Financial Literacy Quiz 2/2024

What does ATM stand for?

• Automated Teller Machine

• Automatic Transaction Module

• Automated Transaction Mechanism

• Automatic Teller Management

What is the annual percentage rate?

• A fixed deposit interest rate

• The total amount of money owed on a credit card

• Interest rate charged by a credit card company on any outstanding credit card balance

• The total amount of money you can charge to your credit card

What is the purpose of auto pay?

• To automatically withdraw money from your savings account

• To allow manual payments for utilities

• To automatically pay bills from your checking account

• To track your credit score

What does a credit bureau do?

• Provides loans to individuals

• Tracks a borrower’s credit and payment history to determine their credit score

• Issues credit cards to consumers

• Collects annual percentage rates

What is a credit card bill?

• A statement showing the total amount of money owed based on your debit card transactions

• A statement showing the total amount of money you have in your bank account

• A statement showing the total amount of money owed based on your credit card transactions

• A statement showing your annual percentage rate

What is a credit score?

• A two-digit numerical rating of your financial health

• A three-digit numerical rating of how likely you are to pay off your debts

• The total amount of money you can charge to your credit card

• The interest rate charged on your credit card balance

What does deflation refer to in economics?

• When the price of goods or services remains the same

• When the price of goods or services increases

• When the price of goods or services decreases

• When the economy is in a state of stagnation

What is the economy?

• A system for managing a country's money

• A network of consumers and producers of goods and services in a Community

• The total amount of money in circulation within a country

• The infrastructure for manufacturing and trade

What is inflation?

• When the price of goods or services decreases

• When the price of goods or services remains stable

• When the price of goods or services increases

• When the economy is experiencing rapid growth

What is a credit limit?

• The interest rate charged on your credit card balance.

• The maximum amount of money you can borrow from a bank.

• The total amount of money you can charge to your credit card.

• The minimum payment required on your credit card balance.