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Questions for General Financial Literacy Flashcards | StudBud
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Questions for General Financial Literacy
Questions for General Financial Literacy
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1
How long can a bankruptcy remain on a credit report?
2 - 3 years
12 - 15 MONTHS
7 - 10 years
4 - 5 days
2
Which of the following are the most likely consequences of having a low credit score? (Choose two)
Employer may drop his insurance plan
He may be denied future applications for a credit card
IRS may audit his taxes
Higher interest rates on loans
Stock broker may not sell him shares in a stock
3
What is the term used for take-home pay?
Gross income
Fixed income
Desposible income
Net income
4
What characteristic serves only to satisfy a desire for things that aren’t necessary for living?
Wants
Values
Humility
Plans
5
Which of these is the Government Program to help students get part time jobs to pay for educational expenses?
Work study
Work study
income share
Fafsa
pell grant
student loan
6
Which of these is health insurance
Insurance that pays benefits in theeventtheinsuredbecomesincapableofworking
Insurance against bodily loss or injury
7
Which of the following refers to the payment to the insurance company for an insurance policy?
Deductible
Premium
Disbursement
Co-payment
8
What is the primary purpose of an IRA?
Allows employer options to pay benefits
Provide a tax advantaged plan to save for retirement
Creates savings account for health-care
Eliminates the requirement to pay Social Security
9
What does the FDIC protect?
Mutual funds
Bonds
Stocks
Bank deposits
10
Why is Terrie's insurance company requiring her to pay the first $500 of the repair bill?
Its the deductable on her policy
She will be reimbursed by the company later
thats her premium
11
Why is goal setting important in the financial planning process?
To define a persons tax bracket
To identify the influence of marketing strategies
To evaluate componets of a credit report
To establish spending priorities
12
Which FOUR characteristics most commonly affect the cost of automobile insurance? (Choose 4)
Driving history
Age
Grades
Gender
Investments
Credit Score
13
Which of the following describes an act of identity theft?
Having the same name as another person
Receiving permission to use a parent's credit card
Taking an exam as another person
Using someone's information without permission
14
which of these is the law of supply and demand?
The lower the price the higher the demand
the higher the price the higher the demand
the lower the price the lower the demand
the demand is demading
