Where was the Battle of Bunker Hill fought?
Answer: Reeds Hill
What is meant by defaulting?
What is meant by defaulting?
Answer: failing to repay
You must be enrolled at least _____ in a degree-granting program to qualify. That means that some part-time students are not _______.
You must be enrolled at least _____ in a degree-granting program to qualify. That means that some part-time students are not _______.
Answer: half, eligible
What is meant by loan deferment?
What is meant by loan deferment?
Answer: It allows you to put off making payments while you're in school, but still piles up due to interest
______ should always be your last resort for financing a college education.
______ should always be your last resort for financing a college education.
Answer: loans
What should you have completed by your junior and senior years of high school to prepare you for financing college?
What should you have completed by your junior and senior years of high school to prepare you for financing college?
Answer: Evaluating your financial aid options and strategies
About ____ percent of full-time undergraduate students receive some type of financial aid, with _____ percent receiving federal financial aid.
About ____ percent of full-time undergraduate students receive some type of financial aid, with _____ percent receiving federal financial aid.
Answer: 80, 63
Many students seem to be taking the scenic route through college, with more than ______ taking ______ years to graduate from a four-year college and only a _______ graduating from a two-year program within _______ years. _________ means more tuition, fees, and other expenses.
Many students seem to be taking the scenic route through college, with more than ______ taking ______ years to graduate from a four-year college and only a _______ graduating from a two-year program within _______ years. _________ means more tuition, fees, and other expenses.
Answer: half, six, quarter, three, more years
Although continuing your education after high school has big benefits, it also can come with a big price tag. In fact, _____ times as many students drop out of degree and certificate programs due to ______ and ______ than because of grades.
Although continuing your education after high school has big benefits, it also can come with a big price tag. In fact, _____ times as many students drop out of degree and certificate programs due to ______ and ______ than because of grades.
Answer: eight, finances, debt
The U.S. Military: Thousands of jobs need to be filled in the U.S. military—and _____ percent of them have a counterpart in the civilian world. While you are serving in the military, _____ for specific careers and skills is available at no cost.
The U.S. Military: Thousands of jobs need to be filled in the U.S. military—and _____ percent of them have a counterpart in the civilian world. While you are serving in the military, _____ for specific careers and skills is available at no cost.
Answer: 86, training
By having backup opportunities, you've also ___________________. You'll also ________ the odds of having a career that you find satisfying.
By having backup opportunities, you've also ___________________. You'll also ________ the odds of having a career that you find satisfying.
Answer: increased your chances or finding a job, double
The more potential careers you can explore, the more likely
The more potential careers you can explore, the more likely
Answer: you will be to find one that is a good fit for your goals and life
You earning potential is 100 percent determined by ____
You earning potential is 100 percent determined by ____
Answer: you
Remember that no matter how difficult paying for your education may seem, there are _________ available to you which can help make the process as easy as possible.
Remember that no matter how difficult paying for your education may seem, there are _________ available to you which can help make the process as easy as possible.
Answer: resources
Do keep in mind that you may be asked to submit additional documents in order to verify the accuracy of your FAFSA; financial aid offices have been empowered by the federal government to do this, and are able to withhold any and all financial aid until all ___________ documents have been submitted to their satisfaction.
Do keep in mind that you may be asked to submit additional documents in order to verify the accuracy of your FAFSA; financial aid offices have been empowered by the federal government to do this, and are able to withhold any and all financial aid until all ___________ documents have been submitted to their satisfaction.
Answer: required
It will take the US Department of Education several business days to process your FAFSA application, but after that period has passed, you may choose to contact the institution of higher education's ___________ to verify that they have received your application.
It will take the US Department of Education several business days to process your FAFSA application, but after that period has passed, you may choose to contact the institution of higher education's ___________ to verify that they have received your application.
Answer: Financial Aid Office
Pay close attention to the "_______________" section of the SAR, as this will alert you to any action required at that time, or any obvious mistakes that you should correct
Pay close attention to the "_______________" section of the SAR, as this will alert you to any action required at that time, or any obvious mistakes that you should correct
Answer: Comment Section
After you have completed and submitted your FAFSA online, you will receive back what is called a ____________, or SAR
After you have completed and submitted your FAFSA online, you will receive back what is called a ____________, or SAR
Answer: Student Aid Report
You can select potential schools from the provided list, or you can enter in the school's unique six digit _________ School Code, if you know it.
You can select potential schools from the provided list, or you can enter in the school's unique six digit _________ School Code, if you know it.
Answer: Title Four
You will be able to send your FAFSA information to up to __ schools.
