Financial Literacy

Question 1

To be incontrol of your budget, you need to do this?

Accepted Answer

have a budget, increase spending, decrease spending

Question 2

Fruad alert is a warning placed on credit reports?

Accepted Answer

true, false

Question 3

Pay yourself first is a budgeting strategy that means always saving part of the money you get?

Accepted Answer

True, False

Question 4

The term used to describe total pay minus deductions is?

Accepted Answer

Net pay, Gross pay, total income

Question 5

Buying the things we need instead of the things we want is healthy money management?

Accepted Answer

false, true

Question 6

Name two of the deductions taken out of your paycheck?

Accepted Answer

state taxes,

medicare

, federal taxes, all are correct

Question 7

Financial freedom is directly tied to one's level of this?

Accepted Answer

savings, spending, debt

Question 8

A retirement savings plan is commonly referred to as an IRA?

Accepted Answer

False, True

Question 9

If you cash in your 401(k) and you are younger than 55 years old you will be penalized?

Accepted Answer

Yes, No

Question 10

Wanting to purchase something but deciding to wait is called?

Accepted Answer

instant gradification, being financially responsible, boring, delayed gradification

Question 11

If someone uses your credit card without permission, you are responsible for this much per card

Accepted Answer

$10, $50, $25, $100

Question 12

A bank statement is a document that provides details of your bank withdrawals and deposits?

Accepted Answer

False, True

Question 13

Software installed on your computer without your consent to obtain personal information?

Accepted Answer

spyware, malware, silverware, hardware

Question 14

Lenders commonly review debt-to-income ratio to evaluate your debt load?

Accepted Answer

true, false

Question 15

Compound interest pays interest on principal and interest?

Accepted Answer

True, False

Question 16

The practice of pretending to represent a financial institution or company via email?

Accepted Answer

phishing, computer fruad, scheming

Question 17

On average, this many Americans are victims of identity theft each year?

Accepted Answer

10 million, 25 million, 15 million, 5 million

Question 18

What is your biggest impact on your credit score?

Accepted Answer

having a checking and savings account, owning a house, having credit cards and paying miminum amount monthly, paying your bills on time

Question 19

Credit history shows whether you pay your bills on time and?

Accepted Answer

your debt, your credit score, how many credit cards you have

Question 20

This type of debt has higher interest rates and can change suddenly?

Accepted Answer

morgage bill, car bill, credit card debt

Question 21

Two types of identity fraud other than credit card fraud are?

Accepted Answer

tax refund fruad, name identity fraud, computer fruad, all are correct

Question 22

An IRA will give you the freedom to be self-reliant and secure later in life?

Accepted Answer

true, false

Question 23

Grace period lets you aviod finance charges by paying your balance in full?

Accepted Answer

false, true

Question 24

Property to secure a loan is called this?

Accepted Answer

land, investments, 401(k), collateral

Financial Literacy

Questions 24

Financial Literacy

Questions 24