4.01/4.02 Personal Finance Questions

Alyssa’s childcare provider called to tell her that the provider’s young daughter woke up ill and she won’t be able to care for Alyssa’s son today. Alyssa’s friend, who is a stay‐at‐home mother, agrees to care for Alyssa’s son today so Alyssa can go to work. Alyssa has utilized:

• family child care.

• social capital.

• a non‐profit

  organization.

• neighborhood watch.

Steven is moving into his first apartment in a few weeks and has been busy packing. In addition to the things he has purchased with money earned from his full‐time job, his parents have told him that he can take the furniture in his bedroom and his bedding when he moves out. His parents are providing him with which type of income?

• Earned income

• In‐home

  income

• Gift income

• In‐kind

  income

Erica is an active member of the Silver Cord program at her

school. Through this program, she commits to completing at least 25 hours of community service each year of high school. Her advisor has encouraged her to explore volunteering with nonprofit organizations. Which would qualify as a nonprofit?

• An extracurricular activity in her school

• The local private daycare center

• Big Brothers/Big Sisters

• Her elderly neighbor who needs yard work done

Medicare is provided by the federal government for individuals in specified circumstances. In which of the situations below would the individual most

likely be receiving Medicare funds?

• Jim is a 37-year-old man who lost his job and is unable to

  afford health insurance for himself or his children.

• Ivan is 60 years old and was injured at work. His employer

  needs to provide temporary income for him.

• Rachel is a seventeen-year-old high school student who is

  pregnant and needs assistance with her medical expenses.

• Rosie is 67 years old and in need of a health insurance

  program.

Due to unexpected circumstances, Ariel is temporarily receiving income from a government assistance program. The funds she receives through the government

program are most likely funded by:

• small fees proportional to the income of clients.

• fees that are charged to some, but not all, clients using the

  programs.

• taxes at the local, state, and federal levels.

• donations from large corporations.

Diana has faced the fact that she and her family need to explore assistance programs they might qualify for during the time she must be off work following an accident. How might she and her family locate an appropriate program?

• Call the Social Security Administration.

• Contact her local bank.

• Go to www.govbenefits.gov on the

  web.

• Inquire at the local food pantry.

Which statement is true of government assistance programs?

• Government programs were designed to provide permanent

  assistance to those in need.

• The ultimate goal of government programs is to help

  individuals become self-sufficient and independent.

• Government programs were developed to help one specific

  socioeconomic group.

• All government programs vary from state to state.

Julie is a single mother who recently lost her job. She would like to obtain training in the medical field in order to increase her future income and support her two children. In order to do this, she will need help paying some of her expenses while she is going back to school. Which government program might offer her

assistance to help with living expenses and job training?

• Earned income tax credit

• Unemployment insurance

• TANF

• Medicare

Which federal program assists low-income families in purchasing nutritious foods?

• SNAP

• TANF

• Social Security

• Medicare

Employment opportunities for Jackie and David are limited, but they both have jobs earning just a bit more than minimum wage. Which federal program will encourage them to file a tax return by offering a financial incentive to them?

• Social security

• TANF

• SNAP

• Earned income tax credit