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Preliminary Financial Literacy Quiz Flashcards | StudBud
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Preliminary Financial Literacy Quiz
Preliminary Financial Literacy Quiz
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Test your student's financial literacy with this quiz.
Flashcards
47 cards
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Questions
47
Answers
1
You cosign a lease, but decide to stop paying after three months. Which is true?
Your roommate can legally throw all your belongings outside
You can be taken to court and ordered to pay the bill
You do not legally have to pay anything.
Nothing happens as long as half of the bill is paid
2
What is a loan term?
The rules that go along with taking out the loan
The date that the loan is taken out
The amount of time the loan will be taken out
The specifics of what you must pay on the loan
3
What's the difference yearly between a 15 percent APR and a 25 percent APR on a $10000 balance?
$1000
$2000
$500
None of the above
4
Which of the following is a WANT, not a NEED?
Housing
Apple watch
Food
Clothing
5
How much net pay should go towards housing
30 percent
20 percent
10 percent
40 percent
6
What is an annual fee
The amount you are allowed to borrow
Money paid upfront to use the credit card
Percent paid over the course of a year
The amount you owe on your credit card
7
What is an unsubsidized loan?
A loan that accrues interest while in school
A loan that does not accrue interest while in school
A loan you must pay back in 25 years time
Money that you do not have to pay back
8
Which of the following should NOT be included in your personal resume?
Personal picture
Experience
Skills
Education
9
What is a subsidized loan
A loan that you must pay back in 25 years time
A loan that accrues interest while you are in school
A loan that does not accrue interest while you are in school
Money that you do not have to pay back.
10
What do Federal and State taxes help to fund?
All of the above
Roads
Libraries
Schools
11
Which of the following will bring down your credit score?
Having too much debt
Small amount of time accounts have been opened
Not paying your bills on time
All of the above
12
What is a cost comparison
Comparing the cost of one good
An action that negatively affects financial success
Comparing the cost of two or more goods
Comparing the cost of one service
13
Which of the following describes the fee for taking out too much money?
Deposit fee
ATM fee
Overdraft fee
Maintenance fee
14
What are some important ways to avoid paying fraudulent charges?
Keep your personal passwords private
All of the above
Dispute fraudulent charges
Check for skimmers
15
What is a W4 form?
A form that determines your federal taxes
None of the above
A form that determines retirement costs
A form that determines your life insurance pay
16
Which of the following covers financial protection and income replacement in case of death?
All of the above
Life insurance
Personal property insurance
Homeowner's insurance
17
Which of the following is correct?
A debit card is a bill paid at the end of every month
A debit card withdraws money directly from your bank account
18
How long do transactions stay on your credit report for?
6 years
2 years
10 years
7 years
19
Which of the following should NOT be included on a check when you write a check?
Personal signature
Current balance information
What the purpose of the check is
Recipient, or person receiving the check
20
What is the main financial aid document
FMRTJ
FAN BA
FAMMC
FAFSA
21
Which website will help you to determine your financial aid package?
phonedog.com
finaid.org
myrateplan.org
kbb.com
22
What is loan principle?
Money paid toward the original amount of the loan
Money paid to close an account
Money paid upfront to open an account
Profit paid to the bank for the privilege of getting a loan
23
Which of the following is "not for profit?"
Bank
Credit union
24
What does it mean to VOID a check?
To deposit the check during off-hours
To double check the numerical accuracy
None of the above
To cancel the check
25
Which of the following must USUALLY be paid with each paycheck?
Federal tax, State tax, Social Security, Medicare
Federal tax, State tax, Medicare, 401k
Federal income tax, State income tax, Life insurance, 401k
Federal tax, State tax, life insurance, 401k
26
Only you signed the lease to live with your friend, but she won't pay you. Which can you do?
None of the above
Throw her out immediately.
Successfully demand your apartment manager get your money
Sue her in court and get your money back
27
What is your account number?
The number assigned to your particular bank account
The amount currently in one's checking account
The number designating a specific bank
The number for a check being given to a vendor
28
Which of the following is the riskiest investment?
Stocks
CD account
Savings account
Bonds
29
What does comprehensive car insurance cover?
Any damage from theft or vandalism
Any damage caused by your car hitting an object
Any damage to your health in an accident
Any damage from a car accident with another car
30
What is a grant?
Money that you do not have to pay back
A loan that accrues interest while in school
A loan that does not accrue interest while in school
A loan that you must pay back in 25 years time
31
You have a $1000 balance with a 15 percent APR. How much do you pay MONTHLY in interest?
150
46.50
12.50
25
32
What is the BEST way to keep your credit score up?
Paying all of your bills on time
Having a small amount of debt to pay
Having a long credit history
Having few inquiries on your credit report
33
What is a down payment?
Money that decreases as you pay off your account over time.
Money that you owe at the midpoint of your account opening.
Money paid upfront to open up an account.
Money paid at the end of a contract to close out an account.
34
What is an APR
The amount you are allowed to borrow
The amount you owe on your credit card
The money paid upfront to use a credit card
The percent you must pay in interest over a year.
35
What is loan interest?
The amount paid to close an account
The amount paid to open an acccount
The amount paid towards the original loan amount
Profit the bank makes on your loan
36
In what order should you accept the following financial contributions to save money?
Unsubsidized loan, grant, subsidized loan, personal loan
Subsidized loan, unsubsidized loan, grant, personal loan
Grant, subsidized loan, unsubsidized loan, personal loan
Grant, unsubsidized loan, subsidized loan, personal loan
37
How much of a down payment must you have to avoid Mortgage insurance
25 percent
15 percent
Mortgage insurance is never mandatory
20 percent
38
What is a debit?
All of the above
The removal of money from an account
The depositing of money into a count
The last day a transaction is made to an account
39
What does Social Security do?
Helps accrue money towards one's health insurance
Pays for a disability that arises from the work place
All of the above
Pays for retirement costs in one's later years
40
Which account does not earn interest?
Savings account
CD account
Checking account
Retirement account
41
What is the Fair Credit Report Act?
Promotes the fairness and privacy of consumer information
Promotes equal accessibility of good credit
Promotes the rectitude of various financial procedures
Promotes the fairness of international institutions
42
What are some items a person might include on their will?
Executor
Physical items
All of the above
Money
43
What is a routing number?
The amount currently in one's checking account
A number designating a specific bank
The number for the check being given to a vendor
The number assigned to your particular bank account
44
You have a $1000 balance with a 15 percent APR. How much will you pay yearly in interest?
50
250
200
150
45
Which of the following websites will help you determine the accurate price of a car
kbb.com
phonedog.com
myrateplan.org
finaid.org
46
Who is eligible for Social Security benefits?
A child that has lost their parents
All of the above
A person who has a deceased spouse
Elderly people past a certain age who are retired
47
Rank the following colleges in the order of their usual annual cost.
community college, UC, Cal State, private college
community college, Cal State, private college, UC
community college, private college, UC, Cal State
community college, Cal State, UC, private college
