Personal Finance Test A Unit Review

GROSS V. NET PAY

• Gross Pay - Before taxes taken

• Net Pay - After taxes taken out

Multiple Choice

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

Multiple Choice

Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes

• true

• false

Multiple Choice

IRS stands for

• Internal Revenge Service

• International Revenue System

• Internal Revenue Service

• Inspection Ravioli Sauce

Multiple Select

Who primarily uses our tax money? (2 correct answers)

• Your employer

• The state government

• The Federal government

• Local Businesses

Multiple Choice

Total money you earn before taxes and other deductions.

• Salary

• Net income

• Gross income

• Wages

Income Tax

Trivia: Income tax is a type of tax that is based on an individual's income bracket. It is a progressive tax, meaning that the tax rate increases as the income level rises.
Income tax is a major source of revenue for governments around the world.
Fun Fact: The concept of income tax dates back to ancient civilizations, with evidence of its existence in ancient Egypt and Rome.

Multiple Choice

What form provides information for completing tax forms?

• W-2

• 1040

• 1099

• W-4

Tax Form: W-2

Trivia: The W-2 form is used by employers to report an employee's annual wages and the amount of taxes withheld from their paycheck. It provides important information needed to complete tax forms accurately. Other common tax forms include the 1040 and 1099. Remember to keep track of your W-2 form for tax filing season!

Checking Account & Debit vs. Credit Cards

Credit Cards

• Buy now, pay later

• Interest charged if borrowed amount is not fully repaid

• Spending limit

• Withdrawal fee

Debit Cards

• Money immediately removed from the bank account

• Linked to a checking or savings account

• Withdraw cash

• Spend only what you have in your bank account

Checking Account

• A bank account

• Make deposits or withdrawals from your account

• Transfer funds (money) between another bank account

• Balance your account with a check register

Multiple Choice

Matthew dislikes that when he gets behind on his payments he will be charged interest.

• Credit Card

• Debit Card

Multiple Choice

Evelyn dislikes that this method of payment will charge her an overdraft fee if she accidently tries to spend more than is in her account.

• Credit Card

• Debit Card

Multiple Choice

Trey likes that this method of payment allows him to take money out of an ATM as well as get cash back at various stores.

• Credit Card

• Debit Card

Multiple Choice

Dayanara likes that this method of payment allows her to make purchases on things that she might not have money for now but will pay later.

• Credit Card

• Debit Card

• Both

Multiple Choice

Joseph swipes this plastic card to purchase a new bicycle for the summer.

• Credit Card

• Debit Card

• Both

Multiple Choice

When Reina gets paid her paycheck is deposited directly into a

• Checking account

• Credit Card

• Chik-fil-A

Multiple Select

Evan's debit card is linked to his (check all that apply)

• Google Classroom account

• Checking account

• Savings account

• None of these

Poll

I would much rather have a

• Credit Card

• Debit Card

Multiple Choice

Your friend is considering what path to take after high school, and she asks you about the relationship between education and future job options. Which of the following would be the best statement to start the conversation?

• The more job options you have, the less education you need.

• More education opens more job options for you.

What is federal student aid?

• It’s money from the federal government that helps you pay for college, career school, or graduate school expenses. Federal student aid is available through grants, work-study funds, and loans.

Multiple Choice

What main purpose does a personal budget serve for managing your income, taxes, saving and spending?

• To compare your situation to other

• To document what occurred last year

• To plan and set goals for the future

• To track what's happening currently

How do I apply for aid?

You need to complete the Free Application for Federal Student Aid (FAFSA®) form by

-Logging in at fafsa.gov to apply online

-Filling it out in the myStudentAid mobile app

-Or completing and mailing the FAFSA PDF.

Students and parents will need an FSA ID (account username and password) to sign the form through the mobile app and online. You’ll also use your FSA ID to access information about your financial aid on U.S. Department of Education websites. You can create an FSA ID in advance or while you fill out the FAFSA form. To find out more about the FSA ID, visit StudentAid.gov/help-center/answers/article/fsa-id.

