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EverFi 4 & 6 Quiz

Total questions: 100

Worksheet time: 1hrs 13mins

Name
Class
Date
1.

Which of the following statements about credit scores is TRUE?

a)

a. Credit scores reflect how likely individuals are to repay their debts.

b)

b. Credit scores range from the low 300’s to the mid 800’s.

c)

c. Each person has three credit scores.

d)

d. All of the above.

2.

Having a good credit score is important because:

a)

a. It can impact your ability to get a driver’s license

b)

b. It can impact your ability to be approved for bank loans

c)

c. It can impact how much you will have to pay the government in taxes

d)

d. It can impact how much you will have to pay for college

3.

Which action can hurt your credit score?

I. Paying your phone bill late.

II. Taking the bus to work.

III. Maxing out several credit cards.

IV. Using the internet to pay your bills

a)

I

b)

I and II

c)

I and III

d)

III and IV

4.

All of the following make up the big three credit reporting agencies EXCEPT:

a)

Equifax

b)

TransUnion

c)

Experian

d)

Federal Reserve

5.

Jose wants to be sure he maintains a high credit score as he is planning to buy a new car soon. What should he do to ensure his score stays high, allowing him to buy his dream car?

a)

a. Open a savings account at the local bank.

b)

b. Pay off his credit card balance each month.

c)

c. Test drive several cars before deciding which to buy.

d)

d. All are things he should do to increase or maintain his credit score.

6.

Which of the following actions can NEGATIVELY impact your credit score?

a)

a. You disputed an item on your credit report.

b)

b. You forgot to pay the cable bill.

c)

c. You pay all your bills in cash.

d)

d. You use a small amount of your available credit.

7.

Which of the following actions has NO impact on your credit score?

a)

a. You inquire about a credit card charge.

b)

b. You use a large percentage of your credit limit.

c)

c. You opened several new credit cards last week.

d)

d. You send in your credit card payment a couple days late.

8.

10. What can you do it make sure you have a healthy credit report?

a)

a. Review your credit report each year.

b)

b. Make sure everything on your credit report is correct.

c)

c. Dispute any errors you find on your report with your credit agency.

d)

d. All of the above.

9.

11. Which of the following MOST influences your credit score?

a)

a. Types of Credit Used

b)

b. Payment History

c)

c. Length of Credit History

d)

d. Amounts Owed

10.

12. Which best explains what a credit score represents?

a)

a. A number showing how likely you are to have more than one credit card.

b)

b. A numerical rating that expresses how likely you are to repay your debts.

c)

c. A numerical rating that shows how much money you have in your bank account.

d)

d. A number expressing your yearly income.

11.

Which of the following actions would improve your credit score?

a)

a. Closing out old credit cards

b)

b. Paying off your credit card bill

c)

c. Using a large portion of your credit limit

d)

d. Opening a new savings account

12.

In which of the following situations is having a good credit score important?

a)

a. Buying a car.

b)

b. Applying for a loan at a bank.

c)

c. Renting an apartment.

d)

d. All of the above.

13.

How many free credit reports are you legally entitled to each year?

a)

a. One credit report each year

b)

b. Three credit reports each year

c)

c. One credit report from each credit bureau

d)

d. Three credit reports from each credit bureau

14.

Having a low credit score can make it more difficult to:

a)

a. Obtain a car loan

b)

b. Open a new credit card

c)

c. Secure an apartment lease

d)

d. All of the above

15.

Which behaviors might lead someone to have a low credit score?

a)

a. Missing a car payment.

b)

b. Having a long credit history.

c)

c. Always baying the full balance of a credit card each month.

d)

d. Having a debit card.

16.

When you are deciding what to buy, you should not...

a)

compare the unit price of similar items.

b)

read reviews from unbiased sources.

c)

assume that buying the cheapest item is the smartest choice.

d)

wait for sales to get the best price.

17.

Making a good purchasing decision requires __________.

a)

comparing the prices of similar items

b)

reading reviews of the product

c)

waiting until the product is on sale, if possible

d)

All of the above

18.