You will be able to send your FAFSA information to up to __ schools.
Answer: 10
You can then use your ____, your previous year's tax returns, and your best estimates to complete the FAFSA.
You can then use your ____, your previous year's tax returns, and your best estimates to complete the FAFSA.
Answer: W-2s
If you qualify, you can use the __________tool to automatically link your FAFSA to your IRS records and populate your FAFSA with that data.
If you qualify, you can use the __________tool to automatically link your FAFSA to your IRS records and populate your FAFSA with that data.
Answer: data retrieval
Much of the income information asked about on the FAFSA can be retrieved from specific lines of you or your parents' or guardians' federal _______ form.
Much of the income information asked about on the FAFSA can be retrieved from specific lines of you or your parents' or guardians' federal _______ form.
Answer: 1040
Keep in mind that the first F in FAFSA stands for _____, so if you find yourself at any time being charged or asked for money, you have gone to the wrong web address.
Keep in mind that the first F in FAFSA stands for _____, so if you find yourself at any time being charged or asked for money, you have gone to the wrong web address.
Answer: Free
You can file a FAFSA from any place that you have a computer and ________.
You can file a FAFSA from any place that you have a computer and ________.
Answer: internet access
You will also need your most recent bank statements, and information on additional ________ such as a 2nd home, stocks, etc.
You will also need your most recent bank statements, and information on additional ________ such as a 2nd home, stocks, etc.
Answer: assets
After you have applied for the necessary PINs, you will want to evaluate your _____________ status.
After you have applied for the necessary PINs, you will want to evaluate your _____________ status.
Answer: Federal Tax Return
Your next step is applying for a ______________________, or PIN, which is used to sign your FAFSA electronically.
Your next step is applying for a ______________________, or PIN, which is used to sign your FAFSA electronically.
Answer: Personal Identification Number
Your first step will be determining your _______________
Your first step will be determining your _______________
Answer: dependency status
You are always encouraged to file your FAFSA as early as possible, preferably before the end of January, as some financial aid is offered on a _________.
You are always encouraged to file your FAFSA as early as possible, preferably before the end of January, as some financial aid is offered on a _________.
Answer: first come first serve basis
You can begin filing a new or renewal FAFSA every year beginning on _________ for the upcoming Academic Year.
You can begin filing a new or renewal FAFSA every year beginning on _________ for the upcoming Academic Year.
Answer: January 1st
An Academic Year begins in the ____ semester and includes the Fall, Winter, Spring, and Summer semesters, with a new Academic Year beginning the following Fall.
An Academic Year begins in the ____ semester and includes the Fall, Winter, Spring, and Summer semesters, with a new Academic Year beginning the following Fall.
Answer: fall
One FAFSA application applies to _____ ACADEMIC Year, as opposed to calendar year.
One FAFSA application applies to _____ ACADEMIC Year, as opposed to calendar year.
Answer: one
Your financial need is determined from the information you include on the FAFSA application to calculate a number called your EFC, or _____________.
Your financial need is determined from the information you include on the FAFSA application to calculate a number called your EFC, or _____________.
Answer: Expected Family Contribution
It is your first step in applying for loans, grants, and work-study, which are all ________ to students on the basis of financial need.
It is your first step in applying for loans, grants, and work-study, which are all ________ to students on the basis of financial need.
Answer: awarded
The FAFSA is an application submitted ________ and used by institutions of ___________ nationwide to gather information about you and your household in order to determine what kinds of financial aid you qualify for.
The FAFSA is an application submitted ________ and used by institutions of ___________ nationwide to gather information about you and your household in order to determine what kinds of financial aid you qualify for.
Answer: online, higher education
If a student is interested in applying for __________ the first thing you need to do is contact your ______ or ________ about applying for their scholarships.
If a student is interested in applying for __________ the first thing you need to do is contact your ______ or ________ about applying for their scholarships.
Answer: scholarships, college, university
For the student _____ programs, you only have to be in a minimum of ___ hours to receive a student loan so students should not be discouraged if they find they must work and go to school ____-time.
For the student _____ programs, you only have to be in a minimum of ___ hours to receive a student loan so students should not be discouraged if they find they must work and go to school ____-time.
Answer: loan, 6, parent
There are many good things about the _______ program. First of all, there are ______ hours, meaning the student can go to class and then go to work and go back to lab.
There are many good things about the _______ program. First of all, there are ______ hours, meaning the student can go to class and then go to work and go back to lab.
Answer: work study, flexible
There are ______ programs, which is basically ______ money that the student does not have to ______.
