chapter 5 review

Percentage of college students that graduate with student loans: A 90% B 66% C 30% D 25%

66%

The Fourth Foundation is: A Pay cash for your car B Build wealth and give C Build a $500 emergency fund D Pay cash for college

Pay cash for college

The total estimated student loan debt outstanding (unpaid) is over: A $ 1 Trillion B $10 thousand C $7 Trillion D $1 billion

$ 1 Trillion

The average repayment period for a student loan is: A 15 years B 5 years C 20 years D 10 years

10 years

Which of the following statements is false? A Millions of people can't afford to make their student loan payments every month. B Our culture accepts student loan debt as normal and sometimes even refers to it as good debt. C Debt is owing anything to anyone for any reason. D A student loan is an award.

A student loan is an award.

You should visit your collegeʹs financial aid office if: A Your parentsʹ 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 SUBMIT ANSWER

All of the above

A form that is completed annually by current and prospective college students to determine their eligibility for financial aid A FOS B FAFSA

FAFSA

When shopping for the best education option, you should narrow down your choice of colleges to 10 schools or less. TrueFalse

False

You must go to a prestigious school in order for employers to recognize your talents and strengths. TrueFalse

False

Youʹll only need to complete the FAFSA once during your college education. TrueFalse

False

A wise college plan does not include: A Creating a budget and starting to save now B Shopping around for the most appropriate, low-cost academic option for your career choice C Scoring well on the ACT or SAT D Finding the most expensive, prestigious college so that you can impress future employers

Finding the most expensive, prestigious college so that you can impress future employers

Which of the following statements about college financial aid is false? A Many businesses have scholarships for employees' children. B Grants are free money. C The Free Application for Federal Student Aid (FAFSA) is the first step to receiving any kind of financial aid. D Scholarships are only for the highest academic achievers.

Scholarships are only for the highest academic achievers.

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

Stick to your budget unless something unexpected happens

If you plan to attend a community college for your first two years, youʹll want to work closely with your advisor to make sure that the classes you take will transfer to your four-year school of choice. TrueFalse

True

The academic and financial choices you make in the next few years will affect the next 40 years of your life. TrueFalse

True

The average millionaire reads one nonfiction book a month. TrueFalse

True

You must shop for the best price for your education in the same way you comparison shop for any large purchase. TrueFalse

True

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

all of the above

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

ask your parents to take out a loan

A person that starts his or her own business A entrepreneur B advisor

entrepreneur

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

grant

A program that allows students to work part time while continuing their studies A work study B overtime

work study

Which of the following statements is false? A On-campus jobs may pay you directly or pay toward your tuition bill. B Research shows that students who work up to 20 hours a week have the highest grade point averages. C Research shows that working more than 20 hours a week may affect your grades negatively. D Students rarely drop out of college due to financial trouble.

Students rarely drop out of college due to financial trouble. OK

Our culture thinks student loan debt is normal and that itʹs an acceptable way to pay for college. TrueFalse

True

pay as you go A borrowing B cash-flow SUBMIT ANSWER

cash-flow

These may be free or low-cost; found online, at community colleges, or through government-funded programs A associate's degree B certifications

certifications

A two-year government-supported college that offers an associateʹs degree A trade school B community college SUBMIT ANSWER

community college

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

on-the-job training

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 SUBMIT ANSWER

scholarship

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 SUBMIT ANSWER

trade school

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 An associateʹs 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. D All high-paying careers require a four-year college degree.

All high-paying careers require a four-year college degree.

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 payments C Not having flexibility in your career options because of student loan payments D All of the above

All of the above

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.

Attend an out-of-state school.

A four-year degree is necessary regardless of which career youʹre entering. TrueFalse

False

The best quality colleges are always the most expensive. TrueFalse

False