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PF 3.03 - 3.05 Higher Education
Test Description: PF 3.03 - 3.05 Higher Education
Instructions: Answer all questions to get your test result.
1) She wants to be a veterinarian but does not have the money to complete this goal. She attends a 2‐year program to become a vet tech, and works for 3 years in the field while saving money for her college and veterinary school. This plan is a/an
A
SMART goal
B
Opportunity cost
C
Debt‐to‐income ratio
D
Career pathway
2) As Jonah plans for his future, his family has challenged him to create a SMART goal for his career education and training. Which question is the LEAST IMPORTANT one to consider at this point?
A
Can I get the education and training I need near where I currently live?
B
What kind of training and education do I need and how much will it cost?
C
Will a job be available and will I earn enough in my career to pay for the education and training it requires?
D
Is there a career pathway available if I continue my education and training?
3) The ________ of continuing your education is the money you would have earned if you have worked instead.
A
Debt‐to‐income ratio
B
total estimated cost
C
Benefit
D
Opportunity cost
4) It is recommended that your educational loan payments require no more than 10‐15% of your estimated starting income. To calculate this amount, students need to calculate the ____________ of their education and training.
A
Career pathway
B
Benefit
C
Debt‐to‐income ratio
D
Opportunity cost
5) When Charles received his college placement test results, he is informed that he will need remediation in math. Which situation IS NOT TRUE of Charles’ situation?
A
Charles should have taken a placement test earlier in high school to his academic skills before heading for college.
B
Such courses don't count toward his degree, so his college degree may take longer to complete.
C
Charles will need to take at least one course because he is not college‐ready.
D
Since the remedial courses Charles must take will not count toward his degree, tuition is not charged.
6) Which statement is TRUE regarding college‐level expectations for studying and completing projects?
A
Multi‐tasking develops the skill of working while distracted, so it is okay to watch TV while studying.
B
A busier schedule makes it important to write down only critical tasks. Writing down smaller details is not recommended.
C
Plan backwards from major deadlines.
D
It is best to study alone in a quiet environment.
7) Erin has been in college for 2 years and has decided that the major she has been studying isn’t for her. Changing her major and/or her college could result in:
A
the need for backwards planning.
B
losing credits for classes she has already taken.
C
a well‐rounded college degree.
D
remediation courses to make up for the change in majors.
8) David plans to apply for college in 2 years. His guidance counselor suggested that he begin adding items to a ‘college/training application’ folder. Which items WOULD NOT be helpful as additions to this folder?
A
a list of all the extracurricular activities he gets involved in
B
copies of awards and achievements he earns
C
copies of his elementary and middle school report cards
D
a resume of all community service and volunteer work he is actively involved in
9) Sean plans to attend college in 2 years. He and his family have saved some money to help pay for it but he want to explore ways he can receive money he WON’T need to repay. Which set of options below should he explore?
A
Work‐study, scholarships and PLUS Loans
B
Federal Student Grants, PLUS Loans, and scholarships
C
Federal Perkins Loans, PLUS and local bank loans
D
Pell Grants, Work‐study, and scholarships
10) Which are ways to receive money for college that WON’T need to be repaied?
A
Federal Student Grants, PLUS Loans, and scholarships
B
Work‐study, scholarships and PLUS Loans
C
Pell Grants, Work‐study, and scholarships
D
Federal Perkins Loans, PLUS and local bank loans
11) Which is NOT difference between of a Direct Subsidized Stafford Loan and a typical bank loan?
A
families must complete an application for a Stafford Loan.
B
Stafford Loans typically have a grace period.
C
Interest rates for Stafford loans tend to be higher
D
Stafford Loans have deferment options.
12) Which application will determine which typed of need‐based aid a student will qualify for?
A
Free Application for Federal Student Aid (FAFSA)
B
Perkins Federal Loan Application
C
Direct Subsidized Stafford Loan Application
D
Federal Work Study Application
13) Which is not a potential consequence of default on a student loan?
A
His wages may be garnished.
B
He may not be able to obtain a marriage license.
C
Denied credit cards, car or home loans, or apartment leases
D
Banks could refuse to allow him to open a checking account.
*select an answer for all questions
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