Financial Literacy

Question 1

The total amount of money that you earn before any deductions

Accepted Answer

Gross Income

Question 2

You should always be aware of your __________ before you spend money on something.

Accepted Answer

checking balance

Question 3

You should always pay fixed expense first before variable expense.

Accepted Answer

True

Question 4

Spending on clothing is an example of

Accepted Answer

variable expense

Question 5

Applicant with credit score of 750 or higher will likely get better loan rates from lenders.

Accepted Answer

True

Question 6

Which one is NOT a basic type of saving accounts?

Accepted Answer

mortgage loan

Question 7

The cost of Brand Name item is often higher than Generic name.

Accepted Answer

True

Question 8

It's a good idea to include an emergency fund in your budget plan.

Accepted Answer

Yes, need to set aside money for any unexpected expenses.

Question 9

Market Pantry, Great Value, & Stop & Shop names are examples of:

Accepted Answer

Generic Name

Question 10

A budget helps you to

Accepted Answer

balance your income with expenses

Question 11

When the total amount of money spent, saved and shared equals total income.

Accepted Answer

Balanced Budget

Question 12

A ______________ is when you take money out of your bank account.

Accepted Answer

Debit

Question 13

What is Credit Score?

Accepted Answer

Number assigned based on your creditworthiness for lenders

Question 14

Which requires you to deposit a specific amount of $ in an account for a set period of time?

Accepted Answer

Certificate of Deposit (CD)

Question 15

______________ must be paid back with interest.

Accepted Answer

loans (house, auto, personal, etc)

Question 16

Money people pay to support the government

Accepted Answer

taxes

Question 17

Credit cards usually carry very high ___________.

Accepted Answer

interest rates

Question 18

A plan for how much income will be received and how it will be spent is called a _____________.

Accepted Answer

Budget

Question 19

The amount of money you receive after deductions are subtracted from your gross income.

Accepted Answer

Net Income

Question 20

Which expense is "fixed"?

Accepted Answer

car payment

Question 21

Taking money out of your bank account is called:

Accepted Answer

Withdrawal

Question 22

Federal and state income tax returns are due every year on

Accepted Answer

April 15

Question 23

Which expense category would you put shampoo, deodorant, lotion, and shaving cream in?

Accepted Answer

Personal Care

Question 24

Nabisco, Kellogg, & Quaker, are examples of

Accepted Answer

Brand Name

Question 25

The _______________ is the amount of money you have in your bank account.

Accepted Answer

Balance

Question 26

When a bank pays someone to save money in its bank, it is called

Accepted Answer

interest

Question 27

Which of the following can be used to take funds out automatically from a checking account?

Accepted Answer

Debit card

Question 28

Negative information stays on your ___________ for __________ years

Accepted Answer

credit report; 7

Question 29

Money that is put into your bank account

Accepted Answer

deposit

Question 30

What three category of items that should be in your budget plan?

Accepted Answer

Income, Expenses, and Savings

Financial Literacy

Questions 30

Financial Literacy

Questions 30