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Money Management for College Students Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. What is your 'award amount'?

Question 2 2. STEM refers to what types of majors?

Question 3 3. How easy is it to find a full private scholarship?

Question 4 4. What does FAFSA stand for?

Question 5 5. According to the College Board, per year, how much do students spend on average for books and supplies?

Page 2

Question 6 6. What is the name of the tool you can use to estimate federal financial aid eligibility?

Question 7 7. How does a college determine financial need?

Question 8 8. What are two options for housing arrangements for college?

Question 9 9. What does FAFSA stand for?

Question 10 10. Name one way you can get help with your FAFSA.

Page 3

Question 11 11. When applying for scholarships, you should...

Question 12 12. Where could your work-study position be located?

Question 13 13. How many classes must you take each semester while you are on a work-study grant?

Question 14 14. Bob is in his dental residency. He can apply for which type of forbearance request? He knows that the lender must approve his request, but he is unsure what it is called.

Question 15 15. Name the different options for financial aid.

Page 4

Question 16 16. What percentage of federally funded work-study positions must be community service based jobs?

Question 17 17. What are two things you need to consider before setting a budget for travel home?

Question 18 18. Jon applied for a forbearance. The lender told him that although he doesn't qualify for payments to stop temporarily, they will allow him to do what for twelve months?

Question 19 19. For how many months is a forbearance request typically granted?

Question 20 20. When is the earliest you can start filling out your FAFSA?

Page 5

Question 21 21. What are academic scholarships?

Question 22 22. What is EFC?

Question 23 23. What percentage of the total amount of available scholarship money do private scholarships represent?

Question 24 24. Winning a scholarship is beneficial to a student because:

Question 25 25. What does Federal Student Aid do with your FAFSA?

Page 6

Question 26 26. Why are scholarships referred to as 'gift aid?'

Question 27 27. If a borrower foresees that financial difficulty is ahead, what is the recommended step?

Question 28 28. What type of aid is considered merit-based?

Question 29 29. What does STEM stand for?

Question 30 30. Janet has a student loan payment coming up, but would rather not pay it, as she just bought a new Mustang Cobra GT. She calls her lender, and the representative tells her that since she doesn't qualify for a mandatory forbearance, she should submit a request for which type of forbearance?

Money Management for College Students Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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