When you are deciding what to buy, you should...

a)

pick the cheapest item to get the best deal.

b)

pick the most expensive item to get the best quality.

c)

trust influencers to pick the best items for you.

d)

compare the unit price of items similar to the one you want.

19.

How is an advertisement different from a comment from a regular consumer?

a)

It isn’t any different.

b)

The advertisement is likely one-sided.

c)

The advertisement may have been posted by the seller.

d)

The advertisement is made by an influencer who gets paid.

20.

How is a post from a social media influencer different than a comment from a regular consumer?

a)

It isn’t any different.

b)

The post by the influencer is likely one-sided.

c)

The post by the influencer may have been posted by the seller.

d)

The influencer is paid to post the product.

21.

How is a post from a social media influencer different than a comment from a regular consumer?

a)

It isn’t any different.

b)

The post by the influencer is likely one-sided.

c)

The post by the influencer may have been posted by the seller.

d)

The influencer is paid to post the product.

22.

What is one of the best ways to get reliable information about a product?

a)

Follow a social media influencer

b)

Look for the advertisements

c)

Search online reviews

d)

Ask someone who has never used it

23.

Which example shows an advantages of owning a car over leasing one?

a)

Smaller monthly payments and good warranty to cover repairs.

b)

Expiring warranty means that you will get to handle repair payments.

c)

No restrictions on the number of miles to drive and the ability to customize, or make changes to the car.

d)

You will drive a fairly new car for a limited period of time.

24.

Which of the following is NOT an advantage of owning a car?

a)

Smaller down and monthly payments than leasing a car

b)

Drive unlimited number of miles

c)

Flexibility to be able to customize it

d)

Yours to keep and sell when you wish

25.

What is the best reason for why someone would want to lease a house instead of buy one?

a)

They want full responsibility of all repairs.

b)

They want to be able to hopefully make money when they sell the place.

c)

They are planning on living there for a short period of time.

d)

They want to avoid rent increases and dealing with a landlord.

26.

A pack of 24 pencils is more expensive than 12 pencils, but why could buying the 24 pack be the better deal?

a)

The price of each pencil, or the unit price, is actually cheaper in the 12 pack.

b)

The price of each pencil, or the unit price, is actually cheaper in the 24 pack.

c)

The 24 pack comes with a carrying case.

d)

This statement is false. Buying fewer pencils will always be a better deal.

27.

The price of a single item within a group of items is known as the ______________ of the item.

a)

group price

b)

item price

c)

unit price

d)

total price

28.

Why is figuring out the unit price of something useful when shopping?

a)

It helps you check to see if the price is correct.

b)

It helps you locate items in the store.

c)

It helps you determine the best deal.

d)

It determines if a coupon is still usable.

29.

Which payment option is not accepted online?

a)

Cash

b)

Check

c)

Debit Card

d)

Credit Card

30.

Which payment option takes money out of your bank immediately?

a)

Cash

b)

Check

c)

Debit Card

d)

Credit Card

31.

Which payment option could have interest charged to you?

a)

Cash

b)

Check

c)

Debit Card

d)

Credit Card

32.

When making a large purchase, you should avoid everything EXCEPT _______________________

a)

excessive fees.

b)

being forced to buy additional warranties.

c)

add-ons that seem too good to be true.

d)

a price that fits comfortably in your budget.

33.

What are possible red flags or signs of a scam when buying a car?

a)

Being told your financing fell through

b)

Lengthy negotiations

c)

Charging of excessive fees

d)

Both A and C

34.

Which of the following is NOT be a warning sign of a scam when buying a car or other big purchases?

a)

Being forced into warranties

b)

A price that fits comfortably in your budget

c)

Excessive fees

d)

Add-ons that seem too good to be true

35.

Which of the following is NOT a useful strategy when making an informed purchase?

a)

Calculate the unit price of the product.

b)

Purchase a product based on a social media influencer

c)

Read the online reviews of the product and ask trusted friends who use it.

d)

Compare your option to similar products.

