Financial Literacy Quiz
Quiz
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Other
•
12th Grade
•
Hard
Dylan Thammavongsa
Used 8+ times
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26 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Magda is going to finance her car purchase using an auto loan. Which statement below is accurate?
Her principal is the cost of the car, minus any down payment she makes
Her interest rate is the total cost she'll pay after making all of her principal and interest payments
Choosing a shorter term means it will take her longer to repay the loan
It’s likely that her monthly payment will be between 4-5% of the cost of the car
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Jaime is creating a budget for the first time and doesn’t know which to use - NET PAY or GROSS PAY. What do you tell him?
Use net pay, because it’s the total amount you’ve earned minus taxes and other deductions.
Use gross pay, because it’s the total amount you’ve earned minus any recurring bills you owe for the month.
Use net pay, because it’s the total amount you’ve earned for the month.
Use gross pay, because that is the amount that is reported to the government for taxes.
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Jennifer is trying to save up for an emergency fund of $3000. Which saving strategy would likely be most effective in helping her meet her goal?
At the end of the month put any leftover money from her checking account into her savings instead
Set up a direct deposit of $75 from each paycheck to automatically get put into her savings account instead of her checking account
Wait until she's paid off all of her credit card and student loan debt, and then start saving for an emergency fund
Every month, after she's paid for rent, student loan and credit card debt, utilities, and groceries, put $50 or $100 into savings
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Super Smarts University has a sticker price of $45,000 per year. Kyle is applying there and uses their online net price calculator, which calculates a net price of $38,000 per year based on the information he is provided. He's #1 in his high school class, and he's got great SAT scores; so he's pretty sure he'll get in. How much will Kyle pay to attend?
The exact net price
Within a range of $5000 of the sticker price
$0, because he'll likely get a full ride due to his high school achievements and scores
It's impossible to know how much he'll pay until he receives his financial aid package
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Look at this image: Diagram showing the relationship between insurance premiums and deductibles. Which of these statements is TRUE regarding the relationship between insurance premiums and deductibles?
The higher the premium the higher the deductible
The lower the premium the lower the deductible
The higher the premium the lower the deductible
The price of premiums has no relationship to the price of deductibles
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following would have the most positive impact on your credit score?
Close any credit cards you're no longer using
Spend more money on each of your credit cards
Take out a car loan for $18,000 or more
Make all payments on time, and focus on paying down any credit cards that are close to their credit limits
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Zoe buys three new lipsticks from a store at the mall. Which payment method would reduce the amount of money in her checking account?
Pays with a prepaid card she loaded earlier in the month
Uses her credit card and says, "Credit" when the cashier asks, "Credit or debit?"
Uses her debit card and says, "Credit" when the cashier asks, "Credit or debit?"
Pays with cash she had in her purse
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