Technically, there should be two separate questions:
Ethnicity - Check yes if you feel hispanic, check no if you don’t
Race - Check as many boxes as you deem appropriate to describe yourself. Leave them all blank if you feel like it.
Happykid was born in Venezuela, and is as white as Happydad and his parents (all born in Cuba), and their parents (all born in northern Spain). She always checks the hispanic box. It was meaningless for admission at her big state U, but helpful for that place’s statistics that need to be submitted to the Department of Education.