Which of the following is an EXCUSE to not build a budget for yourself?

It will cause too much stress to look at all those numbers.

Which best describes your right to check you credit history for accuracy?

Your credit record can be checked once a year for free.

Which of the following best defines "financial planning?"

Long-term management of finances to achieve personal goals.

The WORST way to protect yourself from identity theft is to:

Broadcast your Social Security Number on Twitter, Facebook, etc.

Which of the following credit card users will pay the GREATEST in finance charges each year?

Erin, only pays the minimum amount each month.

If you find an error on your credit report, how do you correct it?

Dispute the error with the credit bureau.

When would it be beneficial to borrow money to buy something and repay it with future income?

When you need to buy a car to get a better paying job.

Financial literacy is best defined as:

The ability to understand finance.

Which of the following is NOT correct about most ATM cards?

You can get cash anywhere in the world with no fee.

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TRIO Upward Bound- Financial Literacy Quiz

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Questions 21

Answers

1
Which of the following is an EXCUSE to not build a budget for yourself?
It will compare income to necessary expenses.
It will define the difference between a want and a need.
It will define your financial situation.
It will cause too much stress to look at all those numbers.
2
Which card allows you to borrow money?
Dillon's card
Debit card
Credit card
Gift card
3
Which of the following is on your credit report?
Your insurance provider
Your GPA at KU
Payment history
Your car's maintenance history
4
Which best describes your right to check you credit history for accuracy?
You can only check it if you are turned down for credit.
Credit records are top secret govt. property. FBI, CIA only.
You cannot see your credit record.
Your credit record can be checked once a year for free.
5
What kind of card allows you to spend money directly from your checking account?
Credit card
Secured credit card
Debit card
Gift card
6
Which of the following best defines "financial planning?"
Planning for how you are going to pay for drinks tonight.
Planning how best to count-out a cash drawer.
Deciding which of your friends you should loan money to.
Long-term management of finances to achieve personal goals.
7
The WORST way to protect yourself from identity theft is to:
Shred documents containing personal information.
Enroll in paperless billing.
Broadcast your Social Security Number on Twitter, Facebook, etc.
Check your credit report annually. (more if able.)
8
There are tons of apps that help tracks your spending.
True
False
9
Which form of Financial Aid are you not required to pay back?
Federal Grants
Federal Unubsidized Direct Stafford Loans
Private Loans
Federal Subsidized Direct Stafford Loans
10
Which of the following credit card users will pay the GREATEST in finance charges each year?
Jess, pays at least the min. each month, more when able.
Erin, only pays the minimum amount each month.
Vera, generally pays in full. Pays the min. if short of $.
Meg, always pays in full after she receives statement.
11
If you find an error on your credit report, how do you correct it?
Call your senator. They'll fix it.
Nothing.
Call a loved one and cry.
Dispute the error with the credit bureau.
12
What is the standard repayment-term for Federal Student Loans?
10 years
10 months
You don't repay Federal loans
5 years
13
When would it be beneficial to borrow money to buy something and repay it with future income?
When the loan has a high interest rate.
When you really need a week vacation.
When some clothes you like go on sale.
When you need to buy a car to get a better paying job.
14
Rebecca has saved $10,000 for college. What is the safest place for her money?
Locked in her closet at home.
Corporate Bonds
A bank savings account.
Stocks
15
Student financial stress has been linked to which of the following?
All of these.
Lower academic performance.
Withdrawal from school.
Reduced course loads to work more.
16
Which of the following would be considered a short-term goal?
Saving for a home
Spending less
Getting Married
Retirement
17
How much more money can you earn with a four-year degree versus a high school diploma?
A little more; about 20% more.
A lot more; about 70% more.
About 10X as much.
No more; I would make the same either way.
18
Financial literacy is best defined as:
The ability to read what's printed on money.
The ability to understand finance.
The ability to read investment advice.
The ability to understand bank statements.
19
How much money should you have in savings to cover the "what-ifs" in life?
About 20% of your annual income.
3-6 months of life expenses.
None; Roll with the punches.
One full year of income.
20
Which of the following is NOT typically associated with spending?
Debit card
Cash
Savings Account
Credit card
21
Which of the following is NOT correct about most ATM cards?
You can usually get the balance of your account at an ATM.
You can get cash anywhere in the world with no fee.
You must have a bank account to have an ATM card.
You can get cash 24 hours-a-day.

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