Personal Finance Quiz

What does being on a budget mean?

• You pay bills every month at the due date

• You made a plan of your expenses to be less than or equal to your income

• You are earning enough money to be able to live well

• Your bills are generally paid by every due date

Tags

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.8.3

CCSS.RI.8.5

What is considered an excellent credit score?

• 700 to 850

• 500 to 560

• 561 to 600

• 1000 to 1500

Which of the following is not a method to improve your credit score?

• Pay all your bills on time

• Maintain your older credit cards

• Keep your credit card balances under 30% of your credit limit

• Always pay in cash and do not get any credit cards

Why is your credit score important?

• It can affect your interest rate if you finance a car or home

• It can have an impact on whether you can finance major purchases

• It can determine whether you can get credit cards

• All of the above

Which is a method to fund your college education?

• Apply for financial aid

• Seek out less expensive college alternatives

• Seek out college scholarships

• All of the above

An example of a need is:

• A Florida vacation

• A car

• Room and board

• A laptop

I bought my first car and got a loan to pay for it. If I default on my loan, only this lender will know about it and if I need another loan, I'll be able to get it from another lender.

• True

• False

It's ok to skip payments on your bills some months, as long as you pay the next month.

• True

• False

Under which of the following circumstances would it be financially beneficial to you to borrow money to buy something now and repay it with future income?

• When you need to buy a car to get a much better paying job

• When you need a vacation

• When some clothes you like go on sale

• When you want to invest the money and feel you could make more than the interest you are paying

If your credit card is stolen and the thief runs up a total debt of $1,000, but you notify the issuer of the card as soon as you discover it is missing, what is the maximum amount that you might have to pay according to Federal law?

• $500

• $1000

• Nothing

• $50