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.

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