WorksheetsPersonal Finance 3.05
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Sean plans to attend college in 2 years. He and his family have saved some money to help pay for it but he want to explore ways he can receive money he WON’T need to repay. Which set of options below should he explore?
a)
Federal Perkins Loans, PLUS and local bank
loans
b)
Federal Student Grants, PLUS Loans, and
scholarships
c)
Pell Grants, Work‐study, and scholarships
d)
Work‐study, scholarships and PLUS Loans
2.
Direct Subsidized Stafford Loans offer some features that are different when compared to borrowing money from a bank to pay for college. Which of the following is NOT difference between of a Direct Subsidized Stafford Loan and a typical bank loan?
a)
Interest rates for Stafford loans tend to be
higher because the loans are held for a relatively long period of time.
b)
Stafford Loans have deferment options.
c)
Stafford Loans typically have a grace
period.
d)
Student families must complete a FAFSA (Free
Application For Federal Student Aid) in order to apply for a Stafford Loan.
3.
Carson’s family has always struggled financially due to his parents’ leaving high school before graduating and working lower paying jobs to support the family. His parents don’t want him to make the same mistake and are encouraging him to apply for scholarships and any type of student aid he might qualify for. Which application will determine which typed of need‐based aid he will qualify for?
a)
Perkins Federal Loan Application
b)
Direct Subsidized Stafford Loan Application
c)
Federal Work Study Application
d)
Free Application for Federal Student Aid
(FAFSA)
4.
Jaimen is struggling to make his student loan payments after college. He is considering defaulting on the student loan. Which is not a potential consequence if he decides to default on the student loan?
a)
He could be denied credit cards, car or home
loans, or apartment leases.
b)
The bank could refuse to allow him to open a
checking account.
c)
He may not be able to obtain a marriage
license.
d)
His wages may be garnished.
5.
It is recommended that your educational loan payments require no more than 10‐15% of your estimated starting income. To calculate this amount, students need to calculate the of their education and training.
a)
Opportunity cost
b)
Career pathway
c)
Benefit
d)
Debt‐to‐income ratio
6.
The of continuing your education is the money you would have earned if you have worked instead.
a)
Debt‐to‐income ratio
b)
Opportunity cost
c)
Benefit
d)
total estimated cost
7.
Mallory has set a career goal of becoming a veterinarian but does not have the money to complete this goal without taking out very large student loans. She decides to attend a 2‐year program in to become a veterinary technician, and then work for 3 years in that field while she saves money for her remaining 2 years of college and veterinary school. Mallory’s plan is known as a/an:
a)
Career pathway
b)
Opportunity cost
c)
Debt‐to‐income ratio
d)
SMART goal
8.
As Jonah plans for his future, his family has challenged him to create a SMART goal for his career education and training. Which question is the LEAST IMPORTANT one to consider at this point?
a)
What kind of training and education do I
need and how much will it cost?
b)
Is there a career pathway available if I
continue my education and training?
c)
Can I get the education and training I need
near where I currently live?
d)
Will a job be available and will I earn
enough in my career to pay for the education and training it requires?
9.
David plans to apply for college in 2 years. His guidance counselor suggested that he begin adding items to a ‘college/training application’ folder. Which items WOULD NOT be helpful as additions to this folder?
a)
copies of awards and achievements he earns
b)
a list of all the extracurricular activities
he gets involved in
c)
a resume of all community service and
volunteer work he is actively involved in
d)
copies of his elementary and middle school
report cards
10.
Erin has been in college for 2 years and has decided that the major she has been studying isn’t for her. Changing her major and/or her college could result in:
a)
a well‐rounded college degree.
b)
the need for backwards planning.
c)
losing credits for classes she has already
taken.
d)
remediation courses to make up for the
change in majors.
11.
Which statement is TRUE regarding college‐level expectations for studying and completing projects?
a)
It is best to study alone in a quiet
environment.
b)
Plan backwards from major deadlines.
c)
Multi‐tasking during study time develops the
important skill of working while being distracted, so it is okay to message
with friends or watch TV while studying.
d)
The busier your schedule gets, the more
important it is to write down only the most critical tasks to be done.
Wasting time writing down smaller details is not recommended.
12.
Career assessments help to identify:
a)
the job an individual should have if he/she
wants high well‐being
b)
positions available in a particular
occupation
c)
fastest and slowest growing careers in a
particular occupation
d)
possible career areas related to one’s
interests
13.
Joanna has arranged to complete a job shadow with a physical therapist to decide if this is a career she wants to pursue. Which of her concerns is she MOST LIKELY to have answered as a result of her job shadow?
a)
The future outlook for physical therapy jobs
b)
The amount of money physical therapists earn
c)
Common tasks and typical daily activities
d)
Opportunities for advancement in the career
14.
Individuals with more formal educational training usually have:
a)
higher estimated lifetime earnings
b)
lower personal satisfaction
c)
greater amounts of leisure time
d)
more comfortable work environments.
15.
Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her education, Lora is investing in her:
a)
salary
b)
human capital
c)
family
d)
interest inventory
100 %
