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Financial Literacy Test Complete

Authored by Mandi Edwards

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Used 4+ times

Financial Literacy Test Complete
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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

When seeking to open a bank account, which of the following is needed?

a. Blank checks
b. Government-issued identification
c. Recommendation letter
d. School transcript

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A certificate of deposit (CD) differs from a traditional savings account in what way?

CDs are a riskier investment
CDs include the purchase of stocks
CDs have a low interest rate
CDs must remain untouched for a fixed period of time

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following investments is characterized by the following traits: -Insured by the FDIC or NCUA -Lowest interest rate of all investments -Number of withdrawals per month may be limited

Money market
Traditional savings account
Exchange-traded fund (ETF)
Certificate of deposit (CD

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is a financial institution that handles money, including keeping it safe for saving or commercial purposes?

Payday lender
Bank
Check cashing service
Pawn shop

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

When choosing between using a bank or a credit union, which of the following is an advantage that credit unions generally have in comparison to banks?

Advanced online banking technology
Greater variety in services offered
Owned by members, who may vote and elect board of directors
More branches/locations

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

When the federal government raises interest rates, which of the following is generally impacted positively for a consumer?

Credit card payment
Real estate investment
Savings account
Stock investment

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The Rule of 72 is used to calculate what?

The amount of time it will take for an investment to double in value
The amount of money one should save by retirement
The amount of taxes owed for every $72 invested
The amount of credit one needs for a good credit report

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