4
AssignmentMultiple Select

Understanding Checking and Debit Accounts

Question 4 • Personal Finance - EL3403

Which statements about scholarships are true? Select all that apply.

Answer
A
A student could receive a scholarship based on financial need.
B
Some scholarships require the student to pursue a specific field of study.
C
Scholarship money must be paid back after graduation.
D
Scholarships are considered gifts and do not need to be paid back.
E
All scholarships are based solely on academic achievement.

Explanation

Scholarships may be awarded based on financial need, so A is true. Some scholarships also require recipients to study a particular subject or enter a specific field, making B true. Scholarship funds are generally gifts that do not have to be repaid, so D is true; unlike loans, they are not normally paid back after graduation. Scholarships can have many different criteria, so they are not all based solely on academic achievement.

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