Personal Finance Banking, Credit, Insurance Review

Personal Finance Banking, Credit, Insurance Review

11th Grade

40 Qs

quiz-placeholder

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Personal Finance Banking, Credit, Insurance Review

Personal Finance Banking, Credit, Insurance Review

Assessment

Quiz

Social Studies

11th Grade

Medium

Created by

Gretchen Davis

Used 3+ times

FREE Resource

40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an insurance premium?

Your monthly payment to your insurer, regardless of whether you use any services

A list of the procedures covered by your insurance carrier

An added cost you pay in order to receive higher-quality services

The amount you pay out-of-pocket for a specific procedure or service

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to the percentage of covered medical expenses you are responsible for paying after your deductible is met?

Deductible limit

Premium

Out-of-network fees

Co-insurance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Juan saved $1,000 from his summer job cleaning pools. Which of these account types would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate?

Regular savings account

Money Market account

Checking account

Certificate of Deposit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are true about prepaid cards EXCEPT…

Prepaid cards typically include a lot of fees

Prepaid cards are a useful option for someone who is unbanked to make online purchases

Prepaid cards are a great way to build credit

Prepaid cards are usually accepted anywhere that debit and credit cards are accepted

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these statements best explains why it's often a good idea to pay more than the monthly amount due on an amortized loan? Mark only one oval.

Every time you pay extra, the lender will reduce the interest rate they're charging by a small amount

The extra payment will be applied to the principal amount you owe, which will pay down your debt more quickly

The extra payment will be applied to the interest you owe, which will reduce the overall cost of your loan

Amortized loans typically have much higher interest rates than credit cards, so they're the best place to put your extra cash

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you are having trouble making auto loan payments and are really following a tight budget, which recommendation below represents the WORST advice? Mark only one oval.

Find an extra source of income by taking a second job, working longer hours, or borrowing from family if they can afford to help

Stop making payments on some of your debts so you can focus on getting the most expensive or largest debts under control

Continue making all payments and call your lenders and see if you can negotiate lower monthly payments, lower interest rates, or longer terms

Explore whether a free or non-profit credit counseling service could help

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Reading through a credit card’s Schumer Box, you see the APR for a specific card is set at 9.99% - 23.99%. Which statement is true? Mark only one oval.

When given a range of APRs like this, you can assume most cardholders pay the lowest rate listed

Your APR will be within that range, depending on the strength of your credit history

In this case, you want the highest APR in the range because you’ll earn more

The APR on credit cards is usually fixed, so it won't be adjusted as long as you are a cardholder

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