Financial Literacy Question Preview (ID: 47468)

Learn To Manage Your Money. TEACHERS: click here for quick copy question ID numbers.

Opportunity cost is...
a) What you give up when you make a decision
b) How much money something costs
c) How much it costs to go to Dollywood
d) The cost of everything you did this month

What is a budget?
a) A plan to spend money in a responsible way
b) Money you take to mall every month
c) Money you need to spend every month
d) Bills you have to pay every month

If you get a home loan (mortgage) and put down less than 20%, you must have.....
a) mortgage insurance
b) a lot of money
c) a good excuse
d) a good excuse

Which of these will not help you get a mortgage?
a) A good excuse
b) A well paying job
c) A good credit history
d) A lot of money in the bank

If you do not make a payment on your credit card by the deadline....
a) You will have to pay a penalty, you will have to pay interest, and your credit rating will drop
b) You can just make it up the next month
c) It will be fine after you pay a penalty
d) They will take your car

When you use a credit card....
a) You are borrowing money that must 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 spending money that does not have to be paid back

Who gets loans with the best interest rates from the bank?
a) People who pay their debts on time
b) People who owe a lot of money
c) People who sometimes pay their bills late
d) People who have never owed any money

Which is not a way to improve your credit rating?
a) Borrow money and pay it back on time
b) Pay bills on time
c) Start a savings account
d) Never have any debts

Who will give you a loan if you have bad credit?
a) No one
b) Title Max
c) The Bank
d) The Credit Union

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

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