FACS Basics Fall '24 Semester Test Review

Which of the following is the purpose of fact-checking websites?

• To provide a list of credible sources for research

• To promote a specific political agenda

• To check the accuracy of claims made in news articles and other sources

• To provide an opinion on current events

Which of the following is an issue with electronic media?

• Propaganda or biased information is difficult to find

• There is a lack of fact-checking and editorial oversight often present in traditional media outlets

• Misinformation spreads slowly

• There is limited information available online which uses multiple sources

Which of the following describes information literacy?

• The ability to find, evaluate, and use information effectively and ethically

• Using content online and sharing on digital platforms

• Sharing personal information online

• Creating and sharing information

Explain why a financial plan must be started young and followed throughout adulthood. Be sure to mention the importance of savings accounts, 401(k) accounts, and other retirement plans.

Evaluate responses using AI:

OFF

Which of the following would most likely be considered a retirement account?

• 401(k)

• Checking account

• Certificate of Deposit

• Savings account

What percentage of income do people in their 80s usually spend on healthcare?

• 30 percent

• 20 percent

• 10 percent

• 15 percent

What percentage of household budgets do people over 50 spend on housing?

• 25 to 30 percent

• 30 to 35 percent

• 35 to 40 percent

• 40 to 45 percent

Evaluate the following statement: With a basic savings account, your money is insured by the FDIC up to a certain amount (usually $100,000 per bank).

• The statement is an advantage

• The statement is a disadvantage

• The statement has shortcomings

• The statement is incomplete

Which type of information does the Truth in Savings Act provide?

• Interest rate relative to what is paid on savings accounts

• Fees and services on savings accounts

• Minimum balances on savings accounts

• Certificate of deposits on savings accounts

Which of the following is a major component of a credit history?

• Driving record

• Public record

• Birth certificate

• Personal record