay their child’s college tuition and is considering applying for a PLUS loan. Under which circumstance might the parent’s PLUS loan application be denied?

Back

A recent bankruptcy or foreclosure

Front

An undergraduate student is applying for a student loan to pay for tuition. What benefit makes a subsidized loan more attractive compared to an unsubsidized loan?

Back

Subsidized loans allow the student to avoid interest payments during his time in college.

Front

Which status would immediately make a student ineligible for a FAFSA application? Options: The student’s parents have already paid the cost of tuition. The student has received a GED rather than a high school diploma. The student is a permanent resident of the US, rather than a citizen. The student’s parents’ income is greater than the US median annual income.

Back

The student is a permanent resident of the US, rather than a citizen.

Front

Expansion of the housing market requires both an increase in available housing and the involvement of ______ to protect buyers’ rights in the long term from market fluctuations.

Back

lawmakers

Front

Homeownership can lead to wealth accumulation over time, but would-be buyers must first have both personal savings and an understanding of what ______ are available in the event of a financial emergency.

Back

government programs

Front

In which scenario would Huyen, a 30-year-old software engineer with no current health problems and an annual income of $200,000, benefit from MOST by paying for long-term care insurance? Options: If she got sick and had to miss three weeks of work. If she broke her hip falling in the parking lot at work next year. If she injured her back in a car accident and had to work from home for several months. If she suffered an illness that made it impossible for her to work for several years.

Back

If she suffered an illness that made it impossible for her to work for several years.

Front

The chart shows four different health insurance plan categories offered by an employer and the cost of care. Which plan is preferable for someone who expects to go to the doctor frequently throughout the year?

Back

Platinum

Front

What would give Thomas the BEST chance to regain financial stability after going through divorce proceedings and facing significant debts? Options: Using a credit card, Receiving a title loan, Getting an installment loan.

Back

Filing for bankruptcy

Front

John's family was living paycheck to paycheck and decided to file for bankruptcy because John's insurance refused to cover his child's medical treatments. Given that they are facing overwhelming debt, John believes filing for bankruptcy is the best option as this would eliminate John's most burdensome debt swiftly.

Back

filing for bankruptcy