Financial literacy test questions well
answered already passed
statistically, what is the number one reason for declaring bankruptcy? - ANS ✔✔an uninsured
catastrophic healthy program
which items can help you when you categorize your expenses? - ANS ✔✔-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? - ANS ✔✔-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? - ANS ✔✔you pay more to cover your debts due to interest, and it takes much
longer
DVDs and restaurant dinners are examples of: - ANS ✔✔-wants
-discretionary purchases
, What does a 401k plan do? - ANS ✔✔it helps you save money for retirement
the best way to pay your credit card bill is to pay with: - ANS ✔✔a personal check
True or False: When you file for bankruptcy you are no longer responsible for paying anything
you owe - ANS ✔✔False
Each month, you should "pay yourself first" by __________________. - ANS ✔✔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 __________________. - ANS ✔✔the interest first, then the principal
When paying your bills, it is most financially beneficial to make larger payments to: - ANS
✔✔the debt with the highest interest rate
Which of the following actions might TEMPORARILY negatively affect your credit score? - ANS
✔✔-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? - ANS ✔✔every 4 months
A reputable credit counseling service will - ANS ✔✔-keep your information confidential
-be on the Federal and State approved list
Which purchase will cause the buyer to pay ongoing expenses? - ANS ✔✔-a laptop
answered already passed
statistically, what is the number one reason for declaring bankruptcy? - ANS ✔✔an uninsured
catastrophic healthy program
which items can help you when you categorize your expenses? - ANS ✔✔-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? - ANS ✔✔-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? - ANS ✔✔you pay more to cover your debts due to interest, and it takes much
longer
DVDs and restaurant dinners are examples of: - ANS ✔✔-wants
-discretionary purchases
, What does a 401k plan do? - ANS ✔✔it helps you save money for retirement
the best way to pay your credit card bill is to pay with: - ANS ✔✔a personal check
True or False: When you file for bankruptcy you are no longer responsible for paying anything
you owe - ANS ✔✔False
Each month, you should "pay yourself first" by __________________. - ANS ✔✔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 __________________. - ANS ✔✔the interest first, then the principal
When paying your bills, it is most financially beneficial to make larger payments to: - ANS
✔✔the debt with the highest interest rate
Which of the following actions might TEMPORARILY negatively affect your credit score? - ANS
✔✔-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? - ANS ✔✔every 4 months
A reputable credit counseling service will - ANS ✔✔-keep your information confidential
-be on the Federal and State approved list
Which purchase will cause the buyer to pay ongoing expenses? - ANS ✔✔-a laptop
