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Financial Literacy Final Review

Total questions: 85

Worksheet time: 45mins

Name
Class
Date
1.

What is one feature of checking accounts that is useful when you also have a savings account?

a)
Unlimited withdrawals
b)
Direct deposit
c)
Automatic transfers
d)
Interest accumulation
2.

What does APY stand for when comparing savings accounts?

a)
Annual percentage yield
b)
Annual profit yield
c)
Annual percentage yearly
d)
Annual payment yield
3.

What is the role of the Federal Deposit Insurance Corporation (FDIC)?

a)
To manage individual checking accounts
b)
To provide loans to individuals
c)
To regulate interest rates
d)
To insure deposits in banks
4.

When the Federal Reserve changes interest rates, how does that typically impact interest rates for loans and savings accounts?

a)
Increased interest rates increase both loan rates and savings rates
b)
Decreased interest rates decrease loan rates only
c)
Decreased interest rates decrease savings rates only
d)
Increased interest rates increase loan rates and lower savings rates
5.

Which agency controls the banks?

a)

Federal Reserve System

b)

Federal Trade Commission

c)

Securities & Exchange Commission

d)

Federal Bureau of Investigation

6.

What is a check register used for?

a)

Filing income taxes

b)

Setting up direct deposit

c)

Recording checking account transactions

d)

Sending electronic payments

7.

What is this called?

a)

blank endorsement

b)

name endorsement

c)

restrictive endorsement

d)

special endorsement

8.

What is this?

a)

blank endorsement

b)

name endorsement

c)

restrictive endorsement

d)

special endorsement

9.

Which of the following earns the most amount of interest?

a)

Principal Interest

b)

Simple Interest

c)

Compound Interest

d)

Mortgages

10.

What is one downside of using an ATM that isn't from your bank?

a)

You can't check your balances

b)

You are charged a fee

c)

You can only deposit money

d)

You can only withdraw money

11.

What is a high-yield savings account?

a)
A high-yield savings account is a type of checking account.
b)
A high-yield savings account is a savings account that offers a higher interest rate than traditional savings accounts.
c)
A high-yield savings account is only available to businesses.
d)
A high-yield savings account has no interest rate at all.
12.

What is an overdraft?

a)

spending more money than you have in your account

b)

not making deposits frequently enough

c)

making purchases at too many different retailers

13.

What is the date when money deposited into a Certificate of Deposit (CD) becomes available called?

a)

maturity date

b)

withdrawal date

c)

deposit date

d)

blind date

14.

What is labeled number 9?

a)

Payee

b)

Payor

c)

Routing Number

d)

Amount in words

15.

________a savings account that requires a deposit of fixed amount of money for a fixed period of time or term; penalty for early withdrawal

a)

certificate of deposit (CD)

b)

depository savings accounts

c)

money market account

16.

Which of the following are Peer-to-Peer apps?

a)

Venmo

b)

Paypal

c)

Zelle

d)

CashApp

e)

All of the above

17.

A check you mark through because you made a mistake writing it

a)

Outstanding Check

b)

Postdated Check

c)

Stale Check

d)

Voided Check

18.

Person or business the check is written to

a)

Payee

b)

Drawer

c)

Drawee

d)

Endorsement

19.

The interest rate on a CD is __________ than that on a regular savings account.

a)

Higher

b)

Lower

c)

Same

d)

Does not earn interest

20.

What percentage of income should be allocated to wants according to the 50/30/20 rule?

a)

70%

b)

50%

c)

30%

d)

10%

21.

What percentage of income should be allocated to savings according to the 50/30/20 rule?

a)

10%

b)

40%

c)

20%

d)

30%

22.

Why is compound interest more beneficial than simple interest?

a)

Your money grows faster when it is compounded

b)

Your taxed on simple interest, but not compound interest

c)

Fees for compound interest are greater than simple interest

d)

Compound interest is hard to calculate, so fewer use it

23.

Which would be considered the highest risk investment type?

a)

Stock

b)

Mutual Fund

c)

Bond

d)

Money Market Account

24.

The relationship between risk and return can be stated as

a)

Higher risk indicates higher return

b)

Higher risk indicates lower return

c)

Lower risk indicates higher return

d)

No relationship exists between risk and return

25.

A _____ is a loan given to an organization while a _______ is partial ownership in the company.

a)

bond, ETF

b)

stock, bond

c)

bond, stock

d)

ETF, bond

26.

Andy bought 5 shares of a company for $10. Later, he sold all 5 shares for $15. What was his profit/loss on the stock?

a)

Profit of $5

b)

Loss of $5

c)

Profit of $25

d)

Loss of $25

27.

