Instructions: Read the Paragraph Below and Then Answer the Question(s)

question 836

Multiple Choice

Instructions: Read the paragraph below and then answer the question(s) that follow(s) by choosing the letter of the correct response. Students who do not have the money to pay for some or all of their college expenses can apply for various forms of financial aid. Obtaining the funds for tuition, books, and even living expenses begins with filling out the Free Application for Federal Student Aid (FAFSA) . The fastest way to fill out this form is to complete it online at www.fafsa.gov , but students can also fill out and mail in a paper version of the form. This form asks for information about students financial situation and requires them to answer questions about their taxable and untaxed income and their assets, such as savings account balances and investments. If students are considered dependent on their parents, their parents financial information is also required. After students submit their FAFSA forms, those forms are processed, and students receive a Student Aid Report. A report is also sent to the colleges the student identified on the FAFSA. Each college uses the information it receives to calculate the amount of aid the student can receive; then, the college generates an award letter for the student. This application process must be completed every year a student is enrolled in school and needs financial aid. The purpose of this paragraph is to

• A) convince people to attend college.
• B) persuade students to apply for financial aid.
• C) explain how to apply for financial aid.

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Definitions:

Net Sales

Net Sales are the revenue from the sale of goods or services minus returns, allowances for damaged or missing goods, and discounts.

Selling Expense

Costs incurred directly from the sale of products or services, excluding production costs.

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Maker

In financial terms, the party that issues or creates an instrument, such as a check or promissory note, effectively promising to pay the amount specified.