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Duplicate of Personal Financial Literacy Review Flashcards | StudBud
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Duplicate of Personal Financial Literacy Review
Duplicate of Personal Financial Literacy Review
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1
Owning a home is always better than renting. True or False?
False
True
2
The circled numbers on the check represent the:
check number
bank routing number
member number
bank account number
3
Which of the following would you NOT need Good Credit for?
Buying a new car
Adopting a pet
Renting an apartment
Getting a credit card
4
Which of the following describes sales tax:
tax collected on the value of property
tax collected on most items sold
tax collected on income earned
5
What is a mortgage?
A car loan
A home loan
A business loan
6
What is the difference between a debit card and a credit card?
They are both the same
Debit is money you already have, credit is a loan
Credit is money you already have, debit is a loan
Credit is free, debit is not
7
When you purchase a company bond, you are:
buying a portions of a company
diversifying your portfolio
loaning money to a company
investing in an index fund
8
Which of the following typically have the HIGHEST fees?
Credit Union
Retail Bank
Cash Advance
Payday Lender
9
Which piece of information is most useful to an identity thief?
Your full name and address
Your full name and social security number
Your full name and bank account number
Your full name and date of birth
10
By what date must federal taxes typically be filed and sent to the IRS?
May 15
April 1
March 17
April 15
11
Which of the following likely needs LIFE INSURANCE the most?
a 40 year old single mom with a child
A 30 year old single man
18-year-old college student
Two workers in their 30s with no children
12
The term referring to the rate of yearly interest for your credit card is commonly known as
Default Rate
APR
Grace Period
COD
13
The main trade-off that all investors must consider is:
income vs. cost
diversity vs. uniformity
risk vs. return
stocks vs. bonds
14
Which of the following credit scores would be LEAST likely to qualify for a home loan?
450
730
850
720
15
How often are you entitled to a free credit report from each of the major credit reporting
Whenever you use credit
Yearly
prior to making large purchases
Monthly
16
Which of the following could potentially damage your credit score?
paying a speeding ticket
paying your water bill on time
Paying back a loan
ignoring a late payment notice
17
Tom earns $250 per month. Which statement below is most correct based on the table.
b. Tom spends more than he makes.
a. Tom makes more than he spends.
c. Tom should save more in the future.
18
Why is it important for young people to start saving as early as possible?
savings grow over time due to interest
college is inexpensive
Retirement is very near
savings grow over time due to luck
19
What is the general, common name for your credit score?
FIFA Score
FICO Score
FAFSA Score
20
When buying stock in a company, you are:
loaning money to a company
investing in an index fund
buying a portion of a company
diversifying your portfolio
