
Personal Finance Exam on Financial Literacy for College
Quiz
•
Business
•
11th Grade
•
Easy

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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