36.

How does a consumer know whether a purchase may be a good deal?

a)

A large percentage of positive customer ratings offer detailed explanations.

b)

The item has the most features compared to other similar items.

c)

The price is the most expensive for that type of item.

d)

Both A and B

37.

Which example shows an advantage of owning a car over leasing one?

a)

Smaller monthly payments and good warranty to cover repairs.

b)

Expiring warranty means that you will get to handle repair payments.

c)

No restrictions on the number of miles to drive and the ability to customize, or make changes to the car.

d)

You will drive a fairly new car for a limited period of time.

38.

What is one of the best ways to get reliable information about a product?

a)

Follow a social media influencer

b)

Look for the advertisements

c)

Search online reviews

d)

Ask someone who has never used it

39.

Which of the following is NOT an advantage of owning a car?

a)

Smaller down and monthly payments than leasing a car.

b)

Drive unlimited number of miles

c)

Flexibility to be able to customize it

d)

Yours to keep and sell when you wish

40.

What is the best reason for why someone would want to lease a house instead of buy one?

a)

They want full responsibility of all repairs.

b)

They want to be able to hopefully make money when they sell the place.

c)

They are planning on living there for a short period of time.

d)

They want to avoid rent increases and dealing with a landlord.

41.

Which fact supports the idea that renting is a good option for living in a place for a short period of time?

a)

Renting requires a large down payment.

b)

Leases are generally for a month or a year.

c)

Landlords take care of most maintenance.

d)

Mortgages are usually for 15 or 30 years.

42.

Leasing a car may be a better option than buying a car if...

a)

you travel great distances regularly.

b)

you have enough money for a large down payment.

c)

you don't plan on having it for long and don't want to worry about regular maintenance.

d)

you want the extended warranty and maintenance because you plan on having the car for a while.

43.

Which method of payment actually is a form of borrowing money that needs to be paid back later?

a)

Cash

b)

Credit Card

c)

Debit Card

d)

Check

44.

Which payment option can offer additional security like fraud protection?

a)

Cash

b)

Check

c)

Debit Card

d)

Credit Card

45.

Which forms of payment is linked to a bank account which limits the amount of money you can spend to balance in your account?

a)

Cash & credit cards

b)

Checks & debit cards

c)

Debit card & credit cards

d)

