AFA Unit 2 Test

AFA Unit 2 Test

Assessment

Flashcard

Mathematics

12th Grade

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

What is the FAFSA?

Back

The Free Application for Federal Student Aid, a form used to apply for financial aid for college.

2.

FLASHCARD QUESTION

Front

What does consolidation do to your monthly payment?

Back

Consolidation lowers your monthly payment and often means you will pay more in interest over the life of your loan.

3.

FLASHCARD QUESTION

Front

What is a grant in the context of financial aid?

Back

Money awarded that does not need to be repaid.

4.

FLASHCARD QUESTION

Front

How do you calculate annual income from hourly wage?

Back

Multiply hourly wage by hours worked per week and then by 52 weeks. For example, $12/hour * 25 hours/week * 52 weeks = $15,600.

5.

FLASHCARD QUESTION

Front

What is the difference between a loan and a grant?

Back

A loan must be repaid with interest, while a grant does not need to be repaid.

6.

FLASHCARD QUESTION

Front

What is the purpose of the FAFSA?

Back

To determine a student's eligibility for financial aid.

7.

FLASHCARD QUESTION

Front

What is a work-study program?

Back

A program that allows students to work part-time while attending school to help pay for their education.

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