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Personal Financial Literacy Review Flashcards | StudBud
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Personal Financial Literacy Review
Personal Financial Literacy Review
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1
What is a mortgage?
A car loan
A home loan
A business loan
2
The term referring to the rate of yearly interest for your credit card is commonly known as
COD
APR
Default Rate
Grace Period
3
Which of the following credit scores would be LEAST likely to qualify for a home loan?
730
850
720
450
4
Which of the following describes sales tax:
tax collected on most items sold
tax collected on income earned
tax collected on the value of property
5
Which of the following typically have the HIGHEST fees?
Retail Bank
Cash Advance
Payday Lender
Credit Union
6
When you purchase a company bond, you are:
diversifying your portfolio
loaning money to a company
investing in an index fund
buying a portions of a company
7
When buying stock in a company, you are:
investing in an index fund
buying a portion of a company
diversifying your portfolio
loaning money to a company
8
Which of the following likely needs LIFE INSURANCE the most?
A 30 year old single man
Two workers in their 30s with no children
18-year-old college student
a 40 year old single mom with a child
9
How often are you entitled to a free credit report from each of the major credit reporting
prior to making large purchases
Whenever you use credit
Monthly
Yearly
10
Which piece of information is most useful to an identity thief?
Your full name and date of birth
Your full name and bank account number
Your full name and social security number
Your full name and address
11
The circled numbers on the check represent the:
bank account number
member number
bank routing number
check number
12
Which of the following would you NOT need Good Credit for?
Adopting a pet
Buying a new car
Getting a credit card
Renting an apartment
13
What is the difference between a debit card and a credit card?
Debit is money you already have, credit is a loan
Credit is money you already have, debit is a loan
They are both the same
Credit is free, debit is not
14
What is the general, common name for your credit score?
FAFSA Score
FICO Score
FIFA Score
15
The main trade-off that all investors must consider is:
income vs. cost
risk vs. return
diversity vs. uniformity
stocks vs. bonds
16
Tom earns $250 per month. Which statement below is most correct based on the table.
a. Tom makes more than he spends.
b. Tom spends more than he makes.
c. Tom should save more in the future.
17
Why is it important for young people to start saving as early as possible?
Retirement is very near
savings grow over time due to luck
savings grow over time due to interest
college is inexpensive
18
By what date must federal taxes typically be filed and sent to the IRS?
March 17
April 1
April 15
May 15
19
Which of the following could potentially damage your credit score?
ignoring a late payment notice
paying a speeding ticket
Paying back a loan
paying your water bill on time
20
Owning a home is always better than renting. True or False?
True
False
