Forms Of Financial Aid

Question 1

Name the types of Student Loans

Answer 1

Subsidized and Unsubsidized

Question 2

Scholarship Definition:

Answer 2

An amount of money that Is given by a school or organization

Question 3

Grants definition :

Answer 3

The issuance of an award under a stock plan

Question 4

Subsidized student loan :

Answer 4

A loan partially supported and paid for by the US Government.

Question 5

Unsubsidized

Answer 5

An offer by the government but does not pay interest

Question 6

Tuition

Answer 6

A sum of money charged for teaching or instruction by a school or college

Question 7

Hard Skills

Answer 7

Quantifiable capabilities required for specific occupations

Question 8

Soft Skills

Answer 8

Character traits and interpersonal skills that characterize a persons relationship with other people

Question 9

Supply & Demand

Answer 9

Explaining the interaction between the supply of a resource and the demand of the resource

Question 10

Economy

Answer 10

The wealth and resources of a country or region.

Question 11

Forms of Financial Aid

Answer 11

Student Loans, Grants, Scholarships

Question 12

Employee Benefits Examples

Answer 12

Social Security, workers compensation and health insurance

Question 13

Earned income

Answer 13

Money derived from paid work

Question 14

Unearned Income

Answer 14

Income from investments rather than work

Question 15

Name 2 of the 5 types of taxes

Answer 15

Social security Tax

Federal Income Tax

Question 16

Name 3 of the 5 types of Taxes

Answer 16

Income Tax

Sales Tax

Excise Tax

Question 17

Name the 2 types of Transfer Payments

Answer 17

In- Kind Payments

In-Cash Payments

Question 18

Name 2 of the 5 types of Forms

Answer 18

W-4

W-2

Question 19

Name 3 of the 5 types of Forms

Answer 19

I-9

1040EZ

1040A

Question 20

Calculate payroll

Answer 20

Gross pay

Deductions

Net Pay

Question 21

What is the difference between Medicare and Medicaid ?

Answer 21

Medicare : Federal program attached to Social Security

Medicaid : A joint federal and state program that helps low income individuals pay for medical and long term custodial care

Question 22

Flexible Spending Arrangement ( FSA )

Answer 22

One of a number of tax advantaged financial accounts that can be set up through a cafeteria plan

Question 23

Networking

Answer 23

A process that fosters the exchange of information and ideas among individuals or groups that share common interest

Question 24

Risks of Entrepreneurship

Answer 24

Risks: Financial Risk, Technology Risk, Competitive Risk

Question 25

Venture V. Lifestyle Business

Answer 25

Venture: Focuses on on a marketplace with potential for rapid and robust over the coming years

Lifestyle: one that may or may not see significant growth

Question 26

Inflation

Answer 26

The rate at which the general level of prices for goods and services is rising

Question 27

Deflation

Answer 27

A contraction in the supply of circulated money within an economy

Question 28

Hyperinflation

Answer 28

When the prices of goods and services rise more than 50 percent a month

Question 29

Cause of inflation

Answer 29

Demand pull inflation,

Cost push inflation

Real Cost Inflation

Question 30

Consumer Price Index ( CPI)

Answer 30

An index of the variation in prices paid by typical consumers for retail goods and other items

Question 31

Name pricing strategies

Answer 31

Cost plus pricing
Cost recovery pricing
Value based pricing
Market based pricing

Question 32

Name 3 types of Advertising

Answer 32

Indirect
Direct
Target Audience

Question 33

Selling Strategies

Answer 33

Customer service

Convenience

Meeting needs of consumers

Question 34

The Federal Reserve System ( FRS)

Answer 34

The central banking system of the US

Question 35

Name the 4 Stages of the business cycle

Answer 35

1. Peak
2. Recession
3. Trough
4. Recovery

Question 36

Cost of Living Adjustment ( COLA )

Answer 36

An adjustment made to social security and supplemental security income to counteract the effects of inflation

Question 37

Economizing

Answer 37

Economizing : Consumers save as much as possible and spend only when necessary

Question 38

Optimizing

Answer 38

Consumers get the highest value for the money spent

Question 39

Federal Trade Commission ( FTC )

Answer 39

An independent agency of the US government