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Unit 9 Exam

Last updated over 2 years ago
31 questions
Note from the author:
Do you Best! Last Graded Assignment for the School Year!
Do you Best! Last Graded Assignment for the School Year!
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3

The FAFSA is used to determine your eligibility for…

3

All of the following are potential benefits of attending college EXCEPT…
  1. College graduates are more likely to get a higher paying job
  2. Your employer is required to help you pay back your student loans
  3. A majority of jobs require some college education
  4. College graduates are more likely to work for an employer that offers health insurance

3

What is the difference between a federal subsidized loan and a federal unsubsidized loan?
  1. Subsidized loans are given to parents, while unsubsidized loans are given to undergraduates
  2. Subsidized loans are charged interest daily, while unsubsidized loans are charged interest monthly
  3. Subsidized loans need to be repaid, while unsubsidized loans do not need to be repaid
  4. Subsidized loans are interest-free until graduation, while unsubsidized loans are charged interest throughout the whole term of the loan

3

Scout has each of the following options available to her for paying for her first year of college. Which should she choose first?
  1. A work-study job worth $500
  2. A $1,500 scholarship from her father’s employer
  3. A $2,000 subsidized federal loan
  4. A $14,000 private student loan

3

Which of the following equations is true about college costs?
  1. Sticker Price = Net Price - Scholarships - Loans - Grants
  2. Sticker Price = Net Price - Scholarships - Grants
  3. Net Price = Sticker Price - Grants - Scholarships
  4. Net Price = Sticker Price - Loans - Grants

3

Horace is going to college and wants to be sure he has enough aid to cover the total cost of attending. All of the following are additional expenses that you should make him aware of EXCEPT…
  1. Fees associated with filling out the FAFSA
  2. Costs of a living in a dorm room or renting off campus
  3. An on-campus meal plan
  4. Textbooks and supplies

3

How is a Student Aid Report (SAR) different from a financial aid offer?
  1. Student aid report is for public colleges, while financial aid offer is for private colleges
  2. Student aid report comes from the state government, while financial aid offer comes from the federal government
  3. Student aid report is based solely on FAFSA responses, while financial aid offer is customized by each college
  4. Student aid report includes all types of financial support, while financial aid offer is federal loans only

3

What does it mean for student aid to be merit-based?
  1. The aid is coming from the US military
  2. The aid is based on household income
  3. The aid is based on academic success or other accomplishments
  4. The aid is available for multiple years, rather than just one

3

Which of the following is true about how frequently you should file the FAFSA?
  1. You need to file the FAFSA once, before you start college
  2. You need to file the FAFSA if you receive a tax refund
  3. You need to file the FAFSA once, after graduation from college
  4. You need to file the FAFSA every year that you attend college

3

Pipo receives a financial aid package from Bigtown University. What does she need to do next?
  1. Accept the entire offer or risk losing her acceptance at Bigtown University
  2. Register for classes so she will know the exact cost of her tuition, books, and supplies
  3. Complete the FAFSA for next year
  4. Decide which parts of the offer to formally accept and sign any promissory notes

3

Why are you advised to file your FAFSA as early as possible?
  1. After a certain deadline, you are required to pay a fee to file your FAFSA
  2. Financial aid is awarded on a first come, first served basis so you are more likely to get grants and scholarships by filing early
  3. You have to file your FAFSA before you can complete your federal income tax return
  4. Colleges are more likely to accept you because you took the initiative to file early

3

All of the following are included on your Student Aid Report (SAR), EXCEPT…
  1. Your Expected Family Contribution
  2. A summary of your FAFSA answers
  3. Offers for grants and scholarships
  4. Directions on how to resolve issues with your FAFSA

3

A financial aid package could contain each of the following, EXCEPT…
  1. Schedule of first semester classes
  2. Estimated total cost of attendance
  3. Grants and scholarships provided directly from the college
  4. Unsubsidized student loans being offered

