Financial Literacy Post Test Review

Which of the following is TRUE about SALES TAX?

Which of the following is most likely to be an example of "bad" debt?

 A tax credit could be defined as money taxpayers can subtract from the _____________ tax they owe

Creating a budget plan is unnecessary with a credit card because you only have to pay the money at the end of the month

Which of the payment methods does NOT take money immediately from your checking account?

Paying your rent late can hurt your credit score, but paying your rent on time can help build your credit score

Which of the following activities might result in a banking fee? (Choose all that apply)

Private Colleges/Universities have the same in-state tuition as out-of-state

The amount of money you profit after taxes is called

Not paying your credit card bill on time will not affect your credit score

In the context of banking, “interest” could be defined as:

According to the Affordable Care Act, children can remain on their parents’ health insurance plan until ______ years old

Which of the following should NOT be included in your long-term savings plan?

Payday Loan want to help you when times are tough so they offer loans to cover costs with low interest rates

The primary difference between loans and grants is that you do not have to pay back grants

It is better to invest in one area so you can maximize the amount of return you will receive on that investment

Which of the following tasks is/are involved in calculating Shauna's future net worth?

When you make a purchase with a credit card, you are ____ money from _____ .

Public Colleges/Universities have the same in-state tuition as out-of-state

Why is it important to establish good credit history and become "credit-worthy"? (Select all that apply)

Which of the following is NOT a way to hurt your credit score

When buying groceries, it is best to ___________ before shopping to avoid overspending

A credit card takes money directly out of your bank account while a debit card you pay for at the end of the month

Once you lower your credit score, it stays their permanently, so it is best to not allow your credit score to go down

 Because money won from winning the lottery is filed as a “gift”, earnings from the lottery are not taxed.