Financial Literacy 9 Weeks Exam
The 9 Weeks exam for Financial Literacy
- 1.Which of the following is an accurate definition of CREDIT.
- A.
A legal agreement to borrow money and then MAYBE pay it back later.
- B.
A legal agreement to receive cash, goods, or services now and pay for them in the future. A legal agreement to receive cash, goods or services now and pay for them in the future.
- C.
A plastic card that has money.
- D.
A legal agreement to receive cash, and never have to pay it back. Ever.
- 2.Which of the following is NOT a way to improve your credit score?
- A.
Pay any high balances.
- B.
Use only what you need to use.
- C.
Use your credit card for ALL purchases.
- D.
Don't apply for too many credit cards.
- 3.What is a credit score?
- A.
A credit score is a number that helps a lender predict how likely an individual is to repay a loan, or make credit payments on time. A credit score is a number that helps a lender predict how likely an individual is to payback a loan or make a credit payment on time.
- B.
A credit score is a number that changes as the elements in a credit report change.
- C.
Your birthday X your age X the year X a million / 76
- D.
Both A & B are correct.
- 4.A creditor is...
- A.
Someone who is unable to pay a debt.
- B.
The person or bank to whom the debt is owed
- C.
The person who owes money.
- D.
The person or bank that borrows the money.
- 5.A credit card is...
- A.
A card deducts money directly from a persons checking or savings account to make a purchase.
- B.
A card issued by a bank or store allowing the holder to buy goods or services on credit.
- C.
A number that determines an individuals credit worthiness.
- D.
A card that you buy for a store that has a set amount of money.
- 6.A card deducts money directly from a persons checking or savings account to make a purchase is called a...
- A.
Credit Card
- B.
Gift Card
- C.
Green Card
- D.
Debit Card
- 7.Which of the following is correct?
- A.
Revolving credit is the type of credit that has a predetermined number of payments and amount, like a car loan.
- B.
Revolving credit is the amount of credit you get when you apply for a student loan.
- C.
Revolving credit is a type of credit that does NOT have a fixed payment number, like a credit card.
- D.
Revolving credit is. It just is.
- 8.Which of the following is true?
- A.
An installment loan is a loan in which the amount of payment and the number of payment are predetermined, like a car loan.
- B.
An installment loan is what you get when you install something and need money for it.
- C.
An installment loan is a loan that does not have predetermined payments or amounts. You just pay it all off at once.
- D.
An installment loan is a loan that does not need to be repaid because you just pay it off with your credit card.
- 9.A student loan is...
- A.
A loan you use to assist in payment of the cost of a professional education.
- B.
Free money given to you to pay for college.
- C.
A loan that you use to assist in payment of the cost of professional education but you never pay it back.
- D.
A loan that must be paid back the DAY you graduate from college.
- 10.One benefit of a debit card is...
- A.
The money comes directly from your checking or savings account so you wont owe anyone any money.
- B.
The money isn't YOUR money so it doesn't feel that bad to spend it.
- C.
There are never any fees with Debit Cards.
- D.
You can pay it back whenever you have the money.
- 11.A Co-Signer is...
- A.
The person who agrees to take responsibility for a loan in case the person borrowing can't pay it back. They have the borrowers back.
- B.
The person who borrows the loan
- C.
The person who loans the money.
- D.
The person who earns the money.
- 12.Identity theft is....
- A.
When someone uses your personal information to open accounts, file taxes, or make purchases.
- B.
When someone steals your wallet.
- C.
When someone steals your cell phone.
- D.
When someone steals your purse.
- 13.Which of the following is NOT an example of identity theft?
- A.
Stealing someones credit card and using it to make purchases
- B.
Using someone else's social security number to rent an apartment
- C.
Stealing someone's account number to gain access to their money.
- D.
Calling someone from an anonymous phone number.
- 14.Sending emails that have fake links to gather a victims information is called...
- A.
Phishing
- B.
Fishing
- C.
Nemo
- D.
Faking
- 15.What are the three D's?
- A.
Deter, Detect, Determine
- B.
Deter, Detect, Defend
- C.
Dylan, Diego, Damien
- D.
Deter, Determine, Describe
- 16.When you are HIRED, your employer asks you to complete which of the following forms?
- A.
W2
- B.
1099
- C.
W4
- D.
1040
- 17.In January your employer sends you a form that summarizes your earnings for the year. What is this form called?
- A.
W2
- B.
W4
- C.
1099
- D.
0
- 18.The money you get back from the IRS after filing your income tax is called...
- A.
Cash Money
- B.
Federal Tax Return
- C.
Bank
- D.
Federal Student Loans
- 19.What is one way to DETECT identity theft?
- A.
Shred documents
- B.
Monitor your credit score and any bank activity
- C.
File a police report
- D.
Do not provide your social security number.
- 20.Choose one. You're welcome.
- A.
This is probably not the answer.
- B.
This could've been the answer, but isn't.
- C.
This is the answer.
- D.
This just isn't the answer.
Questions: 33 | Attempts: 9812 | Last updated: Mar 22, 2022
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