Wise Financial Literacy Test (Practice Test)

Wise Financial Literacy Test (Practice Test)

11th Grade

59 Qs

quiz-placeholder

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Wise Financial Literacy Test (Practice Test)

Wise Financial Literacy Test (Practice Test)

Assessment

Quiz

Other

11th Grade

Medium

Created by

Lisa Rose

Used 2K+ times

FREE Resource

59 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who has a car can AVOID having the car repossessed by

Having the car serviced

Driving carefully until loan is repaid

Taking a driver's education course

Making payments in full by the due date

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person wrote a check for $800 but only had a balance of $700 in their checking account. The most likely reason the check did not bounce is because he/she has

A debit card from the bank

A certificate of deposit at the bank

Excellent credit

Overdraft Protection

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In order to live on a monthly budget, a person should

Invest in the stock market

Be a risk taker and be charitable

Be responsible and use restraint

Use the Rule 72

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a person has a credit score of 780, he/she is more likely to

Be charged a lower interest rate for a loan

Be charged no interest for a loan

Need to have at least 2 credit cards to get a loan

Need proof of home ownership to get a loan

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The cost of borrowing money is commonly referred to as the

Rate of inflation

Interest rate

Time value of money

Introductory rate

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a person decides to lend money to a friend, it is strongly advised that the person lending the money

Charge a higher interest rate than banks are charging for a loan

Has a good credit score

Ask the borrower to sign an agreement explaining the terms of the loan

Ask the borrower to not have any unpaid bills

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Even though the United States is becoming a "cashless society", it is still important to have some cash at home because:

it is the best way to save for a large purchase

the money will increase in value overtime

the money can be used if ATM's become disabled during a disaster

It is a way to improve a person's credit score or net worth

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