Quiz about Financial Literacy

Question 1

When you write a check from your checking account this is a:

Accepted Answer

Debit subtracted from your balance

Answer

Credit added to your balance.

Answer

Credit subtracted from your balance.

Answer

Debit added to your balance.

Question 2

A checking account is:

Accepted Answer

An account where money can easily be deposited and withdrawn by means of checks, debit cards and ATM transactions.

Answer

An interest bearing account where your deposit remains for a set period of time.

Answer

A computer program that checks your email account.

Answer

Ownership in a company.

Question 3

Reasons for making a budget include:

Accepted Answer

All of the above choices are correct.

Answer

To keep track of your income and expenses.

Answer

To achieve your long term goals.

Answer

To have a spending plan.

Question 4

The lowest amount of money shown on your credit card bill that must be paid every month is called the:

Accepted Answer

minimum payment

Answer

late fee

Answer

credit limit

Answer

previous balance

Question 5

How can a cardholder avoid paying interest on a credit card?

Accepted Answer

Pay the balance in full every month.

Answer

. Do not pay anything.

Answer

Pay the minimum balance every month.

Answer

Pay the minimum payment after the due date

Question 6

A detailed report of your credit history prepared by a credit bureau and used by a lender to determine creditworthiness is called a:

Accepted Answer

Credit Report

Answer

Credit Card

Answer

Certificate of Creditworthiness

Answer

Report Card

Question 7

What are rooms located on a college campus called?

Accepted Answer

Dorm

Answer

Home

Answer

Apartment

Answer

Loft

Question 8

Which situation shows a financially responsible citizen?

Accepted Answer

Only buying items that you CAN afford

Answer

Purchasing an expensive automobile you CANNOT afford.

Answer

Throwing money out the window.

Answer

Hiding your money under your mattress.

Question 9

Besides tuition, most colleges also charge their students for:

Accepted Answer

All of the Above

Answer

Room and Board

Answer

Extra Fees

Answer

Textbooks

Question 10

Which of the following is one of the main costs of college?

Accepted Answer

Tuition

Answer

Food

Answer

Transportation

Answer

Fitness Center

Question 11

If you don't have enough money to pay for a private college, you cannot attend that college.

Accepted Answer

False

Answer

True

Question 12

Grants are mostly available to students who:

Accepted Answer

Have family financial need

Answer

Have really good grades

Answer

Have filled out the application

Answer

Have talents in sports or arts

Question 13

The least expensive type of college is usually...

Accepted Answer

Community Colleges

Answer

Universities

Answer

Technical Colleges

Answer

Public colleges

Question 14

Money used to pay off education-related expenses, such as college tuition, room and board at the university, or textbooks, that you will have to pay back.

Accepted Answer

Loan

Answer

Grant

Answer

Scholarship

Answer

Savings

Question 15

Money or other aid given to a student, because of merit, need, etc., to pursue his or her education-related expenses, such as college tuition, room and board at the university, or textbooks, and there are stipulation on the money in order for the students to continue receiving the funds.

Accepted Answer

Scholarship

Answer

Grant

Answer

Loan

Answer

Savings

Question 16

Money awarded to somebody to fund education-related expenses, such as college tuition, room and board at the university, or textbooks, and depends on your financial need.  Do not have to repay.

Accepted Answer

Grant

Answer

Loan

Answer

Scholarship

Answer

Savings

Question 17

How your grades are calculated?

Accepted Answer

GPA

Answer

4.0 System

Answer

100 point system

Question 18

Work part-time on campus while enrolled.

Accepted Answer

Work Study

Answer

Scholarship

Answer

Financial Aid

Answer

Part-time Job

Question 19

What is a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase?

Accepted Answer

Debit Card

Answer

Credit Card

Answer

Banking Card

Answer

Finance Card

Question 20

Who has the better credit score?

Accepted Answer

Monthly Income: $3,300
Credit Care Balance: Pays Full Balance
Student Loan Payment: $100

Answer

Monthly income: $1900
Credit Card Payment: $48
Credit Card Balance: 3857
Car Loan Payment: $218
Two late car loan payments

Question 21

May writes 5 checks and uses debit 8 times in one month. Which is the best bank for May?

Accepted Answer

First City Bank

Answer

Transnational Bank

Answer

Hometown Bank

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