What is the main appeal of an index fund?

a)

They are always actively managed to add a human touch

b)

They are typically low cost and diversified investments

c)

They are always managed by a robo-advisor to remove human bias

d)

They give you partial ownership of a single company

28.

An account that is used to buy and sell stocks, bonds, and funds is called a

a)

Roth IRA

b)

ETC Account

c)

Brokerage Account

d)

Target Date Fund

29.

A diversified portfolio is desirable because

a)

It limits investment choice

b)

It's a good predictor on rate of return

c)

It increases risk and return

d)

It decreases risk

30.

What is the main purpose of a brokerage account?

a)

To invest in stocks, bonds, and funds

b)

To save for retirement

c)

To apply for loans

d)

To manage daily expenses

31.

A collection of stocks and/or bonds managed by an expert for a fee is called:

a)

Pension

b)

Robo-Advisor

c)

Mutual Fund

d)

Stock Exchange

32.

What measures the money gained or lost on an investment relative to the amount invested?

a)

Risk

b)

Rate of Return

c)

Passive Investing

d)

Portfolio

33.

Which stock market index tracks 500 large-cap companies as a benchmark?

a)

Nasdaq

b)

S&P 500

c)

New York Stock Exchange (NYSE)

d)

Portfolio

34.

A long-term wealth-building strategy that involves holding investments for many years is called:

a)

Rate of Return

b)

Passive Investing

c)

Purchasing Power

d)

Stock Exchange

35.

A collection of financial investments such as stocks, bonds, and mutual funds is called:

a)

Portfolio

b)

Security

c)

Stock Exchange

d)

Target Date Fund (TDF)

36.

FICO Credit Scores consist of:

a)

credit profile, marital status, total assets, job income

b)

credit history and debt ratio

c)

Amt owed, New Credit, Length of Credit History, Credit Mix, Payment History

d)

Income and how much you have in the bank

37.

The most critical factor in a FICO score (35%) is:

a)

Credit Mix

b)

Credit Ratio

c)

New Credit

d)

Payment History

38.

To build a good credit history, you should

a)

open as much credit as possible quickly

b)

use the maximum credit allowed on all your credit cards

c)

pay on time and as much of your balance as possible

d)

all of these

39.

You must carry a balance on your credit cards to build a credit history.

a)

False

b)

True

40.

Which of these show your credit history?

a)

Credit score

b)

Credit report

c)

Both

41.

A Credit Score is a:

a)

A method of tracking money

b)

A measure of someone's credit risk

c)

a number that gives you rewards if you stay under

d)

report of credit history

42.

What are the 3 major Credit Reporting Agencies in the U.S.?

a)

Equifax, Expedia and Trans America

b)

Equilibrium, Experience, and Trans Continental

c)

Equifax, Experian, and Trans Union

d)

Equality, Expatriot, and Transformation

43.
How do credit card companies make money?
a)
By charging late fees and interest to their customers.
b)
By making you pay an extra dollar on every purchase.
c)
By charging late fees and interest to stores and other businesses.
d)
By earning interest on the money they have saved up.
44.
The maximum amount you may borrow on a credit card is known as:
a)
creditworthiness
b)
credit report
c)
credit limit
d)
variable rate of credit
45.
What is an annual fee? 
a)
The act of transferring money 
b)
A fee charged by a card issuer for being a card holder. 
c)
The days between the last statement and the current statement. 
d)
A fee charged to a cardholder's account once a payment is late. 
46.
Examples of penalty fees include:
a)
over-the-limit fee
b)
late payment fee
c)
returned payment fee
d)
all of these
47.

Another name for the amount of money borrowed at the start of loan.

a)

lien

b)

collateral

c)

interest

d)

principal

48.
Transferring debt from one credit card to another to known as:
a)
Penalty APR
b)
Balance Transfer
c)
Credit Limit
d)
Over the limit fee
49.

What is the table that details all of the terms and features of a credit card, and has to be included in all credit card offers?

a)

information table

b)

disclosure

c)

Schumer Box

50.

What is the connection between a credit report and a credit score?

a)

They are basically the same thing

b)

The information from your credit report is what determines your credit score.

c)

Your credit score determines what information is on your credit report.

d)

If you have a lot of accounts on your credit report you automatically have a high credit score.

51.

Where can you get a free copy of your credit report?

a)

annualcreditreport.com

b)

freecreditreport.com

c)

getmycreditreport.com

d)

creditreport.gov

52.

Who would be more likely to get a car loan?

a)

Dave with a credit score 560

b)

Julie with a credit score 780

53.

A person or organization who makes funds available to borrow.

a)

lender

b)

borrower

54.

