Financial Literacy - PreTest

Being on a budget means:

• You pay bills every month at the due date

• You made a plan of your expenses to be less than or equal to your income

• You are earning enough money to be able to live well

• Your bills are generally paid by every due date

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

How often can you get a free credit report?

• Once a year

• Once every 6 months

• Once every 2 years

• You can't get a free credit report

What is considered an excellent credit score?

• 900

• 750

• 650

• 550

What is not a method to improve your credit score?

• Pay all your bills on time

• Maintain your older credit cards

• Keep your credit card balances under 30% of your credit limit

• Always pay in cash and do not get any credit cards

Your credit score is important because:

• It can affect your interest rate if you finance a car or home

• It can have an impact on whether you can finance major purchases

• It can determine whether you can get credit cards

• All of the above

Which is a method to fund your college education?

• Apply for financial aid using the FAFSA and TAP applications

• Seek out less expensive college alternatives

• Seek out college scholarships

• All of the above

An example of a need is:

• A Florida vacation

• a car

• a place to live

• a laptop

I bought my first car and got a loan to pay for it. If I default on my loan, only this lender will know about it and if I need another loan, I’ll be able to get it from another lender.

• True

• False

It’s ok to skip payments on your bills some months, as long as you pay the next month.

• True

• False

Under which of the following circumstances would it be financially beneficial to you to borrow money to buy something now and repay it with future income?

• When you need to buy a car to get a much better paying job

• When you need a vacation

• When some clothes you like go on sale

• When you want to invest the money and feel you could make more than the interest you are paying