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Archive for December 2020

An __________ company, or insurer, is a risk-sharing firm that assumes financial responsibility for losses from the insured in exchange for a fee.

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An __________ company, or insurer, is a risk-sharing firm that assumes financial responsibility for losses from the insured in exchange for a fee.



Answer: insurance

There are two basic types of life insurance: term and cash value.

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There are two basic types of life insurance: term and cash value.



Answer: true

Insurance should not be used to smooth out all the little bumps of life.

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Insurance should not be used to smooth out all the little bumps of life.



Answer: true

A desirable health insurance plan should cover:

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A desirable health insurance plan should cover:



Answer: At least 80% of out-of-hospital expenses and not impose any unreasonable exclusion

Health insurance should be part of very few people's overall risk management plan to safeguard their and their family's economic security.

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Health insurance should be part of very few people's overall risk management plan to safeguard their and their family's economic security.



Answer: false

Insurance companies pay a lot of attention to the relationship between risk and cost.

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Insurance companies pay a lot of attention to the relationship between risk and cost.



Answer: true

Unlike renter's insurance, homeowner's insurance covers personal property, provides liability protection, and pays for other expenses.

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Unlike renter's insurance, homeowner's insurance covers personal property, provides liability protection, and pays for other expenses.



Answer: false

Very few states require drivers to carry some minimum level of automobile insurance.

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Very few states require drivers to carry some minimum level of automobile insurance.



Answer: false

Ignoring the effect taxes have on spending choices very often leads to making poor decisions.

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Ignoring the effect taxes have on spending choices very often leads to making poor decisions.



Answer: true

People work in a __________ world, but live and play in a post-tax world.

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People work in a __________ world, but live and play in a post-tax world.



Answer: pre-tax

For the average wage earner about one-third of each marginal dollar in earned income goes toward taxes.

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For the average wage earner about one-third of each marginal dollar in earned income goes toward taxes.



Answer: true

People work in a pre-tax world, but live and play in a post-tax world.

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People work in a pre-tax world, but live and play in a post-tax world.



Answer: true

The government taxes:

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The government taxes:



Answer: A,B, and C are correct

It is important for taxpayers to understand the difference between tax ________ and tax deductions if they want to pay minimum income taxes.

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It is important for taxpayers to understand the difference between tax ________ and tax deductions if they want to pay minimum income taxes.



Answer: credits

The old argument that a tax refund is like having a built-in savings plan is a very good argument as there are no better ways to save.

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The old argument that a tax refund is like having a built-in savings plan is a very good argument as there are no better ways to save.



Answer: false

Excise taxes are usually paid on:

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Excise taxes are usually paid on:



Answer: purchases

Although rarely thought of this way, for most people their tax burden is actually their largest annual household expense.

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Although rarely thought of this way, for most people their tax burden is actually their largest annual household expense.



Answer: true

Understanding the affect taxes have on purchasing decisions is not important to reaching personal financial goals in as short a time as possible.

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Understanding the affect taxes have on purchasing decisions is not important to reaching personal financial goals in as short a time as possible.



Answer: false

Taxes are never difficult and confusing.

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Taxes are never difficult and confusing.



Answer: false

The main reason to understand the impact of taxes is to:

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The main reason to understand the impact of taxes is to:



Answer: Reach one's financial goals in as short a time as possible

Never review one's tax situation in order to avoid an ?April 15th Surprise.?

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Never review one's tax situation in order to avoid an ?April 15th Surprise.?


Answer: false

Taxes are almost always one a minor expenses on a budget.

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Taxes are almost always one a minor expenses on a budget.



Answer: false

The federal government does not have an estate tax.

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The federal government does not have an estate tax.



Answer: false

Wealth is taxed at both the state and federal levels primarily through inheritance taxes.

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Wealth is taxed at both the state and federal levels primarily through inheritance taxes.



Answer: true

Personal property tax is paid on the value of the things one rents.

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Personal property tax is paid on the value of the things one rents.



Answer: false

Taxes on purchases include sales taxes and excise taxes.

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Taxes on purchases include sales taxes and excise taxes.



Answer: true

For the average wage earner about one-third of each marginal dollar in earned income goes toward taxes.

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For the average wage earner about one-third of each marginal dollar in earned income goes toward taxes.



Answer: true

State birth tax, for those states that have this tax, requires that parents to pay a certain percentage of all wealth that is to be transferred as part of an inheritance.

