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Financial literacy, final exam quiz

Total questions: 23

Worksheet time: 12mins

Name
Class
Date
1.

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. A scam

b)

B. A consumer protection violation

c)

C. A refund policy

d)

D. A warranty issue

2.

You buy a product online, but it arrives broken. The seller refuses a refund. Which is your best option?

a)

File a complaint with your credit card company

b)

Send the item back to the seller

c)

Leave a bad review

d)

Contact the police

3.

The law that lets you dispute errors on your credit report is the:

a)

Fair Debt Collection Act

b)

Fair Credit Reporting Act

c)

Consumer Leasing Act

d)

Truth in Lending Act

4.

You see an online ad for a 20item,butatcheckout,hiddenfeesmakethetotal20 item, but at checkout, hidden fees make the total 45. This violates the:

a)

FCRA (Fair Credit Reporting Act)

b)

FDSCA (Online Shoppers Confidence Act)

c)

ECOA (Equal Credit Opportunity Act)

d)

FDCPA (Fair Debt Collection Practices Act)

5.

A company offers a 'free trial' but starts charging you monthly without clear agreement. This violates the:

a)

FDSCA (Online Shoppers Confidence Act)

b)

ECOA (Equal Credit Opportunity Act)

c)

FDCPA (Fair Debt Collection Practices Act)

d)

Fair Credit Reporting Act

6.

You see charges you didn’t authorize on your credit card, you should FIRST:

a)

Call your credit card company to dispute it

b)

Contact local police

c)

File a complaint with the seller

d)

Leave a bad review

7.

You accidentally hit another car and damage their bumper. Which coverage pays for the other car’s repairs?

a)

Collision

b)

Comprehensive

c)

Liability

d)

Homeowner’s

8.

Your apartment is robbed and your TV is stolen. Which insurance covers this?

a)

Medical insurance

b)

Renter’s insurance

c)

Auto insurance

d)

Homeowner’s insurance

9.

Your health insurance pays a certain amount out-of-pocket before your health insurance begins to pay. What is this called?

a)

Premium

b)

Deductible

c)

Copay

d)

Out-of-pocket maximum

10.

Your car is damaged by a tree during a storm. Which policy covers this?

a)

Collision

b)

Comprehensive

c)

Liability

d)

Homeowner’s

11.

You cannot work for two months after breaking your arm. Which insurance replaces part of your income?

a)

Health insurance

b)

Disability insurance

c)

Life insurance

d)

Homeowner’s insurance

12.

A friend is injured in your home. Which insurance may help pay their medical bills?

a)

Health insurance

b)

Disability insurance

c)

Liability insurance

d)

Comprehensive

13.

You want a bank account for paying bills and everyday spending. You need a:

a)

Savings account

b)

Checking account

c)

Money market account

d)

Certificate of deposit

14.

You use a network ATM and get charged twice. Why?

a)

You entered your PIN wrong

b)

You used a non-network ATM

c)

You withdrew too much money

d)

You used a credit card

15.

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?

a)

Overdraft fee

b)

Monthly interest

c)

Fraud protection

d)

Service charge

16.

The amount added to your account each month is called:

a)

Service charge

b)

Monthly interest

c)

Fraud protection

d)

Overdraft fee

17.

If your debit card is stolen and used for unauthorized purchases, if you report it 3 days later, the most you can lose is:

a)

$50

b)

$500

c)

$1000

d)

$0

18.

You want higher interest but agree to leave your money untouched for 1-3 years. Best account is:

a)

Checking account

b)

Certificate of Deposit (CD)

c)

Prepaid card

d)

Credit card

19.

To protect your credit, you should:

a)

Use fraud protection

b)

Open a checking account

c)

Use overdraft protection

d)

Close your checking account

20.

The best way to avoid overdraft fees is to:

a)

Use fraud protection

b)

Open a checking account

c)

Use overdraft protection

d)

Close your checking account

21.

What is a Certificate of Deposit (CD)?

a)

Used to save money

b)

Money is held in the account until a set date (penalties for early withdrawal)

c)

Both A and B

d)

None of the above

22.

What are common fees associated with maintaining a bank account?

a)

Monthly maintenance fees

b)

Overdraft fees

c)

ATM fees

d)

All of the above

23.

Which card allows you to borrow now and pay later?

a)

Debit Card

b)

Credit Card

c)

Both

d)

None