Financial Literacy Test! Trivia Questions Quiz
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- 1.
Which of the following influence financial behavior?
- A.
Culture, social, emotional
- B.
Experience, time, emotion
- C.
Culture, experience, need
Correct Answer
A. Culture, social, emotional -
- 2.
Identity thieves can only steal your identity if you shop online.
- A.
True
- B.
False
Correct Answer
B. False -
- 3.
FICO Scores are used to rate your perceived risk.
- A.
True
- B.
False
Correct Answer
A. True -
- 4.
Which of the following is not a step in building a financial plan?
- A.
Increase Income
- B.
Long-term savings
- C.
Get a loan and pay off debt
- D.
Short-term savings
- E.
Emergency fund
Correct Answer
C. Get a loan and pay off debt -
- 5.
The 5 C's of credit are used by consumers to properly fill out an application?
- A.
True
- B.
False
Correct Answer
B. False -
- 6.
A budget is__________
- A.
A strict plan that tells you what you can and can't spend money on
- B.
A plan that gets you to your ultimate goal
- C.
A plan for saving and spending money
- D.
Option 4
Correct Answer
C. A plan for saving and spending money -
- 7.
The only way to pay for College is by saving up money
- A.
True
- B.
False
Correct Answer
B. False -
- 8.
A fixed expense is ___________
Correct Answer
a payment that is the same every time and doesn't vary - 9.
A variable expense is ___________
Correct Answer
an expense that varies every month and isn't the same.
an expense that changes and isn't fixed - 10.
You have to pay scholarships back
- A.
True
- B.
False
Correct Answer
B. False -
- 11.
Education has no bearing on your earning potential.
- A.
True
- B.
False
Correct Answer
B. False -
- 12.
Money that is taken from your income to pay the government.
- A.
Taxes
- B.
Tariff
- C.
Interest
- D.
Deductions
Correct Answer
A. Taxes -
- 13.
Your take-home paycheck.
- A.
Gross pay
- B.
Depressing
- C.
Net pay
- D.
Net neutrality
Correct Answer
C. Net pay -
- 14.
An investment is___________
- A.
Money that you put into an account to try and earn money.
- B.
A short term loan.
- C.
Money you spend on paying your house.
Correct Answer
A. Money that you put into an account to try and earn money. -
- 15.
A theory developed by Albert Einstein that tells you how long it will take money to double in value.
- A.
Rule of compound interest
- B.
Rule of 62
- C.
Rule of 72
- D.
Theory of money managment
Correct Answer
C. Rule of 72 -
- 16.
An Entrepreneur
- A.
Builds opportunities for others.
- B.
Is a person that leads someone's company.
- C.
Is an innovative person that is willing to take risks to start a company.
- D.
A business owner.
Correct Answer
C. Is an innovative person that is willing to take risks to start a company. -
- 17.
A resume is just another name for an application.
- A.
True
- B.
False
Correct Answer
B. False -
- 18.
In a budget your expenses should always exceed your income?
- A.
True
- B.
False
Correct Answer
B. False -
- 19.
Marketing is a science used to get you to purchase goods or services.
- A.
True
- B.
False
Correct Answer
A. True -
- 20.
There is no real way to effectively track a budget.
- A.
True
- B.
False
Correct Answer
B. False -
- 21.
The main difference between buying and leasing is_______
Correct Answer
ownership
when you buy you own the item and when you lease you don't - 22.
A Cosigner
- A.
Is a person that sings a song with another person.
- B.
Lends their credit to help someone purchase something.
- C.
Is another name for the person getting the loan.
Correct Answer
B. Lends their credit to help someone purchase something. -
- 23.
A cosigner is not responsible for the repayment of the loan.
- A.
True
- B.
False
Correct Answer
B. False -
- 24.
Name the three credit reporting agencies.
Correct Answer
Equifax, Experian, Transunion - 25.
You have a legal right to your credit report whenever you want it for free.
- A.
True
- B.
False
Correct Answer
B. False -
- 26.
A predatory lender helps people in need.
- A.
True
- B.
False
Correct Answer
B. False -
- 27.
Interest is
- A.
Always good.
- B.
Is the cost of the loan to you over the life of the loan.
- C.
The way that a lender sees if you are serious about getting the loan.
- D.
An arbitrary number used to calculate your risk to a lender.
Correct Answer
B. Is the cost of the loan to you over the life of the loan. -
- 28.
A lender can deny your loan application for any reason that they want, including race, religion, and where you live.
- A.
True
- B.
False
Correct Answer
B. False -
- 29.
A credit card is considered a secured loan.
- A.
True
- B.
False
Correct Answer
B. False -
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Current Version
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Mar 21, 2022Quiz Edited by
ProProfs Editorial Team -
Oct 08, 2015Quiz Created by
Alramireziii
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