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financial literacy test exam questions with verified answers
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  • Financial Literacy
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  • Financial Literacy

statistically, what is the number one reason for declaring bankruptcy? - Answer-an uninsured catastrophic healthy program which items can help you when you categorize your expenses? - Answer--checkbook register -store receipts -monthly credit card statement -online checking account statement ...

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  • October 13, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial literacy test exam questions with verifi
  • statistically what is the number one reason for d

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  • Financial Literacy
  • Financial Literacy

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financial literacy test exam questions
with verified answers
statistically, what is the number one reason for declaring bankruptcy? - Answer-an
uninsured catastrophic healthy program

which items can help you when you categorize your expenses? - Answer--checkbook
register
-store receipts
-monthly credit card statement
-online checking account statement

**everything except ATM receipt and savings account**

what events may switch you to a Default APR-- typically the highest interest rate a credit
card issuer may charge by law? - Answer--failure to make minimum payment
-a payment made late by just one day
-any of the other events, even on a card from another issuer
-attempting to charge more than the card's limit

what happens if you pay the the minimum on your credit card bill rather than paying the
balance in full? - Answer-you pay more to cover your debts due to interest, and it takes
much longer

DVDs and restaurant dinners are examples of: - Answer--wants
-discretionary purchases

What does a 401k plan do? - Answer-it helps you save money for retirement

the best way to pay your credit card bill is to pay with: - Answer-a personal check

True or False: When you file for bankruptcy you are no longer responsible for paying
anything you owe - Answer-False

Each month, you should "pay yourself first" by __________________. - Answer-putting
money into savings, mutual fund, or a retirement account

It takes a long time to pay off a credit cad debt by paying just the minimum due, bc
payments are applied to __________________. - Answer-the interest first, then the
principal

When paying your bills, it is most financially beneficial to make larger payments to: -
Answer-the debt with the highest interest rate

, Which of the following actions might TEMPORARILY negatively affect your credit
score? - Answer--getting a loan
-paying a credit card bill after the due date
-opening another credit card account
-missing a credit card payment

How often should you routinely monitor your credit report? - Answer-every 4 months

A reputable credit counseling service will - Answer--keep your information confidential
-be on the Federal and State approved list

Which purchase will cause the buyer to pay ongoing expenses? - Answer--a laptop
-a cellphone

Kadeem calculates that he is paying over $200 each year in check-cashing fees. Which
is Kadeem's best option for saving the fee? - Answer-opening a banking account

Amir wants to open a checking account that will pay interest. What is typically true of
interest-bearing checking accounts? - Answer-they have higher minimum balance
requirements

Which of the following should you include when calculating your liabilities? - Answer-
money you owe

Why would someone want to keep track of his or her net cash flow? - Answer--to
identify opportunities to save
-to make sure income is larger than expenses

It is important to reconcile your checking account every month bc: - Answer--it may alert
you that your financial identity has been stolen
-you may find our your bank has made an error
-you may discover fees being charged to your account that you didn't know about
-you may see opportunities to improve your budgeting
-it helps you find errors you may have made in your register

**all options except that the bank requires you to so so**

Which of the following payment methods does NOT take money immediately from your
checking account? - Answer-writing a check

What is the MOST IMPORTANT thing you can do now to improve your net work 10
years from now? - Answer-regularly deposit money into a savings or investment
account and don't take it out

Which are components of the "true cost" of a car? - Answer--parking
-car insurance

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