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Personal Finance-C5
Personal Finance-C5
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C5 Personal Finance Test Review
Flashcards
43 cards
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Practice quiz
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Questions
43
Answers
1
T/F Your academic and financial choices made now will affect the next 40 years of your life.
True
False
2
Which of the following could be a negative consequence of taking out student loans?
Not able to be a stay-at-home parent
Having to delay investing and saving for your future
Not able to take vacations
Not having flexibility in your career options
3
Vocab: These may be free or low-cost; online, community colleges, or government-funded programs
Associate's Degree
Fun Programs
Trade School
Certifications
4
Which of the following is NOT recommended when you are cash-flowing your college education?
Make sure you have an emergency fund.
Attend an out-of-state school.
Work and save money over the summer months.
Live on a zero-based budget.
5
T/F On-campus jobs may pay you directly or pay toward your tuition bill.
False
True
6
Federal/state financial aid: does not need to be repaid, for students who have financial need
Loan
Need Aid
Grant
Scholarship
7
T/F When shopping your education options, narrow your college choices to 10 schools or less.
True
False
8
T/F The best quality colleges are always the most expensive.
False
True
9
T/F The average millionaire reads one nonfiction book a month.
True
False
10
Which of the following statements about college financial aid is false?
Many businesses have scholarships for employeesʹ children.
Grants are free money.
The FAFSA: first step to receiving any type financial aid.
Scholarships are only for the highest academic achievers.
11
The Instructor is a professional trainer who uses hands-on activ. & formal classroom training
Basic Training
On-the-job-training
Associate's Degree
Formal Program
12
Vocb: Allows students to learn basic professional skills in 2 years or less w/o general courses
Bachelor's Degree
Self Education
Associates Degree
Trade School
13
The total estimated student loan debt outstanding (unpaid) is over:
9 Hundred Thousand Dollars
1 Trillion Dollars
1 Billion Dollars
7 Trillion Dollars
14
T/F A four-year degree is necessary regardless of which career youʹre entering.
True
False
15
The average repayment period set up for a student loan is:
15 Years
20 Years
5 Years
10 Years
16
Students looking to learn specific skills can find free or low-cost certifications online
False
True
17
Which of the following is NOT one of the basics of budgeting?
Stick to your budget unless something unexpected happens
Live on less than you make
Pay yourself first by saving
Make it a priority to give
18
T/F You must go to a prestigious school for employers to recognize your talents and strengths.
False
True
19
A wise college plan does NOT include:
Creating a budget and starting to save now
Scoring well on the ACT or SAT
Choosing a prestigious college to impress future employers
Shopping for the most appropriate, low-cost academic option
20
Associateʹs degree is a 2 year degree that offers specialized training with a flexible schedule
False
True
21
Vocab: Pay as you go
Borrow Money
Only using grants
Loans for college
Cash-flow
22
Which of the following is NOT a good option when it comes to paying for your education?
Plan Ahead
Get a part-time job
Fill out the FAFSA
Ask your parents to take out a loan
23
T/F Youʹll only need to complete the FAFSA once during your college education.
False
True
24
Vocab: A program that allows students to work part time while continuing their studies
Overtime Pay
On Campus Program
Educational Work
Work Study
25
T/F Research shows students working up to 20 hrs. a week have the highest grade point averages.
False
True
26
T/F Students rarely drop out of college due to financial trouble.
False
True
27
Completed annually by current and new college students to determine financial aid eligibility
FAFSA
Financial Aid Form
CFA
FOS
28
Which of the following are ways that you can invest in yourself?
Read books
Surround yourself with people with similar goals & ambitions
Find a mentor
Get a college education even if you have to take out loans
29
What does the SAT stand for?
School Access Test
nothing - SAT
Scholastic Aptitude Test
Super Academic Torture
30
All high-paying careers require a four-year college degree.
True
False
31
T/F If attending a 2 yr. community college, be sure your classes transfer to your 4-yr school.
False
True
32
Vocab: A person that starts his or her own business
Advisor
Entrepreneur
Leader
Chairman
33
T/F Research shows that working more than 20 hours a week may affect your grades
negatively
.
False
True
34
Percentage of college students that graduate without student debt:
25%
90%
66%
30%
35
On-the-job training: combines a professional trainer, hands-on activities & classroom training.
False
True
36
T/F Shop for your education in the same way you comparison shop for any large purchase.
True
False
37
The 4th Foundation is:
Pay cash for your car
Build a $500 emergency fund
Build wealth and give
Pay cash for college
38
T/F Our culture thinks student loans are normal and an acceptable way to pay for college.
False
True
39
Which of the following statements is false?
Debt is owing anything to anyone for any reason.
Our culture accepts student loan debt as normal "good debt"
A student loan is an award.
Millions of people canʹt afford their student loan payment
40
Which of the following are reasons you should visit your collegeʹs financial aid office
You are struggling with your academics
Your parentsʹ financial situation has changed
Having problems with the financial aid application process
A medical situation is causing financial hardship
41
Vocab: A two-year government-supported college that offers an associateʹs degree
Community College
Trade School
Associate College
FAFSA College
42
What does the ACT stand for?
American College Test
Academic College Test
Average Cost of Tuition
nothing - ACT
43
Financial aid awarded on the basis of academic, athletic or other achievements; no repayment.
Grant
Academic Aid
Scholarship
Achievement/Athletic Aid
