Personal Finance End of 1st Quarter Exam

What is the main difference between a salary and a wage?

• Salary is based on hours worked, while a wage is fixed annually.
• Salary is a fixed annual amount, while a wage is based on hours worked.
• Salary is paid daily, while a wage is paid monthly.
• Salary is only for executives, while a wage is for entry-level employees.

Which of the following is considered an employment benefit?

• Overtime pay
• Free gym membership
• Taxes
• Rent payments

Which of the following is NOT an example of an employment benefit?

• Health insurance
• Paid time off
• Grocery allowance
• Retirement plans

What does a 401(k) plan help employees with?

• Paying for education
• Saving for retirement
• Buying a home
• Taking paid time off

Which of these is a way to pay for college that does not need to be repaid?

• Student loans
• Grants
• Credit cards
• Personal loans

FAFSA stands for:

• Federal Application for Financial Student Aid
• Free Application for Federal Student Aid
• Financial Aid for Students and Families Association
• Federal Assistance for Student Accounts

Who should complete a FAFSA?

• Only students who have a job
• Any student seeking financial aid
• Only students attending private colleges
• Only students with high GPA scores

What is one document needed to complete a FAFSA?

• Medical records
• Tax returns
• School schedule
• Social media profile

What does filing a FAFSA allow students to access?

• Federal grants and loans
• Lower tuition rates
• Free textbooks
• Automatic scholarships

What are taxes?

• Voluntary payments made to local businesses
• Mandatory payments to the government
• A type of loan for homeowners
• A financial penalty for overspending