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- 1. Multiple ChoiceInterest is:A charge for lending money to a bankThe amount owed for borrowing moneythe amount added into your savings when opening a bank accounta charge for the convenience of accessing money stored in your bank account
- 2. Multiple ChoiceTo earn as much interest as possible, you should open a savings account that earns ________ interest and has the _______ interest rate.compound; lowestcompound; highestsimple; lowestsimple; highest
- 3. Multiple ChoiceWhich of the following is a type of savings vehicle?Certificate of DepositMoney Market AccountChecking AccountBoth A & B
- 4. Multiple ChoiceWhich of the following accounts would give you the LEAST access to your money?Simple savings accountCertificate of DepositChecking accountCash
- 5. Multiple ChoiceThe three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee, and the:Board of GovernorsUnited States MintDepartment of TreasurySecretary of State
- 6. Multiple ChoiceWhich type of account is typically the MOST liquid?Checking accountSavings accountCertificate of DepositExchanged Traded Fund
- 7. Multiple ChoiceSavings accounts usually offer _______ interest rates than checking accounts. It is _________ to access your money in a savings account than in a checking account.lower; harderlower; easierhigher; harderhigher; easier
- 8. Multiple ChoiceWhich of the following payment types require you to pay upfront?Money OrderCashier's CheckPre-Paid cardAll of the Above
- 9. Multiple ChoiceWhich of the following statements comparing debit cards to credit cards is TRUE?Debit cards allow you to draw funds directly from your checking account.Debit cards typically offer greater fraud protectionthan credit cards.Debit cards never require a signature to finalize a purchase like a credit card.Debit Cards charge higher interest rates on purchases than credit cards.
- 10. Multiple ChoiceWhich payment method typically charges the highest interest rates?Credit cards.Cashier's checks.Pre-paid cards.Payday loans.
- 11. Multiple ChoiceIf you are planning to carry a large balance on your credit card, which of the following credit card features should you look for?Low APRLow annual feesLots of credit card rewardsA large credit limit
- 12. Multiple ChoiceThe annual percentage rate on a credit card determines:The amount of interest you are charged on credit card purchases.How many credit cards you can own.The amount your credit limit can go up within in a year.None of the above.
- 13. Multiple ChoiceWhich of the following will increase your credit card's APR?Paying the minimum.Missing a credit card payment.Paying off the full balance.Cashing in on rewards points.
- 14. Multiple ChoiceWhat is a credit card balance?The amount of interest you must pay the credit card company.The required minimum payment to your credit card company.A way to track your incoming and outgoing purchases.The amount of money you still owe to the credit card company.
- 15. Multiple ChoiceWhich of the following statements about credit scores is TRUE?Credit scores reflect how likely individuals are to repay their debts.Credit Scores range from the low 300's to the mid 800's.Each person has three credit scores.All of the above.
- 16. Multiple ChoiceHaving a good credit score is important because:It can impact your ability to get a driver's license.It can impact your ability to be approved for bank loans.It can impact how much you will have to pay the government in taxes.It can impact how much you will have to pay for college.
- 17. Multiple ChoiceWhich of the following actions can NEGATIVELY impact your credit score?You disputed an item on your credit report.You forgot to pay the cable bill.You pay all your bills in cash.You use a small amount of your available credit.
- 18. Multiple ChoiceWhich of the following actions has NO impact on your credit score?You inquire about a credit card charge.You use a larger percentage of your credit limit.You opened several new credit cards last week.You send in your credit card pyament a couple of days late.
- 19. Multiple ChoiceWhich of the following MOST influences your credit score?Types of Credit UsedPayment HistoryLength of Credit HistoryAmounts Owed
- 20. Multiple ChoiceWhich of the following would IMPROVE your credit score.Closing out old credit cards.Paying off your credit card bill.Using a large portion of your credit limit.Opening a new savings account.
- 21. Multiple ChoiceHaving a low credit score can make it more difficult to:Obtain a car loan.Open a new credit card.Secure an apartment lease.All of the above.
- 22. Multiple ChoiceThe return on investment (ROI) from education is typically the higest for:A high school graduateA college applicantSomeone with an Associate degree. (2 year)Someone with a Bachelor's degree (4 year)
- 23. Multiple ChoiceWhich of the following loans will typically offer the lowest interest rate?Payday loanFederal Student LoanPrivate LoanBoth A and C
- 24. Multiple ChoiceWhich of the following statements about federal student loans is TRUE?The interest rate on your loan will be fixed over time.The interest rates on federal loans and private loans are similar.You can only get federal student loans if you demonstrate financial need.You do not accumulate interest on federal loans.
