Consumer Math Semester 1 Final

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Consumer Math Semester 1 Final - Quiz


Questions and Answers
  • 1. 

    What is personal finance?

  • 2. 

    Calculate the compound interest for each problem below. Assume interest is compounded annually.•$1,000 at 6% interest for three years•$500 at 18% interest for four years•$1,500 at 12% interest for two years

  • 3. 

    What are some reasons budgets sometimes do not work?(give me a few examples.

  • 4. 

    What are some things you can do to protect your personal information? I need at least 3

  • 5. 

    Explain how academic and financial decisions made today will affect your life for years to come.

  • 6. 

    Explain why consumer awareness is such an important part of a healthy financial plan.

  • 7. 

    Summarize the benefits of being a wise consumer.

  • 8. 

    What is the Rule of 72? How is it calculated?

  • 9. 

    Which of the following best explains why students should learn about personal finance?

    • A.

      Learning to manage money at this stage can eliminate financial mistakes and promote huge financial benefits for the future.

    • B.

      Personal finance skills are better learned through trial and error.

    • C.

      Personal finance skills are highly complex and require a great deal of time to learn.

    • D.

      Learning to manage money will help you achieve a profitable career.

    Correct Answer
    A. Learning to manage money at this stage can eliminate financial mistakes and promote huge financial benefits for the future.
    Explanation
    Learning to manage money at an early stage can prevent individuals from making financial mistakes and instead, enable them to reap significant financial benefits in the future. By acquiring personal finance skills, students can avoid common pitfalls and develop good financial habits that will serve them well throughout their lives. This knowledge will empower them to make informed decisions, save money, invest wisely, and achieve financial stability and success.

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  • 10. 

    Personal financial success is primarily the result of:

    • A.

      Managing your money behavior

    • B.

      Winning the lottery

    • C.

      Generous welfare and unemployment programs

    • D.

      Inheriting money from your parents

    Correct Answer
    A. Managing your money behavior
    Explanation
    Managing your money behavior is the most important factor in achieving personal financial success. This involves making wise financial decisions, budgeting, saving, and investing appropriately. It requires discipline, knowledge, and understanding of financial concepts. While winning the lottery or inheriting money may provide a sudden influx of wealth, without proper money management skills, it is likely to be squandered. Generous welfare and unemployment programs may provide temporary financial support, but they are not sustainable or conducive to long-term financial success. Therefore, managing your money behavior is the key to achieving personal financial success.

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  • 11. 

    When it comes to managing money, success is about_________________ % knowledge and _______________% behavior.

    • A.

      50, 50

    • B.

      60, 40

    • C.

      80, 20

    • D.

      20, 80

    Correct Answer
    D. 20, 80
    Explanation
    Success in managing money is primarily determined by behavior rather than knowledge. While having knowledge about financial concepts and strategies is important, it is ultimately one's behavior and actions that determine their financial success. It is possible for someone to have a high level of knowledge about money management but still make poor financial decisions due to impulsive behavior or lack of discipline. On the other hand, someone with limited financial knowledge but good financial habits and behavior can still achieve success in managing their money effectively. Therefore, the answer 20, 80 suggests that 20% of success in managing money is based on knowledge, while 80% is based on behavior.

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  • 12. 

    The widespread financial insecurity of Americans is primarily because:

    • A.

      The incomes of Americans are low

    • B.

      The saving rate of Americans is low and many borrow in order to spend more than they earn

    • C.

      Government programs are unavailable to help people when they are disabled or experience unemployment

    • D.

      Most Americans save a high proportion of their income

    Correct Answer
    B. The saving rate of Americans is low and many borrow in order to spend more than they earn
    Explanation
    The correct answer is that the saving rate of Americans is low and many borrow in order to spend more than they earn. This explanation suggests that financial insecurity is widespread among Americans because they do not save enough money and instead rely on borrowing to sustain their spending habits. This behavior can lead to debt and financial instability, contributing to overall financial insecurity.

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  • 13. 

    Why was the use of credit uncommon prior to 1917?

    • A.

