Financial Literacy Exam Review

Front

Which of these is a variable expense? Electricity bill, Rent, Insurance, House Payment

Back

Electricity bill

Front

Overdraft protection helps you cover a purchase in your checking account ______________.

Back

when you don't have enough funds

Front

How is an advertisement different from a comment from a regular consumer?

Back

The advertisement is likely one-sided.

Front

Which best describes the difference between secured and unsecured loans?

Back

Secured loans require collateral, while unsecured loans do not.

Front

A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder

Back

debit card

Front

Which payment method could charge you interest? Options: Cash, Check, Debit Card, Credit Card

Back

Credit Card

Front

To deposit a check using a mobile banking app, you have to: upload pictures of your signed check, mail the check to your financial institution, check your interest rate, have more than one account.

Back

upload pictures of your signed check

Front

What is the benefit of a savings account?

Back

A savings account earns interest.

Front

Which of these earns more money over time? simple interest, compound interest

Back

compound interest

Front

When do you need to apply for the Free Application for Federal Student Aid (FAFSA)?

Back

The year before college and every year you attend.