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WorksheetsGCM EPF HN Unit 1-4: Vocab Review
Total questions: 100
Worksheet time: 50mins
Name
Class
Date
1.
What is the primary reason that all economic decision-makers face scarcity?
a)
Limited resources but unlimited wants and needs
b)
Unlimited resources but limited wants and needs
c)
Equal distribution of all resources
d)
Excess supply of resources
2.
What is the primary difference between the "sticker price" and "net price" of college attendance?
a)
Sticker price includes only tuition, while net price includes all expenses
b)
Net price is what students actually pay after financial aid is subtracted from the sticker price
c)
Sticker price is only for private universities, while net price is for public universities
d)
Net price is always half of the sticker price
3.
Which factor most directly impacts lifetime earning potential?
a)
Number of social media followers
b)
Educational attainment and skill development
c)
Current job market trends
d)
Family connections
4.
What is human capital? *
a)
Physical assets owned by a business
b)
Money invested in the stock market
c)
Knowledge, skills, and experience that increase earning potential
d)
Raw materials used in production
5.
When evaluating post-secondary education options, what represents an opportunity cost? *
a)
The tuition fees for your chosen program
b)
The potential salary after graduation
c)
The career you could pursue instead
d)
The income foregone while attending school instead of working
6.
Which best describes marginal benefit? *
a)
The total benefit received from an action
b)
The additional benefit gained from one more unit of activity
c)
The average benefit of all units combined
d)
The benefit received without any cost
7.
A student is deciding whether to study for one more hour. What represents the marginal cost? *
a)
The total time spent studying
b)
The grade received on the test
c)
The hour of sleep or recreation given up
d)
The cost of study materials
8.
Which investment typically leads to increased productivity? *
a)
Purchasing new office furniture
b)
Advanced technical training for employees
c)
Hiring temporary workers
d)
Renting additional storage space
9.
What is a SMART goal's "M" component? *
a)
Meaningful
b)
Measurable
c)
Manageable
d)
Memorable
10.
Which degree typically requires 60-65 credit hours of coursework? *
a)
Bachelor's degree
b)
Master's degree
c)
Associate's degree
d)
Doctoral degree
11.
How do capital goods impact productivity? *
a)
They decrease labor costs
b)
They increase worker efficiency
c)
They eliminate the need for workers
d)
They reduce product quality
12.
What best defines marginal cost? *
a)
The average cost of production
b)
The additional cost of one more unit
c)
The total cost divided by output
d)
The fixed costs of production
13.
Which represents an investment in human capital? *
a)
Buying new machinery
b)
Attending professional development workshops
c)
Purchasing office supplies
d)
Acquiring real estate
14.
What is a key characteristic of a career pathway? *
a)
It has no room for advancement
b)
It requires only one specific degree
c)
It shows progression opportunities
d)
It focuses on short-term gains
15.
Which degree typically requires the most years of study? *
a)
Master's degree
b)
Doctoral degree
c)
Bachelor's degree
d)
Education Specialist degree
16.
When making economic decisions, what should be compared? *
a)
Total costs and marginal benefits
b)
Marginal costs and marginal benefits
c)
Average costs and total benefits
d)
Fixed costs and variable benefits
17.
What is a primary purpose of pursuing higher education? *
a)
Avoiding immediate employment
b)
Increasing earning potential
c)
Delaying career decisions
d)
Meeting family expectations
18.
Which best describes capital goods? *
a)
Money in a savings account
b)
Tools and equipment used in production
c)
Stock market investments
d)
Employee salaries
19.
What should guide career choice decisions? *
a)
Current job market trends only
b)
Family traditions only
c)
Personal values and skills alignment
d)
Salary considerations only
20.
How does technology investment typically affect productivity? *
a)
It always decreases efficiency
b)
It has no impact on output
c)
It increases output per worker
d)
It reduces product quality
21.
What is the primary focus of an Education Specialist degree? *
a)
Business administration
b)
Advanced educational practice
c)
Medical research
d)
Legal studies
22.
Which represents effective decision-making? *
a)
Following others' choices
b)
Avoiding all risks
c)
Weighing costs against benefits
d)
Making quick decisions
23.
What factor most directly impacts lifetime earnings? *
a)
Location of residence
b)
Educational attainment
c)
Family connections
d)
Economic conditions
24.
What is a 529 plan primarily used for?
a)
Retirement savings
b)
Emergency funds
c)
Education expenses
d)
Healthcare costs
25.
A Custodial ROTH IRA differs from a traditional ROTH IRA because:
a)
It has higher contribution limits
b)
It's managed by a minor's legal guardian until adulthood
c)
It can only be used for education expenses
d)
It has different tax implications
26.
