Financial Literacy and Personal Finance Quiz

What is a 401(k)?

• A retirement savings account offered by some employers

• A type of insurance policy

• A type of credit card

• A government bond

Which of the following is considered an asset?

• A loan

• A credit card

• A debt

• A house

What does an Automated Teller Machine (ATM) allow you to do?

• Open a new bank account

• Invest in stocks

• Withdraw cash and check account balance

• Apply for a loan

What is the primary function of a bank?

• To sell insurance

• To keep your money safe and provide financial services

• To offer real estate services

• To manufacture goods

What is bankruptcy?

• A legal process for declaring inability to pay debts

• A type of investment

• A type of loan

• A savings account

What is a bond?

• A type of savings account

• A loan from a bank

• A type of insurance

• An investment where you lend money to a company or government

Who is a borrower?

• Someone who invests in stocks

• Someone who sells goods

• Someone who receives money with the expectation of repayment

• Someone who lends money

What is a budget?

• A retirement account

• A type of loan

• A credit score

• A plan for saving and spending money

What is a check?

• A type of credit card

• A written document directing a bank to pay a specific amount

• A savings account

• A loan agreement

What is comparison shopping?

• Saving money in a bank account

• Investing in multiple stocks

• Looking at prices and features of similar products to find the best deal

• Buying the first product you see