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State birth tax, for those states that have this tax, requires that parents to pay a certain percentage of all wealth that is to be transferred as part of an inheritance.



Answer: false

A major life event includes things like marriage, divorce, having a baby, adopting a child, receiving an inheritance, changing jobs, or significantly reducing or increasing one's income.

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A major life event includes things like marriage, divorce, having a baby, adopting a child, receiving an inheritance, changing jobs, or significantly reducing or increasing one's income.



Answer: true

Property taxes can affect home owners (real estate taxes) as well as automobile owners (personal property taxes).

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Property taxes can affect home owners (real estate taxes) as well as automobile owners (personal property taxes).



Answer: true

Landlords pay property tax, but never pass the expense on to the renter by building it into the cost of the rent.

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Landlords pay property tax, but never pass the expense on to the renter by building it into the cost of the rent.



Answer: false

Taxes can be difficult and confusing.

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Taxes can be difficult and confusing.



Answer: true

There are so many different types of taxes and so many rules involved that even experienced tax professionals do not know it all.

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There are so many different types of taxes and so many rules involved that even experienced tax professionals do not know it all.



Answer: true

It is not important for taxpayers to understand the difference between tax credits and tax deductions if they want to pay minimum income taxes.

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It is not important for taxpayers to understand the difference between tax credits and tax deductions if they want to pay minimum income taxes.



Answer: false

Few people have just one or two sources of income.

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Few people have just one or two sources of income.



Answer: false

Building an emergency fund is not a good first S.M.A.R.T. financial goal for most people.

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Building an emergency fund is not a good first S.M.A.R.T. financial goal for most people.



Answer: false

There is absolutely no connection between a person's net worth and their worth as a ___________.

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There is absolutely no connection between a person's net worth and their worth as a ___________.



Answer: person

A budget is a secondary tool for managing personal expenses.

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A budget is a secondary tool for managing personal expenses.



Answer: false

In general, salespeople advise customers never to spend money on things they did not originally intend to buy.

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In general, salespeople advise customers never to spend money on things they did not originally intend to buy.



Answer: false

Personal financial goals can be short-term, mid-range, or long-term.

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Personal financial goals can be short-term, mid-range, or long-term.



Answer: true

At some point most people ask, ?Where did my money go?? There are countless ways that money seems to leak out of a __________.

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At some point most people ask, ?Where did my money go?? There are countless ways that money seems to leak out of a __________.



Answer: budget

Few people are surprised by how much they spend on clothes after having tracked the expense for a while.

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Few people are surprised by how much they spend on clothes after having tracked the expense for a while.



Answer: false

Rather than allowing emergencies to cause some financial hardship every time something unexpected happens, it is a good idea to put money aside to cover unplanned emergencies.

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Rather than allowing emergencies to cause some financial hardship every time something unexpected happens, it is a good idea to put money aside to cover unplanned emergencies.



Answer: true

The goal of making one million dollars this year or paying off the house in the next six months is a realistic goal for most people.

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The goal of making one million dollars this year or paying off the house in the next six months is a realistic goal for most people.



Answer: false

Measurable financial goals emphasize how much.

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Measurable financial goals emphasize how much.



Answer: true

Short-term goals tend to be:

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Short-term goals tend to be:



Answer: Less than three years

Building an emergency fund is a good first S.M.A.R.T. financial goal for most people.

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Building an emergency fund is a good first S.M.A.R.T. financial goal for most people.



Answer: true

Since increasing income is more desirable, it is more likely to be done quickly and easily compared to decreasing expenses.

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Since increasing income is more desirable, it is more likely to be done quickly and easily compared to decreasing expenses.



Answer: false

Why do financial plans still fail? It can be summed up in one simple phrase: L.I.F.E. happens.

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Why do financial plans still fail? It can be summed up in one simple phrase: L.I.F.E. happens.



Answer: true

A 12-month budget makes it easy to understand why a shortage occurred and whether it was a one-time shortfall or something that is going to repeat each month.

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A 12-month budget makes it easy to understand why a shortage occurred and whether it was a one-time shortfall or something that is going to repeat each month.



Answer: true

A __________ is the primary tool for managing personal expenses.

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A __________ is the primary tool for managing personal expenses.



Answer: budget sheet

__________ financial goals emphasize how much.

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__________ financial goals emphasize how much.



