Personal Finance Final: Wants/Needs, College Question Preview (ID: 41759)


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Tangible items that can be touched, used, and purchased are _____.
a) services
b) goods
c) wants
d) needs

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

Social Security, Medicare, and Medicaid are examples of what?
a) entitlements
b) outsourcing
c) globalization
d) technological advances

Intangible activity that another person usually performs for a fee.
a) goods
b) service
c) resource
d) demographics

A period of rising prices is known as:
a) Inflation
b) Deflation
c) Recession
d) Wallet-Band Elastation

Things a person desires but can live without
a) food
b) wants
c) needs
d)

Which of the following is a need for all humans.
a) Internet
b) Gluten Free Bread
c) Shelter
d) Snapchat

In-state tuition given to students from a neighboring state is called:
a) reciprocity
b) proximity
c)
d)

The best types of loan to apply for are:
a) subsidized
b) unsubsidized
c)
d)

Which of the following have increased the costs of attending college?
a) Campus improvements paid by students
b) Other peoples' inabilities to pay back loans
c) Poor investment Options
d) All of the above

A full time student must take ___ credits a semester.
a) 15
b) 12
c) 21
d) 16

One way that a two year college is cheaper is that they don’t require to take electives courses.
a) true
b) false
c)
d)

When applying for student loans; your EFC is:
a) Emergency Finance Care
b) Electronic Filing Client
c) Expected Family Contribution
d) Educational Foundation Check

On average, a college graduate will make ___ more in their lifetime than a high school graduate.
a) $120,000
b) $500,000
c) $1,200,000
d) $975,000

Three sources of funds for higher education that definitely DO NOT have to be repaid are:
a) Grants, scholarships, and Federal Plus Loans
b) Grants, scholarships, and Work-Studies
c) Scholarships, Work-Study, and Federal Perkins Loans
d) Your Parents, Your Grandparents, and your Poker Buddies

Who can be a lender for student loans?
a) Colleges
b) Banks
c) The Federal Government
d) All of the Above

The key to paying off student loans quicker is to pay off what?
a) Principal
b) Interest
c) Equity
d) Assets

The FAFSA Form must be filled out annually.
a) True
b) False
c)
d)

Fafsa only needs to be filled out by you and not a parent or guardian also.
a) True
b) False
c)
d)

Deferring on a student loan will save you money since you pay less per month.
a) False
b) True
c)
d)

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