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Financial Literacy Quiz Questions with Correct Answers
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FAFSA - Answer-Free Application for Federal Student Aid is the application used by the US Department of Education to determine a student's financial aid eligibility, and its known acronym is: Federal Unsubsidized Stafford Loan - Answer-Which federal loan type is not based on need and students ar...

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  • October 13, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial literacy quiz questions with correct ans
  • fafsa answer free application for federal studen

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  • Financial Literacy
  • Financial Literacy

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Financial Literacy Quiz Questions with
Correct Answers
FAFSA - Answer-Free Application for Federal Student Aid is the application used by the
US Department of Education to determine a student's financial aid eligibility, and its
known acronym is:

Federal Unsubsidized Stafford Loan - Answer-Which federal loan type is not based on
need and students are responsible for paying the interest on this loan while they are
enrolled in college?

Federal Subsidized Stafford Loan - Answer-Which federal loan type is available to
students who are enrolled at least half-time that has a fixed interest rate established
each year?

Federal Perkins Loan - Answer-Which federal loan type is a low-interest loan awarded
to exceptionally needy students and repayment of the loan begins nine months after a
student is no longer enrolled in college at least half-time?

Academic performance or achievement - Answer-A merit-based scholarship is awarded
based on:

Financial need - Answer-A need-based scholarship is awarded based on:

Credit Card - Answer-A tool for getting money loaned to you by the company issuing the
card, which must be paid back to the company monthly:

Charge Card - Answer-A tool for getting money where you're given a short-term loan for
one month; the only difference is that you must pay your bill in full at the end of each
month and you cannot carry over any debt from one month to the next:

Debit Card - Answer-A tool where money is immediately taken out of (subtracted from)
your checking account:

Credit Score - Answer-Measure used by credit card companies to determine if someone
applying for a credit card is "credit worthy" (likely to repay). An applicant with a low
credit score may be denied credit.

Credit History - Answer-Record of how timely and completely a person has paid off
credit in the past.

Identity Theft - Answer-A crime committed by stealing another person's identity
information, assuming that person's identity, and using that stolen identity to make
financial transactions.

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