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Financial Literacy

Test Description: Learn to manage your money.

Instructions: Answer all questions to get your test result.

1) Who will give you a loan if you have bad credit?

AThe Credit Union BNo one CThe Bank DTitle Max

2) Why does Title Max trust that you will pay back your loan and interest?

AThey think you are cute BThey are religious CYou did a lot of paperwork DThey have the title to your car

3) Who gets loans with the best interest rates from the bank?

APeople who sometimes pay their bills late BPeople who owe a lot of money CPeople who have never owed any money DPeople who pay their debts on time

4) Which is not a way to improve your credit rating?

ABorrow money and pay it back on time BNever have any debts CPay bills on time DStart a savings account

5) When you use a credit card....

AYou are spending money that does not have to be paid back BYou are spending money that you have in your account CYou can spend as much as you want DYou are borrowing money that must be paid back

6) If you do not make a payment on your credit card by the deadline....

AIt will be fine after you pay a penalty BYou can just make it up the next month CThey will take your car DYou will have to pay a penalty, you will have to pay interest, and your credit rating will drop

7) What is a budget?

ABills you have to pay every month BMoney you need to spend every month CA plan to spend money in a responsible way DMoney you take to mall every month

8) If you get a home loan (mortgage) and put down less than 20%, you must have.....

Aa lot of money Bmortgage insurance Ca good excuse Da good excuse

9) Which of these will not help you get a mortgage?

AA well paying job BA lot of money in the bank CA good excuse DA good credit history

10) Opportunity cost is...

AHow much it costs to go to Dollywood BHow much money something costs CThe cost of everything you did this month DWhat you give up when you make a decision

*select an answer for all questions

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