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1
Which provides the BEST description of what a W-4 tax form is used for?
It tells your employer how much to withhold for taxes
It tells your employer how much to put into your 401(k)
It allows you to quickly & efficiently file your taxes & receive a refund
It tells you how much you paid last year in income taxes
2
Which statement accurately describes the difference between a student loan and a scholarship or grant?
Student loans are only available to a select few college students each year
Student loans must be repaid, scholarships and grants are both "free money"
Student loans come from fed govt, scholarships and grants come from college
Student loans come from FAFSA, scholarships & grants from winning contests
3
Which of the following is a method of accessing the money in your checking account?
Buy a prepaid card using cash
Insert your debit card at a store & sign the electronic machine or receipt
Take money from the ATM using your credit card
Deposit a paycheck from your job
4
A college student who has not yet earned a Bachelor's degree is considered a(n)...
Graduate
PhD candidate
Undergraduate
Baccalaureate
5
Which of the following statements about college degrees is TRUE?
Associate Degrees are more advanced than Bachelor's Degrees
The most advanced degree type available is a Master's Degree
Bachelor's Degrees always earn more than Career Studies Certificates
You must earn a Bachelor's Degree before earning a Master's Degree
6
Which of the following will result in your paying the LARGEST amount of interest to the credit card company?
Paying 20% of your credit card balance every month
Paying off your balance every month
Making the minimum payment every month
Saying "credit" every time the cashier asks "Debit or credit?"
7
The purpose of a 1040 form is to...
Report the total amount of income you received as an independent contractor
File your annual income tax return
Provide information needed to calculate tax withholding from your paycheck
Report wage information and other taxes withheld from your paycheck
8
If your number one factor in selecting a college is cost, which school should you choose?
Price doesn't matter since you can always take out a student loan
Only one that will allow you to graduate debt free
The one with the lowest sticker price
The one with the lowest net price
9
Which of the following statements regarding trade schools is correct?
4-year colleges offer Bachelor's degrees and trade schools do not
Trade schools are often more expensive than 4-year colleges
4-year colleges offer better career-specific training than trade schools
Trade schools require a longer time commitment than 4-year colleges
10
All of the following are ways someone with limited or no work experience can write a strong resume EXCEPT...
Emphasize their educational background
Highlight relevant skills
Include only paid work experience, not volunteering
Customize their resume to the job opening
11
What is the name of Mississippi's non-profit organization that helps students plan, prepare and pay for college?
Mississippi Office of Student Financial Aid
The College Help Center of Mississippi
Mississippi HELP
Get2College
12
How long does a typical college course take to complete?
1 semester
9 weeks
1 academic year
6 weeks
13
Which statement is TRUE regarding Federal student loans?
Any undergraduate can qualify for Direct Plus Loan
The monthly payment on Federal student loans automatically changes
The borrower has to pay all of the interest on all Federal student loans
The govt pays the interest on a Direct Subsidized Loan while in school
14
The approximate difference in annual Cost of Attendance between community colleges and public universities in MS is....
$3,000/year
$5,000/year
$10,000/year
There is not much of a difference
15
On average, how long does it take to earn a college degree?
2-4 years, depending on whether or not you attend community college
4-6 years, depending on whether or not you take a gap year
1-4 years, depending on where you go to college
2-8 years, depending on the degree type
16
Which of the following is NOT a college degree type?
Bachelor's
Licensure
Doctorate
Associate
17
Ty (an only child) has a 26 on the ACT, a 3.9 GPA and a household AGI of $52,500. Which MS grant is he eligible for?
HELP
None
MTAG
MESG
18
Which of the following is true about overdraft protection?
You pay a fee for overdraft but you don't have to pay the bank back
You never have to worry about how much money is in your account
You pay overdraft fees no matter what
It is handy if you have an emergency and don't have the funds right now
19
When does the FAFSA open?
August 15
January 1
March 31
October 1
20
Which of the following statements about car insurance is TRUE?
If you have insurance, the other driver cannot sue you
If you have insurance, you don't pay anything if you have an accident
Insurance keeps you from getting bad "points" if you are pulled over
Your insurance will pay the other person's doctor bills if you are at fault
21
Which saving strategy is most effective if you want to save $3,000 for an emergency fund?
