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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 Bank BTitle Max CThe Credit Union DNo one

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

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

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

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

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

ANever have any debts BStart a savings account CPay bills on time DBorrow money and pay it back on time

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

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

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

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

7) What is a budget?

AMoney you take to mall every month BA plan to spend money in a responsible way CMoney you need to spend every month DBills you have to pay every month

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

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

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

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

10) Opportunity cost is...

AWhat you give up when you make a decision BThe cost of everything you did this month CHow much it costs to go to Dollywood DHow much money something costs

*select an answer for all questions

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