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What do You Know about Financial Literacy? Flashcards | StudBud
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What do You Know about Financial Literacy?
What do You Know about Financial Literacy?
24 terms
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Final Exam Review #financialliteracy
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
Which of the following has the higher fee?
Payday Lender
Commercial Bank
Credit Union
Credit Card
2
Which type of account is not a savings vehicle?
Money Market Acct
Checking Account
Certificate of Deposit
Savings Account
3
Which of the following instruments is NOT typically associated with spending?
Certificate of Deposit
Cash
Credit Card
ATM Card
4
What type of account typically offers no interest?
Certificate of Deposit
Checking
Savings
Money Market
5
Being on a budget means...
Made a plan of expenses to be less than or equal to income
Bills are generally paid by due date every month
Pay bills every month on due date
Earning enough money to live well
6
How long does negative information stay on your credit report?
Forever
3 Years
5 Years
7 Years
7
What is the highest credit score?
900
850
800
750
8
What is the deadline to file your taxes each year?
April 15th
December 31st
January 31st
April 1st
9
Which of the following statements is NOT correct about most ATM cards?
Can get cash 24 hours a day
Never charges a fee when use card
Use a PIN to get cash
must have bank account to have ATM card
10
What is the application a student would complete for college aid?
FADSA
FAFSA
FIDA
FICA
11
What form is your employer required to mail to you by the end of January each year?
W-4
I-9
1040 EZ
W-2
12
When buying a stock in a company, you are
investing in a monopoly
becoming a board member
loaning money to a company
buying a portion of the company
13
Which provides the BEST protection against identity theft?
Never use credit cards for small purchases.
Never use credit cards.
Shred all documents that contain personal information.
Open new credit cards every 2 years.
14
Which is not a deduction taken from your paycheck?
FICA
State taxes
Federal taxes
Unemployment taxes
15
Which of the following typically has the lowest fees or cost to use?
Credit Card
Debit Card
Payday Loan
Cash Advance
16
Electronic banking allows you to...
write a check to mail
access your investments
get cash any time of day
make a deposit with teller help
17
Risk and Return?
Lower the risk, higher the return
determined by amount of money investing
Higher the risk, lower the return
higher the risk, higher the return
18
Which step best protects your credit history if you suspect fraud?
Contact the credit bureaus and report suspected fraud
Contact the Bank that issued your credit card
Contact the FBI
Contact the local police department and file a claim
19
What is a method to improve your credit score?
pay credit card balances down as low as possible
Close unused credit card accounts
Keep your credit card balances under 70%
pay credit card bills with one week of due date
20
What is the term for yearly credit card interest?
NPR
COD
RATE
APR
21
Which of the following is true about investing?
Principal value does not change
Money is highly liquid
Investments are usually long term
Using investing for emergencies is a good strategy
22
Saved $2,000 for college, starting school next year, safest place for money?
cryptocurrency
bank savings account
stocks
corporate bonds
23
Which is true about home loans?
Longer the term of the loan, lower the interest rate.
The larger the down payment, the lower the principal.
Lower the interest rate, quicker the loan is paid in full.
Longer the term of the loan, less the amount of interest paid.
24
Advantage of using credit is...
lower payments
not carry large amounts of cash
pay for purchases quicker
eliminates identity theft
