AnswersPersonal FinanceRelating Income and Careers

Relating Income and Careers — Test Answers

25 verified answers
21
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What is the main purpose of FAFSA?

A
determine financial aid eligibility
B
calculate tuition
C
apply to college
D
select a major
22
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Elijah has an idea for a new business. Which step provides the greatest risk for Elijah as he works to start his business?

A
Elijah joins professional organizations that support small business owners around the country.
B
Elijah explores programs that provide funding backed by the federal government.
C
Elijah reads websites and blogs that share advice from small business leaders.
D
Elijah approaches several banks with his business plan to acquire a start-up loan.
23

What is an opportunity cost of attending college?

A
lost wages from not working
B
scholarship awards
C
increased earnings
D
tuition payments
24

Mia typically works 40 hours or more each week; however, she can set her schedule. She is paid based on the company’s profits. Which best explains Mia’s employment status?

A
Mia is a salaried exempt employee of the company.
B
Mia is an entrepreneur who owns the company.
C
Mia is a freelance contractor with the company.
D
Mia is an hourly employee of the company.
25

A factory introduces automated machines. What is the most likely result?

A
higher wages for all workers
B
more workers needed for routine tasks
C
elimination of all jobs
D
fewer routine jobs but more technical roles

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