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Financial Lit OLD Review

Total questions: 79

Worksheet time: 44mins

Name
Class
Date
1.
A contract between the insurance company and the insured that states the exact terms including what risks are covered is a(n)?
a)
premium
b)
policy
c)
agent
d)
deductible
2.
The money paid to an insurance company to purchase a policy.
a)
deductible
b)
copay
c)
premium
d)
co-insurance
3.
The out-of-pocket money paid by a policyholder before an insurance company will cover the remaining costs caused by a loss.
a)
premium
b)
copay
c)
deductible
d)
co-insurance
4.
John's father passed away. What type of insurance will provide his family with financial support?
a)
health
b)
life
c)
auto
d)
unemployment
5.
Anthony goes to the doctor and receives a prescription for medication to recover from the flu. What type of insurance can be used in this situation?
a)
health
b)
disability
c)
life
d)
unemployment 
6.
A financial product purchased by many people facing a similar risk to protect against the risk of loss.
a)
insurance
b)
deductible
c)
risk management
d)
premium
7.
The chance of loss.
a)
risk
b)
insurance
c)
deductible
8.
What type of insurance provides payment to OTHERS if the insured person accidentally causes harm to other people or their property.
a)
disability
b)
liability
c)
worker's compensation
d)
unemployment
9.

What kind of coverage pays for damages to your car if you are at fault?

a)

Collision

b)

Comprehensive

c)

Under-insured Motorist

d)

Uninsured Motorist

10.
What type of insurance might you be able to use if there is a leaky pipe in your rented apartment and the water ruins your things?
a)
liability
b)
auto
c)
renters
d)
life
11.

What kind of insurance pays for physical damages to your car from acts of nature such as fire?

a)

Property Damage

b)

Medical Payments

c)

Collision

d)

Comprehensive

12.
Of the four parts of auto insurance coverage, which part protects only the other person involved in an accident?
a)
Liability
b)
Comprehensive
c)
Collision
d)
Medical Payments/Bodily Injury
13.

Net Pay is...

a)

pay you get after deductions

b)

pay you get before deductions

c)

gross pay

d)

regular pay + overtime pay

14.

Gross Pay is...

a)

take home pay

b)

overtime pay

c)

net pay

d)

regular pay + overtime pay

15.

________________________ is what you earned BEFORE deductions.

a)

Bonus Pay

b)

Gross Pay

c)

Net Pay

d)

Overtime Pay

16.

________________________ is what you earned AFTER deductions.

a)

Bonus Pay

b)

Gross Pay

c)

Net Pay

d)

Overtime Pay

17.

What is ponzi scheme?

a)

Extortion is a crime in which one person forces another person to do something against his will, generally to give up money or other property, by threat of violence

b)

The selling of false things/tickets/items in order to gain free money

c)

a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors

d)

Promoting false advertisement and propaganda in order to bait people into buying the product

18.
Illegal company that has people who makes other people to sign up.
a)
Scam
b)
Training
c)
Pyramid scheme
d)
Motivating
19.
Pyramid scheme, Ponzi scheme, or other ways of stealing
a)
Pyramid scheme
b)
Swindle
c)
Motivating
d)
Scam
20.

A _____ is probably the biggest loan one can have

a)

Mortgages

b)

Loan

c)

Credit

d)

Amortization

21.

For most installment purchases, a ______________ is generally required. It is usually a certain percent of the purchase price.

a)

Down payment

b)

Monthly payment

c)

Start up payment

d)

Initial payment

22.

The installment payment on the loan is termed____________.

a)

Down payment

b)

Mortgages

c)

Amortization

d)

Buyer's equity

23.

The schedule prepared showing the installment payments for the period (called the term of the loan) is called___________.

a)

Amortization Table

b)

Payment Method Table

c)

Installment Payment Table

d)

Mortgages Table

24.

An ____________________ is a table or chart showing each monthly payment on an amortizing loan indicating how much of each payment goes to interest and how much goes to principal.

a)

Amortization schedule

b)

Amortization table

c)

Mortgage schedule

d)

Mortgage table

25.

