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WorksheetsFinancial Literacy Quiz
Total questions: 25
Worksheet time: 19mins
What is the difference between a private and public college?
Private colleges are free
Public colleges are more expensive
Private colleges are funded by tuition and donations
Public colleges do not offer degrees
What does FAFSA stand for?
Federal Application for Student Aid
Free Application for Federal Student Aid
Financial Aid for Students Application
Federal Aid for Students and Families
What is the difference between a loan and a grant?
Loans are free money
Grants must be repaid
Loans must be repaid, grants do not
Grants are only for graduate students
What is a zero-based budget?
A budget with no expenses
A budget where income minus expenses equals zero
A budget with zero income
A budget with only fixed expenses
What is the 50/30/20 rule?
A rule for dividing study time
A budgeting rule for spending, saving, and investing
A rule for dividing household chores
A rule for meal planning
What is a down payment?
A monthly car payment
An initial payment made when buying something on credit
A payment made after a purchase
A payment for car insurance
What is a car warranty?
Insurance for car accidents
A guarantee that covers certain repairs and services
A loan for purchasing a car
A payment plan for a car
Who is a property manager?
A person who sells properties
A person who maintains and manages rental properties
A person who inspects properties
A person who finances property purchases
What is a co-signer?
A person who helps pay rent
A person who guarantees a loan or lease
A person who owns the property
A person who manages the property
What is the difference between a saver and a spender?
A saver spends more money
A spender saves more money
A saver prioritizes saving money, a spender prioritizes spending
A spender never saves money
Any job whose duties require advanced training and skills gained through means other than a 4+ year degree
professional
specialist
trade
basic
Which of the following is an example of an undergraduate degree?
bachelor's
doctoral
master's
GED
What are the three most important questions for picking a college?
How much will it cost?
Are my friends going?
What nightlife is nearby?
How likely is it that I'll finish in four years?
How good is the college at helping me get a job?
Costs that can remain the same every month and paid on a regular basis
income
fixed expenses
discretionary expenses
variable expenses
Costs that can change based on your use of goods or services
income
fixed expenses
discretionary expenses
variable expenses
Costs that you do not have to spend
income
fixed expenses
discretionary expenses
variable expenses
An emergency fund should have how many months of expenses saved?
12 months
9 months
6 months
3 months
For the 50/30/20 rule, what percentage is allocated to wants?
Loss of a car's value over time
The price the dealer paid the manufacturer for the car
MSRP
The price that the manufacturer says that the dealer should ask for each individual car
Why do you need to research a car prior to going to the lot to talk to a salesman?
To negotiate effectively and make an informed decision to ensure you are not overpaying
Insurance coverage for the contents inside the property is called
renter's insurance
What is a security deposit?
Select the three MOST important things you must know BEFORE renting an apartment.
Are your neighbors cool?
Is the person you're living with responsible?
How your credit may affect your approval odds
Do you have all costs to move in accounted for?
Does the complex have a pool?
