WorksheetsPersonal Finance Chapter 5
Total questions: 36
Worksheet time: 18mins
Name
Class
Date
1.
Which of the following statements is false?
a)
On-campus jobs may pay you directly or pay toward your tuition bill.
b)
Students rarely drop out of college due to financial trouble.
c)
Research shows that students who work up to 20 hours a week have the highest grade point averages.
d)
Research shows that working more than 20 hours a week may affect your grades negatively.
2.
A wise college plan does not include:
a)
Finding the most expensive, prestigious college so that you can impress future employers
b)
Creating a budget and starting to save now
c)
Shopping around for the most appropriate, low-cost academic option for your career choice
d)
Scoring well on the ACT or SAT
3.
Which of the following is not recommended when you are cash-flowing your college education?
a)
Live on a zero-based budget.
b)
Attend an out-of-state school.
c)
Work and save money over the summer months.
d)
Make sure you have an emergency fund.
4.
Percentage of college students that graduate with student loans:
a)
90%
b)
66%
c)
30%
d)
25%
5.
The average repayment period for a student loan is:
a)
15 years
b)
5 years
c)
20 years
d)
10 years
6.
Which of the following could be a negative consequence of taking out student loans?
a)
Not having the freedom to be a stay-at-home parent because of student loan payments
b)
Having to delay investing and saving for your future because of student loan payements
c)
Not having flexibility in your career options because of student loan payments
d)
All of the above
7.
Which of the following statements is false?
a)
On-the-job training often combines a professional trainer, hands-on activities and formal classroom training.
b)
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.
c)
All high-paying careers require a four-year college degree.
d)
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.
8.
The Fourth Foundation is:
a)
Pay cash for your car
b)
Pay cash for college
c)
Build wealth and give
d)
build a $500 emergency fund
9.
Which of the following is not one of the basics of budgeting?
a)
Pay yourself first by saving
b)
Stick to your budget unless something unexpected happens
c)
Make it a priority to give
d)
Live on less than you make
10.
You should visit your college's financial aid office if:
a)
Your parents' financial situation has changed
b)
You have any problems with the financial aid application process
c)
A medical situation has come up
d)
All of the above
11.
The total estimated student loan debt outstanding (unpaid) is over:
a)
$1 trillion
b)
$10 thousand
c)
$7 trillion
d)
$1 billion
12.
Which of the following statements about college financial aid is false?
a)
Scholarships are only for the highest academic achievers.
b)
Many businesses have scholarships for employees' children.
c)
Grants are free money.
d)
The Free Application for Federal Student Aid (FAFSA) is the first step to receiving any kind of financial aid.
13.
Which of the following are ways that you can invest in yourself?
a)
Find a mentor
b)
Surround yourself with people who have similar goals and ambitions as you
c)
Read books
d)
All of the above
14.
Which of the following statements is false?
a)
Millions of people can't afford to make their student loan payment every month.
b)
A student loan is an award.
c)
Our culture accepts student loan debt as normal and sometimes even refers to it as good debt.
d)
Debt is owing anything to anyone for any reason.
15.
Which of the following is not a good option when it comes to paying for your education?
a)
Plan ahead
b)
Fill out the FAFSA
c)
Ask your parents to take out a loan
d)
Get a part-time job
16.
A form that is completed annually by current and prospective college students to determine their eligibility for financial aid
a)
FOS
b)
FAFSA
17.
A program that allows students to work part time while continuing their studies
a)
work study
b)
overtime
18.
A form of financial aid that does not need to be repaid; usually awarded on the basis of academic, athletic, or other achievements
a)
grant
b)
scholarship
19.
Pay as you go
a)
borrow
b)
cash-flow
20.
A two-year government-supported college that offers an associate's degree
a)
trade school
b)
community college
21.
A person that starts his or her own business
a)
entrepreneur
b)
advisor
22.
Usually a professional trainer serves as the course instructor and uses a combination of hands-on activities and formal classroom training
a)
associate's degree
b)
on-the-job-training
23.
A form of federal or state financial aid that does not need to be repaid; usually given to students who demonstrate financial need
a)
grant
b)
scholarship
24.
These may be free or low-cost; found online, at community colleges, or through government-funded programs
a)
associate's degree
b)
certifications
25.
Allows students to learn basic professional skills in two years or less; typically cut out many of the general courses required by traditional universities
a)
trade school
b)
self-education
26.
The academic and financial choices you make in the next few years will affect the next 40 years of your life.
a)
True
b)
False
27.
You'll only need to complete the FAFSA once during your college education.
a)
True
b)
False
28.
You must shop for the best price for your education in the same way you comparison shop for any large purchase.
a)
True
b)
False
29.
If you plan to attend a community college for your first two years, you'll want to work closely with your advisor to make sure that the classes you take will transfer to your four-year school of choice.
a)
True
b)
False
30.
You must go to a prestigious school in order for employers to recognize your talents and strengths.
a)
True
b)
False
31.
The best quality colleges are always the most expensive.
a)
True
b)
False
32.
When shopping for the best education option, you should narrow down your choice of colleges to 10 schools or less.
a)
True
b)
False
33.
The average millionaire reads one nonfiction book a month.
a)
True
b)
False
34.
A four-year degree is necessary regardless of which career you're entering.
a)
True
b)
False
35.
Our culture thinks student loan debt is normal and that it's an acceptable way to pay for college.
a)
True
b)
False
36.
Reasons why you should avoid student loans
a)
Repayment can take 10 years or more
b)
Being in debt limits your choices and possibilities
c)
many borrowers fall behind and even default on their student loan payments
d)
All of the above
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