Budget Challenge Mid-Assessment
Quiz by Steve Howard
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- Q1
In the case of a car crash, the deductible must be paid before repairs can be made to the vehicle.
truefalseTrue or False30s - Q2
Using a credit card assists in establishing credit history.
truefalseTrue or False30s - Q3
A credit union typically charges a membership fee.
truefalseTrue or False30s - Q4
Overdraft occurs when there is not enough money in an account to completely fund a transaction.
truefalseTrue or False30s - Q5
Which is true of overdraft protection (ODP)?
It can prevent a bank charge for insufficient funds.
30s - Q6
What is the highest credit card utilization, you should have if trying to build your credit score?
50%
100%
30%
Give the money to Mr. Howard
30s - Q7
What is the purpose of a 401(k)
It is a type of account you can invest in for retirement.
30s - Q8
What is the grace period on a bill?
The time after a bill is due that it can be paid without a late fee assessed.
30s - Q9
What is an insurance deductible?
The amount the insured must pay before the insurer pays.
30s - Q10
Why is it often best to pay off credit card debt before other types of consumer debt or student loans?
Credit card debt usually has a higher interest rate than other consumer debt or student loans.
30s - Q11
Which is the best way to avoid overdraft fees for your checking account?
Check your account balance before writing a check to ensure you have adequate funds.
30s - Q12
Which is a drawback of being a salaried employee?
Work weeks might exceed 40 hours without additional pay.
30s - Q13
Which best describes compound interest?
earning interest on your interest
30s - Q14
Which is an advantage of using a 401(k)?
Employee contributions reduce their taxable income.
30s - Q15
Which best describes the purpose of insurance for the insured?
A way to manage risk that occurs as part of daily life
30s