College Finance Basics

Which of the following is the first step in creating a personal budget plan?

• Estimating future expenses

• Tracking current income and expenses

• Setting financial goals

• Choosing a budgeting tool

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DOK Level 2: Skill/Concept

What is a good credit score range for a college freshman to aim for?

• 300-499

• 500-599

• 600-749

• 750-850

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DOK Level 2: Skill/Concept

Which of the following is a recommended strategy for managing student loans effectively?

• Ignoring interest rates

• Making minimum payments only

• Consolidating loans if possible

• Deferring payments indefinitely

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DOK Level 2: Skill/Concept

When setting financial goals for college, which of the following is an example of a short-term goal?

• Saving for a semester abroad

• Building an emergency fund

• Paying off student loans

• Saving for retirement

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DOK Level 2: Skill/Concept

Which savings option typically offers the highest interest rate?

• Regular savings account

• Certificate of Deposit (CD)

• Checking account

• Money market account

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DOK Level 2: Skill/Concept

Which of the following budgeting tools or apps is specifically designed for college students?

• Mint

• YNAB (You Need A Budget)

• PocketGuard

• MyStudentBudget

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DOK Level 2: Skill/Concept

What is the primary purpose of a personal budget plan?

• To track academic progress

• To manage financial resources effectively

• To increase credit card usage

• To avoid paying taxes

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DOK Level 2: Skill/Concept

How often should a college freshman review and adjust their personal budget plan?

• Annually

• Monthly

• Every five years

• Never

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DOK Level 2: Skill/Concept

Which factor has the most significant impact on a credit score?

• Number of credit inquiries

• Length of credit history

• Payment history

• Types of credit used

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DOK Level 2: Skill/Concept

What is the benefit of using a budgeting app for managing finances?

• It guarantees financial success

• It automates tracking and categorizing expenses

• It eliminates the need for a bank account

• It provides investment advice

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DOK Level 2: Skill/Concept