FINANCIAL LITERACY CHAPTERS 1-4
EXERCISE AND ANSWERS.
$10.10 - Answers-CT minimum wage
$7.25 - Answers-federal minimum wage
gross pay - Answers-the total amount of money you get before taxes or other
deductions are subtracted from your salary
net pay - Answers-gross pay - taxes (& other deductions)
W-2 - Answers-form used to report the taxable income a worker received during the
calendar year
W-4 - Answers--must be filled out when you start a job
-income taxes are withheld according to income amount & exemptions claimed on this
form
FAFSA - Answers--Free Application for Student Aid
-gives you access to the largest source of financial aid
-determines how much your family can afford to contribute to your post-secondary
education and what types of financial aid you qualify for
tuition - Answers-charge for instruction of a school
scholarship - Answers--a gift of money or other aid made to a student to help pay for
education
-money awarded to students that doesn't have to be repaid & is based on academic or
other achievements to help pay for education
subsidized loan - Answers-loan in which first 4 years of college are interest-free (the
government pays)
unsubsidized loan - Answers-loan in which you have to pay the interest (although you
don't have to start until you leave college)
workstudy - Answers-federal work-study program provides part-time employment
opportunities for students with financial need, allowing them to earn money to help pay
educational expenses; money is determined by the FAFSA and awarded by the school
1040 EZ - Answers-form designed for use in filing income taxes by single & joint filers
with no dependents
EXERCISE AND ANSWERS.
$10.10 - Answers-CT minimum wage
$7.25 - Answers-federal minimum wage
gross pay - Answers-the total amount of money you get before taxes or other
deductions are subtracted from your salary
net pay - Answers-gross pay - taxes (& other deductions)
W-2 - Answers-form used to report the taxable income a worker received during the
calendar year
W-4 - Answers--must be filled out when you start a job
-income taxes are withheld according to income amount & exemptions claimed on this
form
FAFSA - Answers--Free Application for Student Aid
-gives you access to the largest source of financial aid
-determines how much your family can afford to contribute to your post-secondary
education and what types of financial aid you qualify for
tuition - Answers-charge for instruction of a school
scholarship - Answers--a gift of money or other aid made to a student to help pay for
education
-money awarded to students that doesn't have to be repaid & is based on academic or
other achievements to help pay for education
subsidized loan - Answers-loan in which first 4 years of college are interest-free (the
government pays)
unsubsidized loan - Answers-loan in which you have to pay the interest (although you
don't have to start until you leave college)
workstudy - Answers-federal work-study program provides part-time employment
opportunities for students with financial need, allowing them to earn money to help pay
educational expenses; money is determined by the FAFSA and awarded by the school
1040 EZ - Answers-form designed for use in filing income taxes by single & joint filers
with no dependents