Don't save for an emergency fund until all other debt is paid in full
Just save your leftover money at the end of the month
Set up direct deposit of $75 from each paycheck to your savings account
Whenever you think about it, put some money in your savings account
22
Should you use NET PAY or GROSS PAY when creating a budget?
Net pay - it’s the total you’ve earned minus taxes and other deductions
Net pay - it’s reported to the government by your employer for tax purposes
Gross pay - it’s the total amount you’ve earned that month
Gross pay - it’s the total amount earned minus any recurring bills owed
23
Who tracks all of your credit information?
Federal government
Consumer Financial Protection Board (CFPB)
Lenders
Companies named Equifax, Experian and TransUnion
24
Which of these would represent a withdrawal you could see on your monthly checking account statement?
A person-to-person payment from a friend who owed you money
Direct deposit of your paycheck
A credit for a shirt you returned to a store at the mall
A debit card purchase for concert tickets you bought online
25
All of the following represent a compelling reason to pay a higher insurance premium EXCEPT...
You will have a lower deductible.
You will receive a higher level of customer service and better care.
You will have a higher coverage limit.
You will have a lower out-of-pocket maximum.
26
What is it called if you spend more than make each month?
A balanced budget
Budget surplus
A Zero-Based Budget
Budget deficit
27
How many grants does Mississippi have available for high school graduates who plan to stay in Mississippi for college?
2
5
3
4
28
Why might you want to invest you money rather than put it in a savings account?
Investing is best for short-term goals - saving is best for long-term goals
Investing typically beats the rate of inflation while saving does not
Investing requires very little work while saving requires a lot of work
Investing guarantees a 10% return every year while saving accounts do not
29
Which statement about student loans is TRUE?
It's financially better to pay for college using scholarships & grants
Making small payments over an extended time will reduce the total amount
If you graduate on-time, the federal government will pay them
Private loans are better than federal loans
30
What does the phrase "keeping up with the Joneses" mean?
You need to learn the 50-20-30 rule for budgeting
You're spending money so that you feel on par with your peers
Your savings goals are too lofty
You're imitating a famouly wealthy family, the Jonses
31
To apply to a public Mississippi college/university, you must submit all of the following EXCEPT...
ACT/SAT scores
Interview
High school transcript
Application fee or fee waiver (if required by the college/university)
32
Ali is planning to attend one of Mississippi's public universities. What eligibility requirements must she meet?
Her admission eligibility depends on a combination of factors
She must have taken the ACT or completed a Summer Development Program (SDP)
She must have at least an 18 on the ACT and a 3.0 GPA
She must have a high school diploma and have taken the ACT at least once
33
If you have a budget surplus, what should you do with the money?
Just leave it in your checking account in case you need it next month
Put it in the savings account instead of paying your credit balance in full
Pay it towards the debt you owe the most on
Pay it towards your debt with the highest interest rate
34
Which statement about overdraft protection is true?
All checking accounts must have overdraft protection to be insured by FDIC
Overdraft protection always keeps you from spending more than you have
The average overdraft fee is $25 or more
Overdraft protection fees are charged on a monthly basis
35
Why is your take-home pay substantially less than the rate you were offered when hired?
Your company is downsizing and has decided to pay you less without notice
Most employers charge a "payroll fee"
Taxes, social security, and Medicare are deducted from your pay
Businesses typically pay high school student less than minimum wage
36
When using online and mobile banking, which of these is a smart tip to keep your account safe?
Use easy-to-remember numbers for your online PINs
Choose clever and secure usernames and passwords, and keep them secret
Never password protect your phone
Share your log-in information with a trusted friend in case of emergency
37
These seniors each bought $1,000 worth of stuff with their credit cards. Who will pay the LEAST interest?
Nelson, who makes the minimum monthly payment until $0
Ashley, who pays the whole balance one her bill comes
Rob, who pays the first $1,000 immediately and then $250 per month until $0
Stephanie, who makes $300 payments per month until $0
38
Which of the following statements about the W-2 form is TRUE?
The W-2 includes information about the interest you earned from investments
The total wages from ALL jobs you worked in the previous year on one W-2
A W-2 lists all the money you earned in cash over the last year
You need a separate W-2 form from EACH of your employers
39
Monthly premium=$250; Deductible=$3,500; Maximum out-of-pocket=$6,000; What's the most you'd pay in a calendar year?
