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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?
A
The Bank
B
Title Max
C
The Credit Union
D
No one
2) Why does Title Max trust that you will pay back your loan and interest?
A
They are religious
B
They have the title to your car
C
They think you are cute
D
You did a lot of paperwork
3) Who gets loans with the best interest rates from the bank?
A
People who have never owed any money
B
People who sometimes pay their bills late
C
People who owe a lot of money
D
People who pay their debts on time
4) Which is not a way to improve your credit rating?
A
Never have any debts
B
Start a savings account
C
Pay bills on time
D
Borrow money and pay it back on time
5) When you use a credit card....
A
You can spend as much as you want
B
You are spending money that you have in your account
C
You are borrowing money that must be paid back
D
You 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....
A
They will take your car
B
You will have to pay a penalty, you will have to pay interest, and your credit rating will drop
C
It will be fine after you pay a penalty
D
You can just make it up the next month
7) What is a budget?
A
Money you take to mall every month
B
A plan to spend money in a responsible way
C
Money you need to spend every month
D
Bills you have to pay every month
8) If you get a home loan (mortgage) and put down less than 20%, you must have.....
A
a good excuse
B
mortgage insurance
C
a lot of money
D
a good excuse
9) Which of these will not help you get a mortgage?
A
A good excuse
B
A good credit history
C
A lot of money in the bank
D
A well paying job
10) Opportunity cost is...
A
What you give up when you make a decision
B
The cost of everything you did this month
C
How much it costs to go to Dollywood
D
How much money something costs
*select an answer for all questions
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