facs financial literacy test Review Questions and Answers 100% Pass
86,000 hours - Answers an average career will last approximately how many hours of your work life of
40 years?
federal insurance contribution act - Answers FICA is deducted from your paycheck before you get it.
FICA stands for _____________
medicare - Answers a health insurance program that is funded by some of your taxes and run by the
federal government is known as ___________
less than $1,000 - Answers the average social security payment a person currently receives per month is
_________
sam walton - Answers walmart, which is a very successful corporation, was started by...
$175 billion - Answers teenagers in america spend approximately __________ total dollars every year
20 years - Answers approximately how long will it take to pay off $1,000 in credit card debt if your
interest rate is 18% and you only make the minimum payment each month?
earned income - Answers the money you make at your job day after day, week after week, is called
__________
5 years - Answers how long does it take most lottery winners to go broke?
40% - Answers what percentage of bankruptcies are filed as a result of medical bills?
appreciation - Answers when items such as a house or land become more valuable, this is called
___________, an increase in value
all of the above - Answers which items below would depreciate if you owned it?
kelley blue book - Answers what is a good resource to consult when buying a new or used car?
$26,700 - Answers if you borrow $20,000 for five years at 12% interest to purchase a car, how much will
you actually pay for that car over the 5-year period?
upside down on your loan - Answers if your car is worth less than you owe on your car loan at anytime
during the life of the loan, you are said to be ___________
40% - Answers what percentage of millionaires choose to buy used cars rather than new cars?
federal trade commission - Answers FTC stands for?
FTC - Answers if you think someone is trying to scam you on the internet, you should contact that
_______
86,000 hours - Answers an average career will last approximately how many hours of your work life of
40 years?
federal insurance contribution act - Answers FICA is deducted from your paycheck before you get it.
FICA stands for _____________
medicare - Answers a health insurance program that is funded by some of your taxes and run by the
federal government is known as ___________
less than $1,000 - Answers the average social security payment a person currently receives per month is
_________
sam walton - Answers walmart, which is a very successful corporation, was started by...
$175 billion - Answers teenagers in america spend approximately __________ total dollars every year
20 years - Answers approximately how long will it take to pay off $1,000 in credit card debt if your
interest rate is 18% and you only make the minimum payment each month?
earned income - Answers the money you make at your job day after day, week after week, is called
__________
5 years - Answers how long does it take most lottery winners to go broke?
40% - Answers what percentage of bankruptcies are filed as a result of medical bills?
appreciation - Answers when items such as a house or land become more valuable, this is called
___________, an increase in value
all of the above - Answers which items below would depreciate if you owned it?
kelley blue book - Answers what is a good resource to consult when buying a new or used car?
$26,700 - Answers if you borrow $20,000 for five years at 12% interest to purchase a car, how much will
you actually pay for that car over the 5-year period?
upside down on your loan - Answers if your car is worth less than you owe on your car loan at anytime
during the life of the loan, you are said to be ___________
40% - Answers what percentage of millionaires choose to buy used cars rather than new cars?
federal trade commission - Answers FTC stands for?
FTC - Answers if you think someone is trying to scam you on the internet, you should contact that
_______
