Financial Literacy Quiz

What is an Annual Fee?

• A fee charged monthly for having a bank account

• An annual fee for having a credit card

• A one-time fee for opening a savings account

• A fee for withdrawing cash from an ATM

What does the Annual Equivalent Rate (AER) represent?

• The monthly interest rate of a loan

• The percentage cost of credit on an annual basis

• The late payment fee on a credit card

• The interest rate for a savings account

What does an increase in the market value of a real estate property mean?

• A decrease in value or price

• An increase in value or price

• A stable value over time

• A sudden drop in value

What are cash, stocks, and real estate known as?

• Debts owed to others

• What a person owns, such as cash, stocks, and real estate

• Monthly expenses

• Income from a job

What machine did Elijah use to withdraw cash?

• A device for online shopping

• A computer terminal used to perform transactions with a financial institution

• A machine to print money

• A tool to calculate interest rates

Where should Emma go to save money?

• A place to store personal belongings

• A state or federal financial institution that offers loans and services

• A company that sells insurance

• A government agency for tax collection

What does bankruptcy mean?

• The process of buying a new house

• The state of being legally released from the obligation to pay a debt

• The act of saving money in a bank

• The process of investing in stocks

What is the investment called where you lend money to a company or government for interest?

• A type of savings account

• A certificate representing an agreement to lend money with interest

• A form of digital currency

• A stock in a company

What is a budget?

• A list of outstanding debts

• A spending plan and record of income and expenses

• A type of investment account

• A summary of bank transactions

Which financial product offers a safe investment with a guaranteed return?

• A type of credit card

• A bank deposit with a fixed interest rate

• A loan from a financial institution

• A type of insurance policy