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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
wants
B
needs
C
services
D
goods
2) What decision-making strategy weighs the costs against the benefits of an action, purchase, or financial decision?
A
cost-benefit analysis
B
marginal analysis
C
common sense
D
opportunity cost
3) Social Security, Medicare, and Medicaid are examples of what?
A
globalization
B
technological advances
C
entitlements
D
outsourcing
4) Intangible activity that another person usually performs for a fee.
A
goods
B
service
C
resource
D
demographics
5) A period of rising prices is known as:
A
Wallet-Band Elastation
B
Inflation
C
Deflation
D
Recession
6) Things a person desires but can live without
A
wants
B
needs
C
food
7) Which of the following is a need for all humans.
A
Snapchat
B
Internet
C
Shelter
D
Gluten Free Bread
8) In-state tuition given to students from a neighboring state is called:
A
reciprocity
B
proximity
9) The best types of loan to apply for are:
A
subsidized
B
unsubsidized
10) Which of the following have increased the costs of attending college?
A
All of the above
B
Campus improvements paid by students
C
Other peoples' inabilities to pay back loans
D
Poor investment Options
11) A full time student must take ___ credits a semester.
A
15
B
16
C
12
D
21
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
Educational Foundation Check
B
Expected Family Contribution
C
Emergency Finance Care
D
Electronic Filing Client
14) On average, a college graduate will make ___ more in their lifetime than a high school graduate.
A
$120,000
B
$975,000
C
$500,000
D
$1,200,000
15) Three sources of funds for higher education that definitely DO NOT have to be repaid are:
A
Grants, scholarships, and Work-Studies
B
Scholarships, Work-Study, and Federal Perkins Loans
C
Your Parents, Your Grandparents, and your Poker Buddies
D
Grants, scholarships, and Federal Plus Loans
16) Who can be a lender for student loans?
A
Colleges
B
All of the Above
C
Banks
D
The Federal Government
17) The key to paying off student loans quicker is to pay off what?
A
Assets
B
Equity
C
Principal
D
Interest
18) The FAFSA Form must be filled out annually.
A
False
B
True
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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