Financial Literacy Quiz

What is the term for a yearly fee for having a credit card, which most credit card companies no longer charge?

• Annual Percentage Rate

• Annual Fee

• Appreciation

• Assets

What does the Annual Percentage Rate represent?

• A rise in value or price

• The percentage cost of credit on an annual basis

• What a person owns

• A spending plan

Which term describes a rise in value or price?

• Assets

• Appreciation

• Budget

• Bond

What are assets?

• A spending plan

• A rise in value or price

• What a person owns

• A certificate representing a loan agreement

What is an Automatic Teller Machine (ATM) used for?

• Conducting business with a financial institution

• Writing checks

• Planning a budget

• Investing in stocks

What is a bank?

• A spending plan

• A state or federally chartered financial institution

• A certificate of deposit

• A collection agency

What does bankruptcy mean?

• A rise in value or price

• Being legally released from the obligation to repay debt

• A spending plan

• A certificate representing a loan agreement

What is a bond?

• A spending plan

• A certificate representing a loan agreement

• A bank account

• A business specializing in obtaining payments

What is a budget?

• A spending plan

• A rise in value or price

• A bank deposit

• A financial institution

What is a Certificate of Deposit (CD)?

• A spending plan

• A bank deposit with a fixed interest rate

• A rise in value or price

• A business specializing in obtaining payments