$9,500
$9,750
$6,000
$9,000
40
Approximately how many colleges are there in Mississippi?
15
30
10
20
41
How much does it cost to file the FAFSA?
It is 2% of your total loan amount
$50
It is free the first time you file, but costs $9.99/year thereafter
Nothing -- it is free
42
What is the mathematical formula that you would use to describe the financial activity on a bank statement?
Ending Balance = Previous Balance - Deposits - Withdrawals + Fees
Ending Balance = Previous Balance - Deposits + Withdrawals - Fees
Ending Balance = Previous Balance + Deposits + Withdrawals + Fees
Ending Balance = Previous Balance + Deposits - Withdrawals - Fees
43
How do you know how much you'll have to pay to go to college?
You pay within a range of $5,000 of the sticker price
If you're grades and ACT score are high enough, you will pay $0
It's impossible to know how much until you see your financial aid package
You pay the exact net price
44
Wes earns $3,000 but his take-home pay is only $2,500 after taxes. Which of the following statements is CORRECT?
His gross and net pay are $2,500
His gross and net pay are $3,000.
His gross pay is $2,500 and net pay is $3,000.
His gross pay is $3,000 and net pay is $2,500
45
When you have liability coverage with your auto insurance policy…
You cannot be found liable or guilty of causing an accident
Your med bills are covered if you have accident, even if you are at fault
Insurance covers payment for broken windshield if your car gets broken into
Insurance will cover payment for your neighbor's fence repair if you hit it
46
When it comes to paying for college, your best option is...
A private loan - they are tailored specifically for you and your family
A grant or scholarship - you don't repay them
Work-study - it comes with low, fixed interest rates
A Federal student loan - they offer low, fixed interest rates
47
If you're not sure whether not you're going to attend college, how should you approach the FAFSA?
Delay filing becuase it doesn't matter how late you file
Wait until you're sure so you don't waste money on filing
You cannot file until you have acceptance lettr from colleges
Go ahead and file to ensure you have an opportunity for financial aid
48
If a college degree is expensive, why is it often considered a good financial decision to go to college?
College graduates always hold higher-paying jobs than high school graduates
After paying tuition, students will have partial ownership in a university
College graduates have higher lifetime earnings than high school graduates
Most people don’t graduate with student debt
49
What is Phi Theta Kappa?
A group of college students who work to be the voice of all students
An organization for students wanting to start a club
An honor society for students transferring from a community college
A non-profit gender neutral sorority/fraternity
50
Which represents the most accurate description of how credit cards differ from loans?
Credit card payments vary from month to month; loan payments stay the same
Credit cards are very easy to qualify for; loans are much harder to get
The minimum age for a credit is card is 18; for a loans it's 21
Loans are typically good debt; credit cards are typically bad debt
51
Which of the following people is MOST likely to be a victim of identity theft?
Jordan, who uses different, strong passwords for various accounts
Abby, who doesn't post about topics that can used as security questions
Morgan, who shreds all documents containing personal information
Chelsea, who checks her bank account via WiFi at the local coffee shop
52
How can you improve your credit score?
Pay all of your bills on time
Spend more money on each of your credit cards
When merchants ask, "Credit or debit?" always choose credit
Pay off and then close all of your credit cards
53
All of the following options will be deducted from your paycheck EXCEPT...
Overdraft fees
Social security
Federal taxes
Medicare
54
Zoe buys 3 new lipsticks from a store at the mall. Which payment method would reduce the amount in her checking account?
Uses her credit card and says credit when the cashier asks credit or debit
Pays with cash she had in her purse
Pays with a prepaid card she loaded earlier in the month
Uses her debit card and says credit when the cashier asks credit or debit
55
In which order do you want to apply for and accept aid to pay for college?
Fed student loans, private student loans, work study, scholarships & grants
Scholarships & grants, work study, fed student loans, private student loans
Scholarships & grants, fed student loans, private student loans, work study
Fed student loans, work study, scholarships & grants, private student loans
56
If you want to open a checking account and savings account, which of these questions is LEAST important to ask?
Does the bank also have an investments division?
