AnswersPersonal Finance - EL3403Principles of Financial Planning

Employment and Education Answers

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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.
2
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Besides the cost of tuition, what additional educational expenses must students pay? Check all that apply.housingmealssuppliestextbooksclasses

A
housing
B
meals
C
supplies
D
textbooks
E
classes
3

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
4

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.
5

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
6

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.
B
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.
C
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.
D
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.
7

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.
8

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.
9

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.
10

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.
11

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.
12

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.
13

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.
14

Which educational institutions typically cost the most to attend?

A
vocational schools
B
community colleges
C
public universities
D
private colleges
15

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.

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