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Test Your Financial Literacy Flashcards | StudBud
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Test Your Financial Literacy
Test Your Financial Literacy
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StudBud Administration
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Basic personal financial literacy concepts
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
Many savings programs are protected by the Federal Government against loss. Which is not?
A certificate of deposit at the bank.
A bond issued by one of the 50 States.
A U. S. Treasury Bond
A U.S. Savings Bond.
2
You have caused an accident, which type of automobile insurance covers damage to your own car?
Comprehensive
Collision
Term
Liability
3
The degree to which an asset gains or loses value over a period of time is called
compound interest
rate of return
liability rate
speed of conversion
4
FAFSA stands for which of the following?
Federal Aid for Free Student Acceptance
Free Application for Federal Student Allowance
Free Application for Federal Student Aid
To use your personal information for their own gain
5
Rebecca has $12,000 for college next year. Which is the safest place to keep her money?
A bank savings account
Stocks
Locked in her closet at home
Corporate bonds
6
Which of the following agencies provide free credit reports for consumers?
Experian, Credit Reports Association
None of the above; you must pay a fee for any credit report
TransUnion, Experian, Equifax
Equifax, credit unions, bankrate
7
Which of the following best describes the primary sources of income for most people age 20-35?
Salaries, wages, tips.
Profits from business
Rents.
Dividends and interest
8
This type of insurance replaces a portion of your paycheck if you can't work due to injury?
umbrella
life
full coverage
disability
9
What can you achieve by creating and using a budget?
decrease your stress levels
help you identify wasteful expenditures
all of the above
prepare for your financial future
10
The type of investment in which money is lent to a government or company is called a
Bond
Certificate of Deposit
Money Market
Stock
11
Which credit card user will pay the highest amount in finance charges if they charge the same?
always pays off credit card bill in full
only pays the minimum amount each month
pays minimum amount each month and more sometimes
generally pays off in full sometimes pays the minimum
12
Which statement below is true about mutual funds?
Mutual funds only include bond funds
You can choose stocks in your mutual fund collection.
Mutual funds are convenient and professionally managed.
Mutual funds only include stock funds
13
Which of the following instruments are NOT typically associated with spending?
Cash.
Credit card.
Debit card.
Certificate of deposit.
