Financial Literacy
13 days ago
hkouveras_44429
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20 QuestionsShow answers
  • Question 1
    30 seconds
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    Q.

    What is saving?

    answer choices

    Accumulation of excess funds by intentionally spending less than you make

    Cash set aside to cover the cost of unexpected events

    A monetary asset that contributes to your net worth

    Money available today that is worth more if received in the future

  • Question 2
    30 seconds
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    Q.

    What is emergency savings?

    answer choices

    Transferring money into your savings before you pay your bills

    Original amount of money saved or invested

    Cash set aside to cover the cost of unexpected events

    Maximizing your return by selling stocks at a higher price than what you paid for

  • Question 3
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    Q.

    When is an item considered an asset?

    answer choices

    While you are making monthly payments on time

    Converting an asset into cash

    When cash is used for emergencies

    When it is fully paid off and can be sold for cash

  • Question 4
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    Q.

    How much money should you save for emergencies?

    answer choices

    2 months worth of expenses

    6 months worth of expenses

    Cash in whatever stocks you have to pay for an emergency

    As a neighbor for a loan if needed

  • Question 5
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    Q.

    How does time effect money?

    answer choices

    The more money you save the more you will make

    Saving for a short period of time proves long term investments

    The longer you save your money the more you will make

  • Question 6
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    Q.

    What is investing?

    answer choices

    Possibility that an investment will fail to pay the expected return

    Money invested is usually used to pay for long-term goals

    Assets purchased with the goal of providing additional income from the asset itself but with the risk of loss

    The danger that money won’t be worth as much in the future as it is today.

  • Question 7
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    Q.

    Stocks are:

    answer choices

    A share of ownership in a company

    Organization pays interest to the lender

    Form of lending to a company or the government

    A specified time in the future when the principal amount of the bond is repaid to the bondholder

  • Question 8
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    Q.

    What is a bond?

    answer choices

    A share of profits distributed in cash to stockholders

    A share of ownership in a company

    When an organization pays interest to the lender (purchaser) until the maturity date is reached

    A Form of lending to a company or the government

  • Question 9
    30 seconds
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    Q.

    Investments are important to building:

    answer choices

    For emergencies

    For your future net worth

    A trade-off to higher returns is lower liquidity and higher risk

    Tax-advantaged investments

  • Question 10
    30 seconds
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    Q.

    Money invested is usually used to pay to:

    answer choices

    Achieve long-term goals

    For emergencies

    To purchase expensive items

    To pay off loans

  • Question 11
    30 seconds
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    Q.

    Which is not part of a checking account?

    answer choices

    ATM card

    Checks

    Stocks

    Online bill pay

  • Question 12
    30 seconds
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    Q.

    What is a check?

    answer choices

    An automated teller machine

    A plastic card that requires a pin number and is attached to your bank account

    A form of savings

    Pre-printed form of payment that is attached to you bank account

  • Question 13
    30 seconds
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    Q.

    Which is not a positive aspect of using a debit card:

    answer choices

    Opens your account to credit fraud

    Its small and convenient to use

    Allows you to carry less cash

    Allots for overspending

  • Question 14
    30 seconds
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    Q.

    When does overdraft occur?

    answer choices

    When liquidity occurs

    When stocks are sold at a high price then it was bought for

    When your withdrawal from a bank account exceeds the available balance

    When you purchase an item on credit

  • Question 15
    30 seconds
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    Q.

    What does electronic banking do?

    answer choices

    Acts as a debit card when you purchase an item

    Gives you ownership of a company

    Does not allow you to pay bills from your bank account

    Gives people access to bank accounts and cash in a fast and paperless way

  • Question 16
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    Q.

    What is the highest credit score you can achieve?

    answer choices

    800

    1000

    850

    550

  • Question 17
    30 seconds
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    Q.

    Which is NOT a credit agency that calculates your credit score?

    answer choices

    Experian

    Federal Reserve

    Trans Union

    Equifax

  • Question 18
    30 seconds
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    Q.

    What is credit?

    answer choices

    Receiving goods and services now and paying for them later

    The process of depositing money into your savings the day you receive it so you have savings later

    Having ownership of a company based on how many stocks you have bought

    Accumulating money each month for emergencies

  • Question 19
    30 seconds
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    Q.

    When is interest paid?

    answer choices

    When the company you have bought stock in has earned you a profit

    When you borrow money from a lender and they charge you for the convenience of giving you a line of credit

    When you put money into your savings

    When you over withdrawal in your bank account and you are charged a fee

  • Question 20
    30 seconds
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    Q.

    If managed properly, having credit can:

    answer choices

    Decrease your credit score and allow you to purchase more on credit if you pay it back

    Give you an edge over people who are applying for the same job as you

    Allow you to receive discounts on hotels and travel

    Increase your credit score and allow you to purchase items on credit

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