Question 1

Felipe was excited to find out that he was accepted at the college of his choice, but knew that he would need financial aid to pay for it. Luckily, he was approved for a government grant. What does this mean for Felipe?

Accepted Answer

Government grants for education are typically awarded based on need and do not require repayment, making them a form of gift aid.

Question 2

If you want to apply for federal aid, how often must you complete the Free Application for Federal Student Aid (FAFSA)?

Accepted Answer

The Free Application for Federal Student Aid (FAFSA) must be completed every year to remain eligible for federal student aid. This is because financial situations can change annually, affecting eligibility and aid amounts.

Question 3

Your credit score can directly affect

Accepted Answer

Your credit score is a critical factor that lenders consider when deciding whether to offer you a loan. It reflects your creditworthiness based on your credit history, including how reliably you've paid off past debts. Academic scholarships, voting rights, and access to healthcare are not directly influenced by your credit score.

Question 4

Which is a feature of debit cards?

Accepted Answer

Debit cards allow you to spend money by drawing on funds you have deposited at the bank, providing direct access to your checking account. Unlike credit cards, they do not allow you to pay off purchases over time, do not affect your credit score, and are not considered the most secure form of payment due to the direct link to your bank funds.

Question 5

Which is an effective strategy for avoiding identity theft?

Accepted Answer

Reporting unfamiliar charges to the bank or credit card company is an effective strategy for avoiding identity theft as it helps in identifying and addressing unauthorized transactions promptly.

Question 6

While your studies are important, you should also include time for social and extracurricular activities in your schedule.

Accepted Answer

Balancing studies with social and extracurricular activities is important for overall well-being, personal development, and stress management.

Question 7

Multitasking allows you to complete tasks more quickly and accurately than if you did them one at a time.

Accepted Answer

Multitasking can actually reduce productivity and increase errors because the brain has to constantly switch between tasks, which can lead to decreased efficiency and accuracy.

Question 8

Your diet and the amount of exercise you get can affect your energy level.

Accepted Answer

Diet and exercise directly impact energy levels by influencing factors such as metabolism, blood sugar levels, and overall physical and mental health.

Question 9

Research shows that drinking coffee is more effective than napping at keeping your energy level up.

Accepted Answer

While coffee can provide a quick boost in energy due to its caffeine content, research has shown that napping, especially short power naps of around 20 minutes, can be more effective in improving alertness, cognitive function, and energy levels without the potential side effects of caffeine consumption such as jitteriness or disrupted sleep patterns.

Question 10

The best strategy for getting out of credit card debt is to make just the minimum required payment each month.

Accepted Answer

Making only the minimum payments prolongs the debt repayment period and increases the total amount of interest paid, making it a less effective strategy for clearing credit card debt.

Question 11

When using an electronic calendar, you should back up your information by syncing with another electronic device.

Accepted Answer

Syncing your electronic calendar with another device ensures that you have a backup of your calendar information, protecting against data loss due to device failure or other issues.

Question 12

Describe two time management problems you have faced as a college student. Explain how each problem has impacted your life and what you have done or plan to do to minimize or eliminate the problem.

Accepted Answer

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Question 13

List three common reasons students procrastinate.

Accepted Answer

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Question 14

List four strategies for beating procrastination.

Accepted Answer

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Question 15

What role does your energy level at different times of the day play in determining your schedule? Describe three strategies you use to help stay energized throughout the day so you can meet your educational, personal, and professional obligations.

Accepted Answer

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Question 16

Identify three strategies for avoiding overextending yourself.

Accepted Answer

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Question 17

Describe a time when you felt overextended. What did you do to overcome this and manage your time and energy more effectively?

Accepted Answer

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Question 18

Prepare a sample budget for next month, taking into account all of your income and expenses. Remember to include every expense you are likely to incur, including both major and incidental expenses, as well as all forms of income, including salary, financial aid disbursements, and financial gifts. Explain your choices in your response.

Accepted Answer

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Quiz 3: Managing Time, Energy, and Money