Personal Finance Chapter 5

Which of the following statements is false?

• On-campus jobs may pay you directly or pay toward your tuition bill.
• Students rarely drop out of college due to financial trouble.
• Research shows that students who work up to 20 hours a week have the highest grade point averages.
• Research shows that working more than 20 hours a week may affect your grades negatively.

A wise college plan does not include:

• Finding the most expensive, prestigious college so that you can impress future employers
• Creating a budget and starting to save now
• Shopping around for the most appropriate, low-cost academic option for your career choice
• Scoring well on the ACT or SAT

Which of the following is not recommended when you are cash-flowing your college education?

• Live on a zero-based budget.
• Attend an out-of-state school.
• Work and save money over the summer months.
• Make sure you have an emergency fund.

Percentage of college students that graduate with student loans:

• 90%
• 66%
• 30%
• 25%

The average repayment period for a student loan is:

• 15 years
• 5 years
• 20 years
• 10 years

Which of the following could be a negative consequence of taking out student loans?

• Not having the freedom to be a stay-at-home parent because of student loan payments
• Having to delay investing and saving for your future because of student loan payements
• Not having flexibility in your career options because of student loan payments
• All of the above

Which of the following statements is false?

• On-the-job training often combines a professional trainer, hands-on activities and formal classroom training.
• Students who are looking to learn specific skills can look into free or low-cost certifications found online, at community colleges, or through government-funded programs.
• All high-paying careers require a four-year college degree.
• An associate's degree is a two-year degree that can offer specialized training and a flexible schedule that allows you to work while you earn your degree.

The Fourth Foundation is:

• Pay cash for your car
• Pay cash for college
• Build wealth and give
• build a $500 emergency fund

Which of the following is not one of the basics of budgeting?

• Pay yourself first by saving
• Stick to your budget unless something unexpected happens
• Make it a priority to give
• Live on less than you make

You should visit your college's financial aid office if:

• Your parents' financial situation has changed
• You have any problems with the financial aid application process
• A medical situation has come up
• All of the above