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WorksheetsPersonal Finance 3.03, 3.04, 3.05
Total questions: 12
Worksheet time: 6mins
When Charles received his college placement test results, he is informed that he will need remediation in math. Which situation is not true of Charles’ situation?
Charles will need to take at least one course because he is not college-ready
Since the remedial courses Charles must take will not count toward his degree, he needs to take the courses but tuition is not charged.
Erin has been in college for 2 years and has decided that the major she has been studying is not for her. Changing her major and/or her college could result in:
losing credits for classes she has already taken.
the need for backward planning.
Which statement is true regarding college-level expectations for studying and completing projects?
Plan backward from major deadlines.
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.
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?
Copies of his elementary and middle school report cards
A resume of all community service and volunteer work he is actively involved in
The money one would have earned if she/he had worked instead of continuing her/his education is called the:
debt-to-income ratio
opportunity cost.
It is recommended that one's educational loan payments require no more than 10–15% of one's estimated starting income. What should a student consider in order to calculate this amount?
Debt-to-income ratio
Career pathway
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?
Can I get the education and training I need near where I currently live?
Will a job be available and will I earn enough in my career to pay for the education and training it requires?
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 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:
career pathway.
SMART goal
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 do not 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 type of need-based aid he will qualify for?
Perkins Federal Loan Application
Free Application for Federal Student Aid (FAFSA)
Sean plans to attend college in 2 years. He and his family have saved some money to help pay for it but he wants to explore ways he can receive money he won’t have to repay. Which set of options should he explore?
Pell Grants, work-study, and scholarships
Federal Perkins Loans, PLUS loans, and local bank loans
Direct Subsidized Stafford Loans offer some features that are different when compared to borrowing money from a bank to pay for college. Which is not a difference between a Direct Subsidized Stafford Loan and a typical bank loan?
Interest rates for Stafford loans tend to be higher because the loans are held for a relatively long period of time.
Student families must complete a FAFSA (Free Application For Federal Student Aid) in order to apply for a Stafford loan.
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?
He could be denied credit cards, car or home loans, or apartment leases.
He may not be able to obtain a marriage license.
