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Enter the current semester (i.e., "Spring 2000").

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A written confirmation of your results will be sent to this address, if it is given:

1. Budgets are primarily:

a. for students whose families have limited resources.

b. for students who are obsessed with tracking where every dime goes.

c. for students who find that their expenditures often exceed their income.

d. none of the above

2. First-year student John finds that he often does not have enough money to pay his bills at the end of the month. He:

a. should immediately cut up all his credit cards.

b. should continue to buy the stereo equipment and computer software he enjoys, but only during sales.

c. should write down his expenditures for a week to see where all the money is going.

d. should consider taking some accounting courses.

3. What is the relationship between credit cards and your credit history?

a. the more credit cards you own, the better your credit history looks

b. credit history depends on how much you spend and the timeliness of your payments

c. no relationship, as long as you don't miss any payments

d. the higher the credit limit, the greater potential for borrowing in the future

4. In most cases, students who are signing up for their first credit card:

a. should choose the card with the highest possible credit limit.

b. should try to find a card with a variable interest rate.

c. should try to find a card with no annual fee and a low fixed interest rate.

d. should make some major purchases immediately in order to establish a credit history.

5. Elizabeth completes one year at Athabasca U., but she then realizes she has no money left to pay for her second year's tuition. She should:

a. apply for aid from federal, university, and private sources.

b. apply for grants and scholarships, but not loans.

c. apply only for funding subsidized by the federal government.

d. none of the above

6. Researching sources of financial aid involves:

a. filling out as many forms as possible.

b. finding someone who will research sources for you for a fee.

c. meeting multiple deadlines and using the college's financial aid office as a starting point.

d. finding enough aid money to cover tuition and fees.

7. It is important to periodically check your credit history record because:

a. many people could be using your credit card.

b. many people's credit histories are riddled with errors.

c. many people have access to this information.

d. many people's credit histories are exactly the same.

8. Jaime receives his financial aid package, but it does not seem like it will be enough money for him to be able to attend college. His next step should be to:

a. ask one of his parents to come to the financial aid office with him to play a game of "good cop, bad cop."

b. take fewer classes and work more hours at his job.

c. charge a year's tuition on his credit card.

d. initiate a formal appeal if he feels key elements of his application were overlooked.

9. What is the best way of describing the relationship between the cost of a college education and its value?

a. substantial cost now may translate into substantial value later

b. the higher the cost, the greater the value

c. good things come in small packages

d. the larger the financial sacrifice, the greater the intellectual freedom

10. Once a student experiences a financial crisis:

a. it is virtually impossible to re-establish a solid financial footing.

b. he/she can no longer apply for financial aid.

c. he/she should avoid paying any bills until there is money to pay all of them.

d. he/she should contact all creditors and develop a strategy for paying off debt.