Personal Finance Exam on Financial Literacy for College

Personal Finance Exam on Financial Literacy for College

11th Grade

14 Qs

quiz-placeholder

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Personal Finance Exam on Financial Literacy for College

Personal Finance Exam on Financial Literacy for College

Assessment

Quiz

Business

11th Grade

Easy

Created by

Christi Floyd

Used 1+ times

FREE Resource

14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the different types of college savings accounts?

Roth IRA, Traditional IRA, SEP IRA

529 plans, Coverdell Education Savings Accounts (ESAs), and custodial accounts (UTMA/UGMA)

401(k), Pension plan, Annuity

Checking account, Savings account, Money market account

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the various financial aid options available for college students?

Borrowing from friends and family

Credit card debt

Selling personal belongings

Scholarships, grants, work-study programs, and student loans

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can students compare different student loan options?

Asking friends for their opinions

Selecting the loan with the highest interest rate

Choosing the loan with the longest repayment term

Researching and comparing interest rates, repayment terms, and any additional fees or benefits offered by each loan provider.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the factors to consider in consumer decision making when it comes to college expenses?

Color of the college buildings

Cost, financial aid, reputation of the college, potential return on investment, location, and available resources.

Number of students enrolled in the college

The college's mascot

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the basic functions of banking in relation to personal finance?

The basic functions of banking in relation to personal finance include accepting deposits, providing loans, facilitating payments, and offering financial advice and services.

Selling insurance products

Operating as a retail store

Providing legal services

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the concept of compound interest and its relevance to saving for college.

Compound interest only applies to short-term savings

Compound interest is irrelevant to saving for college

Compound interest allows savings to grow at a faster rate over time.

Compound interest causes savings to decrease over time

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the potential drawbacks of taking out student loans?

Potential drawbacks include accumulating interest, repayment obligations, and impact on credit score.

No interest accumulation

No repayment obligations

No impact on credit score

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