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