AnswersCPS Online Personal Finance fall – 3-2027Careers, Salaries, and Lifetime Income

Careers, Salaries, and Lifetime Income — Unit test Answers

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1
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Amy is analyzing a job offer. Amy’s Salary AnalysisAnnual SalaryBenefitsAverage Monthly RentAverage Monthly Utility Costs$48,500401K matched up to $2,500/year,$5,000 in bonuses$1,100$200How much income with benefits can she expect?

A
$43,500
B
$48,500
C
$53,500
D
$56,000
2
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Tayesha wants to find more information about a career in architecture. Which resource is most likely to give balanced, accurate information?

A
She should use Facebook advice from friends since they know her best.
B
She should use a personal blog of an architect since it is a person in the industry.
C
She should use the US Bureau of Labor Statistics website since it will cover a wide range of information about the careers around the United States.
D
She should use a fashion magazine article on famous architects since it will have lots of pictures.
3

Stephen plans to attend community college for two years. His expenses are only $2,000 each year, because his parents are paying the rest. He earned a one-time $900 scholarship. How much will he need to pay for the two years of college from his savings or by working?

A
$1,100
B
$1,100
C
$2,200
D
$2,200
E
$3,100
F
$3,100
G
$4,900
H
$4,900
4

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.
A
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.
A
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.
A
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.
5

Laura estimated the total cost of attending a private four-year university using the information in the table. CategoryEstimated Cost – 1 yeartuition$29,500room and board$9,600books$2,125lab and facilities fees$850Laura received a grant that will pay for 30% of her annual estimated tuition and a scholarship that will pay for her books. What is the minimum Laura should expect to contribute to her college education for all four years?

A
$111,860
B
$117,810
C
$124,400
D
$132,900
6

The Hartman family is saving $400 monthly for Ronald’s college education. The family anticipates they will need to contribute $20,000 toward his first year of college, which is in 4 years. Which best explains whether the family will have enough money in 4 years?

A
The family will not have enough money. They will have saved only $16,000.
B
The family will not have enough money. They will have saved only $19,200.
C
The family will likely have enough money. They will have saved $16,000 and have accumulated interest.
D
The family will likely have enough money. They will have saved $19,200 and have accumulated interest.
7

The table shows the predicted cost of attending an in-state four-year public college 4 years from now. CategoryPredicted Annual Costtuition$9,350room and board$8,630books and fees$1,650transportation$2,140other$1,110Caleb used the table to determine the minimum amount he should save each month to have enough money to pay for his first year of college. He anticipates receiving $4,500 in grants and he will live at home. If he has 4 years to save, and places his money in an interest bearing college savings account, what is the minimum Caleb and his family should save each month?

A
$100
B
$200
C
$300
D
$400
8

Martha will be entering high school in a couple of years. Which steps should she take to ensure she has money to pay for college? Check all that apply.

A
She should start or add to a college savings account so it can grow with deposits and earned interest.
B
She should start or add to a college savings account so it can grow with deposits and earned interest.
C
She should ask her parents if they have a college savings account set up for her.
D
She should ask her parents if they have a college savings account set up for her.
E
She should work to maintain high grades throughout school so she can qualify for scholarships.
F
She should work to maintain high grades throughout school so she can qualify for scholarships.
G
She should get involved in extracurricular activities like clubs and sports so she can discover what she enjoys and qualify for scholarships.
H
She should get involved in extracurricular activities like clubs and sports so she can discover what she enjoys and qualify for scholarships.
I
She should fill out the FAFSA immediately so she does not miss grants or scholarships she qualifies for.
J
She should fill out the FAFSA immediately so she does not miss grants or scholarships she qualifies for.
K
She should wait until her senior year of high school to start thinking about how to pay for college.
L
She should wait until her senior year of high school to start thinking about how to pay for college.
9

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.
10

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.
11

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.
12

Dustin estimates it will cost $7,721 annually to attend a public four-year college. He will receive $1,930 in grants. How much is Dustin’s estimated annual contribution to his college education?$

A
5,791.00
B
5,891.00
C
6,791.00
D
6,891.00
13

Eric wants to attend a public four-year university. He estimates that the average cost of one year at this university is $19,500. He can save at most $325 a month. Without factoring in interest, grants, or scholarships, what is the minimum number of months he needs to save in order to be able to pay for one year of college?

6
60
6
62
6
65
6
67
14

Aneesha determined that the cost of attending her public four-year college in her first year will be $6,220. If the average cost is expected to increase by 6%, what will be the cost of attending her second year in college?

A
$6,226.00
B
$6,257.32
C
$6,593.20
D
$6,820.00
15

The annual tuition at a public two-year college last year was $3,200. For the new school year, Elizabeth’s first year in college, the tuition is expected to increase 5%. She saved the same amount monthly to prepare for the cost of her tuition. What is the minimum amount Elizabeth should have saved monthly during the previous year?

$
$267
$
$280
$
$308
$
$400
16

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.
17

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
18

Cameron is choosing a career out of high school with no further training. The median salary for this career is $30,000. His friend Mateo is choosing a career that requires a college degree but has a median salary of $55,000. Over 20 years, what will be the difference between their incomes?

A
$25,000
B
$85,000
C
$500,000
D
$1,700,000
19

Which factor would be a valid influence on a career choice in the United States?

A
gender
B
race
C
birthplace
D
interests
20

Brenden wants to set aside money for times when he may be without work due to illness or layoffs. Which method would be best?

A
college savings account for his daughters
B
checking account
C
personal savings account
D
home equity line of credit

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