      Lending money to others was not profitable.

    • B.

      Laws prevented lenders from charging high interest rates.

    • C.

      Borrowing money was generally not socially acceptable.

    • D.

      Americans have always used credit

    Correct Answer(s)
    A. Lending money to others was not profitable.
    B. Laws prevented lenders from charging high interest rates.
    C. Borrowing money was generally not socially acceptable.
  • 14. 

    True financial security is achieved when your money begins to generate an income -your money starts working for you.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The given statement suggests that true financial security is attained when an individual's money starts generating income and working for them. This implies that simply having money is not enough, but rather it should be invested or utilized in a way that it grows and generates additional income. This aligns with the concept of financial independence, where one's wealth is able to sustain their lifestyle without the need for active income. Therefore, the answer "True" accurately reflects the idea presented in the statement.

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  • 15. 

    Most Americans today are wealthy and will have financial security when they retire.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement is not accurate as most Americans are not wealthy and do not have financial security when they retire. Studies and surveys have consistently shown that a significant portion of Americans struggle with saving for retirement and face financial insecurity in their old age. Factors such as low wages, high living expenses, and inadequate retirement savings contribute to this reality. Therefore, the correct answer is false.

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  • 16. 

    Having debt keeps you from building wealth.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Debt can hinder wealth-building because it requires individuals to pay interest and fees, reducing the amount of money available for saving and investing. Additionally, debt can limit financial flexibility and increase financial stress, making it harder to focus on wealth-building strategies. By avoiding or minimizing debt, individuals can free up more money to save, invest, and build wealth over time.

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  • 17. 

    When developing a personal financial plan, one of the first things you should do is assess your current financial situation. This includes your income, assets and liabilities.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    When developing a personal financial plan, it is important to assess your current financial situation. This involves evaluating your income, assets, and liabilities. By understanding your current financial standing, you can make informed decisions about budgeting, saving, and investing. Assessing your financial situation also helps you identify areas for improvement and set realistic financial goals. Therefore, it is true that assessing your current financial situation is one of the first steps in developing a personal financial plan.

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  • 18. 

    Everyone should have the same financial plan. A budget that works for one person should be sufficient for everyone.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Everyone has different financial situations, goals, and needs. What may work for one person may not work for another. Factors such as income, expenses, debts, and financial goals vary from person to person. Therefore, it is not reasonable to assume that one budget will be sufficient for everyone.

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  • 19. 

    Instead of borrowing money for large purchases, you should set money aside in a    ________________   over time and pay with cash.

    • A.

      Emergency fund

    • B.

      Credit card fund

    • C.

      Sinking fund

    • D.

      Mortgage fund

    Correct Answer
    C. Sinking fund
    Explanation
    A sinking fund is a separate account where you set aside money over time to save for a specific purpose, such as a large purchase. By setting money aside in a sinking fund, you can avoid borrowing money and instead pay with cash when the time comes. This allows you to avoid debt and the associated interest charges.

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  • 20. 

    This principle suggests that a certain amount of money today has different buying power than the same amount of money in the future. This is due to both the opportunity to earn interest on the money and because inflation will drive prices up, thereby changing the ʺvalueʺ of the money.

    • A.

      Interest rate

    • B.

      Inflation

    • C.

      Time value of money

    • D.

      Opportunity cost

    Correct Answer
    C. Time value of money
    Explanation
    The principle of time value of money explains that the value of money changes over time due to factors such as earning interest and inflation. This means that the same amount of money today will have a different buying power in the future. Therefore, it is important to consider the time value of money when making financial decisions, as the value of money can either increase or decrease over time.

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  • 21. 

    At your age, a fully funded emergency fund should be:

    • A.

      $1,000

    • B.

      $500

    • C.

      $100

    • D.

      $5,000

    Correct Answer
    B. $500
    Explanation
    A fully funded emergency fund is typically recommended to cover three to six months' worth of living expenses. However, the specific amount can vary based on individual circumstances such as income, expenses, and financial goals. In this case, $500 may be considered a reasonable amount for someone at a certain age, taking into account their income, expenses, and ability to save. It is important to note that this answer may not be applicable to everyone and individual financial situations should be considered when determining the appropriate amount for an emergency fund.