There are ______ programs, which is basically ______ money that the student does not have to ______.
Answer: grants, free, repay
The ______ is how you apply for federal grants, on-campus jobs and student loans.
The ______ is how you apply for federal grants, on-campus jobs and student loans.
Answer: FAFSA
About __ to__ percent of all college students are receiving some type of financial aid to help fund their higher education.
About __ to__ percent of all college students are receiving some type of financial aid to help fund their higher education.
Answer: 40, 60
A _______ degree can lead to graduate or postgraduate _______ or a ________ career.
A _______ degree can lead to graduate or postgraduate _______ or a ________ career.
Answer: bachelor's, studies, professional
______ programs possess narrow specialization. In fact, this is their great advantage. They offer in-depth, hands-on ________, reducing the need for on-the-job training and consequently lowering learning _____ and cost.
______ programs possess narrow specialization. In fact, this is their great advantage. They offer in-depth, hands-on ________, reducing the need for on-the-job training and consequently lowering learning _____ and cost.
Answer: vocational, training, time
As a rule, colleges tend to be ______ than universities, providing a more _______ environment.
As a rule, colleges tend to be ______ than universities, providing a more _______ environment.
Answer: smaller, close-knit
A _______ or ______ college offers ___ associate degrees; Associate of Arts or Associate of Science.
A _______ or ______ college offers ___ associate degrees; Associate of Arts or Associate of Science.
Answer: community, junior, 2
The average __________ earns approximately _______ more per year than that of a high school graduate. Individuals with only a high school education have unemployment rates of up to ___ times that of college graduates.
The average __________ earns approximately _______ more per year than that of a high school graduate. Individuals with only a high school education have unemployment rates of up to ___ times that of college graduates.
Answer: college graduate, 12,000, 3
All of the following are examples of items resulting in variable costs except:
All of the following are examples of items resulting in variable costs except:
Answer: depreciation.
Matthew will have some timber available to sell in December, 1987. His income for 1987 is going to be about $40,000 but his estimated income for 1988 is $20,000 because his wife plans to quit work to begin a family. With no significant changes in the tax law between 1987 and 1988, he will probably be better off to:
Matthew will have some timber available to sell in December, 1987. His income for 1987 is going to be about $40,000 but his estimated income for 1988 is $20,000 because his wife plans to quit work to begin a family. With no significant changes in the tax law between 1987 and 1988, he will probably be better off to:
Answer: defer the sale of the timber until 1988
Mr. Johnson harvested corn in October, 1986. He stored the corn and sold it in May, 1987. With the accounting method he uses, he did not report the value of the corn as income on his 1986 tax return but will report it as income in 1987. His accounting method must be
Mr. Johnson harvested corn in October, 1986. He stored the corn and sold it in May, 1987. With the accounting method he uses, he did not report the value of the corn as income on his 1986 tax return but will report it as income in 1987. His accounting method must be
Answer: the cash method.
How much will the yearly depreciation be if you use the straight line depreciation method for a computer system costing $3,500 with a seven year life?
How much will the yearly depreciation be if you use the straight line depreciation method for a computer system costing $3,500 with a seven year life?
Answer: $500
Magruder Farms Inc. presently has current liabilities in the amount of $10,000, intermediate liabilities of $50,000 and long term liabilities of $225,000. In order for the business to be considered solvent, total assets must be greater than ________.
Magruder Farms Inc. presently has current liabilities in the amount of $10,000, intermediate liabilities of $50,000 and long term liabilities of $225,000. In order for the business to be considered solvent, total assets must be greater than ________.
Answer: $285,000
The speculator is important in the futures market because he:
The speculator is important in the futures market because he:
Answer: accepts the price risk the hedger is seeking to avoid
Farm budgets differ from farm records in that:
Farm budgets differ from farm records in that:
Answer: records are a history of what has happened; budgets are a projection of what will happen.
Daryl purchased a tract of land and the owner agreed to finance the purchase. The loan was amortized over ten years but a clause in the contract called for the loan balance to come due at the end of five years. This particular type loan is called a ______ loan.
Daryl purchased a tract of land and the owner agreed to finance the purchase. The loan was amortized over ten years but a clause in the contract called for the loan balance to come due at the end of five years. This particular type loan is called a ______ loan.
Answer: balloon
When using published enterprise budgets, a producer should:
When using published enterprise budgets, a producer should:
Answer: modify the budgets to suit his situation.