Credit cards & checks

46.
Which of the following is not a basic need? 
a)
Pool
b)
Roof
c)
Bathroom
d)
Kitchen
47.
Personal qualities that people possess, including creativity, knowledge, skills, time, and experience. 
a)
Human Resources
b)
Renter's Insurance
c)
Closing Cost
d)
Material Resources
48.
A policy that covers a renters personal property against loss by theft, fire, or other hazards. 
a)
Security Deposit
b)
Equity 
c)
Renter's Insurance
d)
Principal
49.
Fee that covers the cost of any future damage the renter might cause to the unit. 
a)
Material Resources
b)
Renter's Insurance
c)
Security Deposit
d)
Interest
50.
Tangible assets, such as money, property, supplies, and tools. 
a)
Material Resources
b)
Human Resources
c)
Equity
d)
Principal
51.
The original amount of a loan
a)
Equity
b)
Interest
c)
Principal
d)
Security Deposit
52.
The fee the lending institution charges the buyer to borrow the money. 
a)
Principal
b)
Earnest Money
c)
Closing Costs
d)
Interest
53.
A deposit that a buyer pays to show that they are serious about buying a home. 
a)
Down Payment
b)
Security Deposit
c)
Earnest Money
d)
Equity
54.
The difference between the market value of a property and the principal owed on the mortgage. 
a)
Principal
b)
Interest
c)
Renter's Insurance
d)
Equity
55.
A partial payment of cash, at the time of purchase. Usually between 5% and 25% or more of the purchase price. 
a)
Down Payment
b)
Equity
c)
Closing Costs
d)
Interest
56.
A type of home plan found in books, magazines, and on websites. 
a)
Homes Built on Spec
b)
Custom-Build HOmes
c)
Stock Home Plans 
d)
Development Homes
57.
People who desire a one of a kind home may choose to have this type of home designed. 
a)
Custom-Built Homes
b)
Stock Home Plans
c)
Development Homes 
d)
Homes Built on Spec
58.
This type of morgage keeps the same rate of interest and the same payment for 15-30 years
a)
Graduated
b)
Adjustable Rate
c)
Conventional
59.
This type of mortgage starts with a small interest rate and grows over time. Payments may be small in the beginning but will higher in the later years. 
a)
Graduated
b)
Conventional
c)
Adjustable
60.
This type of mortgage changes based on the market. The interest rate may increase or decrease each year. 
a)
Adjustable rate
b)
Conventional
c)
Graduated
61.
A _____________ is one building that contains two separate living units. The units may be attached side by side. 
a)
Duplex
b)
Efficiency apartment
c)
High-Rise apartment
d)
Triplex
62.
Mortgages are generally for ____ to ______ years. 
a)
5-10
b)
10-20
c)
15-30
d)
15-20
63.
The gradual elimination of the principal is called _______________. 
a)
Equity
b)
Escrow
c)
Mortgage
d)
Amortization
64.
An advantage of a new home is __________. 
a)
Clean
b)
Unique
c)
Character
d)
More space for your $
65.
A disadvantage of an older home is _________. 
a)
Unique
b)
More space for $
c)
Lead paint and pipes
d)
Character
66.
Marty earns $2920 monthly.  According to the Renter's Rule, how much can he afford to pay for monthly rent?
a)
$674
b)
$787
c)
$342
d)
$549
67.
Novak earns $17.75 per hour working full time.  According to the Renter's Rule, how much can afford to pay for monthly rent?
a)
$710
b)
$679
c)
$512
d)
$878
68.
Maria earns $93,750 annually.  According to the Banker's Rule, how much can she afford to borrow to purchase a home?
a)
$234,375
b)
$340,168
c)
$145,912
d)
$216,848
69.
A young couple earns a combined hourly income of $32.05.  According to the Banker's Rule, how much can they afford to borrow to purchase a home?
a)
$66,664
b)
$166,660
c)
$208,160
d)
$77,572
70.
If a lender requires an 18% down payment on a house costing $146,190, how much cash will be needed for the down payment?
a)
$26,314
b)
$30,788
c)
$25,150
d)
$27,710
71.
After paying a 15% down payment on a home costing $302,450, how will the buyer have to borrow to purchase the home?
a)
$257,083
b)
$169,753
c)
$287,016
d)
$185,985
72.
Find the monthly payment on a $400,000 loan financed at 4% interest for 30 years.
a)
$1909.66
b)
$1967.76
c)
$1432.25
d)
$2387.08
73.
Find the total repaid on a 30 year loan for $300,000 at 3.75% interest.
a)
$500,166
b)
$552,595
c)
$442,239
d)
$550,083
74.
Find the monthly payment on a loan of $99,000 at 5.5% interest for 20 years.
a)
$681.12
b)
$594.97
c)
$695.64
d)
$582.36
75.
Find the total interest paid on a loan of $117,000 financed at 6% interest for 40 years.
a)
$644.67
b)
$309,441.60
c)
$192,441.60
d)
$155,548.62
76.
Give the meter reading.
a)
2984
b)
3084
c)
2084
d)
3085
77.
Give the meter reading.
a)
34946
b)
35046
c)
35946
d)
44057
78.
Find the electricity cost for April if one unit costs $0.13. 
April 1 meter reading:  99830
May 1 meter reading:  00745
a)
$118.95
b)
$107.92
c)
$120.80
d)
$121.87
79.
Find the average number of units consumed from the following set:
872, 862, 769, 823, 854
a)
836
b)
843
c)
790
d)
845
80.

