Financial Literacy Quiz (Final)

Scholarships are a great way to fund your education because you don’t have to:

• Be a student

• Apply for them

• Write an essay

• Pay them back

A two-year degree with specialized training, a flexible schedule, and lower educational costs is called a(n) __________.

• Community college degree

• Bachelor’s degree

• Graduate degree

• Associate degree

FAFSA is the federal application required to:

• Do a work-study program

• Get into college

• Get a part-time job your first semester

• Receive financial aid

Banks invest their customers’ deposited money and then:

• Pay their customers 100% of the earned interest

• Earn interest, paying the customer a small amount of interest on their accounts

• Earn interest, keeping all of it as their own profit

• Typically lose some of it in risky investment deals

Some of the services banks offer include:

• Mortgages, check writing, and debit cards

• Creating a personalized budget for you and managing your schedule

• Teaching you how to handle your finances and encouraging you to cut up your credit cards

• Paying off your student loan debt and saving for your future

Medicare and Medicaid are examples of:

• Emergency Medical System

• Private health insurance companies

• Health Savings Accounts

• Government programs for public health insurance

The Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) keep your money in the bank insured up to what amount per account?

• $250,000

• $25,000

• $2,500

• $250

What does umbrella insurance typically cover?

• Things that fall outside of your home and auto insurance policies

• Your wardrobe and accessories

• Homeowners who cannot afford insurance

• Damage to your home in a severe thunderstorm

People who rely on you financially are called your what?

• Death benefits

• Beneficiaries

• Dependents

• Family

Which item should have all the information you’d need in case of an accident?

• Glove box

• Liability insurance

• Local police station

• Insurance card