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 _____.

2) What decision-making strategy weighs the costs against the benefits of an action, purchase, or financial decision?

3) Social Security, Medicare, and Medicaid are examples of what?

4) Intangible activity that another person usually performs for a fee.

5) A period of rising prices is known as:

6) Things a person desires but can live without

7) Which of the following is a need for all humans.

8) In-state tuition given to students from a neighboring state is called:

9) The best types of loan to apply for are:

10) Which of the following have increased the costs of attending college?

11) A full time student must take ___ credits a semester.

12) One way that a two year college is cheaper is that they don’t require to take electives courses.

13) When applying for student loans; your EFC is:

14) On average, a college graduate will make ___ more in their lifetime than a high school graduate.

15) Three sources of funds for higher education that definitely DO NOT have to be repaid are:

16) Who can be a lender for student loans?

17) The key to paying off student loans quicker is to pay off what?

18) The FAFSA Form must be filled out annually.

19) Fafsa only needs to be filled out by you and not a parent or guardian also.

20) Deferring on a student loan will save you money since you pay less per month.


*select an answer for all questions

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