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  • 22. 

    Which of the following is a reason that people donʹt save money?

    • A.

      They lack discipline

    • B.

      They do not live on a budget

    • C.

      They lack focus

    • D.

      All of the answers

    Correct Answer
    D. All of the answers
    Explanation
    The correct answer is "All of the answers" because all the given options are valid reasons why people don't save money. Lack of discipline can lead to impulsive spending and inability to stick to a savings plan. Not living on a budget means there is no structured plan for managing finances, making it difficult to save. Lack of focus can result in prioritizing immediate wants over long-term financial goals. Therefore, all these factors contribute to why people may struggle to save money.

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  • 23. 

    Why is having a fully funded emergency fund so important when it comes to your financial well-being?

    • A.

      As long as you have a good-paying job, you really donʹt need an emergency fund.

    • B.

      The purpose of an emergency fund is to set money aside for unexpected financial emergencies and to provide a sense of financial security.

    • C.

      The purpose of an emergency fund is to have money set aside for large purchases, like vacations

    • D.

      None of these answers

    Correct Answer
    B. The purpose of an emergency fund is to set money aside for unexpected financial emergencies and to provide a sense of financial security.
    Explanation
    Having a fully funded emergency fund is important for financial well-being because it allows individuals to be prepared for unexpected financial emergencies. By setting money aside specifically for these situations, individuals can avoid going into debt or relying on credit cards to cover unexpected expenses. Additionally, having an emergency fund provides a sense of financial security, knowing that there is a safety net in place in case of unforeseen circumstances such as job loss, medical emergencies, or major repairs.

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  • 24. 

    The first thing you should save for is your retirement fund.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement suggests that the first thing one should save for is their retirement fund. However, this may not always be the case as individuals have different financial goals and priorities. Some people may have more immediate needs or financial obligations that require their attention before saving for retirement. Therefore, the statement is not universally true, and the correct answer is false.

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  • 25. 

    You should save money for three basic reasons: emergency fund, purchases and wealth building.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Saving money is important for three main reasons: emergency fund, purchases, and wealth building. Having an emergency fund allows you to be prepared for unexpected expenses, such as medical bills or car repairs. Saving for purchases allows you to have the funds necessary to buy things you want or need without going into debt. Lastly, saving for wealth building means setting aside money for investments or long-term financial goals, such as retirement. Therefore, the statement that saving money is important for these three reasons is true.

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  • 26. 

    When it comes to saving money, the amount you save is determined by how much you have left at the end of the month once all of your spending is done.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The explanation for the answer "False" is that the amount of money you save is not determined by how much you have left at the end of the month, but rather by how much you prioritize saving and set aside before spending. Saving money involves setting a budget, controlling expenses, and consciously putting money aside for future goals or emergencies. It is not solely dependent on what is left after all spending is done.

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  • 27. 

    When youʹre older and out of school, youʹll need to grow your emergency fund into a full three to six monthsʹ worth of expenses.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    As you grow older and leave school, it becomes important to have a larger emergency fund. This is because you will have more responsibilities and financial obligations. A full three to six months' worth of expenses is recommended as it provides a safety net in case of unexpected events such as job loss or medical emergencies. This fund can help cover your expenses during these challenging times and provide financial stability. Therefore, the statement is true.

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  • 28. 

    When youʹre in high school, you wonʹt have the same emergency expenses as your parents.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    When you're in high school, you typically don't have the same financial responsibilities and obligations as your parents. As a student, your parents usually cover your living expenses, education costs, and other necessities. Therefore, it is true that you won't have the same emergency expenses as your parents during this period of your life.

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  • 29. 

    Your monthly budget should include:

    • A.

      Variable expenses

    • B.

      Discretionary expenses

    • C.

      Fixed expenses

    • D.