What is the primary advantage of federal student loans over private loans?
a)
Higher interest rates
b)
Faster approval process
c)
More flexible repayment options
d)
No credit check required
27.
Capitalized interest refers to:
a)
Interest that is added to the principal balance
b)
Interest that is tax deductible
c)
Interest paid in advance
d)
Interest that is forgiven
28.
In a work-study program, students typically:
a)
Only study and don't work
b)
Work off-campus in corporate jobs
c)
Work part-time while attending school
d)
Receive full salary during internships
29.
What happens during loan delinquency?
a)
The loan is completely forgiven
b)
Payments are missed but default hasn't occurred
c)
Interest rates automatically decrease
d)
The loan term is extended
30.
A promissory note is:
a)
A thank you letter to the lender
b)
A legal document promising to repay the loan
c)
A monthly payment statement
d)
A loan forgiveness application
31.
Income-driven repayment plans are based on:
a)
The original loan amount
b)
The borrower's income and family size
c)
The type of degree earned
d)
The length of the loan term
32.
What characterizes a secured loan?
a)
It requires collateral
b)
It has a fixed interest rate
c)
It's only available to students
d)
It has no repayment deadline
33.
The standard loan repayment plan typically lasts:
a)
5 years
b)
10 years
c)
20 years
d)
30 years
34.
An Education Savings Account (ESA) allows for:
a)
Unlimited annual contributions
b)
Tax-advantaged education savings
c)
Only college expenses
d)
Immediate tax deductions
35.
The "Pay As You Earn" repayment plan:
a)
Requires full payment immediately
b)
Is only available for private loans
c)
Caps payments at a percentage of discretionary income
d)
Has fixed monthly payments
36.
A loan servicer is responsible for:
a)
Providing the initial loan
b)
Managing loan repayment and processing
c)
Determining interest rates
d)
Selecting repayment plans
37.
Graduated loan repayment means:
a)
Payments increase over time
b)
Payments decrease over time
c)
Payments stay the same
d)
Payments are made quarterly
38.
The extended loan repayment option:
a)
Shortens the loan term
b)
Increases monthly payments
c)
Lengthens the repayment period
d)
Eliminates interest charges
39.
What typically happens during loan default?
a)
Interest rates decrease
b)
Credit score improves
c)
Entire loan balance becomes due
d)
Loan is automatically forgiven
40.
When evaluating career choices, risk tolerance refers to:
a)
Physical job hazards
b)
Comfort with income variability and job security
c)
Geographic location
d)
Required education level
41.
The loan principal is:
a)
The total amount paid in interest
b)
The original amount borrowed
c)
The monthly payment amount
d)
The loan servicer's fee
42.
Income-based repayment differs from standard repayment by:
a)
Having a shorter term
b)
Requiring higher payments
c)
Adjusting payments based on income
d)
Eliminating interest charges
43.
Which of the following financial aid options does NOT need to be repaid?
a)
Unsubsidized federal loans
b)
Private student loans
c)
Merit-based scholarships
d)
Parent PLUS loans
44.
What is the Student Aid Index (SAI)?
a)
A ranking of colleges based on their financial aid packages
b)
The total amount of federal loans available to a student
c)
A measure of a family's financial strength used to calculate aid eligibility
d)
The percentage of students receiving financial aid at a college
45.
How does choosing an in-state public university typically affect college costs compared to an out-of-state public university?
a)
The costs are always the same
b)
In-state tuition is significantly lower due to state subsidies
c)
Out-of-state tuition offers more financial aid opportunities
d)
The difference only affects room and board costs
46.
What is a grace period in the context of student loans?
a)
The time allowed to accept a financial aid package
b)
The period between graduation and when loan payments must begin
c)
The deadline for submitting FAFSA
d)
The time given to choose between different loan options
47.
What typically happens to career earning potential with additional education and training?
a)
It remains constant regardless of education level
b)
It decreases with more education due to student loan debt
c)
It increases with higher levels of education and specialized training
d)
It only increases with on-the-job experience
48.
What is the main difference between a secured and unsecured student loan?
a)
Secured loans require collateral, while unsecured loans don't
b)
Secured loans are only for private universities
c)
Unsecured loans have fixed interest rates
d)
Secured loans are always federal loans
49.
What is the primary purpose of the FAFSA?
a)
To select a college major
b)
To determine eligibility for federal financial aid
c)
To apply for private scholarships
d)
To set up a college savings account
50.
Which factor does NOT typically affect career earning potential?
a)
Level of education
b)
Geographic location
c)
Birth order in family
d)
Industry experience
51.