"Depreciation is best defined as:
"Depreciation is best defined as:
Answer: an allowance for wear, tear, and obsolescence
A business owned and managed by one person is called a:
A business owned and managed by one person is called a:
Answer: sole proprietorship
Other things being equal, a decrease in the amount of an agricultural commodity offered for sale will result in:
Other things being equal, a decrease in the amount of an agricultural commodity offered for sale will result in:
Answer: a higher price
An appropriate use for long term credit is to:
An appropriate use for long term credit is to:
Answer: purchase land and buildings.
A lease between a tenant and a landlord should:
A lease between a tenant and a landlord should:
Answer: be in writing.
Which items are most readily converted into cash without loss?
Which items are most readily converted into cash without loss?
Answer: current assets
Which of the following items would most likely result in a loss for a vegetable producer who decides not to plant anything this year because of low prices?
Which of the following items would most likely result in a loss for a vegetable producer who decides not to plant anything this year because of low prices?
Answer: depreciation
Pam said, "I paid $12,000 for this truck two years ago and would like to sell it for $10,000, but I know it has ________ more than that."
Pam said, "I paid $12,000 for this truck two years ago and would like to sell it for $10,000, but I know it has ________ more than that."
Answer: depreciated
Good reasons to borrow money include:
Good reasons to borrow money include:
Answer: increased returns are greater than the cost of borrowing money
Hedgers and speculators in the futures market are similar in that they
Hedgers and speculators in the futures market are similar in that they
Answer: are both interested in making a profit
If all other factors remain the same and the supply of a product goes up, then the price of that product will probably:
If all other factors remain the same and the supply of a product goes up, then the price of that product will probably:
Answer: fall
Jason has a fixed cost of $2 and a projected variable cost of $.50 per bag of cabbage. The best price he can contract for a week before planting time is $2.25 a bag and it is too late to shift to another enterprise. Unfortunately, the projected price over the next few years is no better. What is your advise to Jason?
Jason has a fixed cost of $2 and a projected variable cost of $.50 per bag of cabbage. The best price he can contract for a week before planting time is $2.25 a bag and it is too late to shift to another enterprise. Unfortunately, the projected price over the next few years is no better. What is your advise to Jason?
Answer: Produce this year -- look for another crop for next season.
What factor might increase the demand of U.S. wheat
What factor might increase the demand of U.S. wheat
Answer: wheat crop failures in Argentina and Russia
Suppose land prices in John's area are expected to be stable over the next several years and taxes are set at $10 per acre/per year. If John can get a long
Suppose land prices in John's area are expected to be stable over the next several years and taxes are set at $10 per acre/per year. If John can get a long
Answer: term loan at 10% and knows that he can count on a $50 profit per acre, then the maximum he should consider paying for land is about ____ per acre. - $400
Cooperatives differ from noncooperative corporations in which area?
Cooperatives differ from noncooperative corporations in which area?
Answer: how voting is done
A soybean producer decides to store his beans in the local elevator for six months. The price at harvest is $5.20 per bushel and the elevator charges 1.5 cents per month/per bushel for storage. He has 5,000 bushels to sell and must borrow $26,000 at 10 percent interest for six months while he stores the soybeans. What price must he receive for his soybeans to break even and cover his storage and opportunity costs
A soybean producer decides to store his beans in the local elevator for six months. The price at harvest is $5.20 per bushel and the elevator charges 1.5 cents per month/per bushel for storage. He has 5,000 bushels to sell and must borrow $26,000 at 10 percent interest for six months while he stores the soybeans. What price must he receive for his soybeans to break even and cover his storage and opportunity costs
Answer: $5.55
Mr. Jones is currently growing cotton on a 40 acre tract of land. He plans to use a partial budget to determine if soybeans will be more profitable. Which of the following items would not be included in the partial budget?
Mr. Jones is currently growing cotton on a 40 acre tract of land. He plans to use a partial budget to determine if soybeans will be more profitable. Which of the following items would not be included in the partial budget?
Answer: the cost of the land.
A decline in value of an asset over its useful life associated with use, age, and obsolescence is known as
A decline in value of an asset over its useful life associated with use, age, and obsolescence is known as
Answer: depreciation
The difference between total assets and total liabilities is
The difference between total assets and total liabilities is
Answer: net worth
The price of a commodity is basically determined by the
The price of a commodity is basically determined by the
Answer: supply and demand for the product
Suppose John goes into the landscape maintenance business. If he has his truck and other equipment paid for and he does all the labor himself then he would
Suppose John goes into the landscape maintenance business. If he has his truck and other equipment paid for and he does all the labor himself then he would
Answer: still have variable and fixed costs
If a farmer sells his livestock and machinery and produces nothing on his land, then
If a farmer sells his livestock and machinery and produces nothing on his land, then
Answer: he would still have fixed costs
A person who is heavily in debt and has young dependents should consider ______________ for maximum protection at minimum cost.
