Why is it important to submit your FAFSA early?

Some aid is awarded on a first-come, first-served basis

Which statement best explains opportunity costs?

It's the next best alternative you give up.

When is the best time to start researching scholarships?

Your freshman year in high school

When should students begin submitting their FAFSA?

The fall of your senior year in high school

Why should you complete the FAFSA?

To apply for federal student financial aid

What is an advantage of attending a vocational school?

The focus is on hands-on, practical skills

What is the difference between a 2-year and a 4-year college?

Length of time to complete the degree program

What is the main difference between federal and private student loans?

Private loans tend to have higher interest rate.

Why should you start researching scholarships and grants early?

To have time to gather required materials and meet the deadlines

The reason for completing scholarship and grant applications is

to receive financial assistance for your education

Which of these best describes a trade school?

A school that teaches specific job skills and trades.

Which approach should you take when writing a college essay?

Write specifically for each scholarship's unique requirements.

Which of these will not affect your ability to repay your student loans after graduation?

Your credit score during high school

Which of these is the main characteristic of a public university?

Gets funding from the state government

What would be a consequence of defaulting (not paying) on your student loan?

It will damage your credit score

What is an apprenticeship program?

A program combining on-the-job training with classroom instruction.

Which of these strategies will help minimize your student loan debt?

Applying for all the scholarships and grants you can.

A student spent 2 hours playing video games instead of studying. What is the opportunity cost?

The time that could have been spent studying

You should submit scholarship and grant applications early because

late applications are automatically rejected.

What is the consequence of making any spending decisions?

You must give up something else to get what you want

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Chapter 7 College Planning

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Questions 28

Answers

1
Which of these is NOT a trade school program?
Automotive Technology
Philosophy
Welding
HVAC repair
2
Why is it important to submit your FAFSA early?
Late submissions are automatically rejected.
It takes several months to process.
Colleges require early submission
Some aid is awarded on a first-come, first-served basis
3
Which statement best explains opportunity costs?
It's the monetary cost of an item.
It only applies to large purchases
It represents all possible choices available
It's the next best alternative you give up.
4
Which type of institution normally offers vocational training and associates degrees?
Technical schools
Liberal arts colleges
Research universities
Community colleges
5
When is the best time to start researching scholarships?
The week before the deadlines
During the summer before your senior year
Your freshman year in high school
After you've been accepted in college
6
Which of these usually takes the shortest time to complete?
Bachelor's degree
Industry Certification
Associate's Degree
Master's Degree
7
When should students begin submitting their FAFSA?
The fall of your senior year in high school
After you received your college acceptance letter.
The summer before your senior year in high school
After graduating from high school.
8
Why should you complete the FAFSA?
To apply for federal student financial aid
To apply for private scholarships
To submit your college applications.
To register for college classes
9
What is an advantage of attending a vocational school?
Extensive liberal arts education into literature, music and philosophy.
The focus is on hands-on, practical skills
Guaranteed job when you complete the program.
Guarantted admission to the college of your choice.
10
What is a big advantage of going to a community college before transferring to a 4-year university?
Better social life
More prestigious degree
Guaranteed admission to the university of your choice.
Lower tuition costs
11
What is the difference between a 2-year and a 4-year college?
Cost of attendance
Quality of the education
Location of the campus
Length of time to complete the degree program
12
Which of these should not be a consideration when choosing a college?
The cost and how much financial aid you'll receive
The academic programs offered.
Where your friends are going
Your career goals
13
What is the main difference between federal and private student loans?
Private loans are always subsidized by the federal government.
Private loans tend to have higher interest rate.
Federal loans require excellent credit scores.
Federal loans have higher interest rates.
14
Why should you start researching scholarships and grants early?
Because the website for the scholarship might crash
To impress teachers with your organizational skills
To avoid competition with other students
To have time to gather required materials and meet the deadlines
15
The reason for completing scholarship and grant applications is
to improve your typing skills
to receive financial assistance for your education
to collect recommendation letters.
to practice writing essays
16
Which of these specializes in specific career-focused training?
Trade schools
State universities
Ivy League Universities
Liberal arts colleges
17
Which of these best describes a trade school?
A traditional university with multiple majors.
An on-line educational platform
A four-year college focused on liberal arts.
A school that teaches specific job skills and trades.
18
Which of these is normally required from a student to be admitted to a four-year college??
Work experience
Professional references
SAT/ACT scores
Military service
19
Which approach should you take when writing a college essay?
Copy successful essays from online sources
Focus only on academic achievements
Write specifically for each scholarship's unique requirements.
Use generic content which can be reused for multiple scholarships.
20
Which of these will not affect your ability to repay your student loans after graduation?
The total amount borrowed
The interest rate on your loan.
Your credit score during high school
Your career field
21
Which of these is the main characteristic of a public university?
Gets funding from the state government
Affiliated with a religious organization.
Smaller class sizes
Higher tuition costs
22
What would be a consequence of defaulting (not paying) on your student loan?
Your loan will be immediately forgiven.
You will enjoy higher salary opportunities
You will incur lower interest rates.
It will damage your credit score
23
What is an apprenticeship program?
A part-time summer job
A volunteer position at a local business
A program combining on-the-job training with classroom instruction.
A full-time position with no educational part.
24
Which of these strategies will help minimize your student loan debt?
Waiting until your senior year to make a plan on paying for school
Applying for all the scholarships and grants you can.
Choosing the school that has the highest tuition
Taking the most you can on a loan.
25
A student spent 2 hours playing video games instead of studying. What is the opportunity cost?
The cost of the video game.
The time that could have been spent studying
The wear and tear on the gaming console
The electricity used while playing
26
You should submit scholarship and grant applications early because
you will have time to fix any computer errors that come up.
it shows time management skills
you will compete with fewer applicants
late applications are automatically rejected.
27
Sarah has $50 to spend on either a concert or shoes. If she spends it on concert tickets, what is her opportunity cost?
The time spent at the concert.
The money she spent
The shoes she cannot buy
The price of the concert tickets.
28
What is the consequence of making any spending decisions?
There are not real consequences to spending
You must give up something else to get what you want
You can have everything you want if your save.
You can change your mind later about what you spent your money on.

Chapter 7 College Planning Flashcards | StudBud