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Accepting and then Declining Grad Schools Admissions Offer

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I've applied to a 5 grad schools for Engineering Management and I'm yet to receive the decisions from 4 schools.

One of the schools has offered me admissions as well as a scholarship offer. However, I've the deadline to respond to this in about another week's time. This school is my 5th choice among the 5 schools. Can I accept the offer now and then later decline it if I get into any of the other schools?

Or should I ask for a date extension as to when I can accept or decline their offer?

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I would ask for a date extension. Usually a co formed acceptance also sometimes includes some type of non-refundable deposit to show you're serious. Plus, you don't want to burn any bridges so early in your career. 

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