A person who is heavily in debt and has young dependents should consider ______________ for maximum protection at minimum cost.
Answer: term life insurance
When planning a change in resource use in a farm business, which of the following comparisons is considered most important?
When planning a change in resource use in a farm business, which of the following comparisons is considered most important?
Answer: marginal cost to marginal return.
Which of the following costs is considered to be a fixed cost?
Which of the following costs is considered to be a fixed cost?
Answer: real estate taxes
The primary purpose of the total budget is
The primary purpose of the total budget is
Answer: To show what the net return to the owned resources of the farm will be under the farm plan
For maximum profit, one should strive for
For maximum profit, one should strive for
Answer: maximum net profit
Suppose a piece of machinery is to have $4500 total depreciation over its lifetime. Using the straight line depreciation method, how much depreciation can be taken off the third year if the machinery has an expected life of 5 years and no salvage value?
Suppose a piece of machinery is to have $4500 total depreciation over its lifetime. Using the straight line depreciation method, how much depreciation can be taken off the third year if the machinery has an expected life of 5 years and no salvage value?
Answer: $900.00
An example of a variable cost of machinery operation would be
An example of a variable cost of machinery operation would be
Answer: fuel for the equipment
You are hired by a bank to determine if Bob Smith's Orchard is over capitalized. You report to the bank that yes, he is over capitalized. In other words Smith
You are hired by a bank to determine if Bob Smith's Orchard is over capitalized. You report to the bank that yes, he is over capitalized. In other words Smith
Answer: has more production assets than is really required for his operation
Price is determined largely by the supply and demand of products. If the government fixes the price above the equilibrium point of the supply and demand curve, a _________ will result.
Price is determined largely by the supply and demand of products. If the government fixes the price above the equilibrium point of the supply and demand curve, a _________ will result.
Answer: surplus
If the price of inputs has risen 10% since last year but the price received for the crop and the yield is the same, then gross income will be
If the price of inputs has risen 10% since last year but the price received for the crop and the yield is the same, then gross income will be
Answer: the same
Suppose a producer planted two acres of pickyour-own strawberries and sold them all on the first day he opened for business. Which action below would not be logical?
Suppose a producer planted two acres of pickyour-own strawberries and sold them all on the first day he opened for business. Which action below would not be logical?
Answer: lowering the price.
Suppose a producer discovers insects in his cotton and decides to use an insecticide to save the crop. A bank will loan him $2000.00 at 9.5% interest until he sells his crop 12 months later. At that time he must repay the loan. How much will he pay in interest if simple interest is computed?
Suppose a producer discovers insects in his cotton and decides to use an insecticide to save the crop. A bank will loan him $2000.00 at 9.5% interest until he sells his crop 12 months later. At that time he must repay the loan. How much will he pay in interest if simple interest is computed?
Answer: $190
Suppose you go to a bank to get a loan. If you are asked about your equity you tell them about
Suppose you go to a bank to get a loan. If you are asked about your equity you tell them about
Answer: your assets minus your liabilities
One use of short term credit might be for
One use of short term credit might be for
Answer: fertilizer applied to crops
If farmers experience a crop failure the GNP (Gross National Product) is
If farmers experience a crop failure the GNP (Gross National Product) is
Answer: decreased
A major obstacle to starting a farming operation is
A major obstacle to starting a farming operation is
Answer: the amount of capital required
A document that shows the exact size, location, ownership, and method of ownership of property is a
A document that shows the exact size, location, ownership, and method of ownership of property is a
Answer: Deed
Which financial institution is specifically designed to make long term farm loans?
Which financial institution is specifically designed to make long term farm loans?
Answer: The Federal Land Bank
The number of farms in the U.S. is
The number of farms in the U.S. is
Answer: decreasing.
In theory, how do grain reserves stabilize prices?
In theory, how do grain reserves stabilize prices?
Answer: by releasing supplies in short production years and absorbing supplies in big production years
A grower might sign a contract to produce a product at a set price in order to
A grower might sign a contract to produce a product at a set price in order to
Answer: reduce risks
Mr. Brown purchased a computer system for use in managing his farm. How much will the depreciation be for the first year. Assume that the computer will be sold at the end of five years for a salvage value of $600
Mr. Brown purchased a computer system for use in managing his farm. How much will the depreciation be for the first year. Assume that the computer will be sold at the end of five years for a salvage value of $600
Answer: It cannot be determined from the data supplied.
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