What is the 529 plan?

a)

it offers tax and financial aid benefits.

b)

it does nothing.

c)

it earns interest.

d)

it loses you money.

26.

how is a 529 plan used?

a)

used to make you pay more money.

b)

used to save and invest.

c)

used for interest.

d)

used for vacations.

27.

A 529 plan can mean less financial aid.

a)

True

b)

False

28.

What are the three basic questions that every economic system must answer?

a)

What's produced?

b)

How's it produced?

c)

Who sells it?

d)

Who consumes it?

29.

What are the three economic systems?

a)

Market

b)

Traditional

c)

Command

d)

Democratic

30.

Which economic system allows for the most individual freedom?

a)

Mixed

b)

Market

c)

Command

d)

Traditional

31.

In which economic system does the government have the most control?

a)

Traditional

b)

Command

c)

Mixed

d)

Market

32.

In which economic system do individuals do things based on customs & beliefs?

a)

Command

b)

Market

c)

Mixed

d)

Traditional

33.

What is the economic system of most communist countries?

a)

Command

b)

Traditional

c)

Market

d)

Mixed

34.

Most democratic countries have which type of economic system?

a)

Mixed

b)

Command

c)

Traditional

d)

Market

35.

Businesses (run by private citizens) determine what goods/services are produced and how they will be made.

a)

Mixed

b)

Command

c)

Market

d)

Traditional

36.

Businesses make economic decisions, but the government regulates them to make sure they’re safe/fair.

a)

Mixed

b)

Traditional

c)

Command

d)

Market

37.

What are 3 cost factors for insurance?

a)

Your Driving Record

b)

Gender & Marital Status

c)

Color of your car

d)

Use of your car

38.
Which of the following is a way to reduce the cost of your insurance premium?
a)
Good grades
b)
Number of miles you drive
c)
Where you live
d)
All answers are correct
39.

Which of the following does NOT effect the cost of your car insurance?

a)

Your Age

b)

Gender

c)

Driving Record

d)

Drivers Test Score

40.

Which of the following is a way to lower your insurance premium?

a)

have a good driving record

b)

be involved in sports

c)

have a parent with you at all times

d)

buy a sports car

41.

What kind of insurance would cover you if you hit a deer? The only damage is to your car.

a)

Liability

b)

Bodily Injury

c)

Comprehensive

d)

None

42.

A legal process to get out of debt when you can no longer make all your required payment.

a)

Liquidation

b)

Bankruptcy

c)

Mean's Test

d)

Credit Counseling

43.

How much you can afford, refers to which of the 5 C's of Credit?

a)

Collateral

b)

Capacity

c)

Conditions

d)

Capital

e)

Character

44.

Which of the 5 C's of Credit refers to, making payments of time?

a)

Character

b)

Credit

c)

Conditions

d)

Capacity

e)

Collateral

45.

How many years does bankruptcy stay on your credit?

a)

2

b)

5

c)

7

d)

10

46.

Identify the three credit reporting agencies? (All must be correct)

a)

TransUnion

b)

Equifax

c)

CarFax

d)

Experian

e)

American Express

47.

Which is employer-sponsored

a)

401(k)

b)

Roth IRA

48.

Which is pre-tax contributions?

a)

401(k)

b)

Roth IRA

c)

both

d)

neither

49.

Which could a high schooler have?

a)

401(k)

b)

Roth IRA

c)

both

d)

neither

50.

Which is considered to include "free money"?

a)

401(k)

b)

Roth IRA

c)

both

d)

neither

51.

Which takes money directly from your paycheck?

a)

401(k)

b)

Roth IRA

c)

Both

d)

neither

52.

Which is post-taxed?

a)

401(k)

b)

Roth IRA

c)

both

d)

neither

53.

Which one has penalities for withdrawing contributions?

a)

401(k)

b)

Roth IRA

c)

both

d)

neither

54.

