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

question 317

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. This paragraph was written for an audience of

Definitions:

Discount on Bonds Payable

The difference between the face value of a bond and its selling price, when the bond is sold for less than its face value.

Cash

Money in the form of coins or banknotes, especially that of a country or a particular denomination.

Bonds Payable

Long-term liabilities representing borrowed money that the company is obligated to repay to bondholders, typically at fixed interest rates.

Issuance

The process of offering new securities for sale to investors, typically by a corporation or government.