2024-25 Financial Literacy Exam Review

Federal income tax brackets can be impacted by

Which financial institution gets criticism for targeting people in poverty, etc. by charging high interest rates?

When you invest in a commodity, you're investing in what?

What is paid for as part of the escrow funds in a mortgage loan?

When eating at a restaurant what additional costs to the price should you consider other than sales tax?

All of the following are advantages of bundling insurance Except what?

A purchasing card that removes funds from your checking account almost instantly after one makes a purchase?

Which one is the pay BEFORE taxes and benefits are taken out of your paycheck?

If you spend more $ than you have in your bank account, what are you charged

Which of the following statements best describes gross pay?

A certificate of deposit (CD) differs from a traditional savings account in what way?

Rent to own agreements can NEGATIVELY impact consumers because:

Which type of insurance provides income to people who depended on someone's salary or wage after they die?

What is the term used for a person who relies on someone else financially?

The form an employer provides to an employee to tell them of how much money was deducted from paychecks in a given year?

"Balancing a checkbook" means what?

When you receive a product or service now, but pay later, it is know as what?

What is the typical amount of time you have to pay off a mortgage loan?

Which of the following best describes the concept of APR?

Which investment is know by the following traits: Risky, Ownership in corporation, Pays dividends, possible high reward

Which of the following practices does NOT lead to a HIGHER car insurance rate?

What is the correct sequence in the formation of a contract?

Which type of insurance helps pay for stays in a nursing home?

The purpose of an umbrella insurance policy is best smmarized as what?

The extra amount you pay each month for carrying a balance after you pay your credit card bill

Banks offer the service of a safety deposit box which can be used for

For a mortgage loan without a large down payment, you will will most likely have to pay

When planning a budget, a fixed expense is what?

The total one gets to "take home" from a paycheck after taxes and deductions are taken out is known as what?

Mortage loan that helps people who have a low credit score, little cash for a down payment, & could be a 1st time buyer?

What could NEGATIVELY affect your credit score?

Using the simple interest formula, l=prt, calculate the interest on $150 after one year at 6% return.

If you don't have a traditional bank account, where can you go get $ from a check?

When seeking to open a bank account, which of the following is needed?

Which investment is insured by FDIC/NCUA, Low interest rate, number of withdrawals may be limited

The total one gets to "take home" from a paycheck after taxes and deductions are taken out is known as what?

The rule of 72 is used to calculate what?

Which type of insurance assists in covering medical expenses assocated with short-term illness & accidents?

When the Federal Government raises interest rates, which is generally impacted POSITIVELY for a consumer?

When planning your budget what is a variable expense?

Which investments are often risky, ownership in a corporation, pays dividends, but have high rewards?

What is an advantage of maintaining a good credit score?

Sales tax amounts are established by what?

When 1 person in a contract does not do what the contract requires it's called a

Who can confirm signatures to a contract?

What is the term for interest earned on interest gained?

Which of the following will be paid for as part of the escrow funds included in a mortgage loan?

All of the following are examples of installment loans EXCEPT...

If the value of your house increases, what is one thing that will NOT go up?

What is an advantage that credit unions generally have in comparison to banks?

Which is a financial institution that handles money, including keeping it safe for saving or commercial purpose?

When you're allowed to pay a deposit on an item, then not get it until you pay the balance

Investment type where you loan $ to a city or county, $ is repaid plus interest, safe investment but not FDIC insured?

When you're going to purchase a product at a store, what extra cost must be paid to the price of the product?

If you look over your bank or credit statement and see charges you did not make, you're a victim of

Which of the following is the form employers use to determine how much tax do deduct from a paycheck?