Financial Literacy Assessment 2016

lenders use credit agencies to determine:

A credit card provides pre-approved credit.

Interest is the fee received for the use of money.

When lenders lend money to borrowers, they charge an additional fee- what is that fee called?

Choose the Long Term Goals

Career planning is done throughout a lifetime.

A debit card is good to have in hand for emergencies.

Who uses financial institutions?

The total amount of earnings made over 1 year after all deductions have been taken is called

A debit card allows immediate transfer of money from a cardholder's savings/checking account.

Protection against risk is the main reason for this type of insurance.

The long term investment usually means an investment period of 1 to 3 months.

Who pays taxes?

A bank is a not for profit financial institution.

A financial institution is. . . 

Internet banking means using a bank branch to make deposits and withdrawals.

A debit card is essentially a paper check but is immediate

Choose the Short Term Goals

Social Security is. . . . .

Online banking is

Three main types of taxes are:

When it come to personal savings, what does the acronym PYF stand for?

Who pays into Social Security?

Identity theft is a threat to anyone with a good credit rating.

The higher the probability that an event will happen - more expensive the insurance will be.

The lower an applicant's credit score, the lower the risk to the lender.

By automatically reinvesting dividends, you are buying additional share, increasing your money.

Federal, Social Security and Medicare are all types of taxes

The purpose of taxes

Lenders use credit agencies to determine

Stocks are insured against loss by most banks and credit unions.

A credit card does not require immediate funds.