When you get pre-approved for a car loan, you will receive a letter telling you . . . . .

your interest rate, the maximum you can borrow, and your repayment term

Examples of "skilled trades" jobs include....

plumber, electrician, carpenter

In order to qualify for a Health Savings Account (HSA), you must . . . .

Have a 'high-deductible' health insurance plan (HDHP)

Renters insurance will cover . . . . .

Loss or damage to your personal property

The main purpose of having insurance is . . . .

to protect you from financial loss if you get hurt or have property damage

The risk-level of customers for health insurance is determined by . . . .

Their age, general health, and lifestyle habits

Which of the following people would NOT need life insurance?

A single person with no children

Which of the following describes the main DISADVANTAGE of shortening your loan term (moving from 5 years --> 3 years)?

It will increase your monthly payments

Homeowners insurance will cover . . . .

The cost of rebuilding your entire home

Which of the following is NOT something you can use your HSA for?

Buying toothpaste at your local grocery store

Which of the following people would have the MOST expensive health insurance premiums?

Anyone with a history of cancer on both sides of their family

If you wanted to become an electrician after high school, you would attend. . . . .

A "vocational school" such as Tulsa Tech

With car insurance, the COST of your monthly premiums is determined by . . . .

Your driving experience and history of accidents / tickets

The cost of life insurance premiums would increase because of . . . . .

Age or high-risk behaviors (drinking, smoking, etc.)

An HDHP with HSA contributions would NOT be a good choice for . . . .

A family with young children or someone who plays football

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Financial Literacy Final Exam Review (Part 2)

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Questions 26

Answers

1
Which of the following is NOT found in a credit card statement?
The total amount you owe on your credit card
Your credit score
The due date for your next payment
The interest rate on your credit card
2
When you get pre-approved for a car loan, you will receive a letter telling you . . . . .
Your credit score, your interest rate, and the maximum you can borrow
Your credit score, your interest rate, and your loan repayment term
your interest rate, the maximum you can borrow, and your repayment term
your interest rate, your loan term, and what type of car(s) you can get
3
Examples of "skilled trades" jobs include....
truck driver, nurse, high school principal
plumber, electrician, carpenter
College professor, Army officer, minister or pastor
Doctor, lawyer, accountant
4
In order to qualify for a Health Savings Account (HSA), you must . . . .
Be unmarried and have no children
Be under age 40 and in "generally good health"
have a credit score above 700
Have a 'high-deductible' health insurance plan (HDHP)
5
In all states, you are required to have WHICH level of car insurance coverage?
personal injury
comprehensive
collision
liability
6
Renters insurance will cover . . . . .
Only wind / hail damage
Loss or damage to your personal property
Everything except flood damage
damages to your apartment building
7
If you have a $500 deductible your total car accident damages are $2,500 the amount YOU have to pay is . . . .
$3,000
$500
$2,000
$1,000
8
If you want YOUR car to be covered by insurance, you will need _____ coverage
personal injury ('no-fault')
comprehensive
liability
collision
9
The main purpose of having insurance is . . . .
to protect you from financial loss if you get hurt or have property damage
to build your emergency savings on pace with inflation
to help build your credit history through responsible borrowing
to help you invest and grow your wealth
10
The risk-level of customers for health insurance is determined by . . . .
Their gender and racial identity
The type of jobs they have
Their age, general health, and lifestyle habits
The states they live in
11
Which of the following people would NOT need life insurance?
A single person who is the sole caretaker of a disabled brother / sister
A married couple where only one of them works full-time
A single person with no children
A single parent (man or woman)
12
If your health insurance has 80 / 20 'co-insurance', you will pay ______ after the deductible
80% of the remaining costs
60% of the remaining costs
20% of the remaining costs
100% of the remaining costs
13
Name for the fee you pay monthly in order to keep insurance coverage
pension
co-insurance
deductible
premium
14
Which of the following describes the main DISADVANTAGE of shortening your loan term (moving from 5 years --> 3 years)?
It will increase the amount of interest you have to pay
It will increase your monthly payments
It will hurt your credit score
It will take longer to pay off the loan
15
If you want to LOWER your monthly car insurance premiums, you can . . . .
Choose a higher deductible
Keep a clean driving record for at least 3 years
Move to a different state
increase your credit score
16
Homeowners insurance will cover . . . .
Everything EXCEPT wind / hail damage
Only wind / hail damage
The cost of replacing your personal property
The cost of rebuilding your entire home
17
In order to use the "Tulsa Achieves" scholarship through TCC, you must....
enroll immediately after high school
Live in Tulsa County
keep a 'C' average throughout high school
all of the above
18
Which of the following is NOT something you can use your HSA for?
Paying the deductible on your health insurance
Paying a co-pay for being admitted to an Emergency Room
Buying toothpaste at your local grocery store
Paying a co-pay at your dentists' office
19
Which of the following interest rates is most common for CREDIT CARDS?
2% - 5%
5% - 10%
200% - 400%
15% - 25%
20
Which of the following people would have the MOST expensive health insurance premiums?
An unmarried woman above age 40
Anyone with a history of cancer on both sides of their family
A single parent (man or woman)
A married man who consumes 2-3 alcoholic drinks per week
21
If you wanted to become an electrician after high school, you would attend. . . . .
A "vocational school" such as Tulsa Tech
A 'traditional' college (OU, OSU, etc.)
A 'for-profit' college such as University of Phoenix
A private university (ORU, Baylor, etc.)
22
With car insurance, the COST of your monthly premiums is determined by . . . .
The state in which you were born
Your gender and racial identity
Your credit score
Your driving experience and history of accidents / tickets
23
Most Americans get their health insurance through....
The US government
Their employers
Their state-sponsored "healthcare marketplace"
State governments
24
Which of the following is the most common range of interest rates for a CAR LOAN?
10% - 20%
15% - 25%
200% - 400%
2% - 5%
25
The cost of life insurance premiums would increase because of . . . . .
Your credit score
Gender or racial identity
Age or high-risk behaviors (drinking, smoking, etc.)
The state you were born in
26
An HDHP with HSA contributions would NOT be a good choice for . . . .
A married couple with no children
A single parent with a high income
A family with young children or someone who plays football
A single person who runs marathons and maintains a healthy weight

Financial Literacy Final Exam Review (Part 2) Flashcards | StudBud