Multiple values in lookup fields
For a single student, why would you have multiple selection for race? This for the situation you mentioned as example.

I'd see both options valid (lookup with multiple selection or radio buttons with true-false) depending on the situation you need to display. What you show in the front is not identical with what tables you have in the database. Do your tables to fit simple normalization rules and then just build queries and views to display in the Access UI. Read about normalization and normal forms and design your tables accordingly (I prefer by default 3rd normal form, but it's not mandatory, you could increase/decrease the form level as you see fit).

I think that this tutorial is done with Access users in mind.

You can find some good free data models here: Free data models. Some of them even have attached Access databases.

PS: more of a comment than an answer, but too verbose.