      Impulse purchases

    Correct Answer(s)
    A. Variable expenses
    B. Discretionary expenses
    C. Fixed expenses
    Explanation
    The correct answer includes variable expenses, discretionary expenses, and fixed expenses. Variable expenses are costs that can change from month to month, such as groceries or utility bills. Discretionary expenses are non-essential costs that you have control over, like dining out or entertainment. Fixed expenses are regular payments that stay the same each month, such as rent or mortgage. Impulse purchases are not mentioned in the correct answer, so they are not included in the monthly budget.

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  • 30. 

    Eating out is a:

    • A.

      Fixed expense

    • B.

      Variable expense

    • C.

      Discretionary expense

    • D.

      Intermittent expense

    Correct Answer
    C. Discretionary expense
    Explanation
    Eating out is considered a discretionary expense because it is not a necessary or essential expense. Discretionary expenses are those that are not required for basic needs or obligations and can be easily adjusted or eliminated based on personal choices and priorities. While eating out can provide enjoyment and convenience, it is not a fixed or necessary expense like rent or groceries. Individuals have the discretion to decide how much they want to spend on dining out based on their financial situation and priorities.

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  • 31. 

    Car repairs are a:

    • A.

      Fixed expense

    • B.

      Variable expense

    • C.

      Discretionary expense

    • D.

      Intermittent expense

    Correct Answer
    D. Intermittent expense
    Explanation
    Car repairs are considered intermittent expenses because they do not occur regularly or predictably. Unlike fixed expenses, such as rent or insurance, which are consistent and occur every month, car repairs are unplanned and can happen at any time. They are also different from variable expenses, like groceries or utility bills, which may fluctuate in amount but still occur regularly. Car repairs are discretionary in the sense that they are not essential for basic living, but they are necessary to maintain the functionality and safety of the vehicle.

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  • 32. 

    Percentage of Americans living paycheck to paycheck:

    • A.

      70

    • B.

      25

    • C.

      50

    • D.

      40

    Correct Answer
    A. 70
    Explanation
    The correct answer is 70. This means that 70% of Americans live paycheck to paycheck. This suggests that a significant majority of Americans rely on their next paycheck to cover their expenses and do not have enough savings or financial stability to sustain themselves without regular income. This statistic highlights the financial vulnerability and lack of financial security for a large portion of the population.

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  • 33. 

    Which of the following is not a record-keeping feature you could expect from your bank?

    • A.

      A reconciliation sheet

    • B.

      An account register

    • C.

      Customer service reconciles your account for you

    • D.

      A monthly account statement

    Correct Answer
    C. Customer service reconciles your account for you
    Explanation
    Customer service reconciling your account for you is not a record-keeping feature you could expect from your bank. Record-keeping features typically involve tools or documents that allow you to keep track of your financial transactions and account balances. While customer service may assist you with account-related inquiries or issues, the responsibility of reconciling your account usually falls on the account holder.

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  • 34. 

    The number-one cause of divorce in North America today is stress and disagreements over money.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Stress and disagreements over money are widely recognized as major contributors to divorce rates in North America. Financial issues can lead to conflicts and tension within a relationship, causing strain on the marital bond. Financial stress can arise from various factors such as debt, unemployment, differing financial goals, and unequal financial contributions. These challenges can create a hostile environment, leading to increased arguments and ultimately divorce. Therefore, it is reasonable to conclude that stress and disagreements over money are the number-one cause of divorce in North America today.

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  • 35. 

    The envelope system works great for managing spending on things that donʹt normally have a fixed monthly expense.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The envelope system is a budgeting method where you allocate a certain amount of cash to different envelopes representing different spending categories. This method is particularly useful for expenses that don't have a fixed monthly cost, such as groceries, entertainment, or personal care. By using cash and physically dividing it into envelopes, you can visually track your spending and ensure that you don't overspend in any category. Therefore, the statement "The envelope system works great for managing spending on things that donʹt normally have a fixed monthly expense" is true.

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  • 36. 

