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