Teen Plus Quiz

The Free Application for Federal Student Aid (FAFSA) is an application for a student loan.

• True

• False

Fill in the blank:

The FAFSA’s financial aid is made up of _____ that the government awards to students based on their______.

• grant, needs

• needs, grants

Which year’s tax returns are you required to provide when filling out the FAFSA?

• Last year’s

• This year’s

• Next year’s

Cost of attendance (COA) is calculated by what three main things?

• Tuition

• Books

• Room and Board

• Tuition and Books

What’s true of retail credit cards?

• They usually include a low APR.

• They sometimes offer perks for purchasing at the issuing retailer.

• There’s usually no spending limit.

What is the most common type of insurance that states require?

• Collision

• Comprehensive

• Uninsured Driver

• Personal Injury or Personal Liability

Name and define three components of auto insurance

• Property damage: covers you in case you damage another person’s property.

• Collision: covers damage to your car if you’re in an accident with something other than another moving car.

• Comprehensive: Covers events that aren’t crashes like weather-related damage, falling objects, or vandalism.

• If your car is totaled or stolen, pays the difference between its dollar value and your remaining auto loan balance, if the balance is the higher number. Sometimes required with an auto loan.

A deductible is the amount you have to pay before your insurance kicks in.

• True

• False

What are typical fees associated with checking accounts?

• A monthly fee

• A fee for each check or ATM withdrawal

• A fee for each time you use your debit card

• Both A and B

• All of the above

What is NOT a good reason to put your emergency fund in a CD or money market account?

• You know you’ll need the money soon.

• The money will be safe.

• The potential lost interest or fees will be the least of your worries in a financial emergency.

• None of the above