Financial Literacy Quiz

What is an annual fee?

• A monthly payment for utilities

• A yearly payment charged by credit card companies

• A one-time payment for a subscription

• A quarterly payment for insurance

Which of the following is an example of an asset?

• A grocery bill

• A house

• A monthly subscription

• A utility payment

What does the term "asset limit" refer to?

• The maximum number of credit cards you can own

• The total amount of countable resources you can have while eligible for government benefits

• The minimum balance required in a savings account

• The maximum amount you can withdraw from an ATM

What is an example of assistive technology (AT)?

• A smartphone

• A wheelchair

• A television

• A bicycle

What does ATM stand for?

• Automated Transaction Machine

• Automatic Teller Machine

• Automated Teller Machine

• Automatic Transfer Machine

What does the term "Authorize" mean?

• To deny permission

• To give your permission

• To request information

• To withdraw funds

What does "Balance" refer to in financial terms?

• The interest rate on a loan

• The amount of money in your account or owed on a loan

• The number of transactions in a month

• The total number of accounts you have

What is a "Balance Carried Forward" used for?

• To calculate interest

• To show the amount of money in your account at the start of a month

• To open a new account

• To close an account

What is a "Bank"?

• A place to store personal belongings

• A for-profit financial institution providing services like checking accounts and loans

• A government agency for tax collection

• A non-profit organization for community service

What are "Benefits" in the context of government programs?

• Discounts on luxury items

• Programs to help pay for basic needs like food and housing

• Rewards for high-income earners

• Investments in the stock market