BONUS QUESTION: Which credit union is the largest credit union in Georgia?

Delta Community Credit Union, Of Course!

What does SMART stand for?

Specific, Measurable, Achievable, Relevant, and Time- Oriented

What is the difference between Gross pay and Net pay?

Gross pay- before taxes, Net pay-what you bring home after taxes.

What best describes a budget?

A plan for saving and spending money

What does interest on a loan mean?

It’s the cost of borrowing money, which you pay monthly

What is the difference between a debit and a credit card?

Debit cards- take funds immediately, credit cards are billed later

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Financial Literacy Quiz-HCCA

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Questions 16

Answers

1
Which of the following is NOT a way credit can impact your finances?
Employment
Renting an apartment
Shopping online
Buying a vehicle
2
BONUS QUESTION: Which credit union is the largest credit union in Georgia?
Delta Community Credit Union, Of Course!
Navy Federal
Georgia’s Own
LGE
3
Investing in several things at once is called what?
Diversifying
Risk Sharing
Money Sharing
Multi-Investing
4
What is the foundation of financial success?
Credit
Money Management
Budgeting
Investing
5
True or False: You can open more than one savings account.
True
False
6
Which of the following is a variable expense?
Shopping Spree
Electricty Bill
None of the Above
Phone Bill
7
Which of these credit scores is the best?
820
670
580
750
8
What does SMART stand for?
Specific, Manageable, Actionable, Realistic
Specific, Measurable, Achievable, Relevant, and Time- Oriented
Savvy, Magnificent, Amazing, Thoughtful
Smart, Mindful, Actionable, Real, Thoughtful
9
What is the difference between Gross pay and Net pay?
Gross pay- your money Net pay- some of your money.
Gross pay is what you bring home after taxes, Net pay is before taxes.
Gross pay- before taxes, Net pay-what you bring home after taxes.
Gross pay is when you get an advance on your paycheck.
10
What best describes a budget?
The money you earn
A plan for saving and spending money
A way to keep up with what you buy
Not going crazy with your money
11
Variable Expenses remain the same every month.
True
False
12
Which payment method is linked to your checking account?
Debit Card
Gift Card
Cash App Card
Bank Card
13
What does interest on a loan mean?
The total amount you’ll pay over the course of the loan
When you’re really happy about securing a loan
The name of the bank that provides you with the loan
It’s the cost of borrowing money, which you pay monthly
14
What is the biggest determining factor of a credit score?
Payment History
New Credit
Credit Mix
Amounts Owed (Utilization)
15
What type of account is used for everyday purchases and paying bills?
My Favorite Account
Money Market Account
Savings Account
Checking Account
16
What is the difference between a debit and a credit card?
Credit cards are for people age 40 and older.
Debit cards- take funds immediately, credit cards are billed later
Debit cards are billed later, credit cards are billed in real time.
Debit cards can only be used online and credit cards at the register.

Financial Literacy Quiz-HCCA Flashcards | StudBud