Financial Literacy Quiz

How can a decision made in your early 20s, such as not saving for retirement, impact your life later on?

• It can lead to a lower standard of living in retirement.

• It can make it harder to buy a house or car.

• It can impact your ability to pay for your children's education.

• All of the above.

Which of the following is a reliable source of financial information?

• Social media influencers

• Government websites

• Online forums

• All of the above

Which of the following is a major consumer protection law?

• Fair Credit Reporting Act

• Truth in Lending Act

• Consumer Product Safety Act

• All of the above

When making a financial decision, it's important to:

• Consider the immediate costs and benefits only.

• Make decisions based on emotions rather than logic.

• Weigh the potential risks and rewards of different options.

• Rely solely on advice from friends and family.

Effective communication strategies for discussing financial issues include:

• Active listening

• Clear and concise language

• Empathy and understanding

• All of the above

Protecting your personal information is essential to prevent:

• Identity theft

• Financial fraud

• Cybercrime

• All of the above

How can wise financial planning help you achieve your goals?

• By providing a roadmap for your financial future

• By helping you make informed financial decisions

What might be the effect of not having an emergency fund on your financial situation?

• Increased financial stress

• Difficulty covering unexpected expenses

• Potential debt accumulation

• All of the above

Which of the following is a characteristic of money?

• Durability

• Divisibility

• Portability

• All of the above

The flow of money and resources through the American economic system involves:

• Production, distribution, and consumption

• Supply and demand

• Labor, wages, and capital

• All of the above