AES: Personal Financial Literacy Test

What is the definition of a "want"?

Consumer credit can help a lender determine how much a borrower is charged to borrow money.

A secured loan is backed by __________________.

Jimmy has poor credit, but would like to repair his credit with a credit card. For what type of card should Jimmy apply?

What is an interest rate?

Is debt-to-income a factor when a lender is assessing whether to loan a borrower money?

The top salary you can make.

A __________allows you to invest your money with a set interest rate for a pre-set period of time.

Credit allows you to?

Money you earn from assets you have purchased or created. Generally recurring income.

An account that allows you easy access to your money and allows the use of checks and debit cards.

What is a credit score?

Wages, salary and commission are examples of what type of income?

The life of a CD (Certificate of Deposit) can range from a few ____________.

Income generated by selling an investment at a higher price than you paid for it.

Using misleading product images is an example of what type of deceptive advertising?

When budgeting, large expenses should be __________________.

The quality, state, or fact of being able to generate, create, enhance, or bring forth goods and services.

Education, training, and experience are some factors that influence earned income.

James earns 10% of every sale he makes. This is an example of:

An account that allows you to save money, as well as make deposits and withdrawals.

Which influence on spending deals with a person's family, friends and cultural environment?

Randy earns $22 per hour. This is an example of:

What is principal?

What is interest?