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CFL Financial Know How Trivia 2024 Flashcards | StudBud
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CFL Financial Know How Trivia 2024
CFL Financial Know How Trivia 2024
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Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
Who was the first US Secretary of the Treasury?
Alexander Hamilton
John Adams
Benjamin Franklin
Thomas Jefferson
2
What is the best way to track your spending?
Using excel or google sheets
Writing it down in a tracking notebook
It doesn’t matter, whichever one works for me
Using a budget tracking app
3
This account is used to set money aside for emergencies because it's still readily accessible, and also builds interest.
Certificate of Deposit (CD)
High-Yield Saving
Checking
Index Fund
4
Follows a certain segment of the market, may provide broad exposure, low operating expenses, & low portfolio turnover
Checking
High-Yield Saving
Index Fund
Certificate of Deposit (CD)
5
Which of the following is
NOT
a way that credit card companies make money?
Interest on upaid monthly balance
Annual fees
Loaning money from a customer deposit base
Charging the merchant a percentage of the purchase
6
The most important factor in calculating one’s credit score is:
How much readily money is available in checking/savings
Yearly gross income
Credit history length
Paying all bills on time
7
Set money aside here & lock in an interest rate for a specific amount of time. Can't withdraw early without penalty.
Checking
High-Yield Saving
Index Fund
Certificate of Deposit (CD)
8
Your best financial strategy for increased savings and investment while promoting frugality is to...
Pay your bills, treat yourself, then save money
Automatically transfer from paycheck to savings & investment accounts (PYF)
Pay all your bills first, then add to savings
We don't know, please tell us!
9
You use this for paying your bills, your day-to-day expenses. It doesn't generate much interest, it's for convenience.
Certificate of Deposit
High-Yield Saving
Checking
Index Fund
10
What is the most proven path for financial security?
Speculating on cryptocurrencies such a Bitcoin
Earning a larger paycheck
Tracking my finances and spending below my means
Buying and selling stocks on Robinhood
11
Which of the following is
NOT
a component to how one’s credit score is calculated?
The income reported on your latest tax return
How old are your open lines of credit
Whether or not your bills are paid on time
How much of your available credit is used every month
12
To best improve my credit core, I should try to keep my credit usage:
Between 50-75% of my limit
. Between 75-100% of my limit
Between 0-25% of my limit
. Between 25-50% of my limit
13
How do fraudsters and scammers access my personal information?
All of the above
They embed malware in “tech support” pop-ups
They embed malware links in email and texts
They monitor what I post on social media
14
What is the required down-payment for a house?
20%
It depends on the loan
10%
3%
15
On your paystub, what is FICA?
A federal tax withholding for Social Security and Medicare
My state tax withholding
My federal tax withholding
My 401k withholding
16
What is the national animal of Scotland?
Unicorn
Shetland Pony
Sheep
Loch Ness Monster
17
When I own a stock in a company…
I am not exposed to any risk
I own a small piece of that company
I have loaned money to that company and have a scheduled repayment plan
I have no way of knowing whether I am taking a reasonable risk
18
If someone sends me a check, and asks me to return a portion of it for any reason
I should deposit and send the money so that pay my taxes on time
I should continue to do business with such an upstanding citizen
I should cash the check and spend the money.
I should assume it is fraud and tell my bank
