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Personal Finance Final: Wants/Needs, College
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) Tangible items that can be touched, used, and purchased are _____.
A
goods
B
services
C
needs
D
wants
2) What decision-making strategy weighs the costs against the benefits of an action, purchase, or financial decision?
A
marginal analysis
B
opportunity cost
C
cost-benefit analysis
D
common sense
3) Social Security, Medicare, and Medicaid are examples of what?
A
globalization
B
outsourcing
C
technological advances
D
entitlements
4) Intangible activity that another person usually performs for a fee.
A
demographics
B
resource
C
goods
D
service
5) A period of rising prices is known as:
A
Inflation
B
Recession
C
Deflation
D
Wallet-Band Elastation
6) Things a person desires but can live without
A
needs
B
food
C
wants
7) Which of the following is a need for all humans.
A
Snapchat
B
Internet
C
Gluten Free Bread
D
Shelter
8) In-state tuition given to students from a neighboring state is called:
A
proximity
B
reciprocity
9) The best types of loan to apply for are:
A
unsubsidized
B
subsidized
10) Which of the following have increased the costs of attending college?
A
Campus improvements paid by students
B
All of the above
C
Poor investment Options
D
Other peoples' inabilities to pay back loans
11) A full time student must take ___ credits a semester.
A
21
B
12
C
15
D
16
12) One way that a two year college is cheaper is that they don’t require to take electives courses.
A
false
B
true
13) When applying for student loans; your EFC is:
A
Expected Family Contribution
B
Electronic Filing Client
C
Educational Foundation Check
D
Emergency Finance Care
14) On average, a college graduate will make ___ more in their lifetime than a high school graduate.
A
$500,000
B
$120,000
C
$1,200,000
D
$975,000
15) Three sources of funds for higher education that definitely DO NOT have to be repaid are:
A
Scholarships, Work-Study, and Federal Perkins Loans
B
Your Parents, Your Grandparents, and your Poker Buddies
C
Grants, scholarships, and Federal Plus Loans
D
Grants, scholarships, and Work-Studies
16) Who can be a lender for student loans?
A
The Federal Government
B
Colleges
C
All of the Above
D
Banks
17) The key to paying off student loans quicker is to pay off what?
A
Principal
B
Equity
C
Assets
D
Interest
18) The FAFSA Form must be filled out annually.
A
True
B
False
19) Fafsa only needs to be filled out by you and not a parent or guardian also.
A
False
B
True
20) Deferring on a student loan will save you money since you pay less per month.
A
False
B
True
*select an answer for all questions
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