DAT Finance Written Exam Questions Correctly Answered.
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DAT.
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DAT.
DAT Finance Written Exam Questions Correctly Answered.
When taking out a student loan to pay for your education, the most important consideration is to make sure: - CORRECT ANSWER make sure you are borrowing only the amount you need.
Your rights as a student loan borrower include which of t...
DAT Finance Written Exam Questions
Correctly Answered.
When taking out a student loan to pay for your education, the most important consideration is to make
sure: - CORRECT ANSWER make sure you are borrowing only the amount you need.
Your rights as a student loan borrower include which of the following? - CORRECT ANSWER the right to
receive a copy of your Master Promissory Note, prepay all or part of your loan without penalty and defer
payments for specified periods, if you qualify.
True or False: Paying the interest on your student loans that are accruing interest while you are in school
can significantly reduce your loan costs. - CORRECT ANSWER True
Which of the following are federal student loan repayment options? - CORRECT ANSWER Standard,
Graduated and Income-Based Repayment are all federal student loan repayment options. Other options
include Extended, Income-Contingent and Pay As You Earn Repayment.
True or False: If you have serious financial troubles, bankruptcy will relieve you of your federal student
loan obligation. - CORRECT ANSWER Bankruptcy does not relieve you of your federal student loan
obligation.
When deciding how much he can afford to borrow in student loans, Cody should consider what his
monthly income will be when he graduates. Cody expects to make about $2,000 a month in his chosen
occupation.
Based on the recommended guidelines, what is the maximum monthly student loan payment that Cody
will be able to afford? - CORRECT ANSWER Experts recommend that student loan payments do not
exceed 10 percent of a borrower's monthly income
Hannah has a Direct Subsidized Loan balance of $21,470. Based on the information in this table, what is
a negative implication if Hannah selects the Graduated Repayment Plan instead of the Standard
Repayment Plan? - CORRECT ANSWER She will pay more interest on a graduated loan
,Based on the information presented in the chart above, which of the following are advantages of the
Standard Repayment plan versus the other available repayment plans? Check ALL that apply: - CORRECT
ANSWER On Standard Repayment plan, borrowers typically will pay less interest, making their total
amount paid less than the other available repayment options.
What is the name of the central database for federal student aid? - CORRECT ANSWER The central
database for federal student aid is the National Student Loan Data System, or NSLDS.
Which student loan repayment option typically has the lowest cost over the life of the loan? - CORRECT
ANSWER Standard Repayment offers fixed payments over 10 years, and offers the lowest interest costs
of any of the repayment options.
What are goals? - CORRECT ANSWER Desires and plans to achieve a specific outcome.
Which of the following is an example of a SMART goal? - CORRECT ANSWER I will study at the library
three hours per class, each week, during the upcoming term.
What are needs? - CORRECT ANSWER Things for your everyday living and goal attainment.
Which of the following is an example of a need? - CORRECT ANSWER Food
What are wants? - CORRECT ANSWER Things that are nice to have and gratify some desire or urge.
Which of the following is an example of a want? - CORRECT ANSWER Video games.
When Elaine entered college as a freshman, she met with her academic adviser to establish her school
and career goals. Elaine continued to meet with her adviser each semester to ensure she was enrolled in
the appropriate classes. Her adviser also helped her focus on action steps to meet her goals. Because of
her hard work, Elaine graduated in four years. What did Elaine do right? - CORRECT ANSWER Elaine
regularly met with her academic adviser, set school and career goals, focused on action steps to meet
her goals, and took the classes that she needed in order to graduate in four years.
, Jason is unhappy with his math class grades and realizes that he needs to study more. What steps would
be helpful for him to take? - CORRECT ANSWER Jason should take action steps, including scheduling time
each day to study, meeting with a study group and finding a tutor, in order to meet his goal of studying
more and raising his grade.
Michael wants to upgrade his phone, even though his current phone is only a year old. You know
Michael has been neglecting some of his monthly debt payments because he is unable to afford them. In
fact, he borrowed money from you last month to make his rent payment.
How would you advise Michael regarding purchase of a new phone? - CORRECT ANSWER Because
Michael is having trouble meeting his financial obligations, you should suggest that he not purchase a
new phone until he can truly afford it.
Dianne just started her new job and noticed most of her co-workers dress conservatively. Having just
graduated college, most of her wardrobe is casual. You know that Dianne has a tight budget.
How would you advise Dianne regarding her work wardrobe? - CORRECT ANSWER Dianne should shop
the sales rack or at second-hand clothing stores, buying only enough clothes for a work week.
A good first step to ensure that you have enough money to meet expenses each month is to: - CORRECT
ANSWER You should first identify the sources and amounts of money you have to spend each month.
True or False: The best way to stay out of debt is to prepare a personal budget. - CORRECT ANSWER
True.
Which of the following is a money-saving strategy? - CORRECT ANSWER Renting a DVD from a kiosk is
much less expensive than going to the theater. Purchasing a health club membership, going to the mall
and driving your car on campus are all unnecessary expenses.
True or False: When researching potential starting salaries, a new graduate should expect to earn
around the 50th percentile of a job's projected income. - CORRECT ANSWER False; When trying to
estimate your potential earnings after graduation, it is important to look at entry-level salaries, which
are usually around the 10th percentile.
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