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Budget And Credit Review
Test Description: Review over budget, banking, and credit terms
Instructions: Answer all questions to get your test result.
1) How many months of expenses should you have saved?
A
6 to 9
B
9 to 12
C
3 to 6
D
1 to 3
2) How much money should you have saved in your emergency savings?
A
$1,000
B
$750
C
$500
D
$500
3) What percentage of your paycheck should you put into your savings account?
A
1% or 3%
B
5% or 10%
C
10% or 20%
D
0%
4) The amount you pay on insurance is called?
A
premium
B
payment
C
insurance
D
deductible
5) What form of financial exchange involves directly transferring money from one bank account to another?
A
Electronic transfer
B
Debit card
C
Mobile payment application
D
Credit card
6) Which form of financial exchange provides a convenient way to make purchases without carrying physical currency?
A
Check
B
Electronic transfer
C
Cash
D
Debit card
7) What is a common form of financial exchange that allows individuals to send money to others using their smartphone?
A
Cash
B
Check
C
Debit card
D
Mobile payment application
8) What is the definition of a credit card?
A
A tax refund payment
B
A government-issued financial aid
C
A type of insurance policy
D
A form of borrowing money with interest
9) Which statement best describes a secured loan?
A
A loan where interest rates never change
B
A loan with no collateral required
C
A loan backed by collateral such as a car or house
D
A loan specifically for educational expenses
10) What is a characteristic of revolving credit?
A
One-time loan
B
Flexible spending limits
C
Fixed amount borrowed
D
Long-term repayment period
11) What does FICO stand for?
A
Fun Included, Corn Optional
B
Federal Insurance Corporation
C
Fair, Isaac and Company
D
Free Information Corporation
12) The largest portion of your credit score reflects your payment history, so what is one of the worst things you could do to negatively affect it?
A
miss a payment on a loan
B
borrow less money
C
pay off all your credit cards every month
D
pay back your loan with cash
13) Which of the following would be considered a good credit-to-debt ratio to help your credit score?
A
100%
B
25%
C
75%
D
50%
14) Which of the following would NOT be considered a main type of credit?
A
taxable
B
installment
C
mortgages
D
revolving
15) The ability to pay back money borrowed is...
A
Principal
B
Credit
C
Interest
D
Loan
*select an answer for all questions
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