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CCR-B EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
Typology: Exams
1 / 11
Which of the following are ways to get financial aid? (choose all correct answers) - Precise Answer ✔✔Federal, Private, Institutional/college, State/Mississippi Where does federal aid come from? - Precise Answer ✔✔The US Department of Education What types of aid does the federal government offer? (choose all correct answers) - Precise Answer ✔✔Grants Aid for military families Loans Scholarships Work study What type of money is Mississippi aid - Precise Answer ✔✔Grant Does grant money have to be repaid? - Precise Answer ✔✔no Can you get Mississippi aid if you go to college out of state? - Precise Answer ✔✔No
What is institutional aid awarded based upon? - Precise Answer ✔✔Academic or other achievements When should you apply for Mississippi aid? - Precise Answer ✔✔October through March of your senior year When does the Mississippi Aid Application (MAAPP) open each year? - Precise Answer ✔✔Oct. 1 The MAAPP only has to be completed once, which is before you enter college for the first time. - Precise Answer ✔✔False Which of the following is NOT one of the three grants Mississippi offers? - Precise Answer ✔✔FAFSA To receive MTAG, you must have a or ____ higher on your ACT and a _____ or higher cumulative GPA. - Precise Answer ✔✔15, 2. To receive MESG, you must have a _____ or higher on your ACT and a _____ or higher cumulative GPA. - Precise Answer ✔✔29, 3. When is the deadline for MTAG and MESG? - Precise Answer ✔✔September 15
Graduate students Student loans must be __________. - Precise Answer ✔✔repaid Private loan interest rates are often higher than student loan interest rates. - Precise Answer ✔✔True Which type of loan does not accrue interest while you're in college? - Precise Answer ✔✔Direct Subsidized Loan A student loan does not require a______ or a ________ - Precise Answer ✔✔credit check, co-signer You should accept all student loans offered to you. - Precise Answer ✔✔False What is the difference between an enlisted member and an officer? - Precise Answer ✔✔Officers are the leaders of the group while the enlisted members actually do the task and is lead by the officer. What are the requirements to enlist? - Precise Answer ✔✔Must be a US citizen, speak and write English, be between the ages of 17-39, and meet the education and physical requirements.
What are the age limits (youngest and oldest) for each service? - Precise Answer ✔✔Air Force: 17 - 39, Army: 17 - 35, Coast Guard: 17 - 31, Marine Corps: 17 - 28, Navy: 17 - 39, Space Force: 17 - 39 What are the education and testing requirements? - Precise Answer ✔✔Must have a GED and pass the ASVAB What are the health and fitness requirements? - Precise Answer ✔✔Must be physically fit and pass the medical exam List each branch of the military and give a short explanation of what each branch does. - Precise Answer ✔✔Air Force: Execute military operations in the air. Army: Conduct combat missions on the ground. Coast Guard: Enforce laws at sea, secure waterways, lead search and rescue missions. Marine Corps: Support other branches in land, sea, and air combat and operations. Navy: Protect waterways, provide runaways for aircraft when at sea. Space Force: Organize, train, and equip members to conduct global space operations. What is the GI Bill? - Precise Answer ✔✔GI Bill Benefits helps you pay for college, graduate school, and training programs for veterans. What is the selective service system? - Precise Answer ✔✔The Selective Service program sets up a fair way to register eligible men for military service.
What are two examples of employer contributions? - Precise Answer ✔✔Health Insurance & 401k What does FICA stand for? - Precise Answer ✔✔Federal Insurance Contribution Act How do wealth and income differ? - Precise Answer ✔✔Wealth is a measure of a person's net worth, and income is the amount of money a person earns from work. You and your friends notice a classmate who always has brand new clothes, shoes, and electronics. What would you need to know in order to tell if this classmate's family is actually wealthy? - Precise Answer ✔✔The value of their assets and the amount of their debts Which of the following is the most common measure of wealth? - Precise Answer ✔✔Net worth Nothing about the account changes, even if you switch jobs (choose all correct answers) - Precise Answer ✔✔Roth IRA, Traditional IRA Eligibility may be affected by how long you work with a given company (choose all correct answers) - Precise Answer ✔✔Traditional 401(k) Pension
All employers offer this type of account (choose all correct answers) - Precise Answer ✔✔Some employers don't offer a retirement account at all. The money you put into this retirement account has already had taxes taken out of it (choose all correct answers) - Precise Answer ✔✔Roth IRA You pay taxes when you eventually take the money out (choose all correct answers) - Precise Answer ✔✔Traditional 401(k) Traditional IRA Pension Your company may contribute funds toward your retirement (choose all correct answers) - Precise Answer ✔✔Traditional 401(k) Pension Any contributions you make come directly from your paycheck (choose all correct answers) - Precise Answer ✔✔Traditional 401(k) Pension You make contributions from your bank account (choose all correct answers) - Precise Answer ✔✔Traditional IRA, Roth IRA Your employer has some say in how the money is invested (choose all correct answers) - Precise Answer ✔✔Pension
Dependents - Precise Answer ✔✔children under 19, full time students under 24, & anyone permanently disabled Withholding Taxes - Precise Answer ✔✔the tax your employer takes out of your paycheck. W2 - Precise Answer ✔✔- Filled out and sent by your employer
Filing Taxes - Precise Answer ✔✔You must file before April 15th (Form 1040) Voluntary Compliance - Precise Answer ✔✔Every citizen voluntarily files a tax return by April 15 Tax Evasion - Precise Answer ✔✔not reporting income or paying your taxes Audit - Precise Answer ✔✔IRS wants additional data or evidence about your return