Financial Literacy Quiz for Seniors

Which of the following is an example of a fixed expense in a monthly budget?

• Groceries

• Rent

• Entertainment

• Clothing

What does a credit score primarily measure?

• Your annual income

• Your creditworthiness

• Your total assets

• Your job stability

Which of the following is considered a type of investment?

• Savings account

• Checking account

• Credit card

• Auto loan

Which loan type is typically used to purchase a home?

• Auto loan

• Mortgage

• Student loan

• Payday loan

What is the first step in the financial planning process?

• Implementing a plan

• Setting financial goals

• Monitoring progress

• Evaluating alternatives

Which account is specifically designed for saving for retirement?

• IRA

• Checking account

• Money market account

• Certificate of deposit

Which of the following is NOT typically included in a personal budget?

• Income

• Expenses

• Credit score

• Savings

Which factor can negatively impact your credit score?

• Paying bills on time

• High credit card balances

• Having a long credit history

• Low credit utilization

Which of the following is a characteristic of stocks as an investment?

• Guaranteed returns

• Ownership in a company

• Fixed interest rate

• Insured by the government

What does the term of a loan refer to?

• The interest rate charged

• The length of time to repay the loan

• The amount borrowed

• The type of collateral required