AnswersHSA 26-27 EconomicsEmployment and Education

Employment and Education (CFA2) Answers

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1
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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.
2
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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
3

One reason a student may seek a federal student loan instead of a private student loan is that

A
private loans carry a higher interest rate than federal loans.
B
federal loans are obtained by banks, while private loans are backed by the government.
C
federal loans must be paid back more quickly than private loans.
D
private loans are only available to parents, while federal loans may be issued to the student.
4

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.
5

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.
6

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
7

This graph compares the cost of room and board at educational institutions in Texas.

Question illustration
A
public community colleges are considered to be affordable alternatives to private community colleges.
B
students in Texas have become increasingly drawn to technical schools over community colleges.
C
many students might choose an alternative living situation over paying room and board at a four year institution.
D
some Texas students have opted to delay attaining a degree in higher education for several years.
8

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.
9

Besides the cost of tuition, what additional educational expenses must students pay? Check all that apply.housingmealssuppliestextbooksclasses

h
housing
m
meals
s
supplies
t
textbooks
c
classes
10

This graph compares the cost of an education at different institutions in Texas.

Question illustration
A
private universities can cost three times as much to attend as public universities.
B
public universities can cost three times as much to attend as private universities.
C
community colleges can cost five times as much to attend as technical schools.
D
technical schools can cost five times as much to attend as community colleges.
11

Which educational institutions typically cost the most to attend?

A
vocational schools
B
community colleges
C
public universities
D
private colleges
12

Student-specific scholarships are awarded to students who

h
have impressive athletic accomplishments.
h
have impressive academic achievements.
d
demonstrates a specific skill
a
are members of a certain group.
13

These lists provide information about two jobs.

Question illustration
A
Job A has a lower salary than job B, but the benefits make job A a more attractive pay package.
B
Job B has a lower salary than job A, but the benefits make job B a more attractive pay package.
C
Job A has a higher salary than job B plus benefits that make job A a more attractive pay package.
D
Job B has a higher salary than job A plus benefits that make job B a more attractive pay package.
14

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.
15

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.
16

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.
17

Which educational institutions typically cost the most to attend?

A
vocational schools
B
community colleges
C
public universities
D
private colleges
18

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.
19

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.
20

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.

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