3

Why should a high school senior who has already completed the FAFSA still apply for scholarships as well?
  1. Scholarships almost always have a higher dollar amount than grants or loans do
  2. Scholarships are much easier to qualify for than federal student loans
  3. Scholarships are “free money” that won’t need to be repaid
  4. Scholarships are only offered by prestigious colleges and will help guarantee admission

3

Which two terms referring to the college financial aid process mean basically the same thing?
  1. Sticker price // Cost of attendance
  2. Sticker price // Net price
  3. Promissory note // Financial aid offer
  4. FAFSA // Financial aid offer

3

How would you describe the correlation on this graph?

3

Which statement accurately describes the key features of an observational study?
  1. An observational study influences the members and can NOT demonstrate causation.
  2. An observational study influences the members and can demonstrate causation.
  3. An observational study does NOT influence the members and can demonstrate causation.
  4. An observational study does NOT influence the members and can NOT demonstrate causation.

3

The table below shows survey data about occupation and employment from the Bureau of Labor Statistics. What does the 90 in this table represent?

3

Which of the following statements is true for a line of best fit with a high r^2 value?
  1. The line has a positive slope
  2. The graphed variables have a causal relationship
  3. The data points fall close to the line
  4. The sum of the squared residuals has been maximized

3

Which statement below is a correct interpretation from running a hypothesis test at the 95% confidence level and getting a resulting p-value of p = 0.01?
  1. Your p-value is too large to reject the null hypothesis based on this data set
  2. Your p-value is large enough to reject the null hypothesis based on this data set
  3. Your p-value is too small to reject the null hypothesis based on this data set
  4. Your p-value is small enough to reject the null hypothesis based on this data set

Part 2: Math Skills Open Response
The graph below plots the relationship between U.S. university costs and student aid. Using the graph and data provided:

3

Sketch a line of best fit for this data

3

Estimate the value of the correlation coefficient, r, for this relationship. Explain your answer about the correlation between the variables using vocabulary from the unit.

3

Terry looks at the graph and says: “Well, according to this graph, I better not go to an expensive university, because then I won’t get any federal student loans!” What mistake is Terry making, and how could you correct him?

4
The data comes from full-time, undergraduate students at public universities.
  1. Give an example of a population that this would be a GOOD representative sample for._______
  2. Give an example of a population that this would be a POOR representative sample for._______
Use the two-way table below to answer each subquestion.

6

Complete the relative frequency table to find the employment and unemployment rate by occupation. Round to the nearest tenth of a percent

3

Is there an association between the unemployment rate and occupation? Explain your reasoning.

Henry collected data on the percent of applicants admitted and the median ACT score for 24 colleges. Here are the results from his linear regression:

3

Describe the relationship between the percent of applicants admitted and the ACT midpoint.

3

Do you think Henry’s line is a good model for the data set? Why or why not?

You are testing the hypothesis that public and private university graduates will make the same starting salary after graduating with a Bachelor’s degree. You believe that public school graduates will make less, on average, than private school graduates given similar skills and experiences. You decide you are going to survey 5000 recent graduates in order to ensure a significant sample size.
3

You decide to use a stratified sampling method and divide into groups based on similar majors. Explain why this might be a better choice than simple random sampling for a test such as this."

4
Write your null _______ and alternative hypotheses_______ .
5

After completing your calculations, you find that the mean salary for graduates of private universities is indeed higher than for public universities by approximately $8,200. You are testing at the typical 95% confidence level and your p-value for the test was p = 0.053.

Which of these is the appropriate conclusion to draw from your test? Explain your choice based on the rules for hypothesis testing we discussed.
  1. The p-value indicates that the null hypothesis has been proven false in 5.3% of cases
  2. The p-value tells us there is a 5.3% chance the null hypothesis is wrong
  3. The p-value has determined that the null hypothesis is true 94.7% of the time
  4. The p-value has failed to reject the null hypothesis at the 95% confidence level