In order to qualify for a Health Savings Account (HSA), you must . . . .

Have a 'high-deductible' health insurance plan (HDHP)

Which of the following people would have the MOST expensive health insurance premiums?

Anyone with a history of cancer on both sides of their family

The cost of life insurance premiums would increase because of . . . . .

Age or high-risk behaviors (drinking, smoking, etc.)

When you get pre-approved for a car loan, you will receive a letter telling you . . . . .

your interest rate, the maximum you can borrow, and your repayment term

Examples of "skilled trades" jobs include....

plumber, electrician, carpenter

Which of the following people would NOT need life insurance?

A single person with no children

The main purpose of having insurance is . . . .

to protect you from financial loss if you get hurt or have property damage

An HDHP with HSA contributions would NOT be a good choice for . . . .

A family with young children or someone who plays football

Homeowners insurance will cover . . . .

The cost of rebuilding your entire home

With car insurance, the COST of your monthly premiums is determined by . . . .

Your driving experience and history of accidents / tickets

If you wanted to become an electrician after high school, you would attend. . . . .

A "vocational school" such as Tulsa Tech

Which of the following describes the main DISADVANTAGE of shortening your loan term (moving from 5 years --> 3 years)?

It will increase your monthly payments

Renters insurance will cover . . . . .

Loss or damage to your personal property

The risk-level of customers for health insurance is determined by . . . .

Their age, general health, and lifestyle habits

Which of the following is NOT something you can use your HSA for?

Buying toothpaste at your local grocery store

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Financial Literacy Final Exam Review (Part 2)

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Questions 26

Answers

1
Which of the following interest rates is most common for CREDIT CARDS?
200% - 400%
5% - 10%
15% - 25%
2% - 5%
2
Name for the fee you pay monthly in order to keep insurance coverage
premium
pension
deductible
co-insurance
3
Which of the following is the most common range of interest rates for a CAR LOAN?
10% - 20%
15% - 25%
200% - 400%
2% - 5%
4
If you want to LOWER your monthly car insurance premiums, you can . . . .
increase your credit score
Move to a different state
Choose a higher deductible
Keep a clean driving record for at least 3 years
5
In order to qualify for a Health Savings Account (HSA), you must . . . .
Have a 'high-deductible' health insurance plan (HDHP)
Be unmarried and have no children
have a credit score above 700
Be under age 40 and in "generally good health"
6
Which of the following people would have the MOST expensive health insurance premiums?
A single parent (man or woman)
An unmarried woman above age 40
A married man who consumes 2-3 alcoholic drinks per week
Anyone with a history of cancer on both sides of their family
7
If you have a $500 deductible your total car accident damages are $2,500 the amount YOU have to pay is . . . .
$1,000
$2,000
$500
$3,000
8
The cost of life insurance premiums would increase because of . . . . .
Age or high-risk behaviors (drinking, smoking, etc.)
Gender or racial identity
Your credit score
The state you were born in
9
In all states, you are required to have WHICH level of car insurance coverage?
liability
personal injury
comprehensive
collision
10
When you get pre-approved for a car loan, you will receive a letter telling you . . . . .
Your credit score, your interest rate, and the maximum you can borrow
your interest rate, your loan term, and what type of car(s) you can get
your interest rate, the maximum you can borrow, and your repayment term
Your credit score, your interest rate, and your loan repayment term
11
Examples of "skilled trades" jobs include....
Doctor, lawyer, accountant
truck driver, nurse, high school principal
College professor, Army officer, minister or pastor
plumber, electrician, carpenter
12
Which of the following people would NOT need life insurance?
A single parent (man or woman)
A single person with no children
A single person who is the sole caretaker of a disabled brother / sister
A married couple where only one of them works full-time
13
Which of the following is NOT found in a credit card statement?
Your credit score
The interest rate on your credit card
The total amount you owe on your credit card
The due date for your next payment
14
The main purpose of having insurance is . . . .
to help you invest and grow your wealth
to protect you from financial loss if you get hurt or have property damage
to help build your credit history through responsible borrowing
to build your emergency savings on pace with inflation
15
An HDHP with HSA contributions would NOT be a good choice for . . . .
A married couple with no children
A family with young children or someone who plays football
A single parent with a high income
A single person who runs marathons and maintains a healthy weight
16
Homeowners insurance will cover . . . .
Only wind / hail damage
The cost of rebuilding your entire home
Everything EXCEPT wind / hail damage
The cost of replacing your personal property
17
With car insurance, the COST of your monthly premiums is determined by . . . .
The state in which you were born
Your credit score
Your gender and racial identity
Your driving experience and history of accidents / tickets
18
If you want YOUR car to be covered by insurance, you will need _____ coverage
personal injury ('no-fault')
comprehensive
collision
liability
19
If you wanted to become an electrician after high school, you would attend. . . . .
A 'for-profit' college such as University of Phoenix
A 'traditional' college (OU, OSU, etc.)
A "vocational school" such as Tulsa Tech
A private university (ORU, Baylor, etc.)
20
Which of the following describes the main DISADVANTAGE of shortening your loan term (moving from 5 years --> 3 years)?
It will take longer to pay off the loan
It will increase your monthly payments
It will increase the amount of interest you have to pay
It will hurt your credit score
21
Most Americans get their health insurance through....
Their employers
The US government
Their state-sponsored "healthcare marketplace"
State governments
22
Renters insurance will cover . . . . .
Loss or damage to your personal property
Only wind / hail damage
Everything except flood damage
damages to your apartment building
23
The risk-level of customers for health insurance is determined by . . . .
Their age, general health, and lifestyle habits
The type of jobs they have
Their gender and racial identity
The states they live in
24
Which of the following is NOT something you can use your HSA for?
Buying toothpaste at your local grocery store
Paying a co-pay for being admitted to an Emergency Room
Paying a co-pay at your dentists' office
Paying the deductible on your health insurance
25
If your health insurance has 80 / 20 'co-insurance', you will pay ______ after the deductible
20% of the remaining costs
80% of the remaining costs
100% of the remaining costs
60% of the remaining costs
26
In order to use the "Tulsa Achieves" scholarship through TCC, you must....
Live in Tulsa County
keep a 'C' average throughout high school
enroll immediately after high school
all of the above

Financial Literacy Final Exam Review (Part 2) Flashcards | StudBud