Financial Literacy Quiz

What does APR stand for in the context of financial products?

• Annual Payment Rate

• Annual Percentage Rate

• Average Payment Ratio

• Automated Payment Reminder

Which of the following does NOT typically consider credit score?

• Renting an apartment

• Applying for a credit card

• Buying a car with a loan

• Purchasing Groceries

Which of the following best describes a rebate?

• A refund issued by the government for overpaid taxes

• A discount or refund offered by a manufacturer after purchasing a product

• A penalty imposed by the IRS for late tax payments

• A fee charged by a bank for processing tax returns

Which of the following is NOT a program under APARC?

• Future Teachers Program

• AAS 3920: Perspectives on Asian American and Black Relations

• AAS 3993: Directed Research in Asian American Studies

• Thrive

Which of the following is NOT true about a subsidized federal loan?

• It is only available to undergraduate students

• Interest on the loan accrues while in school

• The government pays interest while the student is enrolled in school

• Limits are based on financial need

Which of the following factors does NOT affect your credit score?

• Payment history

• Length of credit history

• Annual income

• Amount of credit owed

Which of the following is NOT a factor in determining your chances of being approved for renting an apartment?

• Credit Score

• Criminal Background

• Citizenship or Immigration Status

• Inadequate, inaccurate, or unverified income

What is the primary purpose of a 1040 form?

• To report all types of income and expenses, claim tax deductions and credits, and calculate your tax bill or refund for the tax year.

• To determine how much should be withheld from your paycheck for federal income taxes and sent to the IRS

• To report mortgage interest (including points, defined later) of $600 or more you received during the year in the course of your trade or business from an individual, including a sole proprietor.

• To report the profits and losses from freelancing, side gigs or contractor work.

Which of the following describes an IRA account

• A deposit account that allows customers to deposit money, earn interest, and withdraw funds when needed

• Characterized by higher interest rates. The interest rate that these accounts offer is noted as APY, or annual percentage yield. The higher your APY, the faster your money grows.

• account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis

• account that offers a fixed interest rate in exchange for keeping your money in the account for a set period of time.

Which of the following is NOT true regarding credit cards?

• Credit cards allow you to spend money you don't have, while debit cards only allow you to spend what's in your bank account

• Credit cards have no spending limit, while debit cards do

• Credit card users may earn extra rewards, such as cash back, points or miles, when they use their card.

• The average amount of credit card debt among Generation Z is $3,262