FINANCIAL LITERACY 101 QUIZ

FINANCIAL LITERACY 101 QUIZ

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FINANCIAL LITERACY 101 QUIZ

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Question 1 of 11

1. Question
Which one of these definitions of a budget is most accurate?
- a plan to get you where you want to go
- a method to estimate your income and expenses for a specific amount of time
- a detailed list of your expenses
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Question 2 of 11

2. Question
Your income can come from which of these sources:
- your paycheck
- student loans
- subsidy programs
- all of these and more
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Question 3 of 11

3. Question
Which of these items are essential expenses?
- childcare
- housing
- entertainment
- medicine
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Question 4 of 11

4. Question
Which is the best way to manage a credit card?
- pay the low monthly minimum payment
- pay in full every month
- keep using until you max out the credit line
- use it to get you everything you want even if it isn’t in your budget
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Question 5 of 11

5. Question
How long is a typical car loan?
- 1 to 1½ years
- 8 to 10½ years
- 4 to 6½ years
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Question 6 of 11

6. Question
Student loan forgiveness companies should charge fees for their services.
- true
- false
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Question 7 of 11

7. Question
Which of the following items are optional expenses?
- work clothes
- housing
- gifts
- transportation
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Question 8 of 11

8. Question
Before taking out a loan you should
- research your options
- build your good credit score
- check your budget
- all of these
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Question 9 of 11

9. Question
According to many financial advisors, how much savings should you have?
- a month or two of income
- 1–2 years of income
- 3–6 months of income
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Question 10 of 11

10. Question
Your credit score can affect your relationships.
- true
- false
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Question 11 of 11

11. Question
Which of the following applies to prepaid debit cards?
- should research the fee structure
- can be easily used to rent a car
- are impossible to overdraft
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