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Financial Literacy

Authored by Wayground Content

Mathematics

9th - 12th Grade

Used 2+ times

Financial Literacy
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14 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is a variable expense?

Student loan payments

Groceries

Rental payments

Health insurance

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

When you read a credit application (i.e. credit card, mortgage) and it says the loan is accompanied with a 20% Annual Percentage Rate (APR). What does this mean?

You'll pay 20% of your income on the loan each year

The bank will only charge you 20% of the loan each year

The bank will pay you 20% of what you charge while you have the loan

You'll pay 20% of the amount you sill owe on the loan in interest each year

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

I avoid paying a PMI if I make a down payment of __________________ or more.

0%
5%
10%
20%

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is a fixed expense?

Clothing purchases

Groceries

Rental payments

Movie tickets

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

The purpose of a budget is to:

help you plan how you will spend the money you earn or receive.

stop you from spending too much money.

increase the balance of your savings account

tell you how much you owe the government in taxes

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

Money you earn, like money you may get from your birthday or allowance from your parents.

Income
Salary
Wage
Tuition

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What percent of your monthly NET income should your monthly mortgage, taxes, and insurance be?

45% - 50%

40% - 45%

35% - 40%

Less than 35%

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