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MVHS GFL Unit 2 Test Review Flashcards | StudBud
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MVHS GFL Unit 2 Test Review
MVHS GFL Unit 2 Test Review
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1
A subsidized loan is when the government pays the interest while you are in school.
True
False
2
The process & actions taken by a person throughout a lifetime related to their occupation is a career.
True
False
3
Sue has similar job offers: Denver-$87,500; Boise- $60k & Salt Lake City-$65k. Which city has the highest COL?
Boise
Denver
Salt Lake City
4
Requires you to choose a number of allowances
W-2
W-4
I-9
5
Free application for federal student aid
FASFA
Federal Reserve College Program
Government Accountibility Office (GAO)
FAFFSA
6
Your gross income is always larger than your net.
False
True
7
Which letter corresponds with a price that would create a surplus
Price Point F
Price Point G
Price Point C
Price Point E
8
What is money you have to repay when it comes to paying for college
Work Study
Student Loans
Pell Grants
Spending Plan
9
Ted is a teacher, Mason, a welder, Desirae a, specialized surgeon, & Edison, a bank teller-which most likely earns more
Desirae
Ted
Edison
Mason
10
Most colleges and universities have application deadlines as well as scholarship/financial aid deadlines
False
True
Empty choice
deadlines - scoff - huff - what are these things you call deadlines?
11
The ability to earn money in exchange for work is known as:
Salary
Purchasing Power
Earning Power
Value of Education
12
Which two taxes make up FICA (Federal Insurance Contribution Act)?
Retirement & Income Tax
Social Security & Medco
Medicare & Social Security
Energy & Social Security
13
A grant is a form of financial aid that does not have to be paid back.
False
True
14
Three common primary sources of income for working adults are:
Ivestments, interest, inheritance
Wage, salary, self employment
401k, social security, pension
Tips, tax return, yard sales
15
Why is it more expensive to attend college out of state?
Other states don't have good scholarships
You'd have to pay out of state tuition
They have worse colleges
They have higher costs of living
16
Is sent to you by your employer at the beginning of the next year.
W-2
I-9
W-4
17
A job is a group of related tasks performed by an employee in exchange for pay.
False
True
18
Which method of helping to pay for college actually increases the total cost of your education.
Work study
Grants
Scholarships
Loans
19
Legally, you can choose to not pay your taxes.
False
True, but they -the IRS may come audit or go after tax $$.
True
20
Which proves your identity and authorization to work?
W-2
I-9
W-4
21
Must be completed no later than your first day of employment
W-2
W-4
I-9
22
Which document(s) can a U.S. citizen present to confirm identity & authorization to work?I-9
Passport
Driver's license
Social Security Card
Birth Certificate
23
Which of the following are examples of optional/voluntary deductions from gross income?
Retirement Plan and Dental Insurance
Federal and State Withholdings
Social Security and Medicare
Social security and medicade
24
A resume should be a one page error free description of your work experience and education
No, it can be 5 -10 pages long
Yes, True - true
False
True
25
Human Capital is
Concept that return/yield from an investment is proportional to risk.
the skills, knowledge, and experience possessed by an individual
man-made, durable items firms use to produce goods & services -equipment
the chance that an outcome/the actual gains will differ from the expected
26
Someone who organizes and operates a business with the financial risks and profits is a/an:
Agent
Sales Person
Entrepreneur
Advertiser
27
Taxes are a deduction for only some employees.
True
False
28
Taxes not salaries can pay for things like vacations, new cars, cabins in the mountains for the elected leaders.
False
True
29
A result of making a high-skill/high-demand career plan.
Increased Wages
Savings Plan
Spending Plan
Decreased Expenses
30
Shows your total taxable wages and federal withholdings from the previous year
W-4
W-2
I-9
31
Determines how much Federal financial aid you are eligible to receive
Pell Enabler Government Access
FASFA forecaster
Government Accountability Office (GAO)
Scholarship Receivership
32
Tells your employer how much to withhold from your income
I-9
W-2
W-4
33
What opens up October 1st each year that you may need to fill out to get aid for college?
Scholarship Deadlines
International Student Aid
Western states -in state tuition swap program
The FASFA
34
Should be updated whenever you financial situation changes
W-2
I-9
W-4