    Budgeting is crucial to your financial success.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Budgeting is crucial to your financial success because it helps you track and control your expenses, prioritize your spending, and save for future goals. By creating a budget, you can ensure that you are living within your means, avoid unnecessary debt, and make informed financial decisions. Without a budget, it becomes difficult to manage your money effectively and achieve financial stability.

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  • 37. 

    Writing and following a zero-based budget will help you avoid overspending and impulse purchases.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Writing and following a zero-based budget means allocating every dollar of your income towards a specific purpose, whether it's paying bills, saving, or spending. This method ensures that you have a plan for every dollar and helps you prioritize your expenses. By being aware of where your money is going, you can avoid overspending and impulsive purchases, as you are more likely to stick to your budget and financial goals. Therefore, the statement is true.

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  • 38. 

    A debit card cannot be used for online purchases.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    This statement is false. A debit card can be used for online purchases. Debit cards are linked to a bank account and can be used to make purchases online by entering the card information and verifying the transaction. Many online merchants accept debit cards as a form of payment, making it convenient for consumers to shop online using their debit card.

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  • 39. 

    Which of the following is not a good idea for getting out of debt?

    • A.

      Quit borrowing money

    • B.

      Get a part-time job or work overtime

    • C.

      Sell something

    • D.

      Borrow money from your parents to pay for the debt

    Correct Answer
    D. Borrow money from your parents to pay for the debt
    Explanation
    Borrowing money from your parents to pay for the debt is not a good idea for getting out of debt because it does not address the root cause of the problem, which is overspending and living beyond one's means. Depending on parents for financial support can create a cycle of dependency and may not teach the individual how to manage their finances effectively. It is important to focus on reducing expenses, increasing income through part-time jobs or overtime work, and selling unnecessary items to generate funds to pay off the debt.

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  • 40. 

    What factors affect a credit score?

    • A.

      A) Type of debt

    • B.

      New debt

    • C.

      Duration of debt

    • D.

      All answers

    Correct Answer
    D. All answers
    Explanation
    All factors mentioned in the answer options can affect a credit score. The type of debt, such as credit card debt or mortgage debt, can impact a credit score differently. New debt can lower a credit score as it may indicate increased financial risk. The duration of debt, including the length of credit history and the average age of accounts, also influences a credit score. Therefore, all of these factors play a role in determining an individual's credit score.

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  • 41. 

    Which of the following is the most cost-effective option for purchasing a home?

    • A.

      Get a 15-year mortgage with a 5% down payment.

    • B.

      Get a 30-year mortgage so that you can get the lowest possible payments.

    • C.

      The most ideal way to buy a house is with 100% down; if that is not an option, you should get no more than a 15-year, fixed rate mortgage with a down payment of at least 10%.

    • D.

      Get a 30-year mortgage with a 20% down payment.

    Correct Answer
    C. The most ideal way to buy a house is with 100% down; if that is not an option, you should get no more than a 15-year, fixed rate mortgage with a down payment of at least 10%.
    Explanation
    The answer states that the most cost-effective option for purchasing a home is to buy it with 100% down payment. If that is not possible, the next best option is to get a 15-year, fixed rate mortgage with a down payment of at least 10%. This is considered cost-effective because a larger down payment reduces the overall loan amount and the interest paid over the life of the mortgage. Additionally, a shorter loan term like 15 years typically has lower interest rates compared to a 30-year mortgage, resulting in less interest paid overall.

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  • 42. 

    Which of the following is not a credit myth?

    • A.

      The lottery and other forms of gambling will make you rich.

    • B.

      You have ʺarrivedʺ financially once you get approved for a credit card.

    • C.

      Debt is a tool and should be used to create prosperity.

    • D.

      Borrowing money can have serious consequences and prevent you from building wealth.

    Correct Answer
    D. Borrowing money can have serious consequences and prevent you from building wealth.
    Explanation
    The correct answer is "Borrowing money can have serious consequences and prevent you from building wealth." This is not a credit myth because it is a fact that borrowing money can have serious consequences, such as accumulating debt and paying interest, which can hinder one's ability to build wealth. It is important to use credit responsibly and only borrow when necessary to avoid financial setbacks.