Is there a minimum monthly balance? Will I be able to meeet & maintain it?
Should I open both accounts with the same bank or separate banks?
Do the accounts offer free online access, mobile banking & text alerts?
57
Which tax form is received in January from each of your employers from the previous calendar year?
W-2
1040
I-9
W-4
58
Which one of the following strategies will result in your paying NO interest to the credit card company?
Only using your credit card for purchases, not for withdrawals from the ATM
Paying off your entire balance every month by the due date
Paying the minimum monthly payment due each billing cycle
Paying the entire credit card bill in full by the end of each calendar year
59
What is College Preparatory Curriculum?
A list of required classes for full admission to a MS public 4-year college
Assessments & curriculum that build and measure essential workplace skills
A series of tests that evaluate students’ skills in reading, writing & math
A class a student must pass before enrolling in a more advanced course
60
When making a decision about a financial product , which of these pieces of advice is LEAST valuable?
Do research to learn more about each of the options
Compare products based on the factors you personally find most important
Simply choose the option that your parents use
Read the fine print of any disclosures so you understand the fees and terms
61
Bre received her financial aid award notification from her college of choice. Which of the following is good advice?
Appeal to the financial office to see if there's more money on the table
Accept all financial aid offered
Accept only the dollar amount needed for educational expenses
Wait until two weeks before college to accept financial aid offers
62
Each of the following is a benefit of using online and mobile banking EXCEPT...
You can transfer money electronically between accounts
You can keep an ongoing record of your deposits and withdrawals
You can check your balances before you make a purchase
You can eliminate overdraft fees
63
Which description of the difference between saving and investing is MOST accurate?
Saving and investing are the exact same thing
Saving is less risky than investing but the return is lower too
Less than $10,000 is saving - more than $10,000 is investing
Investing is best for the short-term while saving is best for the long-term
64
Which of these statements best describes the reason identity theft is such a huge concern?
You are responsible for paying back all charges made by your identity thief
The only way to fix your credit is to change your name and SS number
An identity thief could walk around town impersonating you
Victims of identity theft can spend lots of time fixing their credit
65
Which of the following would have the most positive impact on your credit score?
Close any credit cards you're no longer using
Make all payments on time and pay down large debts
Take out a car loan for $18,000 or more
Spend more money on each of your credit cards
66
Which MS Grant pays full tuition at any public college or university in Mississippi?
HELP Grant
MESG
Opportunity Grant
MTAG
67
In order to qualify for financial aid, prospective college students must file their _____________.
Parent's credit score
PSAT, SAT, or ACT scores
FAFSA
Financial aid letter
68
All of these are good reasons why a student would want to go to the military instead of college EXCEPT...
The military is another way to have a career in your chosen career field
The military doesn't provide on-the-job training
The military can help pay for college
The military teaches discipline and focus
69
Which of the following is TRUE about college?
College refers to any education beyond high school
If you can't earn a Bachelor's Degree, it's not cosidered college
College is a requirement to get a job
College is not a wise investment
70
Which of the following is TRUE about investing?
It is meant for achieving short-term financial goals
It can help you grow your money through the power of compounding
It guarantees a high rate of return over a short period of time
It involves little risk because your returns are insured up to $250,000
71
Which definition best describes the FAFSA?
The paperwork your bank completes to take out a personal student loan
The application you complete to determine eligibility for fed student aid
The amount of money the federal government offers you in student loans
The paperwork you complete to have your student loan debt forgiven
72
What is the name of the document that summarizes the information in your FAFSA?
Financial Aid Package
529 Plan
Student Aid Report
Expected Family Contribution
73
Which of the following is TRUE about a resume?
It is common for a resume to be about 5 pages in length
It is typically viewed as an optional document by hiring managers
You must include all of your employment history on it
A resume should demonstrate your qualifications for a specific position
74
Which of the following is the best saving strategy?
Don't worry about establishing an emergency fund
Wait until the end of the month and save whatever is leftover
Determine how much to save from each paycheck and auto-save that amount
Spend your money however you wish
75
What is Cost of Attendance (COA)?
The cost of living on campus, including a meal plan
The cost of taking college classes
An estimate of a student's ability to pay for postsecondary education
The total estimated cost of attending a college
