Unit 4 Review

During his senior year, Tyler won a public speaking contest and was awarded a $1,000 scholarship. Which of the following best describes what will happen to that money?

• Tyler will receive the check directly from the organization.

• The school Tyler attends will give Tyler a check for that amount to do with as he sees fit and then be reimbursed by the scholarships funds.

• The school Tyler attends will get the check and apply it to his tuition.

• Tyler will receive a tax benefit in the amount of the scholarship award.

What does the acronym FAFSA stand for?

• Financial Application for Free Student Assistance

• Federal Association for Financing Student Academics

• Free Application for Federal Student Aid

• Federal Association for Financing Student Academics

Student loans are typically discharged when a person declares bankruptcy.

• True

• False

Which of the following is true about AP classes and Dual Credit classes?

• You will always get more schools to accept your Dual Credit college credit than your college credit earned by passing the AP test.

• AP classes provide you college credit for passing a test, but only if you pass the class too.

• Dual Credit courses provide you college credit for passing a test.

• Dual Credit does not require you to pass a single test to get college credit, but only provides you college credit at a specific school that has agreed to it in advance.

Which of the following is NOT considered a type of financial aid available for college?

• Personal savings

• Your job reimburses your tuition costs

• The federal Pell Grant

• A tuition waiver from a college department

You are required to start making payments on your student loans 90 days after you graduate from college.

• True

• False

Which of the following is the correct formula for calculating ROI?

• $\text{}\frac{\cos t}{benefit}\ \times\ 100\ =\ ROI\%$

• $\frac{benefit}{time}\ =\ ROI\%$

• $\frac{benefit}{\cos t}\ \times\ 100\ =\ ROI\%$

• $\frac{\cos t}{time\ }\times100\ =\ ROI\%$

Lane is considering a career as a public relations specialist where he would make about $38,000 a year. Looking at it though, he realizes that it will cost him about $52,000 to get the degree he needs for that career. If Lane decides to move forward with this career choice, what will his ROI be after the first year in his career?

• -27%

• 136%

• 73%

• 27%

Dallin graduated from college about 3 years ago and has done a good job of paying back his student loans so far. It has been easy for him because his payments are always the same no matter what so he knows exactly what to budget for each month. What kind of repayment plan is Dallin most likely on?

• Graduated Repayment Plan

• Fixed-Income Plan

• Standard Plan

• Income-Based Repayment Plan

Assuming you fulfill the requirements of the grant, you are not required to pay them back.

• True

• False