Diagnostic Exam

Front

Sylvester is taking out a loan and is confused by the jargon. Which of the following explanations might help him? TERM is the length of the loan, and INTEREST RATE is how much total money he will pay, PRINCIPAL is how much he owes per month, and TERM is how much he owes overall, INTEREST RATE is how much the lender charges per year for the loan, and PRINCIPAL is the initial amount Sylvester borrows, MONTHLY PAYMENT is how much interest costs him each month, and TERM is the name of his lender

Back

INTEREST RATE is how much the lender charges per year for the loan, and PRINCIPAL is the initial amount Sylvester borrows

Front

Which should you use when creating a budget - your NET PAY or GROSS PAY?

Back

Net pay, because it’s the total amount you’ve earned minus taxes and other deductions.

Front

Which of the following is a recommended way of following up with a personal connection after a job interview?
- Returning to the office the next day to express your continued interest in the job
- Buying the interviewer(s) a gift
- Sending a friend request to the interviewer(s) on social media
- Sending a personalized thank you letter or email

Back

Sending a personalized thank you letter or email

Front

Which amount is found when you subtract your grants and scholarships from a college’s cost of attendance?

Back

Net price

Front

All of the following are benefits of taking out a loan with a cosigner EXCEPT...
There are no penalties for late payments, You gain access to loans you might not have been approved for on your own, Your interest rate might be lower, Your credit score will be positively impacted by making timely payments

Back

There are no penalties for late payments

Front

Which of the following is a method of accessing the money in your checking account? Buy a prepaid card using cash, Deposit a paycheck from your job, Insert your debit card at a store and sign the electronic machine or paper receipt, Take money from the ATM using your credit card

Back

Insert your debit card at a store and sign the electronic machine or paper receipt

Front

How does renters insurance work?

Back

You pay monthly premiums to buy a policy, and then you file a claim to have the insurance company cover your losses if something goes wrong.

Front

In order to qualify for financial aid, prospective college students must submit their ____________

Back

FAFSA

Front

Which of the following best describes the amount of money you'll have if you put $1000 into a CD earning 2% annual compound interest for 10 years? You can ignore the impact of inflation in this question.

Back

More than $1200

Front

Which of the following can be found in your credit report?
Your checking and savings account balances,
How long you’ve been a member of a bank or credit union,
Your credit payment history,
A list of items you’ve purchased using credit

Back

Your credit payment history