Sylvester is taking out a loan and is confused by the jargon. Which of the following explanations might help him?

Financial Literacy Quiz

Quiz
•
others
•
10th Grade
•
Hard
Ashanti Smiley
Used 5+ times
FREE Resource
28 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
TERM is the length of the loan, and INTEREST RATE is how much total money he will pay
PRINCIPAL is how much he owes per month, and TERM is how much he owes overall
INTEREST RATE is how much the lender charges per year for the loan, and PRINCIPAL is the initial amount Sylvester borrows
MONTHLY PAYMENT is how much interest costs him each month, and TERM is the name of his lender
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which should you use when creating a budget - your NET PAY or GROSS PAY?
Net pay, because it’s what is reported to the government by your employer for tax purposes
Gross pay, because it’s the total amount you’ve earned that month
Net pay, because it’s the total amount you’ve earned minus taxes and other deductions
Gross pay, because it’s the total amount you’ve earned minus any recurring bills you owe for the month
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a recommended way of following up with a personal connection after a job interview?
Returning to the office the next day to express your continued interest in the job
Buying the interviewer(s) a gift
Sending a friend request to the interviewer(s) on social media
Sending a personalized thank you letter or email
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which amount is found when you subtract your grants and scholarships from a college’s cost of attendance?
Sticker price
Net price
Student Aid Index
Room & board
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All of the following are benefits of taking out a loan with a cosigner EXCEPT…
There are no penalties for late payments
You gain access to loans you might not have been approved for on your own
Your interest rate might be lower
Your credit score will be positively impacted by making timely payments
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a method of accessing the money in your checking account?
Buy a prepaid card using cash
Deposit a paycheck from your job
Insert your debit card at a store and sign the electronic machine or paper receipt
Take money from the ATM using your credit card
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Your little sister wants to know how renters insurance works. Which description should you give her?
When something goes wrong at your apartment, you pay one premium to open a renters insurance policy and ask the insurance company to cover your losses
Your rent payments go to the building’s owner, and that person covers your losses if anything goes wrong at your apartment
You pay monthly premiums into a savings account, and if something goes wrong, you can withdraw the money to pay your claims
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