Financial Literacy Exam Prep

What type of insurance helps pay for stays in a nursing home?

A w-4 is the name of the form employers use to determine how much tax to deduct from a paycheck.

What actions lead to a higher car insurance rate?

What financial institution can an individual go to to get money from a check if they do not have a bank account?

A bond is generally considered a risky investment.

What is a commodity investment?

What additional cost must be paid in addition to the listed price of a product at a store?

What account is impacted positively when the federal government raises interest rates?

What type of mortgage loan helps low-credit score people, little cash for down payment, & are first-time home buyers?

What is it called when a person receives a product or service now, but pays for it later?

What are the 4 steps in the formation of a contract?

What practice can negatively affect one’s credit score?

What is the advantage of maintaining a good credit score?

What type of insurance assists in covering medical expenses associated with short-term illness and accidents?

What is an advantage that a credit union offers over a bank?

What is a safety deposit box at a bank used for?

What does an individual need to pay for if they cannot make a large down payment on a mortgage loan?

What type of insurance provides income to people who depend on a wage earner after the wage earner dies?

What is the term used to describe interest earned on interest gained?

Rent-to-own agreements negatively affect consumers due to the consumer paying a higher interest rate.

What can affect which federal income tax bracket a person is in?

What is the typical amount of time for a mortgage loan to be paid off?

When a business allows a customer to pay a deposit on an item and receive it when the balance is paid is a layaway plan.

What is paid as part of the escrow funds included in a mortgage loan?

What are examples of installment loans?

If one party does not do what the contract requires, then the individual has committed a what of the contract?

What is the name of the person who can confirm signatures to a contract?

What is the term for someone who relies on someone else financially?

What is it called when you compare bank statements to withdrawal records to track spending.

Which type of card removes funds from a checking account almost immediately?

A variable expense is one that changes from month to month.

Sales tax amounts are generally established by state and local rates.

What stays the same even if one’s house value increases?

What is it called when several charges appear on a bank statement that the customer did not make?

What is the Rule of 72 used to calculate?

Which investment can be risky, ownership can be in a corp, can pay dividends, and has the potential for great reward?

When eating at a restaurant, what additional cost is added to a meal besides price and tax?

Money charged to a consumer when they spend more money than they have in their bank account.

The total money one gets to take home from a paycheck after taxes.

What financial institution receives criticism for targeting people in low income homes by charging high interest rates?

A rain policy protects the holder against liability costs beyond what is covered by other insurance.

A W-3 is the form that an employer provides an employee to inform them what money was deducted from paychecks.

What is the name of a financial institution that handles money, and keeps it safe for saving or commercial purposes?

Calculate the interest earned on $150 after one year at a 6% return rate. Use the formula= I=prt.