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  • 43. 

    If you do not have a FICO score, what factors will determine whether or not you qualify for a mortgage?

    • A.

      A) History of rental and utility payments

    • B.

      B) Amount of your down payment and employment history

    • C.

      C) You cannot get a mortgage without a credit history

    • D.

      A and B

    Correct Answer
    D. A and B
    Explanation
    If you do not have a FICO score, your history of rental and utility payments as well as the amount of your down payment and employment history will determine whether or not you qualify for a mortgage. These factors can be used by lenders to assess your creditworthiness and ability to repay the mortgage.

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  • 44. 

    You must establish credit in order to buy a house.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Establishing credit is not a requirement for buying a house. While having a good credit score can make it easier to qualify for a mortgage and secure better interest rates, it is not a mandatory prerequisite. Some lenders may offer alternative options for individuals with limited or no credit history, such as manual underwriting or using alternative credit data. Additionally, cash buyers or those who can provide a substantial down payment may be able to bypass the need for credit altogether. Therefore, the statement that establishing credit is necessary to buy a house is false.

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  • 45. 

    If you are a victim of identity theft, you are only responsible for paying back half of the debt.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    This statement is false. If you are a victim of identity theft, you are not responsible for paying back any of the debt incurred by the thief. The responsibility lies with the thief and it is their obligation to repay the debt. It is important for victims to report the theft to the authorities and take necessary steps to clear their name and credit.

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  • 46. 

    You can and should obtain a free copy of your credit report annually in order to check for any suspicious activity.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Obtaining a free copy of your credit report annually is important in order to check for any suspicious activity. By reviewing your credit report, you can identify any unauthorized charges or accounts that may indicate fraudulent activity. This allows you to take immediate action to protect your financial well-being and prevent further damage. Regularly monitoring your credit report is a proactive measure to ensure the accuracy of your credit history and to detect any signs of identity theft or fraudulent behavior.

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  • 47. 

    It is okay to use a credit card if you pay it off every month.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Using a credit card and paying it off every month can be a responsible way to manage expenses and build credit. However, it is not always okay to use a credit card if you pay it off every month. It depends on an individual's financial situation and discipline. If a person is unable to control their spending habits or consistently carries a balance on their credit card, it can lead to accumulating debt and paying high interest rates. Therefore, the statement that it is okay to use a credit card if you pay it off every month is false.

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  • 48. 

    Teens are a huge target of credit card companies today.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Credit card companies often target teenagers as potential customers because they are seen as a lucrative market. Teens are considered to be more likely to spend impulsively and less likely to fully understand the consequences of credit card debt. Additionally, credit card companies may offer incentives or rewards specifically tailored to attract younger consumers. Therefore, it is true that teens are a significant target for credit card companies.

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  • 49. 

    Which of the following are ways that you can invest in yourself?

    • A.

      Find a mentor

    • B.

      Surround yourself with people who have similar goals and ambitions as you

    • C.

      Read books

    • D.

      All of the answers

    Correct Answer
    D. All of the answers
    Explanation
    All of the options listed are ways that you can invest in yourself. Finding a mentor allows you to learn from someone with more experience and gain valuable insights. Surrounding yourself with like-minded individuals can provide support and motivation in achieving your goals. Reading books is a great way to expand your knowledge and continuously learn. By choosing all of these options, you are actively investing in your personal and professional growth.

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  • 50. 

    You should visit your collegeʹs financial aid office if:

    • A.

      Your parentsʹ financial situation has changed

    • B.

      You have any problems with the financial aid application process

    • C.

      A medical situation has come up

    • D.

      All of the answers

    Correct Answer
    D. All of the answers
    Explanation
    If all of the answers are correct, it means that visiting your college's financial aid office is necessary in any of these situations. If your parents' financial situation has changed, it is important to update your financial aid information. If you have any problems with the financial aid application process, the office can provide guidance and assistance. Additionally, if a medical situation arises, the financial aid office may be able to provide additional support or resources. Therefore, visiting the financial aid office is recommended in any of these circumstances.

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