FAFSA and Bankruptcy Questions
Authored by Hunter Thomas
Financial Education
9th Grade
Used 5+ times
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When should you complete the FAFSA form?
Only once during your college career
Every semester
Every academic year
Only if you need a loan
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a type of financial aid you can receive through FAFSA?
Grants
Scholarships
Work-study funds
Credit cards
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of the FAFSA?
To apply for student loans only
To determine eligibility for federal, state, and school financial aid
To register for classes
To apply for a job
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes a Chapter 7 bankruptcy?
A) A debt repayment plan where creditors are paid over 3-5 years
B) A liquidation process where non-exempt assets are sold to pay creditors
C) A bankruptcy type available only to businesses
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following debts is typically NOT discharged in a Chapter 7 bankruptcy?
Credit card debt
Medical bills
Student loans
Personal loans
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a key difference between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 involves the debtor paying off the debt through a monthly payment plan, while Chapter 13 involves liquidation of assets.
Chapter 7 is for individuals and businesses, while Chapter 13 is only for individuals with regular income.
Chapter 7 offers a longer repayment period than Chapter 13.
Chapter 7 involves a fixed repayment schedule, while Chapter 13 does not have any payment requirements.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How long does a Chapter 13 bankruptcy typically remain on a debtor’s credit report?
5 years
7 years
10 years
15 years
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