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WorksheetsFDIC New
Total questions: 69
Worksheet time: 35mins
Name
Class
Date
1.
You can increase your chances of being approved for a loan by improving which of these (choose two):
a)
Your capacity
b)
b. Your capital gains
c)
c. Your credit/character
d)
d. Your creditors
e)
e. All of the above
2.
Most loans are set up the same, so it is not important to shop around.
a)
True
b)
False
3.
Federal Truth in Lending Act or TILA disclosures can help you compare loan options from different lenders.
a)
True
b)
False
4.
If someone helps you manage your money, you are not eligible to borrow money
a)
True
b)
False
5.
You don’t need to understand your debt, as long as the company you owe money to sends you the paperwork.
a)
True
b)
False
6.
All debt works the same way.
a)
True
b)
False
7.
There are different approaches for reducing debt.
a)
True
b)
False
8.
Which of these statements about debt is true? Choose two that are true.
a)
a. It obligates your future income
b)
b. Going into debt to pay for something usually costs more money than
c)
paying in cash
d)
c. Having debt does not affect your credit
e)
d. All of the above
9.
Which of these is one of your rights in debt collection?
a)
a. Not to be sued if you tell a debt collector to stop contacting you
b)
b. To have the debt cancelled if you don’t have the money to repay it
c)
c. Not to be called at inconvenient times or places, such as before 8:00 am
d)
or after 9:00 pm, unless you agree to it
e)
d. All of the above
10.
You may be charged a penalty annual percentage rate (APR) if:
a)
a. You have less than the minimum balance in your account
b)
b.You pay your credit card bill late
c)
c. You request an increase in your credit limit
d)
d.All of the above
e)
e. None of the above
11.
Paying only the minimum payment helps you pay off your credit card balance with minimal interest.
a)
True
b)
False
12.
The annual fee, if any, and the APR are key terms to look at when you shop for a credit card
a)
True
b)
False
13.
A good strategy for improving your credit history is to keep a balance on your credit card that is close to your credit limit.
a)
True
b)
False
14.
Being financially secure is only possible if you have a high income.
a)
True
b)
False
15.
Buying a car is always a bad financial choice because it means taking on debt.
a)
True
b)
False
16.
Earning a four-year college degree is a guaranteed way to increase your net worth.
a)
True
b)
False
17.
You can find your net worth by:
a)
a. Adding up the value of everything you own
b)
b. Subtracting the sum of your liabilities from the sum of your assets
c)
c. Adding up all of your equity
d)
d. Both b & c
18.
You can eliminate all risks by taking precautions to protect yourself.
a)
True
b)
False
19.
Both strangers and people you know can steal your identity.
a)
True
b)
False
20.
Why is insurance important?
a)
a. It can reduce the financial impact of a covered loss.
b)
b. It prevents damage from natural disasters.
c)
c. It has federally insured deposit protection.
d)
d. It allows you to digitally encrypt your information to keep it safe.
21.
Which of the following are ways to reduce the risk of identity theft?
a)
a. Protect your numbers (Social Security number, credit card numbers, bank
b)
account numbers, etc.)
c)
b. Protect your mail
d)
c. Sign up for direct deposit
e)
d. All of the above
22.
Real estate professionals helping you find a home decide what safe and secure housing means for you.
a)
True
b)
False
23.
An affordable payment for housing is a payment you can make most months.
a)
True
b)
False
24.
As a renter, you have no rights
a)
True
b)
False
25.
As a renter, you have no rights Renter’s insurance helps you financially recover from losses to your personal possessions due to theft, burglary, fire, and other events.
a)
True
b)
False
26.
How can you protect yourself when renting? Choose 3
a)
a. Get renters insurance
b)
b. Read and understand your lease
c)
c. Know your rights as a renter
d)
d. Never rent – only buy a home
27.
How can you estimate what you can afford to pay for housing?
a)
a. Develop a spending and saving plan and see what you can afford for housing
b)
b. Pay whatever is asked
c)
c. Ask your landlord or lender what is an affordable housing payment for you
d)
d. Understanding what is an affordable payment for housing is not an
28.
Your real estate agent will decide what you can comfortably afford to pay for housing
a)
True
b)
False
29.
Comparing offers from different lenders can save you money.
a)
True
b)
False
30.
You have to choose the lender that your real estate agent recommends
a)
True
b)
False
31.
Which of these is included in a typical mortgage payment?
a)
a. Repayment of the real estate agent’s salary
b)
b. Interest
c)
c. Home maintenance costs
d)
d. Gross income
e)
e. None of the above
32.
Which of these factors affects the amount of your monthly mortgage payment?
a)
a. The amount of the loan
b)
b. The interest rate
c)
c. The kind of interest rate
d)
d. The term of the loan
e)
e. All of the above
33.
You become the owner of the home at which event?
a)
a. Closing
b)
b. When you make an offer
c)
c. When your mortgage rate adjusts
d)
d. When you refinance your mortgage
e)
e. None of the above
34.
