Answers SHS Lifetime Fitness - 2021Understanding College Savings

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Marcus deposited his paycheck in the amount of $625.84. He’ll use the check register to record his transaction. What will be his new balance? Do not use commas in your answer. $

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Jaiden is in 6th grade and plans to attend college. He has created a college preparation plan. 1. He will fill out the FAFSA form and send it in immediately.2. He will ask his parents if they have a college savings account.3. When he gets to high school, he will start trying harder in school so he can qualify for academic scholarships.4. During his last year of high school, he will get involved in sports and clubs he enjoys to qualify for scholarships.5. Upon graduation, he will start saving money for college.Which statements identify errors in Jaiden’s plan? Check all that apply.

He should wait until his last year in high school to fill out the FAFSA.

He should start saving right away. It is never too early to start a savings account.

He should work hard throughout middle school and high school or it might be too difficult for him to excel later, since bad habits are hard to break.

He should try different sports and clubs in middle school and early high school. Then he should pick his favorites and invest more time in them.

While in high school, he should quit all extracurricular activities so he can work more hours and save money.

He should ask all his friends and neighbors to contribute to his college fund so it will grow faster.

Alphonse is attending college next year. He received this offer from a university. His parents told him they would pay for his room and board if he lives at home instead of in the dorms. He would only need to pay $2,000 for his car and insurance if he lives at home. Financial Analysis for UniversityCosts per YearFinancial Aid Package per YearTuition & FeesScholarships & Grants$10,500$4,000Room & BoardWork-Study$11,500$2,000Which statements about the offer are true? Check all that apply.

The total cost per year is $22,000 if he lives in the dorm.

He would save $9,500 per year if he lives at home.

He would save $11,500 per year if he lives at home.

He has $6,500 in expenses that are not covered by financial aid if he lives at home.

He has $4,500 in expenses that are not covered by financial aid if he lives at home.

He will need to repay the $24,000 in scholarships, grants, and work-study money he receives during the four years of college.

Fiona wrote a check to the veterinarian for $89.56. She’ll use the check register to record her transaction. What will be her new balance?

$2,458.94

$2,484.83

$2,549.55

$2,575.44

Which is the best question for Joe to ask himself when deciding whether to open a checking or savings account?

Is there an ATM near my home or work?

Does the bank offer free checking?

If I need a loan, will they give it to me?

Why am I opening a bank account?

Why were savings and loans (S&Ls) originally established?

to help people invest in small businesses

to help people save money

to help people buy homes

to help people invest in the stock market

grossdiscretionarynet

gross

discretionary

net

Aliyah made a payment in the amount of $47.93. She’ll use the check register to record her transaction. What will be her new balance? Do not use commas in your answer.$

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Look at the table below showing an example of a checkbook ledger.

Adrienne forgot to include the $2.00 ATM transaction fee.

Adrienne did not use $320.00 as her starting balance.

Adrienne deducted $23.50 from her balance instead of $32.50.

Adrienne did not enter her ATM withdrawal correctly.

Credit unions differ from retail banks because they are

owned by their members.

owned by their employees.

owned and managed by private corporations.

owned by shareholders who purchased stock.

Jolene is graduating from high school in May. She received this offer from a university. Financial Analysis for UniversityCosts per YearFinancial Aid Package per YearTuition & FeesScholarships & Grants$9,800$11,000Room & BoardWork-Study$12,500$5,000Which statements about the offer are true? Check all that apply.

The total cost per year is $22,300.

She will need to repay $16,000 for each year of college.

Financial aid will cover $16,000 for each year of college with no need to repay.

Financial aid will cover $11,000 for each year of college with no need to repay.

She could use money from savings or parental contributions to pay the remaining $6,300 each year.

She could use a student loan to pay the remaining $6,300 each year.

In which column on a check register should the total current amount in the account be entered?

Deposit

Transaction

Balance

Debit

The best reason to record income at the top of a budget is

to easily add expenses to it.

to know how much money is available.

to avoid spending too much money.

to see that is is more important than expenses.

What is the definition of gross income?

amount of income saved per year

amount earned before deductions

amount of tax deducted from income

amount received after deductions

Holly plans to attend community college next year. Her expenses are only $1,200 because her parents are paying the rest. Holly earned a $750 scholarship. How much will she need to pay from her savings?

$450

$750

$1,200

$1,950

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