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Ch. 5 - Life After High School (Dave Ramsey)--Part 1
Test Description: Consumer Education
Instructions: Answer all questions to get your test result.
1) The total estimated student loan debt outstanding (unpaid) is over:
A
$1 billion
B
$10 thousand
C
$7 trillion
D
$1 Trillion
2) Which of the following is not a good option when it comes to paying for your education?
A
Plan ahead
B
Ask your parents to take out a loan
C
Get a part-time job
D
Fill out the FAFSA
3) Which of the following are ways that you can invest in yourself?
A
Read books
B
All of the above
C
Surround yourself with people who have similar goals and ambitions as you
D
Find a mentor
4) Which of the following statements is false?
A
Debt is owning anything to anyone for any reason
B
Millions of people can't afford to make their student loan payment every month
C
Our culture acceps student loan debt as normal and sometimes even refers to it as good debt
D
A student loan is an award
5) Which of the following statements about college financial aid is false?
A
Grants are free money
B
Scholarships are only for the highest academic achievers
C
The Free Applications for Federal Student Aid (FAFSA) is the first step to receiving any kind of financial aid.
D
Many businesses have scholarships for employees' children
6) You should visit your college's financial aid office if:
A
Your parents' financial situation has changed
B
A medical situation has come up
C
You have any problems with the financial aid application process
D
All of the above
7) Which of the following statements is false?
A
Students rarely drop out of college due to financial trouble
B
Research shows that students who work up to 20 hours a week have the hightest grade point averages
C
On-campus jobs may pay you directly or pay toward your tuition bill
D
Research shows that working more than 20 hours a week may affect your grades negatively
8) Which of the following is not recommended when you are cash-flowing your college eduation?
A
Work and save money over the summer months
B
Attend an out-of-state school
C
Make sure you have an emergency fund
D
Live on a zero-based budget
9) The average repayment period for a student loan is:
A
15 years
B
20 years
C
5 years
D
10 years
10) 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
An associate's degree is a two-year degree that can offer specialized training and flexible schedule that allows you to work
C
Students who are looking to learn specific skills can look into free or low-cost certifications found online
D
All high-paying careers require a four-year college degree.
11) The Fourth Foundation is:
A
Pay cash for your car
B
Build a $500 emergency fund
C
Pay cash for college
D
Build wealth and give
12) Which of the following could be a negative consequence of taking out student loans?
A
Having to delay investing and saving for your future because of student loan payments
B
All of the above
C
Not having flexibility in your career options because of student loan payments
D
Not having the freedom to be a stay-at-home parent because of student loan payments
13) Percentage of college students that graduate with student loans:
A
66%
B
25%
C
90%
D
30%
14) 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
Finding the most expensive, prestigious college so that you can impress future employers
D
Scoring well on the ACT or SAT
15) Which of the folloiwng is not one of the basice of budgeting?
A
Live on less than you make
B
Pay yourself first by saving
C
Stick to your budget unless something unexpected happend
D
Make it a priority to give
16) Our culture thinks student loan debt is normal and that itʹs an acceptable way to pay for college.
A
False
B
True
17) A four-year degree is necessary regardless of which career youʹre entering.
A
True
B
False
18) The average millionaire reads one nonfiction book a month.
A
False
B
True
19) When shopping for the best education option, you should narrow down your choice of colleges to 10 schools or less
A
False
B
True
20) The best quality colleges are always the most expensive.
A
True
B
False
*select an answer for all questions
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