Answer: measurable

The more __________ financial goals are made, the easier it is to track movement towards achieving them.

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The more __________ financial goals are made, the easier it is to track movement towards achieving them.



Answer: specific

Most people are surprised by how much money they spend in certain budget categories, especially dining out.

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Most people are surprised by how much money they spend in certain budget categories, especially dining out.



Answer: true

Using a debit card to make purchases makes it easy to categorize and track expenses for the month by referring to a copy of the bank statement.

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Using a debit card to make purchases makes it easy to categorize and track expenses for the month by referring to a copy of the bank statement.



Answer: true

A __________ provides the insight to control impulse purchases and plan for big expenses like a used car or an upcoming vacation

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A __________ provides the insight to control impulse purchases and plan for big expenses like a used car or an upcoming vacation



Answer: budget sheet

A surplus on a net worth sheet represents an increase in net worth on the corresponding net worth statement.

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A surplus on a net worth sheet represents an increase in net worth on the corresponding net worth statement.



Answer: false

It is a good idea to find ways to reduce expenses to create the largest budget surplus possible so more money can be allocated to achieving financial goals.

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It is a good idea to find ways to reduce expenses to create the largest budget surplus possible so more money can be allocated to achieving financial goals.



Answer: true

Most people have just one or two sources of income and it is relatively level.

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Most people have just one or two sources of income and it is relatively level.



Answer: true

As more experience is gained with developing a budget, it becomes more difficult to set aside money for unanticipated or non-monthly expenses.

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As more experience is gained with developing a budget, it becomes more difficult to set aside money for unanticipated or non-monthly expenses.



Answer: false

A budget sheet is easily customized so that it makes the most sense for each individual.

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A budget sheet is easily customized so that it makes the most sense for each individual.



Answer: true

Why do financial plans still fail? It can be summed up in one simple phrase: __________ happens.

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Why do financial plans still fail? It can be summed up in one simple phrase: __________ happens.



Answer: L.I.F.E

Specific financial goals avoid general terms such as, I plan to retire a millionaire.?

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Specific financial goals avoid general terms such as, I plan to retire a millionaire.?



Answer: true

Arriving at a job interview late adds stress to an already stressful situation.

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Arriving at a job interview late adds stress to an already stressful situation.



Answer: true

A good cover letter should be at least three pages long.

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A good cover letter should be at least three pages long.



Answer: false

It is unimportant to take steps to keep a career balanced and in line with personal goals and objectives.

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It is unimportant to take steps to keep a career balanced and in line with personal goals and objectives.



Answer: false

The purpose of the resume is not to get a job, but to get an interview.

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The purpose of the resume is not to get a job, but to get an interview.



Answer: true

Although a resume is the tool that helps secure an interview, a well written __________ provides the incentive for a potential employer to read the resume.

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Although a resume is the tool that helps secure an interview, a well written __________ provides the incentive for a potential employer to read the resume.



Answer: cover letter

There are opportunities to gain valuable leadership experience in almost any position within any company.

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There are opportunities to gain valuable leadership experience in almost any position within any company.



Answer: true

Federal student loans are considered borrower __________.

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Federal student loans are considered borrower __________.



Answer: friendly

The purpose of the resume is to get a job.

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The purpose of the resume is to get a job.



Answer: false

Just like a financial plan, a __________ plan includes setting career goals and objectives and then implementing a plan that gets one to where they want to be.

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Just like a financial plan, a __________ plan includes setting career goals and objectives and then implementing a plan that gets one to where they want to be.



Answer: career

Just as it is a good idea to plan financially it is a good idea to plan for a __________.

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Just as it is a good idea to plan financially it is a good idea to plan for a __________.



Answer: career

Most people cannot separate their financial life from their professional life.

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Most people cannot separate their financial life from their professional life.



Answer: true

It is important to continually plan for a career.

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It is important to continually plan for a career.



Answer: true

Communication and leadership are two sets of skills very few employers value.

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Communication and leadership are two sets of skills very few employers value.



Answer: false

A cover letter should be __________ for each individual job application.

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A cover letter should be __________ for each individual job application.



Answer: customized

Very few people really think about their professional or work lives beyond what they need to do to get to the end of the day.

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Very few people really think about their professional or work lives beyond what they need to do to get to the end of the day.



Answer: true

How to manage a career is not a financial decision.

