11th Avid Finical Lit Quiz

Which of the following is considered an advantage to using a debit card to make purchases?

• Debit cards are convenient and easy to carry around.
• Purchases can be made quickly and easily.
• You can use many ATMs to get cash.
• All of the above.

Which of the following is an advantage of using a credit card?

• Interest is charged for the use of a credit card.

• Consumers can purchase things now, and pay for them later in the event of an emergency.

• You could be a victim of identity theft.

Why is maintaining good credit important?

• Can help you graduate from college

• Allows you to carry more cash than usual

• Allows you to buy expensive items and pay over time

• Might cause your interest rates to be raised

What is a plan for how you spend your money?

• income

• sales tax

• budget

• deposits

What is money you earn?

• income

• budget

• assets

• net worth

True of false:  grants need to be repaid.

• True
• False

True or false: scholarships are automatically renewed each year.

• True
• False

A   ________ is often based on grade point average or other accomplishments 

• Grant
• Scholarship
• Savings 
• Loan

What is a loan?

• A fee for maintaining or servicing your loan account

• Money you borrow but must also repay

• Something valuable that you own and can sell for cash

• The cost of borrowing money

Car leases usually have:

• unlimited terms

• minimum mileage agreements

• maximum mileage agreements

• none of these