Disaster preparation is necessary only if you live in an area that experiences frequent earthquakes.
a)
True
b)
False
35.
Disasters rarely disrupt electronic access to finances so cash reserves are not necessary
a)
True
b)
False
36.
Financial obligations are automatically suspended when disasters strike.
a)
True
b)
False
37.
When you are recovering from a disaster, you should get help from whoever offers it.
a)
True
b)
False
38.
You can improve your credit report, but your credit scores will always stay the same.
a)
True
b)
False
39.
You should check your credit report every two years, but not more frequently than that.
a)
True
b)
False
40.
Which of the following CANNOT review your credit reports and scores to make decisions about you?
a)
f. Your friends
b)
a. Landlords
c)
b. Insurance companies (in some states)
d)
c. Financial institutions
e)
d. Cell phone companies
41.
What factors affect your credit scores?
a)
c. How much of your credit card limit you use
b)
a. Your income
c)
b. Your length of employment
d)
d. The amount of money you have in savings
e)
e. All of the above
42.
Which of the following are likely to make your credit scores increase? Choose all that apply
a)
d. Paying your bills on time
b)
a. Closing old credit accounts
c)
b. Applying for new credit
d)
c. Getting a better paying job
e)
e. All of the above
43.
Who should regularly look for, identify, and dispute errors on your credit reports?
a)
d. You
b)
a. The credit reporting agency
c)
b. The information furnisher
d)
c. The individual, business, or organization that uses credit reports to make
e)
decisions about you
44.
If you receive public benefits, you cannot save money.
a)
True
b)
False
45.
Your goals and financial decisions are not related to each other
a)
True
b)
False
46.
Saving is a foundation for financial health. Small amounts can make a big difference over time.
a)
True
b)
False
47.
There is only one place you can put your savings. .
a)
True
b)
False
48.
Building savings is only helpful if you can save at least $2,000.
a)
True
b)
False
49.
Which of the following will help you build savings? Choose 2
a)
a. Buying a coat on sale then using those savings to buy a bike.
b)
b. Putting part of your income tax refund into your savings account.
c)
c. Participating in a retirement savings plan at work.
d)
d. All of the above
50.
Thinking about your spending and saving plan is all it takes to manage your money.
a)
True
b)
False
51.
A spending and saving plan:
a)
c. Lists your income and expenses
b)
a. Records the value of your assets
c)
b. Tells you which bills to pay first if you can’t afford to pay them all
d)
d. Should not include gifts that you receive or give to others
e)
e. All of the above
52.
When you don’t have enough money to pay all of your bills on time:
a)
a. Prioritize which bills to pay in full, in part or late based on what will happen
b)
if you don’t pay the bill
c)
b. Ignore the people you owe until you are able to pay
d)
c. Hold off on paying any of your bills until you can pay them all
e)
d. All of the above.
53.
If you spend more than your income can support, look for ways to:
a)
f. Both a and b
b)
a. Increase your income
c)
b. Decrease your expenses
d)
c. Increase your expenses
e)
d. Decrease your income
54.
Net income is how much you earn before taxes and deductions.
a)
True
b)
False
55.
There are only two ways to receive income: cash or check.
a)
True
b)
False
56.
There are only two ways to pay bills: in person or mailing a check.
a)
True
b)
False
57.
Income includes: Choose 4
a)
a. Money from working
b)
b. Public benefits that provide cash assistance
c)
c. Cash gifts
d)
d. Tips
e)
e. Income tax
58.
Paycheck deductions may include:
a)
f. All of the above
b)
a. Withholding for federal income
c)
taxes
d)
b. Social Security
e)
c. Medicare
59.
Will garnishment of your wages increase or decrease your take-home pay?
a)
Increase
b)
Decrease
60.
It’s not important to shop around for financial products, services, or providers.
a)
True
b)
False
61.
If you have a negative banking history report or credit history, you cannot open an account at a financial institution.
a)
True
b)
False
62.
Successful management of a checking account includes understanding the rules of the account.
a)
True
b)
False
63.
All prepaid cards charge the same fees.
a)
True
b)
False
64.
Your money in an FDIC-insured deposit account (including checking accounts and savings accounts) is insured up to $250.
a)
True
b)
False
65.
Which of the following will help you manage your checking account? Choose 3
a)
a. Keep track of deposits, withdrawals, and debit card transactions
b)
b. Set up text or email alerts
c)
c. Review how much your employer is withholding from your pay for taxes
d)
d. Use secure, private Internet connections for managing your account online or using a mobile app
e)
e. None of the above
66.
Which of the following are features of strong goals? Choose 3
a)
a. Fewer than five words
b)
b. Time-bound
c)
c. Realistic
d)
d. Action-oriented
e)
e. Money-related
67.
Values don’t matter when making financial decisions. It always comes down to the math.
a)
True
b)
False
68.
Most people aren’t susceptible to outside influences around how they spend money
a)
True
b)
False
69.
The only strategy for resisting impulse spending is to stop spending money entirely.
a)
True
b)
False
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