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Personal Finance Higher Education
Test Description: Personal finanance
Instructions: Answer all questions to get your test result.
1) The return on investment (ROI) from education is typically the highest for:
A
A college applicant
B
Someone with a 4-year (Bachelor’s) degree
C
A high school graduate
D
Someone with a 2-year (Associate) degree
2) Your brother is starting 9th grade next year and is thinking about going to college. What steps would you recommend he take?
A
Both A B
B
Meet his guidance counselor.
C
Fill out the FAFSA form.
D
Join a club or sports team.
3) Which type of loan requires that you pay the interest accumulated during college?
A
Subsidized federal loan
B
Pell Grant
C
Unsubsidized federal loan
D
University scholarship
4) When referring to student loans, what is a grace period?
A
The amount of time you have to pay back your entire student loan amount
B
None of the above
C
The period after graduating or leaving school before you must begin paying back student loans
D
The time period between graduating college and starting your first job when you don’t have to pay back student loans
5) Which of the following statements about the Federal Application for Student Aid (FAFSA) is TRUE?
A
The IRS Data Retrieval Tool allows you to view and transfer your tax information directly into your FAFSA form.
B
Both A B are true.
C
You can only apply online.
D
The earliest you can submit your FAFSA application is December 1st.
6) Which of the following statements about federal student loans is TRUE?
A
The interest rate on your loan will be fixed over time.
B
You do not accumulate interest on federal loans.
C
The interest rates on federal loans and private loans are similar.
D
You can only get federal student loans if you demonstrate financial need
7) The Federal Application for Student Aid (FAFSA) form:
A
Can only be submitted by mail.
B
Is only used to apply for federal subsidized loans.
C
Is only used to apply for federal unsubsidized loans.
D
Is the free application for federal student aid.
8) After you send in your FAFSA form, what will you receive back?
A
Your IRS Data Retrieval Form
B
A copy of your family’s tax returns
C
Your Student Aid Report
D
A copy of your completed FAFSA form
9) On average, someone with a Bachelor's degree is estimated to earn ____ times more than someone with a high school diploma.
A
1.4
B
1.6
C
2.0
D
1.2
10) You are looking for ways to pay for your higher education costs. Which of the following options will require you to pay back any money you receive?
A
Scholarships
B
Federal student loans
C
Grants
D
529 plans
*select an answer for all questions
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