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