Test MM Financial Literacy

Front

What is APR?

Back

Annual interest rate and fees charged on your credit accounts

Front

What is the main purpose of a credit score?

Back

to help lenders decide about lending you money

Front

What is a budget?

Back

spending plan

Front

What is the unit price?

Back

24.9 cents

Front

A card linked to your bank account, so the money you spend comes directly from your checking account.

Back

Debit

Front

What is a mortgage?

Back

A loan to buy a house.

Front

Why might someone choose to use a credit card?

Back

To borrow money for emergencies

Front

Which of the following is a red flag for a potential scam?
- Receiving a thank you note
- Being asked to provide personal information quickly
- Getting a reminder for an appointment
- Receiving a birthday card

Back

Being asked to provide personal information quickly

Front

What is the main difference between IRS forms W2 and 1099?

Back

W2 is for employees; 1099 is for independent contractors

Front

Money that is borrowed and expected to be paid back with interest

Back

Loan