CON 305 Quiz #9, CON 305 Quiz #1

Materialism...

Is a behavior learned from society.

Since this is a student loan for your education, the Biblical perspective is...

It is loan like any other loan requiring payment.

Why is Biblical money management important to God?

Making sure that money does not replace God as our master.

Which of the following is true?

Money does not guarantee contentment.

When we say that money is a tool for us, it means that...

Money is a resource to be used to achieve our God-given purpose in life.

The Pell Grant is...

Needs based.

Which of the following financial decisions is NOT a spiritual decision?

None of the other responses.

In the story about the owner and his managers, how did the owner decide which managers should be trusted with more property?

Pick those who managed what they had effectively.

It is clear from scripture that...

Regardless of the amount, God expects us to manage what we have been given.

Which of the following is free money?

State Scholarship

Which of the following is NOT one the key skills necessary to be a wise money manager?

Stock Price Analysis

How do you calculate the annual net price for an institution?

Subtract all grant and scholarship aid from the COA.

Which of the following is true?

The love of money is the root of all evil.

When comparing costs of different colleges, you should always use...

The net price after grants and scholarships.

What is not true about Federal Work Study?

They money has to be repaid.

Which of the following is NOT a reason that student loans are a "dangerous" loan?

They will instantly ruin your credit score.

T/F: A college degree may be necessary for you to achieve your God-given purpose in life.

True.

T/F: If you have a Biblical Worldview then your financial decision making is based on the understanding that God owns it all and that we are just managers.

True.

T/F: Recognizing God's ownership of everything is a matter of the heart that is required to achieve true financial freedom or contentment.

True.

T/F: The sooner I submit the FAFSA, the better my opportunity is to get aid (free money).

True.

T/F: You are entitled to reduce or cancel your student loan at any time before the loan is disbursed.

True.

Which item is not at least partially under your control?

Tuition

The paying for college budget should include...

Tuition plus room and board plus lifestyle costs.

Which of the following is NOT a rule for borrowing when it comes to student loans?

Use the lowest monthly payment rate.

As property managers...

We must do the job that we are assigned.

What is the right question for starting the college planning process?

What would God have me do with my time and money next year so that I become the person He wants me to be?

How does our attitude toward money become a testimony for God?

When we give glory to God for our financial success.

Which of these is NOT the role of the owner?

Work hard.

You are under no obligation to repay your student loan if:

You die.

Which is not an implication of truly believing that God owns it all?

You will be poor.

Your financial need is established by...

Your COA minus your EFC.

Which of these is NOT likely to become a financial idol?

Your work for Habitat for Humanity.

Per the Bureau of Labor Statistics, the median yearly salary of a college graduate versus a high school graduate is approximately...

$25,000 per year higher.

The standard loan repayment plan is...

10 years at a fixed monthly rate.

The American Opportunity Credit is...

A $2500 tax credit for your tuition and college expenses.

Free money should include...

All of the above.

Which is NOT a characteristic of a faithful money manager?

Bails others out by loaning them money.

Financial contentment means...

Being satisfied with what God has given to you.

How does God test us on our attitude about money?

By judging how we manage the money we have.

How does the Faithful Manager gain eternal value from the property that he has been allowed to use?

By using the property to help others and store up treasures in heaven.

Which repayment plan would cause you to pay the most interest?

Extended and Graduated

T/F: Biblical money management only means that you tithe.

False.

T/F: Financial freedom is the same as financial independence.

False.

T/F: Going to college because you can't find a job makes financial sense.

False.

T/F: I completed a FAFSA last year and do not need to do it this year.

False.

T/F: Private student loans have a limit on the amount of interest that can be charged.

False.

T/F: The net price of college attendance is going up faster than the list price.

False.

T/F: Trusting God to do His part in our finances means that we can avoid financial problems even though we don't take time to study and learn about the finances of the world.

False.

T/F: When experiencing trouble making payments on your Federal Student Loans you should immediately consolidate them.

False.

T/F: You should always take the maximum amount of student loan money that is available.

False.

God's people are challenged to...

Generate income.

Which is not an aspect of contentment?

I will be content if I have a little more.

The best time to complete the FAFSA is...

In January of each year.

What is a loan consolidation?

Taking out a new loan to combine multiple debts into a single, larger piece of debt.

What is a 529 Plan?

Tax deferred savings plan for college savings.

Which is NOT an implication of believing that God owns it all?

That we will never have as much money as non-Christians.

Which of these is the best indicator that God is interested in our financial success and prosperity?

The Bible contains 2,000 verses about money and possessions.