Financial Literacy_Test- Part1 - S1

Front

Gross pay is...

Back

The amount of pay you receive before taxes

Front

What is a copay?

Back

The amount of money you pay to a healthcare provider before your insurance takes the claim.

Front

True or False: Interest can both cost you money and/or earn you money

Back

True

Front

Your credit score is important because...

Back

It is the number assigned to an individual that calculates your ability to use and pay back credit.

Front

Personal Injury Protection is a type of add-on insurance that protects you in case...

Back

You have medical costs or lost wages after an accident because you are hurt

Front

Your minimum payment on a credit card is...

Back

Typically assessed monthly, the minimum amount you need to pay on a loan to keep it current and avoid negative effects on your credit report.

Front

A hard inquiry looks at your credit history, typically in advance of applying for a loan. Which of the following is not true of a hard inquiry? They can negatively impact your credit for 12 months, They remain on your credit history for two years, They can help your credit score

Back

They can help your credit score

Front

A document that details the type and amount of coverage your insurance offers is called...

Back

Insurance Policy

Front

The amount paid before a large purchase to reduce the loan amount and prove your interest and ability to make a purchase is...

Back

Down Payment

Front

The purpose of all types of insurance is to...

Back

Provide protection against the unpredictable like car accidents or broken arms.