Financial Literacy Quiz

What is the mascot for Vail Academy and High School?

• Eagles
• Vipers
• Lions
• Boxers

The most common type of debt is consumer debt, accumulated mainly through the use of _______.

• Cash

• Checks

• Debit cards

• Credit cards

Which of the following is an example of a loan on something that will probably depreciate over time?

• Home loan

• Car loan

• Student loan

• None of the above

When using debt to purchase something, why do you usually end up paying more for it than the initial price tag?

• Lenders charge interest

• The price goes up

• You add a tip

• All of the above

True or False: Debt can be a good thing if you use it to invest in your future.

• True

• False

Application: Write a short paragraph detailing the most responsible way to use debt to make it work for you.

Match the definition in Column A with the term in Column B.

• Appreciate

• Credit Limit

• Depreciate

• Financial Debt

• Investment

The most common type of debt is consumer debt, accumulated mainly through the use of _______.

• Credit cards

• Mortgages

• Student loans

• Personal loans

Which of the following is an example of a loan on something that will probably depreciate over time?

• Home loan

• Car loan

• Student loan

• Business loan

When using debt to purchase something, why do you usually end up paying more for it than the initial price tag?

• Lenders charge interest

• Taxes increase the cost

• The value of money decreases

• Maintenance costs add up