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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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The world and your money.
Flashcards
27 cards
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Questions
27
Answers
1
Which of the following drivers will likely pay the highest auto insurance premiums?
drivers who have a safe driving records
young inexperienced drivers
Drivers who travel short distances
older, experienced drivers
2
Which of the following typically has the lowest fees or costs to use?
Cash advance
Payday Loan
Credit Card
Debit Card
3
Which of the following provides the best protection against identity theft?
never use a credit card
pay all bills with cash only
shred documents that contain personal information
open up a new bank account every year
4
Which will most benefit you financially?
A savings account that compound interest daily
A savings account that compound interest monthly
A savings account that does not compound interest
A savings account that compound interest yearly
5
The main trade off that all investors must consider is
stocks vs bonds
risk vs return
diversity vs uniformity
income vs cost
6
Which of the following steps best protects your credit history if you suspect fraud?
contact the credit bureaus and report suspected fraud
Call PP & L
Contact the chamber of commerce
Get a Job
7
Which of the following are examples of types of savings vehicles? Check all that apply
Money Market Account
Savings
Checking Account
Certificate of Deposit
8
Diversification is important in investing because
it ensures that you only make low risk investments
it increases your overall risk
it helps you gain the highest rate of return despite risks
it helps you to balance your risk across all investments
9
When you purchase a municipal bond you are
buying a portion of a municipality
loaning money to a municipality
diversifying your portfolio
investing in an index fund
10
Which piece of information is most useful to an identity thief?
your full name and social security name
your full name and address
Your full name and student ID number
your full name and date of birth
11
The form filed by students to receive federal financial aid for school is known as
FAFSA
FAA
FIFA
FICO
12
What are the responsibilities of a renter vs. an owner?
The neighbors have complete control
Renter living in a house has complete control
owner of a house has complete responsibility
The Kat has complete control
13
How long will it take your money to double using Rule 72
12 years
36 years
16 years
72 years
14
Jaden needs to visit the doctor. What is his copay? Premium $50/month and copay is $20
$0
$500.00
$20.00
$1,000
15
Which of the following is an advantage of federal student loans?
Federal loans have a fixed interest rate
Federal loans do not have interest
Federal loans are only for those with a need
Federal loans must be paid while in school
16
When buying a stock in a company you are
buying a portion of a company
loaning money to a company
diversifying your portfolio
investing in an index fund
17
Good credit is usually required for which of the following, check all that apply
buying a new car
adopting a pet
Purchasing a home
Getting a credit card
18
Borrowing a subsidized federal student loan means
Govt will pay the interest on the loan 6 mos. after grad.
Sam will repay it
The government will repay the loan in full if you graduate
Sugar will repay it
19
Which form is your employer required to send to you before you file your tax return?
W-2
Paystub
W-4
1040EZ
20
Which of the following typically have the highest fees?
Payday Lender
Credit Union
Retail Bank
Online Bank
21
which of the following should you take into consideration when deciding to buy or lease a car?
monthly loan payment
car interior and features
your monthly budget
cost of car
22
By what date must federal taxes typically be filed and sent to the IRS?
June 6
April 15
March 17
January 1
23
The period before you have to begin repaying your student loans is know as the?
grace period
default period
promotional period
zero interest period
24
How often are you entitled to a free credit report from each major credit reporting agency?
monthly
prior to making large purchases
whenever you use credit
yearly
25
Your credit history is tracked by all of the following Except?
Trans Union
Experian
Federal Reserve
Equifax
26
Which type of bank account typically offers no interest?
Certificate of Deposit
Checking
Money Market
Savings
27
Which statement is most correct when choosing to rent or buy a home?
benefit of renting a home is that you can move out whenever
Benefit of owning a home is that the value may appreciate
Benefit of owning a home is that it is easier to move
benefit of renting a home is that you can destroy it
