Fin Lit Unit 1

Question 1

True or False: Students must make payments on their student loans while attending school

Accepted Answer

False

Question 2

FAFSA

Accepted Answer

helps schools determine how much financial aid you receive

Question 3

What is the main source of income for most Americans?

Accepted Answer

Paycheck

Question 4

limited availabilty of a good or resource

Accepted Answer

scarcity

Question 5

the income you earned before taxes and deductions are taken out

Accepted Answer

gross pay

Question 6

which of these would NOT influence a person's income

Accepted Answer

eye color

Question 7

income you earn after taxes / deductions are taken out

Accepted Answer

net pay and take home pay are correct

Question 8

All of the following are sources of income EXCEPT...

Accepted Answer

Loans

Question 9

opportunity cost of going to college might be

Accepted Answer

earning income now

Question 10

Economics is the study of...

Accepted Answer

Scarce resources

Question 11

which is NOT a typical deduction on an earning statement

Accepted Answer

unemployment insurance

Question 12

on business cycle, you expect unemployment to be highest at...

Accepted Answer

trough

Question 13

How much more per week does a college grad earn compared to someone with some college?

Accepted Answer

$435

Question 14

which includes characteristics of entrepreneurship

Accepted Answer

all of the above

Question 15

on business cycle, you expect GDP growth to be highest at.....

Accepted Answer

peak

Question 16

value of next highest valued alternative

Accepted Answer

opportunity cost

Question 17

for most middle class families, the largest deduction from pay check is....

Accepted Answer

Fed. Income Taxes

Question 18

an external incentive to work hard

Accepted Answer

pay raise

Question 19

college sticker price includes

Accepted Answer

all of the above

Question 20

why do people face tradeoffs?

Accepted Answer

scarcity

Question 21

which is spelled correctly

Accepted Answer

entrepreneurship

Questions 21