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Financial Literacy Quiz Flashcards | StudBud
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Financial Literacy Quiz
Financial Literacy Quiz
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Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
Which of the following is a benefit of using a credit card responsibly?
Interest-Free Loans Forever
Free Money
Building Credit History
No Need to Budget
2
Which of the following is true about compound interest?
It includes both principal and accumulated interest
It only applies to mortgages
It decreases over time
It’s less predictable than simple interest
3
What’s a major advantage of investing early?
More time for compound growth
Lower risk
Avoiding taxes
Access to employer loans
4
Which of the following is an example of “revolving” credit?
Mortgage
Student Loan
Car Loan
Credit Card
5
I will join Emory Financial Literacy's Investing game!
Yes!
Absolutely!
Already did it!😏
Heck yes!
6
What is the main downside of carrying a credit card balance month to month?
No Fraud Protection
Damaged Credit Score
High Interest Charges
No Rewards
7
Which factor is NOT directly part of a credit score?
Types of Credit
Your Salary
Payment History
Credit History
8
Which investment strategy is emphasized in the presentation?
Time in the market
Cryptocurrency speculation
Timing the market
Day trading
9
What is the main difference between ETFs and mutual funds?
One only includes bonds
ETFs are employer-sponsored
ETFs are traded like stocks throughout the day
Mutual Funds are tax free
10
What does APR stand for?
Average Payment Ratio
Annual Percentage Rate
Annual Profit Rate
Applied Principal Rate
11
Emory Financial Literacy is hosting an investing game!
True
False
12
Which account type is most commonly offered by employers with possible matching?
CD (certificate of deposit)
401(k)
Roth IRA
Taxable brokerage account
13
What does a higher credit score generally result in?
Denial of Credit
Higher APR
Less Credit Available
Better Loan Terms
14
What is the minimum amount you must pay on a loan each month called?
Default
Principal
APR
Minimum Payment
15
Which of the following is a reason to open a Roth IRA instead of a Traditional IRA?
Pre-tax deductions
Tax-free growth and withdrawals
You can only invest in bonds
No contribution limit
16
I want to dive deeper into financial literacy. What resources does Emory Financial Literacy offer?
Instagram (@emoryfinancialliteracy)
Blog Posts
Weekly office hours with peer mentors
Website (emoryfinancialliteracy.com)
17
Which type of interest only accumulates on the principal loan amount?
Compound Interest
Exponential Interest
APR-based interest
Simple Interest
18
What happens when you fail to make the minimum payment on your loan for an extended period?
Interest is waived
Credit score improves
You go into default
APR decreases
