How many times a year can you check your credit score without hurting your score?

Once a year from the three major bureaus

Which of the following is a way your personal & private information can be stolen?

Data breaches of companies that have your information, ATM/POS card skimmers

What Federal Government agency insures the deposits of commercial banks in the United States

The Federal Deposit Insurance Corporation (FDIC)

Which of the following may directly affect your life insurance premiums?

Use of tobacco/nicotine products

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Financial Literacy Test

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Questions 12

Answers

1
Fill in the blank: The ____ is a way to calculate how long it will take for a compounding investment to double in value
Quadratic Formula
Black-Scholes Equation
Rule of 72
False, there is no way to calculate the above
2
Which of the following benchmarks are used to measure inflation?
Price-to-earnings (P/E) Ratio
The Effective Federal Funds Rate (EFFR)
The S&P 500
The Consumer Price Index (CPI)
3
Which of the following methods are NOT a way to stay on-budget
Increasing expenses
Getting a lower limit credit card to prevent yourself from going into debt
Cancelling unused subscriptions
Looking for lower-cost alternatives to goods & services you purchase
4
How many times a year can you check your credit score without hurting your score?
Every time you "pull your credit", your score goes down
Once every quarter from the singular major credit bureau
Once a year from the three major bureaus
Every day from the three major bureaus
5
Fill in the blank: When withdrawing money with a debit card, the money is withdrawn from the _____ account
Mutual Fund
Checking
Savings
Money Market
6
Fill in the blank: If I am spending more than I earn on my budget , I am in a(n) _____
Budget Surplus
My budget is perfectly balanced
Great financial state
Budget Deficit
7
FINRA T/F: A 15-year mortgage usually has higher monthly payments but less total interest than a 30-year mortgage
True
False
8
T/F:Getting a credit card and paying the bill in-full every month can increase your credit score without paying interest
False
True
9
Which of the following is a way your personal & private information can be stolen?
Use of Two-Factor-Authentication (2FA) on apps that have your personal info
Data breaches of companies that have your information
ATM/POS card skimmers
All of the above & around
10
What Federal Government agency insures the deposits of commercial banks in the United States
The Federal Deposit Insurance Corporation (FDIC)
The Federal Reserve ("The fed")
The National Credit Union Administration (NCUA)
The Commodity Futures Trading Commission (CFTC)
11
Fill in the blank: A credit union is owned by ______. (You LOSE points if you get this wrong)
The Federal Reserve
The State Government
Account Holders (Members)
Private Shareholders (Equity)
12
Which of the following may directly affect your life insurance premiums?
The type of car you drive
Your race/ethnicity
Your exact address
Use of tobacco/nicotine products

Financial Literacy Test Flashcards | StudBud