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How to manage a career is not a financial decision.



Answer: false

Businesses buy things because they like them, not because they can make or save money from them.

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Businesses buy things because they like them, not because they can make or save money from them.



Answer: false

It is not a good idea to be the first person a boss thinks of when he or she has a critical assignment that must be done right and must be done on time.

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It is not a good idea to be the first person a boss thinks of when he or she has a critical assignment that must be done right and must be done on time.



Answer: false

It rarely makes sense for a college student to attend a community college for two years and transfer to a four-year school because it is costly if the transition is not planned for wisely.

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It rarely makes sense for a college student to attend a community college for two years and transfer to a four-year school because it is costly if the transition is not planned for wisely.



Answer: false

_______ means either a college student is permitted to temporarily make smaller student loan payments or stop making payments all together.

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_______ means either a college student is permitted to temporarily make smaller student loan payments or stop making payments all together.



Answer: Forbearance

A number of not-for-profit agencies offer some sort of college tuition reimbursement or forgiveness program in exchange for a commitment to work with them for some length of time after graduation.

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A number of not-for-profit agencies offer some sort of college tuition reimbursement or forgiveness program in exchange for a commitment to work with them for some length of time after graduation.



Answer: true

A __________ is a period of time where the student's student loan servicer will allow him or her to stop making payments.

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A __________ is a period of time where the student's student loan servicer will allow him or her to stop making payments.



Answer: deferment

Instead of having multiple loan payments to different student loan servicers, college students and parents can __________ their federal student loans so they have one payment.

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Instead of having multiple loan payments to different student loan servicers, college students and parents can __________ their federal student loans so they have one payment.



Answer: consolidate

It is unnecessary for college students to __________ someone to help them search for grants or scholarships.

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It is unnecessary for college students to __________ someone to help them search for grants or scholarships.



Answer: pay

Work study earnings do not impact eligibility for financial aid the following year.

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Work study earnings do not impact eligibility for financial aid the following year.



Answer: true

Most college student financial aid grants come from the state and federal government, such as the Pell Grant and the Supplemental Educational Opportunity Grant.

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Most college student financial aid grants come from the state and federal government, such as the Pell Grant and the Supplemental Educational Opportunity Grant.



Answer: true

Living off campus is usually __________ than living on campus.

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Living off campus is usually __________ than living on campus.



Answer: cheaper

College students and parents should not assume they can eliminate federal student loans through __________.

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College students and parents should not assume they can eliminate federal student loans through __________.



Answer: bankruptcy

Many colleges have a hard waiver policy, which means college students are automatically covered and charged for health insurance.

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Many colleges have a hard waiver policy, which means college students are automatically covered and charged for health insurance.



Answer: true

The Free Application for Federal Student Aid (FAFSA) can be completed online only.

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The Free Application for Federal Student Aid (FAFSA) can be completed online only.



Answer: false

Student financial aid is based on many factors, but never college students? and parents? previous year?s income and assets.

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Student financial aid is based on many factors, but never college students? and parents? previous year?s income and assets.



Answer: false

Many four-year colleges and their academic departments are very specific about the classes they accept from other universities and community colleges.

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Many four-year colleges and their academic departments are very specific about the classes they accept from other universities and community colleges.



Answer: true

The Teacher Education Assistance for College and Higher Education Grant (TEACH Grant) is a __________ federal student grant.

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The Teacher Education Assistance for College and Higher Education Grant (TEACH Grant) is a __________ federal student grant.



Answer: common

Instead of having multiple loan payments to different student loan servicers, college students and parents can __________ their federal student loans so they have one payment.

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Instead of having multiple loan payments to different student loan servicers, college students and parents can __________ their federal student loans so they have one payment.



Answer: consolidate

A deferment is not a period of time where the student?s student loan servicer will allow him or her to stop making payments.

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A deferment is not a period of time where the student?s student loan servicer will allow him or her to stop making payments.



Answer: False

If anyone intends to earn a four-year degree, then spending the first two years at a __________ college may be one of the most cost-effective ways to do so.

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If anyone intends to earn a four-year degree, then spending the first two years at a __________ college may be one of the most cost-effective ways to do so.



Answer: community

When parents or college students do not qualify for a federal student loan they should always use a home equity loan.

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When parents or college students do not qualify for a federal student loan they should always use a home equity loan.



Answer: False

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