Financial Literacy Quiz

What does it mean to be financially literate?

• Being able to invest in stocks and bonds

• Understanding and effectively using various financial skills, including personal financial management

• Having a high-paying job

• Living a debt-free life

People who run their own small businesses are called what?

• financially literate

• entrepreneurs

• competitors

• economists

John wants to send money to his friend Mike's bank account. This process is known as what?

• stealing

• using credit

• bartering

• electronic transfer

The fee banks charge for using credit cards is called what?

• interest

• overdraft fee

• user fee

• electronic transfer fee

What is it called when a person works in the same field for many years?

• profession

• career

• job

• full-time work

What is a “commission?”

• extra payments made for good performance

• another name for wages

• money given to workers for good service

• money paid for health insurance

What is another name for a home loan?

• interest

• mortgage

• withdrawal

• house payment

How can schooling help income?

• It’s the law that companies must pay more if you have more schooling.

• Schools pay students to attend.

• Jobs often pay more for more knowledge and skills.

• You can sell a diploma for money.

What is Cryptocurrency?

• Another name for credit cards

• Illegal money transactions

• An electronic transfer from a bank

• Digital networked currency that uses no banks

What is it called when someone balances expenses with income?

• investment income

• saving money

• living within means

• paying down debt