Multiple Choice
When you purchase shares of a company in the market, which type of accounting is primarily concerned with recording and reporting this transaction?
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1. Introduction to Accounting
Types of Accounting
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Which of the following types of loans is awarded based on the financial need of the student?
A
Parent PLUS Loan
B
Private Student Loan
C
Federal Perkins Loan
D
Unsubsidized Direct Loan
Verified step by step guidance1
Identify the key terms in the question, such as 'types of loans' and 'awarded based on financial need.' This will help narrow down the options.
Understand the characteristics of each loan type mentioned: Parent PLUS Loan, Private Student Loan, Federal Perkins Loan, and Unsubsidized Direct Loan.
Recall that loans based on financial need are typically subsidized or have favorable terms for students with demonstrated financial hardship. Federal Perkins Loan is an example of such a need-based loan.
Eliminate options that are not need-based. For instance, Parent PLUS Loans and Private Student Loans are credit-based, and Unsubsidized Direct Loans are not awarded based on financial need.
Conclude that the Federal Perkins Loan is the correct answer, as it is specifically designed for students with exceptional financial need.
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