What is forbearance in relation to student loans?
a)
A permanent loan forgiveness program
b)
A temporary pause or reduction in loan payments
c)
An automatic loan cancellation
d)
A penalty for late payments
52.
How do public student loans generally compare to private student loans?
a)
They typically have higher interest rates
b)
They offer fewer repayment options
c)
They usually have more flexible repayment terms and lower interest rates
d)
They require perfect credit scores
53.
What is included in a typical financial aid package?
a)
Only federal grants
b)
A combination of grants, loans, and work-study opportunities
c)
Only merit-based scholarships
d)
Exclusively private loans
54.
When evaluating career choices, what is the most important financial consideration?
a)
Starting salary only
b)
Job availability in your current city
c)
Balance between potential earnings and personal interests
d)
Number of vacation days
55.
What is the main advantage of grants over loans for college funding?
a)
Grants are easier to qualify for
b)
Grants don't need to be repaid
c)
Grants earn interest over time
d)
Grants can only be used for tuition
56.
What does room and board typically include?
a)
Only housing costs
b)
Only meal plan costs
c)
Housing and meal plan costs
d)
Textbooks and supplies
57.
Which document is required to create a Federal Student Aid ID?
a)
High school transcript
b)
Social Security number
c)
Bank statement
d)
College acceptance letter
58.
What is the primary benefit of work-study programs?
a)
They provide full tuition coverage
b)
They offer part-time job opportunities to help with college expenses
c)
They guarantee post-graduation employment
d)
They eliminate the need for student loans
59.
How does student loan interest typically accrue on unsubsidized loans?
a)
Interest begins accumulating after graduation
b)
Interest begins accumulating immediately after disbursement
c)
Interest never accrues on federal loans
d)
Interest only accrues during summer months
60.
What is deferment in terms of student loans?
a)
A permanent cancellation of the loan
b)
A temporary postponement of loan payments
c)
An increase in interest rates
d)
A transfer of the loan to another lender
61.
Which factor should NOT be the primary consideration when choosing a college?
a)
Academic programs aligned with career goals
b)
Total cost of attendance
c)
Where your friends are going
d)
Available financial aid options
62.
In the PACED decision-making model, what does the 'C' represent?
a)
Cost
b)
Choices
c)
Criteria
d)
Calculate
63.
Which of the following is an example of a SMART goal?
a)
"I want to be rich someday"
b)
"I will save $200 monthly for my car down payment"
c)
"Maybe I'll study more this year"
d)
"I hope to do better in school"
64.
When graphing a Production Possibilities Curve (PPC), what does a point inside the curve represent?
a)
Maximum production efficiency
b)
Future production capabilities
c)
Inefficient use of resources
d)
Unattainable production levels
65.
What is opportunity cost?
a)
The actual monetary cost of a purchase
b)
The next best alternative given up when making a choice
c)
The total cost of all possible options
d)
The least expensive option available
66.
Which characteristic best defines a short-term goal?
a)
Takes 5-10 years to achieve
b)
Requires minimal planning
c)
Can be accomplished within one year
d)
Must be financially focused
67.
How does marginal benefit analysis help in decision making?
a)
It only considers total costs
b)
It evaluates additional benefits of the next unit
c)
It focuses on past decisions
d)
It ignores associated costs
68.
What is a trade-off?
a)
Exchanging money for goods
b)
Getting something for free
c)
Giving up one thing to get another
d)
Saving money for later
69.
Which statement best describes functional value?
a)
The emotional satisfaction from a purchase
b)
The practical usefulness of an item
c)
The resale value of a product
d)
The social status gained from ownership
70.
How does time management relate to productivity?
a)
It has no impact on output
b)
It decreases work efficiency
c)
It increases effective use of resources
d)
It only affects long-term goals
71.
What characterizes an effective academic goal?
a)
It is vague and flexible
b)
It is specific and measurable
c)
It requires no deadline
d)
It depends on others' actions
72.
Which is an example of an unintended consequence of a decision?
a)
Getting a planned reward
b)
Achieving an expected outcome
c)
Developing unforeseen health issues from a diet
d)
Receiving an anticipated grade
73.
What role does critical thinking play in economic decision making?
a)
It slows down the decision process
b)
It evaluates alternatives systematically
c)
It relies solely on emotions
d)
It follows others' choices
74.
How does resilience impact goal achievement?
a)
It prevents failure
b)
It eliminates obstacles
c)
It helps overcome setbacks
d)
It reduces effort needed
75.
What distinguishes high priority tasks from low priority ones?
a)
The time they take to complete
b)
Their urgency and importance
c)
Their monetary cost
d)
Their difficulty level
76.
