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WorksheetsPF - 3.04-3.07 Study Guide
Total questions: 30
Worksheet time: 21mins
Name
Class
Date
1.
To combine financial accounts/funds into a single overall account
a)
Consolidate
b)
Cost of Attendance (COA)
c)
Forbearance
2.
Total amount it will cost you to go to school (tuition, fees, and personal expenses)
a)
Cost of Attendance (COA)
b)
Consolidate
c)
Financial need
3.
Postponement of payment on a loan allowed under certain conditions and during which interest does NOT accrue
a)
Deferment period
b)
Expected Family Contribution (EFC)
c)
Grace period
4.
An estimate of ability to contribute to college expenses.
a)
Cost of Attendance (COA)
b)
Expected Family Contribution (EFC)
5.
The common name for the Free Application for Federal Student Aid form prepared annually to determine eligibility for post-secondary financial aid
a)
FAFSA
b)
Grant
6.
The difference btwn the cost of attending a particular school and the expected family contribution
a)
Forbearance
b)
Financial need
7.
A tax-exempt financial aid that may be given for many purposes, not necessarily just for education
a)
Grant
b)
Financial need
8.
Ability to stop or reduce loan payments for up to 12 months while interest is accruing
a)
Forbearance
b)
Deferment period
c)
Consolidate
9.
Period of time after a borrower graduates, leaves school or drops below half-time enrollment where they are not required to make certain federal loan payments
a)
Grace period
b)
Deferment period
10.
Failure to pay a loan according to the agreed upon terms
a)
Loan default
b)
Loan servicer
11.
Company that collects payment on a loan
a)
Loan default
b)
Loan servicer
12.
__________ = cost of attendance - grants and scholarships
a)
Net price
b)
Loan default
13.
A four digit number used as an electronic signature
a)
Personal Identification Number (PIN)
b)
Handy Dandy Number (HDN)
14.
Money awarded to students that does not have to be repaid and is based on academic or other achievement to help pay for education expenses
a)
Scholarship
b)
Work-study
15.
A report that summarizes responses made when completing the FAFSA form
a)
Student Aid Report (SAR)
b)
Scholarship Report
16.
A need-based loan from the federal government (interest is paid for by fed govt while the borrower is in school and during grace and deferment periods)
a)
Subsidized loan
b)
Unsubsidized loan
17.
A non-need-based loan from the federal government (interest is paid for by the borrower)
a)
Subsidized loan
b)
Unsubsidized loan
18.
A federal program that provides part time employment opportunities for students with financial need, allowing them to earn money to help pay educational expenses
a)
Work-study
b)
Intern
19.
Steven is considering taking a job with a company that is offering gym memberships, flexible hours, repayment of education loans, merchandise discounts, and childcare. These components of the job offer are called:
a)
work incentives
b)
employee benefits
c)
job perks
d)
competitive hiring practices
20.
Sarah learned in her Financial Education class that she needs to consider the Cost of Living when comparing job offers. Which statement is most accurate?
a)
How much she will spend in moving expenses to re-locate to the city where her new job is.
b)
The total value of the benefits package she will be offered in her new job.
c)
The average cost of basic necessities, such as housing and food in the city where her new job is.
d)
The total amount of her college costs compared to the salary she is being offered in her new job.
21.
Gross income – deductions =
a)
Social Security
b)
Medicare
c)
net income
d)
employee benefits
22.
Jamie has elected to be paid by direct deposit at her new job. This means .
a)
She will receive her paycheck mailed directly to her each pay period.
b)
She will receive her pay directly into her checking account at her depository institution for each pay period.
c)
She will receive her pay automatically loaded onto her payroll card at the end of each pay period.
d)
She will receive her paycheck delivered directly to her at her place of employment at the end of each pay period.
23.
Shannon is reviewing her pay stub to determine how much money she earned before her deductions were subtracted. Which column should she check to find this amount?
a)
Net Income
b)
Hours and Earnings
c)
Employer Contributions
d)
Gross Income
24.
The most secure method for an employer to pay employees is to use:
a)
direct deposit
b)
payroll card
c)
printed paycheck
d)
in‐store credit
25.
The regular schedule that employers pay their employees is called the .
a)
worker’s compensation
b)
pay period
c)
employee benefits
d)
employer contributions
26.
Ally learned in her Personal Finance class that some paycheck deductions are required and others are optional. She is checking over her paystub and sees several deductions. Which of the following would be TRUE?
a)
Federal Income Tax, State Income Tax, Social Security and Medicare deductions are all required deductions.
b)
Federal Income Tax, State Income Tax, Workers Compensations, and Life Insurance are all required deductions.
c)
Social Security, Medicare, Life Insurance, and Health Insurance are all required deductions.
d)
Social Security, Medicare, Federal Income Tax, and Workers Compensation are all required deductions.
27.
Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax, and $42.05 into FICA (Social Security Tax).
What is Bob’s gross pay on his paycheck?
What is Bob’s gross pay on his paycheck?
a)
$501.66
b)
$320.00
c)
$576.92
d)
$640.00
28.
Total tax bill
a)
payroll tax
b)
net income
c)
tax liability
d)
commission
29.
A state‐sponsored system that pays monetary benefits to workers who become injured ordisabled on the job
a)
workers compensation
b)
life insurance
c)
salary
d)
pay stub
30.
Outlines the deductions made to wages
a)
paper paycheck
b)
pay stub
c)
payroll card
d)
debit card
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