- 25. Multiple ChoiceUsing the FAFSA form, you can apply for:Federal student loansThe federal work-study programPrivate loansBoth A and B
- 26. Multiple ChoiceYou are looking for ways to pay for your higher education costs. Which of the following options will require you to payback any money you receive?Grants529 PlansFederal student loansScholarships
- 27. Multiple ChoiceRenting provided ________ flexibility but can lead to _______ costs in the long-termgreater; lowergreater; higherless; lowerless; higher
- 28. Multiple ChoiceWhich of the following statements about renting and owning is CORRECT?A renter has complete responsibility and control over the property.An owner has complete responsibility and control over the property.Neither a renter nor owner has responsibility and control over the property.Both the renter and the owner share responsibility and control over the property.
- 29. Multiple ChoiceA ______ is generally considered an appreciating asset because it will ______ in value over time.car; increasecar; decreasehouse; increasehouse; decrease
- 30. Multiple ChoiceOne reason to buy a home instead of rent a home is:Homes have the potential to appreciate over time.Home have few maintenance costs.Buying a home requires less money upfront.Buying a home is a more flexible housing option.
- 31. Multiple ChoiceWhat is a mortgage?A type of rent used to pay for housing.A type of loan used to buy property.A measure of the value of a home.A measure of your credit rating.
- 32. Multiple ChoiceSomeone may choose to own a car instead of leasing because:The car can be resold later to make some money back.The can be resold later for a higher price.The maintenance costs for a leased car are generally higher.The insurance costs for a leased car are higher.
- 33. Multiple ChoiceJim is in the market for a car, but he'll probably only need it for a couple of years. After that, he plans on moving into the city and using public transportation. He has a short commute to work, so he won't be putting many miles on his vehicle. What's the best transportation option for Jim?Buy a car in fullBuy a car with an auto loan.Lease a carTake MARTA
- 34. Multiple ChoiceJan pays $70 a month for her auto insurance policy. This regular payment is called:co-paydeductiblepremiumclaim
- 35. Multiple ChoiceIn which of these following scenarios will you be entitled to pay the least amount of money out-of-pocket for medical expenses?You have no insurance.You have health insurance with a $500 deductible.You have health insurance with a $700 deductible.You have health insurance with a $1500 deductible.
- 36. Multiple ChoiceWhich of the following typically have the highest insurance premiums?Young, inexperienced drivers.Older, experienced drivers.Drivers who have safe driving records.Drivers who travel long distances.
- 37. Multiple ChoiceWhen you purchase an item at the store, you may be charged:Income taxCapital gains taxsales taxproperty tax
- 38. Multiple ChoiceWhich of the following is not deducted on a typical pay stub?Sales taxSocial security taxstate income taxMedicare tax
- 39. Multiple ChoiceIdentity thieves can use your personal information to:Open a credit card.Sign up for electricity service.Get a cell phone contract.All of the Above.
- 40. Multiple ChoiceThe SAFEST action to take if someone claiming to be from your bank calls you to ask for account information is to:Pull up the bank website and compare information.Hang up and call back using the bank's official phone number.Ask the caller the account information they need in more detail.Provide only your name and account number.
- 41. Multiple ChoiceWhat is the first action you should take if you suspect there has been a fraudulent charge on your credit card?Order your credit report to look for other fraudulent activity.Call the store where the purchasewas made and ask them to remove the charge.Close all bank accounts associated with that credit card.Contact the credit card company to report the fraudulent charge.
- 42. Multiple ChoiceWhen you buy a ______, you are loaning money to an organization.StockBondMutual FundIndex Fund
- 43. Multiple ChoiceWhich best describes the difference between stocks and bonds?Stocks allow investors to share in profits; bonds make investors responsible for company debts.Stocks allow investors to own a portion of the company; bonds are loans to the company.
- 44. Multiple ChoiceWhat is the primary reason to issue stock?To help investors earn a higher rate of return.To raise money to grow the company.To distribute the risk of bankruptcy across more investors.To increase investor awareness of the company.
- 45. Multiple ChoiceWhen it comes to investing, what is the typical relationship between risk and return?The greater the potential risk, the smaller the potential return.The greater the potential risk, the greater the potential return.
- 46. Multiple ChoiceWhich of the following investment has the greatest risk?BondMutual FundStock
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