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Exam (elaborations)

Personal Financial Literacy Test Exam Questions and Answers
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  • Course
  • Financial Literacy
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  • Financial Literacy

Randy earns $22 per hour. This is an example of: - Answer-Wages What is a credit score? - Answer-A number that represents the risk a lender takes on a borrower. Phil Reagan has written a check to USA Electronics for $152.65. Is this check filled out correctly? - Answer-No An account that a...

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  • October 13, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • personal financial literacy test exam questions an
  • randy earns 22 per hour this is an example of

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  • Financial Literacy
  • Financial Literacy

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Personal Financial Literacy Test Exam
Questions and Answers
Randy earns $22 per hour. This is an example of: - Answer-Wages

What is a credit score? - Answer-A number that represents the risk a lender takes on a
borrower.

Phil Reagan has written a check to USA Electronics for $152.65. Is this check filled out
correctly? - Answer-No

An account that allows you to save money, as well as make deposits and withdrawals. -
Answer-Checking

How is the employee paid? - Answer-Wages

When budgeting, large expenses should be __________________. - Answer-Divided
equally between all paychecks

A secured loan is backed by __________________. - Answer-collateral or something of
value posted by borrower

Jimmy has poor credit, but would like to repair his credit with a credit card. For what
type of card should Jimmy apply? - Answer-Secured

What is the total amount of debt this person owes? - Answer-$20,475

Consumer credit can help a lender determine how much a borrower is charged to
borrow money. - Answer-True

What is the definition of a "want"? - Answer-Something you would like to have.

A __________allows you to invest your money with a set interest rate for a pre-set
period of time. - Answer-Certificate Of Deposit

Is debt-to-income a factor when a lender is assessing whether to loan a borrower
money? - Answer-Yes

Wages, salary and commission are examples of what type of income? - Answer-Earned

James earns 10% of every sale he makes. This is an example of: - Answer-Commission

Credit allows you to? - Answer-Purchase an item right now and pay for it later

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