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Know Your Financial Literacy? 5 Seconds Flashcards | StudBud
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Know Your Financial Literacy? 5 Seconds
Know Your Financial Literacy? 5 Seconds
37 terms
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Final Exam Review
Flashcards
37 cards
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Practice quiz
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Host live
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Questions
37
Answers
1
Your credit card is stolen and they charged $800.00. How much will you have to pay?
$800
$50
None
$100
2
What type of information is NOT found on credit report?
Current address
Criminal Records
Insurance Information
Employment Information
3
Just lost your job. What expense should you eliminate first?
Going to Movie on Fridays
Water Bill
Auto Insurance
Phone Bill
4
Deductions taken from your paycheck include...
All are correct
State WH
FICA
Federal WH
5
Which step best protects your credit history if you suspect fraud?
Contact the credit bureaus and report suspected fraud
Contact the FBI
Contact the Bank that issued your credit card
Contact the local police department and file a claim
6
What form is your employer required to mail to you by the end of January each year?
W-2
I-9
1040 EZ
W-4
7
Which of the following is true about saving and/or investing?
It cannot easily be converted into cash
Money in both savings and investments is liquid
Investing allows cash for emergencies
A Savings Account is usually easily accessible
8
What is the term for yearly credit card interest?
COD
RATE
NPR
APR
9
Which of the following typically has the lowest fees or cost to use?
Debit Card
Credit Card
Cash Advance
Payday Loan
10
Costs of living expenses include
Room and Board
Entertainment
Cable
Gym Membership
11
An example of identity theft is...
You use your Mom's credit card to by lunch.
You use your friend's credit card to buy a blouse.
You open an account using your Dad as a co-signer.
Apply for a credit card using someone else's personal info.
12
ATM safety tips...
Shield the ATM screen from strangers
All are correct
Report suspicious ATM transactions
Choose a unique PIN
13
You must fill out a ________________ when beginning a new job.
I-9 & W-4
I-9 & W-2
Application
W-2
14
Which of the following has the higher fee?
Credit Card
Commercial Bank
Credit Union
Payday Lender
15
How long does negative information stay on your credit report?
7 Years
3 Years
Forever
5 Years
16
Being on a budget means...
Made a plan of expenses to be less than or equal to income
Pay bills every month on due date
bills are generally paid by due date every month
earning enough money to live well
17
Risk and Return?
Higher the risk, lower the return
Lower the risk, higher the return
higher the risk, higher the return
determined by amount of money investing
18
Which is true about home loans?
The larger the down payment, the lower the principle.
Higher the interest rate, longer the term of the loan.
Lower the interest rate, quicker the loan is paid in full.
Longer the term of the loan, lower the interest rate.
19
What is the deadline to file your taxes each year?
April 1st
December 31st
April 15th
January 31st
20
Advantage of using credit is...
pay for purchases quicker
not carry large amounts of cash
lower payments
eliminates identity theft
21
What is the application a student would complete for college aid?
FICA
FIDA
FADSA
FAFSA
22
Which of the following instruments is NOT typically associated with spending?
Cash
ATM Card
Certificate of Deposit
Credit Card
23
How would you work toward buying a new home?
Create a financial plan & pay for purchases w/credit cards.
Continue with current financial plan.
Use credit card to pay some expenses to save for down paymt.
Cut expenses and save for a down payment.
24
Which provides the BEST protection against identity theft?
Shred all documents that contain personal information.
Never use credit cards.
Open new credit cards every 2 years.
Never use credit cards for small purchases.
25
What type of account typically offers no interest?
Checking
Savings
Certificate of Deposit
Money Market
26
Which type of account is not a savings vehicle?
Checking Account
Savings Account
Certificate of Deposit
Money Market Acct
27
Saved $2,000 for college, starting school next year, safest place for money?
corporate bonds
stocks
locked in safe at home
bank savings account
28
What is a method to improve your credit score?
Keep your credit card balances under 35%
pay credit card bills with one week of due date
pay credit card balances down as low as possible
Close unused credit card accounts
29
Which could damage your credit score?
paying a credit card bill
paying a utility bill
ignoring a late payment notice
applying for a credit card
30
What is the highest credit score?
850
900
800
750
31
What term is used for the period before your first student loan payment is due?
Grace Period
Promotional Period
Default Period
Introductory Period
32
When buying a stock in a company, you are
becoming a board member
investing in a monopoly
loaning money to a company
buying a portion of the company
33
Which of the following statements is NOT correct about most ATM cards?
Use a PIN to get cash
Can get cash 24 hours a day
must have bank account to have ATM card
Never charges a fee when use card
34
Example of a need is...
Laptop
Home
Cell Phone
Vacation
35
How often can you get a free credit report?
When you request
Yearly
Monthly
Semi-Annually
36
I need to put $300 somewhere until my vacation in three years. Where?
Checking Account
Money Market Account
Certificate of Deposit
Savings Account
37
Electronic banking allows you to...
get cash any time of day
access your investments
write a check to mail
make a deposit with teller help
