FINANCIAL LITERACY TEST AND
ANSWERS.
The spending habit that will lead to the worst financial situation is to: - Answers-Spend
more than you earn each month
When using a Debit card, which of the following should you NOT do? - Answers-Give
out your PIN
When managing your bank accounts, which of the following should you do? - Answers-
Always write transactions in your Transaction Register
Which of the following is a TRUE statement about credit? - Answers-Credit is not cash
or a cash substitute, Establishing good credit does not happen overnight, and Debt can
happen to you
A poor credit score can affect: - Answers-Employment, Getting a loan, Deposits on
utilities, apartment, and cell phone
When trying to build credit, which of the following should you do? - Answers-Pay your
balance in-full and on time
What is the best way to avoid debt? - Answers-Do not spend more money than you
make
What does insurance prepare you for? - Answers-Medical emergency
Which of the following is an advantage to online banking? - Answers-Available 24 hours
a day, 7 days a week, 365 days a year
The penalty for withdrawing money that exceeds your checking account balance is
called_______________. - Answers-Overdraft fee
Which of the following can you usually do at an ATM location? - Answers-Withdraw
cash, Make deposits, and Transfer money
When writing a check, which of the following should you NOT do? - Answers-Write
check in pencil so you can correct mistakes
What are you doing when you complete banking transactions through the Internet or
mobile banking software? - Answers-Online Banking
The model, make, and year of your automobile affects your automobile insurance
premium? - Answers-True
ANSWERS.
The spending habit that will lead to the worst financial situation is to: - Answers-Spend
more than you earn each month
When using a Debit card, which of the following should you NOT do? - Answers-Give
out your PIN
When managing your bank accounts, which of the following should you do? - Answers-
Always write transactions in your Transaction Register
Which of the following is a TRUE statement about credit? - Answers-Credit is not cash
or a cash substitute, Establishing good credit does not happen overnight, and Debt can
happen to you
A poor credit score can affect: - Answers-Employment, Getting a loan, Deposits on
utilities, apartment, and cell phone
When trying to build credit, which of the following should you do? - Answers-Pay your
balance in-full and on time
What is the best way to avoid debt? - Answers-Do not spend more money than you
make
What does insurance prepare you for? - Answers-Medical emergency
Which of the following is an advantage to online banking? - Answers-Available 24 hours
a day, 7 days a week, 365 days a year
The penalty for withdrawing money that exceeds your checking account balance is
called_______________. - Answers-Overdraft fee
Which of the following can you usually do at an ATM location? - Answers-Withdraw
cash, Make deposits, and Transfer money
When writing a check, which of the following should you NOT do? - Answers-Write
check in pencil so you can correct mistakes
What are you doing when you complete banking transactions through the Internet or
mobile banking software? - Answers-Online Banking
The model, make, and year of your automobile affects your automobile insurance
premium? - Answers-True