Tax-deferred means...

a)

You do not have to pay income tax on the money until you begin to withdraw it at retirement

b)

You pay income tax on the retirement contributions when you deposit them

55.

What is considered to be "retirement" age, when it is acceptable to begin taking IRA distributions without penalty?

a)

50

b)

59 1/2

c)

65

d)

70 1/2

56.

Which IRA requires its owners to begin taking distributions at age 70 1/2?

a)

Traditional

b)

Roth

57.

Which type of IRA has contributions that are tax-deferred?

a)

Traditional

b)

Roth

58.

An assigned number to signal to lenders a person's ability to repay a loan

a)

credit score

b)

credit report

c)

credit ranking

d)

credit card

59.

Which of the following could be a SECURED loan? (hint: choose 2 correct answers)

a)

Auto loan

b)

Student loan

c)

Mortgage

d)

Overdraft

60.

True or False: A cosigner's credit history can be affected by the loan they are cosigned on.

a)

True

b)

False

61.

The FICO score measures all of the following except:

a)

debt history

b)

savings account balance

c)

types of debt

d)

new debt

62.

A three-digit number (ranging from 300-850) based on an individual's credit history

a)

Credit Report

b)

Credit Score

c)

Credit Card

d)

Credit Check

63.

The rate charged for borrowing money, usually expressed as a percent of the amount borrowed. The "extra" amount you pay on a debt.

a)

Interest rate

b)

Principal rate

c)

Term

d)

Liquidation rate

64.

This is what we call a loan to buy a house

a)

Auto loan

b)

Credit Limit

c)

Mortgage

d)

Cash Advance

65.

Melvin is 19 years old and wants to begin establishing a credit score. Which action should he take to meet that goal? 

a)

Always say "credit" when asked "credit or debit?" at a store 

b)

Ask his parents to cosign a credit card or add him as an authorized user on their credit card 

c)

Any time he borrows money from a friend or family member, be sure to pay it back promptly

d)

Take out some private student loans, even though he doesn't need them because he has grants and  scholarships

66.
The difference between what one owes on a mortgage and the value of the home is called
a)
collateral
b)
equity
c)
profit
d)
value
67.
A landlord may ask you for a credit report.
a)
True
b)
False
68.
The contract to rent a property is called a lease.
a)
True
b)
False
69.
Which of the following is NOT an advantage of leasing?
a)
Someone else pays for repairs
b)
Flexibility to move
c)
No investment
d)
Cheaper expenses
70.
The money that you pay when you sign the lease that is used if you damage the property.
a)
Security Deposit
b)
Damage Insurance
c)
Advance Deposit
d)
Mortgage Insurance
71.

Renter's insurance can protect against theft, fire, or vandalism.

a)

True

b)

False

72.

Fees that must be paid to the real estate attorney's before a home may be purchased.

a)

Security deposit

b)

Closing costs

c)

Lease

d)

Mortgage

73.

Who is the landlord?

a)

Tenant

b)

Co-signer

c)

Real estate agent

d)

Owner of the property that is being rented.

74.

Monetary value of property minus the amount owed for the property.

a)

Title

b)

Lease

c)

Equity

d)

Endowment

75.

Protects the lender in case the mortgage payment cannot be paid. This amount will be added to the mortgage if the borrower cannot provide a 20% down payment.

a)

TMI (too much information)

b)

PBJ (Peanut butter & Jelly)

c)

MTV (music Television)

d)

PMI (private mortgage insurance)

76.

When renting, who is responsible for general maintenance issues?

a)

Renter

b)

Landlord

77.

Buying a home will usually have fewer costs than renting.

a)

True

b)

False

78.

What expenses are expected when owning a home?

a)

Mortgage

b)

Property tax

c)

Insurance

d)

All of the above

79.

A common disadvantage of buying a home is:

a)

restrictions on decorating and having pets.

b)

tax incentives.

c)

you are responsible for repairs and maintenance.

d)

not usually a good investment.

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