AnswersDBN Personal FinanceCareers, Salaries, and Lifetime Income

Careers, Salaries, and Lifetime Income — Unit test Answers

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21
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How is a student loan different from a scholarship?

A
A student loan must be paid back, but a scholarship is not paid back.
B
A scholarship must be paid back, but a student loan is not paid back.
C
A student loan is a form of financial aid, but a scholarship is not.
D
A scholarship is a form of financial aid, but a student loan is not.
22
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Desmond told his two friends, Marley and Brianna, that he was awarded a $10,000 grant for college if he becomes a math or science teacher. Desmond wants to teach physics.Marley told him he should take the grant. Brianna told him not to take the grant. Which statement about their advice is true?

A
Marley is correct because a grant is like a gift and he can still get scholarships or loans to pay for the rest of his expenses.
B
Marley is correct because a grant is like a gift and he can still get scholarships or loans to pay for the rest of his expenses.
C
Marley is correct because he can take the grant and then study whatever he chooses without paying it back if he changes his mind about his career.
D
Marley is correct because he can take the grant and then study whatever he chooses without paying it back if he changes his mind about his career.
E
Brianna is correct because he cannot get scholarships if he takes the grant and scholarships would pay more of his education costs.
F
Brianna is correct because he cannot get scholarships if he takes the grant and scholarships would pay more of his education costs.
G
Brianna is correct because grants are like loans and must be paid back. He should wait and see what scholarships and work-study programs he qualifies for.
H
Brianna is correct because grants are like loans and must be paid back. He should wait and see what scholarships and work-study programs he qualifies for.
23

Arthur is 10 years old. Tuition for one year at a public two-year college is $3,125. In 8 years, tuition is expected to increase 32%. Arthur’s family plans to save for his college costs for 5 years. If the family saves $75 per month, will there be enough money to pay for the expected cost of one year at the college when he is 18?

N
No, they would need to save about $30 more per month to have enough money.
N
No, they would need to save about $15 more per month to have enough money.
Y
Yes, they could save about $5 less per month and still have enough money.
Y
Yes, they could save about $30 less per month and still have enough money.
24

In his first school year, Leo contributed $13,468 toward college expenses. In his second school year, the expenses are expected to increase by 4%. What is the approximate minimum amount Leo should expect to contribute in his second school year?

$
$13,472
$
$13,868
$
$14,007
$
$18,855
25

Annika is attending college next year. She just got information on the college costs and the financial aid package the college is offering. Annika knows her parents can contribute $7,500 each year.Annika’s College Costs & Financial Aid Package per YearCostsFinancial Aid PackageTuition & FeesGrants & Scholarship$21,500$10,500Room & BoardWork-Study$13,500$9,000How much will Annika need to pay each year from her own savings and from loans?

A
$8,000
B
$8,000
C
$11,000
D
$11,000
E
$15,500
F
$15,500
G
$17,000
H
$17,000
26

Jerome likes to take stuff apart and then rebuild it. He is also good at math but is rather shy. Which career choices might he enjoy? Check all that apply.

A
Engineer: design, plan, or manage a system such as machines, computers, or roads.
B
Computer support specialist: work with people to service, upgrade, or design computer systems to fit their needs.
C
Aircraft inspector: inspect, plan, and oversee repairs on aircraft; may also need to design parts as repair methods that meet standards.
D
Car salesman: sell cars to the police.
E
Factory reproduction manager: check that products meet specifications.
F
Event planner: works with people to plan parties, weddings, fundraisers, or corporate events.
27

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.
28

Which aspect could have a positive impact on future salary in a job position?

A
The opportunity for advancement or promotion could result in higher pay.
B
The starting salary is very high, but the job outlook is poor.
C
The position offers more employee benefits than others like it.
D
The career choice requires less post-secondary education so less student loans are needed.
29

Category

$
$31,570
$
$34,030
$
$45,570
$
$48,030
30

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 should she expect to pay on rent and utilities each year?

A
$1,300
B
$2,400
C
$13,200
D
$15,600
31

Which statement is an example of post-secondary education?

A
core classes such as math and English that one takes in high school
B
vocational classes such as marketing or computer-aided design that one may take in high school
C
a class in a specific computer application or language that one may take to advance in a career
D
a dance class that one takes after retiring for enrichment and enjoyment
32

Iman has 48 months to save $18,000, the maximum amount he estimates his first year of college will cost. He does not want to depend on interest, and does not consider interest when determining his minimum monthly savings goal. What is the minimum amount he should save per month to achieve his goal?

A
$350.00
B
$375.00
C
$425.00
D
$450.00
33

Category

$
$600
$
$700
$
$850
$
$950
34

Kevin is in 8th grade and he wants to attend college. He claims he needs to research how much college will cost for his chosen degree and fill out the FAFSA before he can prepare and save for college. Which statement about his claim is correct?

A
He needs to know how much of his college expenses will be covered so he knows how much to save.
B
By filling out the FAFSA and sending it in, he will not have to pay anything because grants and scholarships will cover the costs.
C
It is never too early to start saving for college. Even if he earns scholarships, he could use the money for other expenses.
D
It is too late to save for college. His parents should have started a college savings account when he entered kindergarten.
35

How are loans and grants different?

A
Loans must be repaid, while grants are like gifts.
B
Grants must be repaid, while loans are like gifts.
C
By filling out the FAFSA, students can find out if they qualify for grants, but not loans.
D
By filling out the FAFSA, students can find out if they qualify for loans, but not grants.
36

Javier is considering two options for college. Option A: Complete the first two years of schooling at a community collegeand then transfer to a university.Option B: Complete all four years of schooling at the university.Community College Financial AnalysisCosts per YearFinancial Aid Package per YearTuition & FeesScholarships & Grants$3,000$1,000Room & Board $1,000 University Financial AnalysisCosts per YearFinancial Aid Package per YearTuition & FeesScholarships & Grants$10,000$15,000Room & BoardWork-Study$11,500$4,000Which statement about the cost of the options is true?

A
Option B will save him $1,000.
B
Option B will save him $2,000.
C
Option A will save him $14,000.
D
Option A will save him $17,500.
37

Carly will be going to college in 3 years. She anticipates that she will need $12,000 to pay for the first year. She currently has $2,900 in a savings account. Without including any interest earned, what is a reasonable estimate of the amount Carly needs to deposit into the savings account per month over the next 3 years to be able to pay for her first year of college?

A
$150
B
$250
C
$350
D
$450
38

Which statement describes an hourly wage job?

A
Each paycheck is the exact same regardless of number of hours worked.
B
Each paycheck is less, even if an employer wants you to work more hours in a week.
C
If an employer wants the employee to work more hours in a week, the result is a larger paycheck.
D
If the business is closed for a holiday, the employee still gets paid regardless of available vacation hours.
39

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.
40

Which statement best explains a grant?

A
A grant is money awarded to a student, usually based on financial need.
B
A grant is aid given to a student by an institution, often based on academic success.
C
A grant is money borrowed by a student to pay for an education that will need to be repaid.
D
A grant is the price of attending classes at a school.

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