Multiple Choice

Which funding source may involve making a tradeoff between paying for school and having time for your studies? Choose the best answer.

• Family Contributions

• Personal Savings

• Personal Income

• Student Loans

Multiple Choice

Does it cost money to file your FAFSA application?

• Yes

• No

Multiple Choice

By applying for financial aid, you discover that you qualify for more grants than you expected. How would your plan be affected? Choose the best answer.

• Longer time to break even

• Lower student loan payment

• Higher foregone earnings

• Higher school cost

Multiple Choice

What does the acronym FAFSA mean?

• Financial Application for Free Student Assistance

• Free Application for Federal Student Aid

• Free Assistance for Fast Student Approval

• Formal Application for Federal Student Assistance

Multiple Choice

Which of the following institution types typically costs more per year on average, no matter the education path you choose?

• Public in-state

• Public out-of-state

• Private nonprofit

• Private for-profit

Multiple Choice

You CAN get a graduate degree at a community college

• True

• False

Multiple Choice

Which of the following provides a path for obtaining a career-focused, technical education?

• A. Certificate

• B. Bachelor's degree

• C. Associate's degree

• D. Both A and C

Multiple Select

Check all items you should have when you fill out your FAFSA form.

• Social Security Number

• W-2 Tax Document

• FSA ID- Username and Password

• List of schools you are interested in

• Students under 24 years old- Parents FSA ID and tax documents

Multiple Select

What are 3 things you can do at a Community College?

• Get a licence or certification program

• Transfer your credit to a University

• Get an associate degree

• Get a masters degree

Categorize

Options (4)

Organize these options into the right trades

Plumbing

HVAC

Electrician

Barber

When should I apply?

• Each October, the FAFSA form is available for the next school year. You’ll need to reapply for aid every year you are in school. Here’s a summary of key dates for submitting the FAFSA form depending on when you plan to go to school-->

Word Cloud

What do you need to pass to get your licence or exam?

Multiple Choice

The FAFSA application becomes available starting...

• January 1

• December 31

• May 1

• October 1

Open Ended

Confidential: What is an obstacle for you to be able to go to college or a trade school?

Multiple Select

Filling out the FAFSA qualifies you for...(multiple answers)

• federal grants

• federal loans

• work study opportunities

• private loans

• merit-based scholarships

Multiple Select

Which do not have to be paid back ( pick 2)

• Subdidzed Loans

• Unsubsidized Loans

• Grants

• Scholarships

Federal Grants: Money that doesn’t have to be paid back

Federal Pell Grant Up to $6,345 for the 2020–21 award year- For undergraduates with financial need who have not earned a bachelor’s or professional degree. For details and updates, visit StudentAid.gov/pell-grant.

Federal Supplemental Educational Opportunity Grant (FSEOG) Up to $4,000 a year- For undergraduates with exceptional financial need. Federal Pell Grant recipients take priority. Funds depend on availability at school. For details and updates, visit

StudentAid.gov/fseog.

Poll

Which are you most interested in ?

• Pell Grant

• Scholarships

• Student Loans

• Work Study Programs

Federal Grants: Money that doesn’t have to be paid back

Iraq and Afghanistan Service Grant Up to $6,345 for the 2020–21 award year- For undergraduate students who are not Pell-eligible and whose parent or guardian died as a result of military service in Iraq or Afghanistan after the events of 9/11. For details and updates, visit. For details and updates, visit StudentAid.gov/iraq-afghanistan.

Teach Grant- For students who are completing or plan to complete course work needed to begin a career in teaching. To receive a TEACH Grant, a student must agree to teach for four years in a high-need field at an elementary school, secondary school, or educational service agency that serves low-income families. If a student doesn’t complete the teaching service requirement, all TEACH Grants the student received will be converted to a Direct Unsubsidized Loan that must be repaid, with interest. For details and updates, visit StudentAid.gov/teach.

