Cwmc Module 6: College Competency Test

11 Questions | Total Attempts: 173

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Module Quizzes & Trivia

This quiz is part of LFE Institute's CWMC (Certified Workplace Money Coaching) course. It will test your proficiency in the College Module (Module 6) of the program. The questions are all multiple choice, and are designed to be a review of this Module. Let LFE know when you've successfully completed this test and are ready to begin the next Module. Correct answers required for passing grade: 9/11


Questions and Answers
  • 1. 
    Which of the following links would you NOT recommend to an employee asking for scholarship research sites?
    • A. 

      Www.FinAid.org

    • B. 

      Www.QVC.com

    • C. 

      Www.Sholarships.com

    • D. 

      Www.FastWeb.com

    • E. 

      None of the above. They are all acceptable recommendations.

  • 2. 
    Select the statements that best describe the Uniform Gifts / Transfers to Minors Act (UGMA): (check all that apply)
    • A. 

      The investment selections are limited.

    • B. 

      Money can be used for any expense that benefits the child.

    • C. 

      These plans are irrevocable gifts to the child.

    • D. 

      There may be some tax benefits to the parents.

    • E. 

      If the child is a minor, the parent must set up a special Trust Account to qualify under UGMA.

  • 3. 
    Which of the following are options for parents trying to pay for their child's college tuition? (check all that apply)
    • A. 

      Long-term or low-interest loans

    • B. 

      Researching the benefits of an online education, community colleges, or night courses

    • C. 

      Applying for scholarships and/or work-study programs

    • D. 

      Delaying freshman year to have more time for the student to save by working

  • 4. 
    Which of the following steps are viable options when unable to make payments on student loans? (check all that apply)
    • A. 

      Consolidate multiple times as needed through a government-approved lender.

    • B. 

      Ask for a deferment to delay payments for up to six months.

    • C. 

      Ask for a forbearance which allows interest payments only for up to twelve months.

    • D. 

      Apply for a government loan consolidation program, which can extend the pay-off period for up to 30 years.

  • 5. 
    Which of the following apply to Need-Based Financial Aid? (check all that apply)
    • A. 

      Awarded for outstanding performance in academics, athletics, or the arts.

    • B. 

      Comes from federal and state governments, as well as from colleges and universities.

    • C. 

      Includes loans, grants, and work-study programs.

    • D. 

      Colleges and universities determine eligibility based on financial need.

    • E. 

      Awarded only to incoming freshmen.

  • 6. 
    Which one of the following is NOT included in each Money Coaching response?
    • A. 

      Money-saving Tip

    • B. 

      Caution

    • C. 

      Personal anecdotes

    • D. 

      Web site links

  • 7. 
    Which of the following are myths when considering a college education? (check all that apply)
    • A. 

      Attending a private college is unaffordable.

    • B. 

      Owning a home makes it impossible to obtain financial aid.

    • C. 

      Expect the university or school to fully disclose all costs, scholarships, and financing options.

    • D. 

      Students will always get a higher-paying job if they attend a private college.

  • 8. 
    Which of the following statements apply to 529 Plans? (check all that apply)
    • A. 

      They are state-sponsored savings plans to be used for higher education.

    • B. 

      Taxes on the earnings are deferred.

    • C. 

      Withdrawals are exempt from federal taxation.

    • D. 

      There are no contribution limits.

    • E. 

      This is not a good planning resource for college education.

  • 9. 
    Which of the following are indications an online degree program might be a scam? (check all that apply)
    • A. 

      There is no accreditation.

    • B. 

      Address and phone number are not listed or available.

    • C. 

      Assignment submissions and tests are not required.

    • D. 

      With a fee, a degree is granted based on previous life and work experience only.

  • 10. 
    How many FAFSA forms do you need to complete if you are applying to 3 different schools?
    • A. 

      1

    • B. 

      3

    • C. 

      6

    • D. 

      9

  • 11. 
    Select the TRUE statements regarding the Federal Work-Study Program (FWS). (check all that apply)
    • A. 

      Qualification is based on financial need.

    • B. 

      Qualification is not based on financial need.

    • C. 

      Student earns federal minimum wage or more.

    • D. 

      The money earned through FWS is used to determine financial need.

    • E. 

      Student must submit the FAFSA form to apply for FWS.