Consumer Responsibilities

Question 1

Which statement best defines a grant?

Revolt · Accepted Answer

C: A grant is money given by an organization for a specific purpose.

Question 2

Marcus is in seventh grade. He has decided that he wants to go to college when he graduates from high school. What are the best things Marcus can do to help pay for his college education? Select all that apply.

Revolt · Accepted Answer

A: Marcus could open a savings account and start saving money.; C: If possible, Marcus’s parents could help him pay for his college expenses.

Question 3

What is the first step Brian should take? What form should Brian complete? What else can Brian do to help pay for college?

Revolt · Accepted Answer

B: visit the Office of Federal Student Aid’s website and complete an application form

Question 4

The form asks for a variety of information, but focuses on three specific types. Two types are parental information and personal information. What is the third type of information the form requests?

Revolt · Accepted Answer

C: financial information

Question 5

Liam and Robert are discussing how they will pay for college. Liam says the interest rate on a student loan is higher than on other types of loans. Robert says work-study options are like loans because you have to pay the money back. Who is correct? Explain.

Revolt · Accepted Answer

/Explanation: Liam is incorrect. The interest rate on student loans is typically lower than on other types of loans. Robert is also incorrect. Work-study is like a job. You work to earn money and you do not have to pay it back.

Question 6

What is one major difference between a grant and a loan?

Revolt · Accepted Answer

B: A grant is considered a financial gift. Unlike a loan, you do not have to pay it back.

Question 7

Which of these statements about financial aid are true? Select all that apply.

Revolt · Accepted Answer

A: Most student loans from the government have a lower interest rate than other types of loans.; C: The FAFSA helps the government determine how much financial aid you need.; F: The FAFSA is available on paper and online.

Question 8

What will be the total cost of Devon’s first year? How much financial aid will Devon receive for his first year? How much money will Devon need to save to cover his first year of college?

Revolt · Accepted Answer

Selection 1: $8,050; Selection 2: $5,400; Selection 3: $2,650

Question 9

Justin’s plan doesn’t cover his costs completely. What are his options for covering the rest of his costs? Select all that apply.

Revolt · Accepted Answer

A: He could try to save more money.; B: He could get a student loan for the extra amount he needs.; C: He could apply for a scholarship.; E: He could ask his family to contribute.

Question 10

What form should Brian complete?

Revolt · Accepted Answer

C: a FAFSA form

Consumer Responsibilities Answers

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