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WorksheetsFinancial literacy, final exam quiz
Total questions: 23
Worksheet time: 12mins
You order an item online. The site says your account will be closed unless you click a link to verify your information. This is an example of:
A. A scam
B. A consumer protection violation
C. A refund policy
D. A warranty issue
You buy a product online, but it arrives broken. The seller refuses a refund. Which is your best option?
File a complaint with your credit card company
Send the item back to the seller
Leave a bad review
Contact the police
The law that lets you dispute errors on your credit report is the:
Fair Debt Collection Act
Fair Credit Reporting Act
Consumer Leasing Act
Truth in Lending Act
You see an online ad for a 20item,butatcheckout,hiddenfeesmakethetotal 45. This violates the:
FCRA (Fair Credit Reporting Act)
FDSCA (Online Shoppers Confidence Act)
ECOA (Equal Credit Opportunity Act)
FDCPA (Fair Debt Collection Practices Act)
A company offers a 'free trial' but starts charging you monthly without clear agreement. This violates the:
FDSCA (Online Shoppers Confidence Act)
ECOA (Equal Credit Opportunity Act)
FDCPA (Fair Debt Collection Practices Act)
Fair Credit Reporting Act
You see charges you didn’t authorize on your credit card, you should FIRST:
Call your credit card company to dispute it
Contact local police
File a complaint with the seller
Leave a bad review
You accidentally hit another car and damage their bumper. Which coverage pays for the other car’s repairs?
Collision
Comprehensive
Liability
Homeowner’s
Your apartment is robbed and your TV is stolen. Which insurance covers this?
Medical insurance
Renter’s insurance
Auto insurance
Homeowner’s insurance
Your health insurance pays a certain amount out-of-pocket before your health insurance begins to pay. What is this called?
Premium
Deductible
Copay
Out-of-pocket maximum
Your car is damaged by a tree during a storm. Which policy covers this?
Collision
Comprehensive
Liability
Homeowner’s
You cannot work for two months after breaking your arm. Which insurance replaces part of your income?
Health insurance
Disability insurance
Life insurance
Homeowner’s insurance
A friend is injured in your home. Which insurance may help pay their medical bills?
Health insurance
Disability insurance
Liability insurance
Comprehensive
You want a bank account for paying bills and everyday spending. You need a:
Savings account
Checking account
Money market account
Certificate of deposit
You use a network ATM and get charged twice. Why?
You entered your PIN wrong
You used a non-network ATM
You withdrew too much money
You used a credit card
You were supposed to call your bank first before you used a stolen card and your account was charged a fee. What is that fee called?
Overdraft fee
Monthly interest
Fraud protection
Service charge
The amount added to your account each month is called:
Service charge
Monthly interest
Fraud protection
Overdraft fee
If your debit card is stolen and used for unauthorized purchases, if you report it 3 days later, the most you can lose is:
$50
$500
$1000
$0
You want higher interest but agree to leave your money untouched for 1-3 years. Best account is:
Checking account
Certificate of Deposit (CD)
Prepaid card
Credit card
To protect your credit, you should:
Use fraud protection
Open a checking account
Use overdraft protection
Close your checking account
The best way to avoid overdraft fees is to:
Use fraud protection
Open a checking account
Use overdraft protection
Close your checking account
What is a Certificate of Deposit (CD)?
Used to save money
Money is held in the account until a set date (penalties for early withdrawal)
Both A and B
None of the above
What are common fees associated with maintaining a bank account?
Monthly maintenance fees
Overdraft fees
ATM fees
All of the above
Which card allows you to borrow now and pay later?
Debit Card
Credit Card
Both
None
