Financial Literacy Review

What type of accounts are Passbook, Money Market Mutual Fund and Certificate of Deposit?

• Stocks

• Financial

• Savings

• Checking

Loans that require collateral (asset) to guaranteed repayment are

• default loans.

• secured loans.

• unsecured loans.

• repossion loans.

What is the best strategy to get rid of credit card debt?

• take out several loans to pay off all the other debts.

• file Chapter 7 bankruptcy.

• pay the minimum payment until the balance is paid.

• pay off loans with the highest interest rate first.

What is a benefit of renting a home?

• you must pay a security deposit.

• no maintenance or upkeep costs on the property.

• limit on home improvements.

• No equity or increase in the value of property.

What is the form you have to fill out to apply for college financial aid?

• Government College Aid Form (GCAF)

• Free Application for Federal Student Aid (FAFSA)

• Federal Student Loan Application (FSLA)

• The Common Application (TCA)

What program provides students with financial aid by providing a part-time job while enrolled in school.

• Federal Work-Study program (FWS)

• Student Employment Aid program (SEA)

• Student Job Assistance program (SJA)

• Federal Student Jobs program (FSJ)

Which financial institution provides a convenient and safe location for your money?

• insurance companies

• brokerage firms

• savings and loan associations

• commercial banks

If you invest in a stock that is expected to have a high rate of return, how risky is the investment?

• no risk

• very little risk

• high level of risk

• lower level of risk

What type of account is insured, pays interest, but cannot be removed for a certain time period?

• Money Market account

• checking account

• savings account

• 401k account

What is it called when you compare your own financial records with those of the bank to check for errors?

• safety of deposit

• reconciling a bank statement

• garnishing wages

• open ended banking