Financial Literacy

What is a private student loan?

Three numbers at the bottom of a check are the routing number, account number, & check number

Checking accounts pay more interest than savings accounts

What factors influence financial planning?

What is return?

If a I claim 4 exemptions on my W4 my taxable income will be less than someone with 1

What form do all colleges require of students who want to receive financial aid?

What is an “exemption?”

Room and Board at college means?

What affect do deductions have on taxable income?

you put $800 into an account that pays 2.1% compound int. How much do after 36 months?

Taxes have a negative impact on investment earnings by reducing the net income of an investment

Adjustable rate mortgage can lead to payments that is higher than when you first bought

Who can collect Social Security?

An automobile is always an asset

Which of the following best describes a balloon mortgage?

What is Medicare?

Identify one advantage of an adjustable rate mortgage?

What is a subsidized student loan?

Deposit $1000 earning 5% interest, compounded annually. how much money will you have in 5 years

What is taxable income?

The initial amount of money that is borrowed or deposited is the

What is liquidity?

The majority of property taxes are used for

What was the purpose of creating Social Security?

FED stands for

Which of the following will appear on a credit report?

What is Risk

How is a credit score determined?

Quarterly interest means interest will be calculated _____?

Needs are the basic essentials for life, wants are unessential items.

Owning a home and having children reduces your taxable income

Explain the relationship between taxes and government.

The most you have to pay for covered services in a plan year.

If you spend more money than you make, you are going into __________.

Which of the following is NOT a way interest rates add to the cost of goods and services?

How is currency used to transfer goods?

$500 earning 5% simple interest. How much money will you have in 5 years?

Investing is when you save money in a savings account.

What is currency?

Opportunity Cost is when you don’t buy now so you can afford something else later in life.

A complaint that you communicate to your health insurer or plan.

What is a budget?

The FED is broken down into _____ districts

a specified amount of money the insured must pay before an insurance company will pay a claim

What will be the impact on your investment if: it earns 5% a year and inflation is 3% a year?

Which is not a compulsory government program that must be deducted from your check.

What is deferred gratification?

Which of the following best describes a traditional fixed rate mortgage?

Profit = Revenue – Expenses

How can cultural values impact financial decisions?

It is important to “pay yourself first” becauseif you don't, you will just spend it all

Which is not a financial product or service offered by a financial institution?

Select they answer that correctly displays the relationship between risk and liquidity.

The difference between private and public colleges is:

Stopping a payment on a check means you must

Leasing a car is when you own it and can drive it as much as you want

What will be the impact on you investment: You earns 4% a year and inflation is 5% a year?

Subsidized Student Loans will be granted to part time students.

Cost of living represents?