Financial Literacy Quiz

What is the difference between a private and public college?

• Private colleges are free

• Public colleges are more expensive

• Private colleges are funded by tuition and donations

• Public colleges do not offer degrees

What does FAFSA stand for?

• Federal Application for Student Aid

• Free Application for Federal Student Aid

• Financial Aid for Students Application

• Federal Aid for Students and Families

What is the difference between a loan and a grant?

• Loans are free money

• Grants must be repaid

• Loans must be repaid, grants do not

• Grants are only for graduate students

What is a zero-based budget?

• A budget with no expenses

• A budget where income minus expenses equals zero

• A budget with zero income

• A budget with only fixed expenses

What is the 50/30/20 rule?

• A rule for dividing study time

• A budgeting rule for spending, saving, and investing

• A rule for dividing household chores

• A rule for meal planning

What is a down payment?

• A monthly car payment

• An initial payment made when buying something on credit

• A payment made after a purchase

• A payment for car insurance

What is a car warranty?

• Insurance for car accidents

• A guarantee that covers certain repairs and services

• A loan for purchasing a car

• A payment plan for a car

Who is a property manager?

• A person who sells properties

• A person who maintains and manages rental properties

• A person who inspects properties

• A person who finances property purchases

What is a co-signer?

• A person who helps pay rent

• A person who guarantees a loan or lease

• A person who owns the property

• A person who manages the property

What is the difference between a saver and a spender?

• A saver spends more money

• A spender saves more money

• A saver prioritizes saving money, a spender prioritizes spending

• A spender never saves money