Which of the following credit card users will pay the GREATEST in finance charges each year?

Erin, only pays the minimum amount each month.

The WORST way to protect yourself from identity theft is to:

Broadcast your SSN on Twitter, Facebook, etc.

Financial literacy is best defined as:

The ability to understand finance.

When would it be beneficial to borrow money to buy something and repay it with future income?

When you need to buy a car to get a better paying job.

Which of the following is NOT correct about most ATM cards?

You can get cash anywhere in the world with no fee.

Which of the following best defines "financial planning?"

Long-term management of finances to achieve personal goals.

Which best describes your right to check you credit history for accuracy?

Your credit record can be checked once a year for free.

If you find an error on your credit report what are you able to do to correct it?

Dispute the error with the credit bureau.

Which of the following is NOT a reason to build a budget for yourself?

It will cause too much stress to look at all those numbers.

Which best describes "The Rule of 72?"

Calculation to approximate time needed to double investments

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Financial Literacy Quiz - TRiO

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Questions 25

Answers

1
What kind of card allows you to spend money directly from your checking account?
Gift card
Credit card
Secured credit card
Debit card
2
Which of the following credit card users will pay the GREATEST in finance charges each year?
Jess, pays at least the min. each month, more when able.
Vera, generally pays in full. Pays the min. if short of $.
Erin, only pays the minimum amount each month.
Meg, always pays in full after she receives statement.
3
The WORST way to protect yourself from identity theft is to:
Broadcast your SSN on Twitter, Facebook, etc.
Shred documents containing personal information.
Check your credit report annually. (more if able.)
Enroll in paperless billing.
4
Which of the following would be considered a short-term goal?
Spending less
Saving for a home
Getting Married
Retirement
5
Financial literacy is best defined as:
The ability to read what's printed on money.
The ability to read investment advice.
The ability to understand bank statements.
The ability to understand finance.
6
When would it be beneficial to borrow money to buy something and repay it with future income?
When the loan has a high interest rate.
When some clothes you like go on sale.
When you need to buy a car to get a better paying job.
When you really need a week vacation.
7
Student financial stress has been linked to which of the following?
Withdrawal from school.
All of these.
Reduced course loads to work more.
Lower academic performance.
8
Which website/app lets you track your budget progress in real-time?
Budgets-R-Us
Budget-Mate
Mint
Pokémon GO!
9
Rebecca has saved $12,000 for college. What is the safest place for her money?
Locked in her closet at home.
Corporate Bonds
Stocks
A bank savings account.
10
Which card allows you to borrow money?
Debit card
Gift card
Credit card
Dillon's card
11
Which best describes the primary income source for most people age 20-35?
Salaries, wages, and tips.
Rental property.
Dividends and interest.
Profits from business.
12
How much money should you have in savings to cover the "what-ifs" in life?
One full year of income.
3-6 months of life expenses.
About 20% of your annual income.
None; Roll with the punches.
13
Which of the following is NOT correct about most ATM cards?
You must have a bank account to have an ATM card.
You can get cash anywhere in the world with no fee.
You can usually get the balance of your account at an ATM.
You can get cash 24 hours-a-day.
14
Which of the following best defines "financial planning?"
Deciding which of your friends you should loan money to.
Planning for how you are going to pay for drinks tonight.
Long-term management of finances to achieve personal goals.
Planning how best to count-out a cash drawer.
15
Which best describes your right to check you credit history for accuracy?
You can only check it if you are turned down for credit.
Credit records are top secret govt. property. FBI, CIA only.
You cannot see your credit record.
Your credit record can be checked once a year for free.
16
The interest a credit card company charges for borrowed money is the:
APY
PAY
AARP
APR
17
Which form of Financial Aid are you not required to pay back?
Private Loans
Federal Grants
Federal Subsidized Direct Stafford Loans
Federal Unubsidized Direct Stafford Loans
18
If you find an error on your credit report what are you able to do to correct it?
Dispute the error with the credit bureau.
Call a loved one and cry.
Call your senator. They'll fix it.
Nothing.
19
How much more money can you earn with a four-year degree versus a high school diploma?
About 10X as much.
No more; I would make the same either way.
A little more; about 20% more.
A lot more; about 70% more.
20
What is the standard repayment-term for Federal Student Loans?
10 months
5 years
10 years
You don't repay Federal loans
21
Which of the following is NOT typically associated with spending?
Credit card
Certificate of deposit (CD)
Cash
Debit card
22
The interest your savings account earns each month is the:
PAR
APY
PAY
AARP
23
Which of the following is reported on your credit report?
Your car's maintenance history
Your GPA at KU
Your insurance provider
Payment history
24
Which of the following is NOT a reason to build a budget for yourself?
It will define your financial situation.
It will cause too much stress to look at all those numbers.
It will compare income to necessary expenses.
It will define the difference between a want and a need.
25
Which best describes "The Rule of 72?"
The amount of time it takes to spend $72
Calculation to approximate time needed to double investments
The number of questions to ask today. (yes, but not right!)
The time it takes to complete 72 credit hours at KU

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