Quarter Exam

Question 1

What does FAFSA stand for?

Answer 1

Free
Application for
Federal
Student
Aid

Question 2

How many credits are needed for an Associate’s degree?

Answer 2

60

Question 3

How many credits are needed for a Bachelor’s degree?

Answer 3

120

Question 4

Which degrees are considered “advanced degrees”?

Answer 4

Master’s
Doctorate

Question 5

How many years does it typically take to complete an Associate’s degree?

Answer 5

2

Question 6

How many years does it typically take to complete a Bachelor’s degree?

Answer 6

4

Question 7

What does COA stand for?

Answer 7

Cost Of Attendance

Question 8

What does EFC stand for?

Answer 8

Expected Family Contribution

Question 9

What are direct costs?

Answer 9

The things that colleges can give you a relatively exact cost for

Question 10

Two examples for direct costs

Answer 10

1. Tuition
2. Fees

Question 11

What are indirect costs?

Answer 11

The things that are outside of the control and prediction of a college

Question 12

Three examples of indirect costs

Answer 12

1. Books
2. Transportation
3. Personal expenses

Question 13

subsidized loans vs unsubsidized loans

Answer 13

Subsidized: gov pays it and lowers interest rates
Unsubsidized: gov gives this to you along with higher interest rates

Question 14

What happens in “early decision” during the college admissions process?

Answer 14

It is a binding process that tells the college you will attend if you are admitted

Question 15

Similarities between credit and debit cards ?

Answer 15

Both can be used to pay for goods and services and as a point of service transactions

Question 16

List the standard deductions from your paycheck

Answer 16

1. Federal Income Tax
2. FICA Medicare
3. FICA Social Security

Question 17

Define gross pay

Answer 17

The amount earned without taking away any deductions or taxes.

Question 18

Define net pay

Answer 18

The amount you have after taxes and deductions are taken out
- take home pay

Question 19

What is a paycheck?

Answer 19

• can be physical or digital
• the amount to be paid for their work
• reflects net pay (take home pay)

Question 20

What is a paystub?

Answer 20

A summary of gross pay, net pay, and deductions taken.

Question 21

Within the 50/30/20 rule for budgeting, what percentage goes to each of the following?

Answer 21

20% savings
50% needs
30% wants

Question 22

What is the score range for FICO credit scores?

Answer 22

300-850

Question 23

Credit history

Answer 23

35%

Question 24

Amounts Owned

Answer 24

30%

Question 25

Length of Credit History

Answer 25

15%

Question 26

Types of credit

Answer 26

10%

Question 27

New credit

Answer 27

10%

Question 28

What does APR stand for?

Answer 28

Annual Percentage Rate

Question 29

What two deductions are a part of FICA?

Answer 29

1. Social Security 2. Medicare

Question 30

What are some ways you can improve your credit score?

Answer 30

- making on-time payments - asking for a credit limit increase - keeping your credit utilization under 30%

Question 31

What can have a negative impact on your credit score?

Answer 31

- making only the minimum payment on your account - keeping a balance on your card month-to-month - applying for multiple credit cards accounts at the same time

Question 32

What is the relationship between credit scores and interest rates

Answer 32

Inverse relationship ⬆️ Higher credit scores provide ⬇️ lower interest rates ⬇️ Lower credit scores provide ⬆️ higher interest rates