A numerical summary of your credit history that indicates your credit worthiness

a)

Credit Score

b)

Credit Report

55.

A record of a person’s use of credit

a)

Credit Score

b)

Credit Report

56.

When may a person view his/her credit report for free?

a)

At any time and an unlimited number of times

b)

Once a year, from each of the three main credit reporting agencies

c)

A person may not review his/her credit report

d)

When a person has sufficient financial resources

57.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
58.
The more credit cards I have, the higher my credit score will be.
a)
True
b)
False
59.
My landlord can report my failure to pay rent to a credit reporting agency.
a)
True
b)
False
60.
If my credit card allows me to charge up to $1,000, I should charge the maximum amount to build my credit history.
a)
True
b)
False
61.
I should review my credit report for errors.
a)
True
b)
False
62.
A credit report contains my personal information such as my address and social security.
a)
True
b)
False
63.

A time allowed by credit card companies in which you are not charged interest on purchases

a)

debt consolidation

b)

grace period

c)

overdraft protection

d)

pawnbroker

64.

Parents may add a child who is under 21 as an authorized user to an existing credit card.

a)

False

b)

True

65.
The cost of credit expressed as a yearly interest rate is known as:
a)
Annual Percentage Rate (APR)
b)
Annual Fee
c)
Penalty APR
d)
Introductory Rate
66.
The cost of borrowing money is referred to as 
a)
Interest 
b)
Annual Percentage Rate 
c)
Credit 
d)
Credit Line 
67.
What type of credit is a credit card?
a)
Single-Payment
b)
Installment Credit
c)
Revolving Credit
68.
The least amount that must be paid on a credit card each month is
a)
Late Fee
b)
Credit Limit
c)
Payment amount
d)
Minimum Payment
69.

In order to qualify for financial aid, which application must you submit?

a)

FAFSA

b)

SAVE

70.

The federal government makes interest payments on ________ while you’re enrolled in school at least half-time, for the first six months after you leave school, and during any period of deferment.

a)

Subsidized federal loans

b)

Unsubsidized federal loans

71.

What types of money are used in paying for college and in what order should you use them?

a)

Your money, free money, borrowed money

b)

Free money, your money, borrowed money

72.

Which of the following is considered a direct cost of attendance?

a)

Tuition

b)

Food and entertainment

73.

Although it's not a type of financial aid, how can transferring credits from a community college help save you money on college costs?

a)

It reduces the amount of credits you'll have to pay for at your 4-year college

b)

Eligible for lower interest rates when taking out federal student loans

74.

Which of the formulas below correctly calculates net price?

a)

Sticker price - student loans = net price

b)

Sticker price - grants and scholarships = net price

75.

Keith's tuition, room & board, and fees for freshman year total $26,000. Including scholarships, grants, and federal student loans, his financial aid package is $25,500. Which option below is both realistic and the most financially responsible?

a)

Pick up a part-time job to cover his remaining costs and personal expenses

b)

Keith should not attend this college because he cannot afford it

76.

Which of the following ways to pay for college is MOST likely to be based on someone's financial need?

a)

Direct PLUS Loans

b)

Grants

77.

How much does it cost to file the FAFSA?

a)

It is free

b)

It is free the first time you file, but costs $9.99/year thereafter

78.

Typically, when should you first file the FAFSA?

a)

After you finish freshman year of high school

b)

October or November of your last year of high school

79.

Who is eligible to receive Direct Subsidized loans?

a)

Undergraduate students

b)

Students enrolled less than half-time

80.

Which of the following is TRUE about the Student Aid Index (SAI)?

a)

The LOWER your SAI the MORE financial aid you are eligible for

b)

The HIGHER your SAI the MORE financial aid you are eligible for

81.

As you make decisions during college, you should focus on...

a)

Having fun, because you’re only in college once

b)

Setting yourself up for success post-college

82.

Which of the following statements is TRUE about the value of a college degree?

a)

A high school graduate can expect to earn about the same as a college graduate

b)

A college graduate can expect to earn, on average, more than a high school graduate over a career

83.

Which of the following is a benefit of an income-driven repayment plan?

a)

Theoretically, your payment should never be more than you can afford

b)

They’re structured to be paid off in 5-10 years

84.
A subsidized loan is when ____________________ pays the interest while you are in school, while an unsubsidized loan is when ___________________ pays the interest while you are in school.
a)
the government; parents
b)
the borrower; parents
c)
the borrower; the government
d)
the government; the borrower
85.

FAFSA=Free __________ for Federal Student Aid

a)

Application

b)

Advertisement

c)

Allowance

d)

Admission

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