All of the following are benefits to paying the full balance on your credit card each month EXCEPT...

Your credit score will decrease.

Taxes are deducted off employees paychecks to pay for things like...

Public Education, Health care and government programs

Which is a positive reason for using a credit card to finance purchases?

Paying it off on time will improve your credit history

The Gig Economy offers....

Flexible short term jobs for extra cash

Which of the following is NOT an advantage of owning a car?

Smaller downpayment and lower monthly payments

Which saving account will earn you the most interest?

One that compounds interest daily

The amount of money you get after taxes have been deducted

To get the best deal when purchasing multiple items you should...

Calculate the unit price and compare to similar items

Leasing a car may be better option than buying a car if....

you don't plan of having it for long

What is a consequence of not having health insurance?

You must pay all costs for health care and medical procedures

Post secondary Education is very expensive but which example shows why it could be worth paying for?

A bachelor's degree typically earns a higher salary than those without one.

Choose the statement that is true about health insurance.

You should always have insurance regardless of your circumstances

What is the best reason for why someone would want to lease a house instead of buy?

They plan of living there for a short period of time

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Practice Test EVERFI Modules

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Questions 25

Answers

1
All of the following are benefits to paying the full balance on your credit card each month EXCEPT...
Your credit score will decrease.
Your credit score will increase
You won't get dinged on high interest fees
You won't have to pay late fees
2
Taxes are deducted off employees paychecks to pay for things like...
Public Education, Health care and government programs
Casinos, Theatres, and large Arenas
Urban development such as Apartments and Buildings
All of the above
3
Insurance that pays for injury to another driver, and/or damage to their car if you are in an accident is called...
Motorist Insurance
Liability insurance
Comprehensive insurance
Collision Insurance
4
Which is a positive reason for using a credit card to finance purchases?
Paying it off on time will improve your credit history
You don't need to carry cash
You can buy something and take as long as you need to pay it back.
Most credit cards have low interest rates
5
A deductible is paid by....
The policy holder
SGI
The insurance company
The Government
6
The Gig Economy offers....
Flexible short term jobs for extra cash
Migration of workers to the tech industry
Low risk interest rates to those with good credit
Cryptocurrency investments
7
Which of the following is NOT an advantage of owning a car?
Smaller downpayment and lower monthly payments
No limit on kilometers
Flexibility to customize it
You can keep or sell at any time
8
An insurance premium is paid by....
The government
The Claims adjuster
The policy holder
The insurance company
9
Which saving account will earn you the most interest?
One that earns simple interest bi-weekly
One that compounds interest monthly
One that compounds interest daily
One that earns interest quarterly
10
A _______________ is like buying small share in a company.
Stock
Certificate of Deposit
RRSP
BOND
11
APR stand for?
Annual Purchase Rate
Average Percentage Rate
Average Purchase Rate
Annual Percentage Rate
12
When filing an insurance claim, the policy holder must pay a _____ which is the amount you owe before insurance coverage
Deductible
Premium
Contract Fee
Commission
13
Your Net pay is...
None of the above
The amount of money you get after taxes have been deducted
What you need to pay in taxes
Your total monthly income.
14
To get the best deal when purchasing multiple items you should...
Look at reviews on social media
Look for sales
Calculate the unit price and compare to similar items
Pay the highest price because it will be the best quality
15
A loan to the government or business for a set period of time that you will get back with interest is a....
Mutual Fund
Tax free Savings Account
A Bond
Stock
16
Which statement about cash is true
It becomes easy to fall into a loan cycle that is hard to get out of.
You often end up paying back or owing more than you borrowed
They take a percentage of your cheque right off the top
All of the above
17
Which additional cost will likely be the most expensive?
Textbooks and Supplies
Room and Board
Academic Counseling
Transportation
18
An unexpected expense that will make it difficult to get by day-to-day would best be handled by...
Spending money from rent budget
Emergency Fund
Borrowing money from a Cash Advance store
Getting a extra job
19
The cost of a secured loan is typically lower than the cost of an unsecured loan because.....
It requires collateral
Your parents will be the ones paying it back
It has a higher interest rate
The loan takes longer to get
20
Leasing a car may be better option than buying a car if....
don't have money for a down payment
you want to be able to customize it
you travel lots for work
you don't plan of having it for long
21
What is a consequence of not having health insurance?
You cannot be admitted to hospital
You will get a lower standard of care.
You must pay all costs for health care and medical procedures
You can only see doctor in an emergency
22
What is the most important thing to consider when choosing a credit card?
Annual fees
APR
Both annual fees and APR
The rewards
23
Post secondary Education is very expensive but which example shows why it could be worth paying for?
You are guaranteed a job if you get a degree
A bachelor's degree typically earns a higher salary than those without one.
Student loans typically have low interest rates
High school degree isn't enough to get a job.
24
Choose the statement that is true about health insurance.
You don't need it if you have a full time job.
You should always have insurance regardless of your circumstances
Every employer provides you with basic insurance
You have to be 25 to qualify.
25
What is the best reason for why someone would want to lease a house instead of buy?
They want to make cash on the resale value
Low mortgage rate
They plan of living there for a short period of time
They want to be able to fix it up

Practice Test EVERFI Modules Flashcards | StudBud