Question 1

A work-study grant

Accepted Answer

A) frees up funds for college with an annual maximum credit of $2,500. 
B) provides jobs for undergraduates with financial needs. 
C) is targeted toward older students who are changing careers. 
D) is awarded by college financial aid offices following a formula provided by the federal government. 
A) frees up funds for college with an annual maximum credit of $2,500. 
B) provides jobs for undergraduates with financial needs. 
C) is targeted toward older students who are changing careers. 
D) is awarded by college financial aid offices following a formula provided by the federal government. B

Question 2

What is the first step in developing a meaningful financial philosophy?

Accepted Answer

A) keeping track of every cent you spend. 
B) contacting a credit reporting agency. 
C) asking for a loan. 
D) exploring your views of money. 
A) keeping track of every cent you spend. 
B) contacting a credit reporting agency. 
C) asking for a loan. 
D) exploring your views of money. D

Question 3

To develop a personal financial philosophy is to

Accepted Answer

A) devise a practical, workable budget. 
B) control your finances and avoid surprises. 
C) consider the role that money plays in your life. 
D) choose the financial aid package that best suits your needs. 
A) devise a practical, workable budget. 
B) control your finances and avoid surprises. 
C) consider the role that money plays in your life. 
D) choose the financial aid package that best suits your needs. C

Question 4

An important step in budgeting is to make sure that your income does not exceed your expenditures.
The goal of budgeting is to bring your income and expenditures into balance.

Accepted Answer

A) True 
 B)False

Question 5

Payments on many college loans are deferred, which means

Accepted Answer

A) you don't have to pay back the loan. 
B) the federal government pays the accumulated interest. 
C) the payments start small and increase when you start full-time work. 
D) you do not have to start paying them back until after you graduate. 
A) you don't have to pay back the loan. 
B) the federal government pays the accumulated interest. 
C) the payments start small and increase when you start full-time work. 
D) you do not have to start paying them back until after you graduate.

Question 6

A good credit history means you have never missed a loan payment and you always pay on time.
A bad credit history can stay on file for seven years, and it can keep you from getting future loans, so it's important to keep a clear credit history.

Accepted Answer

A) True 
 B)False

Question 7

What is the best way of describing the relationship between the cost of a college education and its value?

Accepted Answer

A) The higher the cost, the greater the value. 
B) Good things come in small packages. 
C) Substantial cost now may translate into substantial value later. 
D) The larger the financial sacrifice, the greater the intellectual freedom. 
A) The higher the cost, the greater the value. 
B) Good things come in small packages. 
C) Substantial cost now may translate into substantial value later. 
D) The larger the financial sacrifice, the greater the intellectual freedom.

Question 8

As you search for sources of financial aid, your first stop should be your academic adviser.
As you search for sources of financial aid, your first stop should be your college's financial aid office. Financial aid officers can share a great deal of information about possible sources of aid.

Accepted Answer

A) True 
 B)False

Question 9

What is the standard form used by almost every college to assess a student's financial capabilities and determine how much the student and family can be expected to contribute toward college expenses?

Accepted Answer

A) grant 
B) PLUS loan 
C) Hope scholarship 
D) FAFSA 
A) grant 
B) PLUS loan 
C) Hope scholarship 
D) FAFSA

Question 10

When you don't have to start paying your college loans back until after you graduate, your loans are

Accepted Answer

A) deferred. 
B) on time. 
C) accumulating interest. 
D) grants. 
A) deferred. 
B) on time. 
C) accumulating interest. 
D) grants.

Question 11

A budget is a

Accepted Answer

A) set of funds provided by a bank that must be repaid. 
B) stated amount of a loan. 
C) formal plan that accounts for expenditures and income. 
D) length of time for which money is lent. 
A) set of funds provided by a bank that must be repaid. 
B) stated amount of a loan. 
C) formal plan that accounts for expenditures and income. 
D) length of time for which money is lent.

Question 12

The stated amount of a loan is referred to as the

Accepted Answer

A) Stafford. 
B) term. 
C) principal. 
D) loan department. 
A) Stafford. 
B) term. 
C) principal. 
D) loan department.

Question 13

Research shows that college students who work make poorer grades.
In fact, some students who work do better in school than those who don't work, because those with jobs need to be more disciplined and focused.

Accepted Answer

A) True 
 B)False

Question 14

A scholarship is an award of money to a student based on merit or need.
Like a grant, a scholarship is money that does not have to be repaid.

Accepted Answer

A) True 
 B)False

Question 15

The length of time for which money is lent is referred to as the

Accepted Answer

A) Stafford. 
B) term. 
C) principal. 
D) loan department. 
A) Stafford. 
B) term. 
C) principal. 
D) loan department.

Question 16

Your roommate bailed on you and you lost your job. Your credit card bills are piling up and you haven't paid the balance off for over six months. What is the first thing you should do?

Accepted Answer

A) Stop paying your credit cards. 
B) Cancel your credit cards. 
C) Make a list of what you owe and to whom. 
D) Work with a credit counselor. 
A) Stop paying your credit cards. 
B) Cancel your credit cards. 
C) Make a list of what you owe and to whom. 
D) Work with a credit counselor.

Question 17

You have been accepted into the college of your choice and now you need to find the money to pay for your education.
a. What sources of information could you use to research the financial aid available?
b. Briefly describe the types of financing that should be available.
a. What sources of information could you use to research the financial aid available?
a. Your college's financial aid office, the library, the World Wide Web, and the Federal Student Aid Information Center.
b. Briefly describe the types of financing that should be available.
b. Loans, grants, and scholarships are the different types of financing available. Loans must be repaid after a specified period of time; grants and scholarships do not have to be repaid and are typically harder to get than loans, but not impossible.

