Financial Literacy Practice Problems

What is your expected family income?

The first step to creating a monthly budget is...

What does FAFSA stand for?

Which is NOT a credit reporting agency?

An example of a flexible expense is your rent.

What is a credit card?

A bankruptcy can stay on your credit report for up to how many years?

What does a credit score help a lender determine?

When writing a check for a payment, the money comes from a savings account.

Federal student loans can be deferred in instances of economic hardship.

What is a stock?

Inflation is...

Interest is a charge for the privilege of borrowing money

A single fund account is insured by the FDIC for up to 1,000,000

The higher the credit score, the lower interest rates can be on a big purchase.

Disposable income is

Your credit history begins at age 16?

What is a dividend?

The main 3 factors used to calculate a credit score is payment history, money owed & credit history.

Fixed expenses are expenses that stay the same from month to month.

A grant does not have to be repaid and are based on financial need.