How does collaboration affect efficiency in resource use?
a)
It always increases costs
b)
It reduces productivity
c)
It pools resources and skills
d)
It works best individually
77.
Which factor best determines emotional value?
a)
The item's market price
b)
Personal feelings and attachment
c)
Others' opinions
d)
Physical characteristics
78.
What is the key to effective work ethic?
a)
Working longer hours only
b)
Avoiding all breaks
c)
Consistent responsible behavior
d)
Following others' methods
79.
When evaluating alternatives in decision making, what should be considered first?
a)
What others have chosen
b)
The easiest option
c)
The costs and benefits
d)
Random selection
80.
How do health goals relate to economic decision making?
a)
They have no economic impact
b)
They affect productivity and resources
c)
They only matter for medical professionals
d)
They are purely personal choices
81.
Which of the following best describes human capital?
a)
Money invested in stocks and bonds
b)
Physical assets owned by a business
c)
The knowledge, skills, and experience that make a person valuable to employers
d)
The total monetary value of a person's possessions
82.
In the Myers-Briggs Type Indicator (MBTI), what characterizes an extrovert?
a)
Prefers solitary activities and deep reflection
b)
Gains energy from social interactions and external activities
c)
Focuses primarily on facts and details
d)
Makes decisions based on logical analysis
83.
What is the primary difference between a career and a job?
a)
A job pays more than a career
b)
A career is a long-term professional path, while a job is a specific position
c)
Jobs require more education than careers
d)
Careers are always in one company, while jobs can change
84.
Which degree is typically required for becoming a medical doctor?
a)
Bachelor's degree
b)
Master's degree
c)
Professional degree
d)
Associate's degree
85.
What is a career cluster?
a)
A group of friends who work together
b)
A collection of related occupations in the same field
c)
A series of jobs at one company
d)
A type of employment contract
86.
In MBTI, what is the key characteristic of a "feeler" versus a "thinker"?
a)
Makes decisions based on logic and consistency
b)
Makes decisions based on emotions and values
c)
Prefers working alone
d)
Enjoys abstract concepts
87.
Which educational path is most associated with technical and hands-on career preparation?
a)
Doctoral degree
b)
Vocational program
c)
Liberal arts degree
d)
Master's degree
88.
How does volunteering contribute to career development?
a)
It always leads to paid employment
b)
It provides experience, networking opportunities, and skill development
c)
It replaces the need for formal education
d)
It guarantees admission to college
89.
What is the typical duration of an Associate's degree program?
a)
Four years
b)
Two years
c)
Six months
d)
Five years
90.
Which MBTI preference pair focuses on how individuals gather information?
a)
Judging vs. Perceiving
b)
Thinking vs. Feeling
c)
Sensors vs. Intuitives
d)
Extroverts vs. Introverts
91.
What is an industry certification?
a)
A document proving company ownership
b)
A credential validating specific professional skills or knowledge
c)
A college admission requirement
d)
A type of business license
92.
What typically characterizes "sensors" in MBTI?
a)
Focus on future possibilities and abstract concepts
b)
Prefer dealing with concrete facts and present realities
c)
Make decisions based on emotions
d)
Enjoy unstructured environments
93.
How does higher education typically impact earning potential?
a)
It has no effect on earnings
b)
It decreases earning potential
c)
It generally increases earning potential
d)
It only affects government jobs
94.
What is a key characteristic of a Professional Portfolio?
a)
A collection of stock investments
b)
A compilation of work samples, achievements, and credentials
c)
A list of personal references
d)
A social media profile
95.
Which statement best describes the relationship between skills and interests?
a)
They are always identical
b)
Skills are innate while interests are learned
c)
Interests can motivate skill development
d)
Skills and interests never overlap
96.
What is a typical requirement for entering military service?
a)
A master's degree
b)
Previous military experience
c)
Meeting physical and educational standards
d)
Business ownership
97.
How do "judgers" differ from "perceivers" in MBTI?
a)
Prefer flexibility and spontaneity
b)
Prefer structure and planned activities
c)
Always make emotional decisions
d)
Only work in creative fields
98.
What is the primary purpose of personality assessments in career planning?
a)
To determine salary requirements
b)
To identify potential job-personality matches
c)
To select college majors
d)
To evaluate job performance
99.
Which factor most directly influences the development of human capital?
a)
Stock market performance
b)
Education and training
c)
Physical appearance
d)
Family connections
100.
What distinguishes a Doctoral degree from other graduate degrees?
a)
It requires the least amount of time
b)
It focuses on original research and highest level of expertise
c)
It is only available online
d)
It is required for all teaching positions
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