Multiple Choice

Grant money must be paid back.

• True

• False

Federal Work-Study:

Money is earned through a job and doesn’t have to be repaid.

Your total work-study award depends on:

-when you apply,

-your level of financial need

-your school’s funding level.

Poll

Would you consider Work-Study?

• Yes because I would make money and gain work experience.

• No because I already have already job or I personally have no interested in working while in school

• I don't know, I will want to explore more about Work Study.

Federal Student Loans:

These are loans that accumulate interest; they must be repaid. 

Direct Subsidized-

Loan For undergraduate students who have financial need. A student must be enrolled at least half-time. 

Direct Unsubsidized Loan-

For undergraduate and graduate or professional students. A student must be enrolled at least half-time. Financial need is not required.

Direct Plus Loans

For parents of dependent undergraduate students and for graduate or professional students. A student must be enrolled at least half-time. Financial need is not required.

Multiple Choice

Federal loans do not need to be paid back.

• True

• False

I completed the FAFSA® form. Now what?

After you submit your FAFSA form, you’ll receive a Student Aid Report (SAR) that summarizes the data you submitted. If you provided a valid email address in your application, you’ll receive an email with instructions on how to access an online copy of your SAR within three days (if you apply at fafsa.gov or through the myStudentAid mobile app) or three weeks (if you mail in a paper FAFSA form).

I completed the FAFSA® form. Now what?

When you receive your SAR, review it to make sure you didn’t make any mistakes on your FAFSA form.

• If you don’t need to make any changes to the information on your SAR, just keep it for your records.

• To find out how to correct mistakes or make updates to your FAFSA form, visit StudentAid.gov/apply-for-aid/fafsa/review-and-correct or contact the school to which you are applying.

The information in your SAR will be provided to the schools you listed on your FAFSA form. You will receive an aid offer from the schools at which you were accepted for admission.

Fill in the Blank

Your __________(SAR) is a paper or electronic document that gives you some basic information about your eligibility for federal student aid as well as listing your answers to the FAFSA® questions.

What’s an aid offer and how much aid will I get?

If you applied for admission to a college or career school you listed on your FAFSA form, that school will get your FAFSA information. The school will calculate your aid and send you an aid offer (often electronically). Most schools will wait to send you an aid offer only after they accept you for admission.

What’s an aid offer and how much aid will I get?

The aid offer will tell you how much aid you’re eligible to receive at that school and will include the types and amounts of financial aid you may receive from federal, state, private, and school sources. This combination of help from different sources is your financial aid package. How much aid you receive depends on some factors, including 

• cost of attendance (for each school);

• Expected Family Contribution (EFC)—the EFC does not represent a dollar amount but, instead, it’s a number used to calculate how much financial aid you’re eligible to receive based on your FAFSA information;

• year in school; and

• your enrollment status (e.g., full-time, half-time, etc.).

How will I receive my aid?

Your college or career school—not the U.S. Department of Education—will distribute your aid. In most cases, your federal student aid will be applied directly to your school account. The financial aid staff at your school will explain exactly how and when your aid will be disbursed (paid out).

What else do I need to remember when applying for federal student aid?

-Only borrow what you need and what you can afford to pay back.

-Your FAFSA information has to be correct to ensure that you receive your aid promptly and in the right amount.

-Always respond to (or act upon) any correspondence your school sends you—and meet all deadlines.

-Contact the school if you’re interested in school or state grants.

Multiple Choice

If you receive financial aid after completing your FAFSA form any funding will be sent to...

• The college or career school you choose to attend.

• Your home address.

• The bank account you listed.

Free Help Is Available

Free help is available any time during the application process. Online help is available while you complete your application at fafsa.gov. You can also get free information and help from your school counselor, the financial aid office at the school you plan to attend, or the U.S. Department of Education at StudentAid.gov or 1-800-4-FED-AID (1-800-433-3243; TTY for the deaf or hard of hearing 1-800-730-8913). You should never have to pay for help!