Accepted Answer

a. Your college's financial aid office,

Question 18

How can you evaluate whether your budget is working or not?

Accepted Answer

A) Review it at the beginning of each school year and make needed changes. 
B) Check with a credit reporting company. 
C) Review it monthly and revise as necessary. 
D) Keep track of every penny you spend, all year. 
A) Review it at the beginning of each school year and make needed changes. 
B) Check with a credit reporting company. 
C) Review it monthly and revise as necessary. 
D) Keep track of every penny you spend, all year.

Question 19

People who are college graduates earn more money than people with only a high school degree.
On average, people who are college graduates earn nearly twice as much money each year as people with only a high school degree.

Accepted Answer

A) True 
 B)False

Question 20

You have listed your expenditures for the past year and continue to keep track of everything you spend. In order to have a balanced budget, you also need to keep track of

Accepted Answer

A) how much money you have coming in. 
B) your charitable contributions. 
C) your credit card payments. 
D) your child care expenses. 
A) how much money you have coming in. 
B) your charitable contributions. 
C) your credit card payments. 
D) your child care expenses.

A work-study grant

What is the first step in developing a meaningful financial philosophy?

To develop a personal financial philosophy is to

An important step in budgeting is to make sure that your income does not exceed your expenditures. The goal of budgeting is to bring your income and expenditures into balance.

Payments on many college loans are deferred, which means

A good credit history means you have never missed a loan payment and you always pay on time. A bad credit history can stay on file for seven years, and it can keep you from getting future loans, so it's important to keep a clear credit history.

What is the best way of describing the relationship between the cost of a college education and its value?

As you search for sources of financial aid, your first stop should be your academic adviser. As you search for sources of financial aid, your first stop should be your college's financial aid office. Financial aid officers can share a great deal of information about possible sources of aid.

What is the standard form used by almost every college to assess a student's financial capabilities and determine how much the student and family can be expected to contribute toward college expenses?

When you don't have to start paying your college loans back until after you graduate, your loans are

A budget is a

The stated amount of a loan is referred to as the

Research shows that college students who work make poorer grades. In fact, some students who work do better in school than those who don't work, because those with jobs need to be more disciplined and focused.

A scholarship is an award of money to a student based on merit or need. Like a grant, a scholarship is money that does not have to be repaid.

The length of time for which money is lent is referred to as the

Your roommate bailed on you and you lost your job. Your credit card bills are piling up and you haven't paid the balance off for over six months. What is the first thing you should do?

How can you evaluate whether your budget is working or not?

People who are college graduates earn more money than people with only a high school degree. On average, people who are college graduates earn nearly twice as much money each year as people with only a high school degree.

You have listed your expenditures for the past year and continue to keep track of everything you spend. In order to have a balanced budget, you also need to keep track of

Power Learning: Becoming a Successful Student

Making the Most of Your Time

Discovering Your Learning Styles, Self-Concept, and Values

Taking Notes

Taking Tests

Reading and Remembering

Writing and Speaking

Choosing Your Courses and Major

Technology and Information Competency

Making Good Decisions

Diversity and Your Relationships With Others

Stress, Health, and Wellness

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Exam 12: Money Matters

A work-study grant

What is the first step in developing a meaningful financial philosophy?

To develop a personal financial philosophy is to

An important step in budgeting is to make sure that your income does not exceed your expenditures. The goal of budgeting is to bring your income and expenditures into balance.

Payments on many college loans are deferred, which means

A good credit history means you have never missed a loan payment and you always pay on time. A bad credit history can stay on file for seven years, and it can keep you from getting future loans, so it's important to keep a clear credit history.

What is the best way of describing the relationship between the cost of a college education and its value?

As you search for sources of financial aid, your first stop should be your academic adviser. As you search for sources of financial aid, your first stop should be your college's financial aid office. Financial aid officers can share a great deal of information about possible sources of aid.

What is the standard form used by almost every college to assess a student's financial capabilities and determine how much the student and family can be expected to contribute toward college expenses?

When you don't have to start paying your college loans back until after you graduate, your loans are

A budget is a

The stated amount of a loan is referred to as the

Research shows that college students who work make poorer grades. In fact, some students who work do better in school than those who don't work, because those with jobs need to be more disciplined and focused.

A scholarship is an award of money to a student based on merit or need. Like a grant, a scholarship is money that does not have to be repaid.

The length of time for which money is lent is referred to as the

Your roommate bailed on you and you lost your job. Your credit card bills are piling up and you haven't paid the balance off for over six months. What is the first thing you should do?

How can you evaluate whether your budget is working or not?

People who are college graduates earn more money than people with only a high school degree. On average, people who are college graduates earn nearly twice as much money each year as people with only a high school degree.

You have listed your expenditures for the past year and continue to keep track of everything you spend. In order to have a balanced budget, you also need to keep track of

Power Learning: Becoming a Successful Student

Making the Most of Your Time

Discovering Your Learning Styles, Self-Concept, and Values

Taking Notes

Taking Tests

Reading and Remembering

Writing and Speaking

Choosing Your Courses and Major

Technology and Information Competency

Making Good Decisions

Diversity and Your Relationships With Others

Stress, Health, and Wellness

Filters