Final Exam Review

What makes a clearly written goal?

• Specific and measurable

• Vague and general

• Long and detailed

• Ambiguous and unclear

Why should you make a decision making grid?

• To organize and compare different options

• To make decisions randomly

• To avoid making decisions

• To delay decision making

What is the name of the plan that parents can start for the child's education?

• 529 Plan

• 401(k) Plan

• Roth IRA

• Health Savings Account

What is the difference between Sticker Price and Net Price?

What is FAFSA?

• Free Application for Federal Student Aid

• Federal Application for Student Assistance

• Financial Aid for Students and Families

• Federal Aid for Student Applications

FAFSA is used for:

• Applying for federal student aid

• Registering for college courses

• Paying tuition fees directly

• Applying for student loans only

What is the difference between a Student Loan and a Scholarship/Grant?

• A Student Loan needs to be repaid, while a Scholarship/Grant does not.

• A Scholarship/Grant needs to be repaid, while a Student Loan does not.

• Both need to be repaid.

• Neither needs to be repaid.

A budget helps you prioritize your spending and saving by:

• Allowing you to track your expenses

• Helping you save for future goals

• Ensuring you do not overspend

• All of the above

What is the difference between fixed expenses and variable expenses?

• Fixed expenses remain constant, while variable expenses fluctuate.

• Fixed expenses fluctuate, while variable expenses remain constant.

• Both fixed and variable expenses remain constant.

• Both fixed and variable expenses fluctuate.

What is the difference between net pay and gross pay?