Financial Literacy Quiz
Authored by Derek Gilmour
Computers
9th Grade
Used 7+ times
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26 questions
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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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