Financial Literacy Quiz

Which of the following are goals which can be achieved in less than a year of time?

• Intermediate-term goals

• Short-term goals

• Lifetime goals

• Long-term goals

Which of the following forms report an employee’s annual wages and the amount of taxes withheld from his or her paycheck?

• 1040

• 1040-SR

• W-4

• W-2

Which of the following is the simplest income tax return form?

• 1040EZ

• 1040A

• 1040

• W-4

When using credit, the purchase amount becomes what once the payment agreement is made?

• Loan

• Debt

• Mortgage

• IOU

Which of the following is the total amount of tax debt owed by an individual to a taxing authority such as the IRS?

• Tax exemption

• Tax breaks

• Tax brackets

• Tax liability

According to the presentation, lenders judge your ability to borrow based on which of the following?

• Age, gender and location

• Education, income and family size

• Income-to-age ratio

• Debt-to-income ratio

Credit Reporting Agencies can report a declaration of bankruptcy for the remainder of your life.

• TRUE

• FALSE

The segment recommends checking your credit score for free at which of the following websites?

• www.AnnualCreditReport.com

• www.FreeCreditReport.com

• www.CreditScore.com

• www.CreditKarma.com

Which of the following involves a lending institution allowing a consumer to borrow money and then pay back some or all of it each month?

• Income statement

• Credit card

• Interest

• Payday loan

Which type of people likes to plan for the future and are prepared for any type of financial situation?

• Savers

• Risk takers

• Spenders

• Security seekers