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Financial Literacy Quiz

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

What is the term for a belief that restricts one's potential?

a)

Capital Storage

b)

Limiting Belief

c)

Home Equity

d)

Principal

2.

What is the term for the storage of financial assets?

a)

Capital Storage

b)

Gap Insurance

c)

Title

d)

Registration

3.

What does APR stand for in financial terms?

a)

Annual Payment Rate

b)

Annual Percentage Rate

c)

Annual Principal Rate

d)

Annual Price Rate

4.

What is the initial payment made when buying something on credit?

a)

Interest

b)

Down Payment

c)

Principal

d)

Title

5.

What type of insurance covers the difference between the car's value and the amount owed on it?

a)

Life Insurance

b)

Gap Insurance

c)

Car Insurance

d)

Home Equity

6.

What does MSRP stand for?

a)

Manufacturer's Suggested Retail Price

b)

Market Standard Retail Price

c)

Maximum Suggested Retail Price

d)

Minimum Standard Retail Price

7.

What is the legal document proving ownership of a property?

a)

Title

b)

Registration

c)

Principal

d)

Interest

8.

What is the term for the value of a homeowner's interest in their property?

a)

Home Equity

b)

Capital Storage

c)

Down Payment

d)

Gap Insurance

9.

What type of insurance provides financial protection to beneficiaries after the policyholder's death?

a)

Car Insurance

b)

Life Insurance

c)

Gap Insurance

d)

Home Equity

10.

What type of insurance covers damage to a vehicle?

a)

Life Insurance

b)

Car Insurance

c)

Gap Insurance

d)

Home Equity

11.

What is the original sum of money borrowed in a loan?

a)

Interest

b)

Principal

c)

Title

d)

Registration

12.

What is the cost of borrowing money, usually expressed as a percentage?

a)

Principal

b)

Interest

c)

Title

d)

Registration

13.

What is the process of officially recording a vehicle with the government?

a)

Title

b)

Registration

c)

Principal

d)

Interest

14.

Which term refers to the belief that limits one's actions or thoughts?

a)

Capital Storage

b)

Limiting Belief

c)

Home Equity

d)

Principal

15.

What is the term for the percentage charged on a loan annually?

a)

Annual Payment Rate

b)

Annual Percentage Rate

c)

Annual Principal Rate

d)

Annual Price Rate

16.

What is the term for the amount paid regularly to use a borrowed sum of money?

a)

Principal

b)

Interest

c)

Title

d)

Registration

17.

What is the term for the initial amount of money put down when purchasing a property?

a)

Interest

b)

Down Payment

c)

Principal

d)

Title

18.

What is the term for the amount of money left after subtracting liabilities from assets?

a)

Net Worth

b)

Principal

c)

Interest

d)

Title

19.

What is the term for the fee charged by a lender to a borrower for the use of borrowed money?

a)

Principal

b)

Interest

c)

Down Payment

d)

Title

20.

What is the term for the process of taking possession of a mortgaged property as a result of the borrower's failure to keep up mortgage payments?

a)

Foreclosure

b)

Registration

c)

Title

d)

Home Equity