AnswersPersonal Finance - EL3403Employment and Education

Employment and Education Answers

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21
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How can an employer's retirement matching program encourage an employee to save for their retirement?

A
It increases an employee’s regular paycheck.
B
It ensures financial stability in the short term.
C
It boosts savings by adding extra funds to the employee's contribution.
D
It enhances employee knowledge through mandatory financial seminars.
22
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What is one benefit of privately issued student loans?

A
They are issued in cooperation with the student’s university to reduce costs and paperwork.
B
They have lower interest rates and can be paid back with lower out-of-pocket costs.
C
They are backed by the US government to ensure greater financial security.
D
They are available to any student who meets lending standards, regardless of financial need.
23

How is a federal loan different from a private loan for an education?

A
A federal loan is available for any student who meets the government’s lending standards. A private loan is only available for students who show a need.
B
A federal loan is only available for students who show a need. A private loan is available for any student who meets the bank’s lending standards.
C
A federal loan can only be used to pay for a student’s tuition. A private loan can be used to pay for a student’s tuition and any other expenses.
D
A federal loan can be used to pay for a student’s tuition and any other expenses. A private loan can only be used to pay for a student’s tuition.
24

This graph shows student loan debt in the United States from 1994 to 2009.

Question illustration
A
Student loan debt will most likely decrease in the coming years.
B
Students have taken out higher and higher loans since 1994.
C
Enrollment for higher education will soon begin to decrease.
D
Tuition for higher education has risen steadily since 1994.
25

Which interest could best help someone become an athletic trainer?

A
enjoying working with aircraft
B
understanding sports injuries
C
wanting to manage workers
D
enjoying working with food
26

Completing the FAFSA could help decide whether a student

A
deserves a merit-based award.
B
should receive student-specific financial aid.
C
should be given an athletic scholarship.
D
requires an academic scholarship.
27

This graph compares consumer expenditures in three American cities from 2007 to 2010.

Question illustration
A
workers in Houston are more likely to have jobs with high growth rates.
B
workers in New York may face a cost of living that will exceed their salaries.
C
jobs in San Francisco may have higher salaries to offset the cost of living.
D
jobs in Cleveland tend to pay based on an hourly wage instead of a salary.
28

This graph compares the total cost of attending educational institutions in Texas.

Question illustration
A
technical schools greatly varies.
B
vocational schools greatly varies.
C
four-year universities greatly varies.
D
community colleges greatly varies.
29

How does an employer's presentation of retirement savings options affect employees' decisions to save?

A
by automatically enrolling employees to tap into their default bias
B
by assigning employees to different saving courses in the retirement plan
C
by offering various saving courses in the retirement plan
D
by making the plan more complex to get employees more involved
30

Which statement best defines tuition?

A
Tuition is federal money awarded to a student.
B
Tuition is aid given to a student by an institution.
C
Tuition is money borrowed to pay for an education.
D
Tuition is the price of attending classes at a school.
31

Work-study is a program that includes

A
working at an outside job to help pay for school.
B
taking a school job to help pay for an education.
C
agreeing to serve in the military for financial aid.
D
participating in a service program to receive aid.
32

What is one benefit of privately issued student loans?

A
They are issued in cooperation with the student’s university to reduce costs and paperwork.
B
They have lower interest rates and can be paid back with lower out-of-pocket costs.
C
They are backed by the US government to ensure greater financial security.
D
They are available to any student who meets lending standards, regardless of financial need.

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