A typical housing lease may require a tenant to:

a)

Repair certain types of damage to the property

b)

Purchase renter’s insurance for the property

c)

Avoid participating in illegal activity on the property

d)

All of the above

81.
Which of the following statements is correct?
a)
Cars typically lose the most value in the first year after purchase.
b)
Houses will always appreciate in value over the long-term.
c)
Both
d)
Neither
82.
Which of the following will affect the size of your monthly mortgage payment?
a)
The size of your down payment
b)
The length of your mortgage
c)
The purchase price of your house
d)
All of the above
83.
Which best describes the benefits of renting a home?
a)
Renting can cost more upfront.
b)
Renting is less flexible than owning a home.
c)
Renting has a lease that cost money to break.
d)
None of the above.
84.
The biggest factor in determining the price of a mortgage is:
a)
The total cost of the home.
b)
The down payment.
c)
The interest rate.
d)
The lender.
85.
A typical housing lease may require a tenant to:
a)
Repair certain types of damage to the property
b)
Purchase renter’s insurance for the property
c)
Avoid participating in illegal activity on the property
d)
All of the above
86.
A _________ is generally considered an appreciating asset because it may _________ in value over time.
a)
car; increase
b)
car; decrease
c)
house; increase
d)
house; decrease
87.
Renting provides _________ flexibility but can lead to _________ costs in the long-term.
a)
greater; lower
b)
greater; higher
c)
less; lower
d)
less; higher
88.
All of the following components are commonly found in rental housing agreements EXCEPT:
a)
Whether the renter can have pets in the house
b)
How much the renter will pay
c)
What type of renter’s insurance the renter must buy
d)
Which repair types the renter will be responsible for
89.
John would like to move from the city into the suburbs and has been saving up a large down payment for a home. Which is the most cost effective way for John to buy a house in the suburbs?
a)
Move to the suburbs and rent a house for one year before purchasing a home.
b)
Finish the term of his apartment lease in the city and find a new home to purchase simultaneously.
c)
Break his lease and move to the suburbs immediately without identifying a home to buy.
d)
Break his lease once he has bought the perfect home.
90.
Jim wants to buy a car, but he’ll probably only need it for a couple of years. He has a short commute to work, so he won’t be putting many miles on his vehicle. What’s the best transportation option for Jim?
a)
Use his savings to buy the car in full
b)
Buy the car using an auto loan
c)
Lease the car
d)
Take public transportation
91.
Typically homes ___________ over time and cars ______________ over time.
a)
appreciate; depreciate
b)
depreciate; appreciate
c)
depreciate; depreciate
d)
appreciate; appreciate
92.
Allows you to make electronic deposits and withdrawals from your bank accounts. 
a)
Cash
b)
Credit Card
c)
Debit Card
d)
ATM
93.
Short-term loan from the ***** **** company. At the end of each purchase period (usually a month), you receive a bill with all your charges.
a)
Debit Card
b)
Prepaid Card
c)
Credit Card
d)
ATM
94.
An expense that occurs regularly. This amount typically does not change. 
a)
Variable Expense
b)
Fixed Expense
95.
Money you earn, like money you may get from your birthday or allowance from your parents.
a)
Income
b)
Salary
c)
Wage
d)
Tuition
96.
The percentage of interest you either make or pay on a principal.
a)
Taxes Withheld
b)
Need
c)
Income
d)
Interest Rate
97.
When referring to budgeting. Its an expense that you can't live without.
a)
Want
b)
Expense
c)
Need
d)
Opportunity Cost
98.
The next best alternative that was given up by making a certain decision.
a)
Opportunity Cost
b)
Fixed Expenses
c)
Salary
d)
Need
99.
Fixed payment, usually paid on a weekly or bi-weekly basis that does not vary depending on how little or how much you work.
a)
Wage
b)
Salary
100.
Tax that pays for people who are currently retired and for the future retired population.
a)
State Income Tax
b)
Federal Income Tax
c)
Social Security Tax

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