Financial Literacy Quiz

Financial Literacy Quiz

9th Grade

26 Qs

quiz-placeholder

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Financial Literacy Quiz

Financial Literacy Quiz

Assessment

Quiz

Computers

9th Grade

Practice Problem

Medium

Created by

Derek Gilmour

Used 7+ times

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26 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a 402(k) plan primarily used for?

Saving for a child's education

Retirement savings contributed by employees

Purchasing personal vehicles

Managing daily financial transactions

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main purpose of an Auto Loan?

To buy a house

To invest in stocks

To buy a car

To save for retirement

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a CD (Certificate of Deposit) require from the holder?

Frequent access to funds

Leaving money in an account for a set period

Immediate withdrawal of funds

No interest accumulation

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary use of a Checking Account?

Long-term investments

Daily financial transactions

Borrowing money

Retirement savings

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a Credit Card function?

Allows direct access to your funds for purchases

Requires immediate payment for purchases

Lets you borrow money for purchases and pay later with interest

Provides a no-interest loan

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main difference between a Debit Card and a Credit Card?

A Debit Card allows borrowing of money

A Debit Card uses your own money from a checking account

A Debit Card accumulates interest on purchases

A Debit Card is used for investment purposes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an IRA designed for?

Daily shopping needs

Educational expenses

Retirement savings

Short-term investments

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