Financial Literacy Quiz
Financial Literacy Quiz
Test your knowledge about managing your finances with our engaging Financial Literacy Quiz! This quiz is designed to help you understand key financial concepts, including credit cards, loans, and investments.
- 10 multiple-choice questions
- Improve your financial literacy
- Suitable for all ages!
Which of the following is an advantage of using a credit card?
Consumers can purchase things now, and pay for them later in the event of an emergency.
Interest is charged for the use of a credit card.
You could be a victim of identity theft.
If Sammy’s expenses are greater than his income, what must he do to balance his budget?
Earn more money AND spend less
Spend less money on expenses
Earn more money
None of the above
Which of the following is considered an advantage to using a debit card to make purchases?
Debit cards are convenient and easy to carry around.
Purchases can be made quickly and easily.
You can use many ATMs to get cash.
All of the above.
An identification card issued by a bank that allows a user to buy items and services immediately and pay the cost at a later time.
Check
Credit card
Debit card
An identification card issued by a bank that allows a user to immediately use money from an account. You have a personal identification number (PIN) to keep it safe.
Check
Debit card
Credit card
What are useful or valuable things, like property, a car, a home, or money?
budget
net worth
income
assets
What is the money you earn?
income
Assets
budget
net worth
Why is maintaining good credit important?
Can help you graduate from college
Allows you to carry more cash than usual
Allows you to buy expensive items and pay over time
Might cause your interest rates to be raised
What is a loan?
A fee for maintaining or servicing your loan account
Something valuable that you own and can sell for cash
Money you borrow but must also repay
The cost of borrowing money
What is an investment?
Written order instructing your bank to pay money from your account to another party.
A promissory note to repay a certain amount of money from your account to another party.
Something acquired with the goal of making money.
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