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Financial Literacy

Quiz by Casondra Edwards

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10 questions
Show answers
  • Q1
    What does APR stand for in banking terms?
    APR stands for Annual Percentage Rate.
    Application Processing Rate
    Average Payment Rate
    Annual Payment Rate
    30s
  • Q2
    What is the main characteristic of a Certificate of Deposit (CD)?
    A CD has variable interest rates.
    A CD is only for short-term savings.
    A CD has a fixed-term savings with higher interest.
    A CD allows for easy access to funds.
    30s
  • Q3
    What is the key advantage of credit unions compared to banks?
    They are insured by the federal government.
    They offer lower interest rates only.
    They have branches everywhere.
    Credit unions are member-owned.
    30s
  • Q4
    What is a primary advantage of bundling insurance policies?
    Bundling can lead to discounts on premiums.
    It decreases customer service.
    It increases coverage options.
    It reduces policy limits.
    30s
  • Q5
    What does the Rule of 72 help with in finance?
    It determines monthly payments.
    It calculates interest rates.
    It helps estimate the time to double an investment.
    It assesses risk levels of investments.
    30s
  • Q6
    Which type of insurance provides extra liability coverage?
    Health insurance
    Life insurance
    Umbrella insurance provides extra liability coverage.
    Auto insurance
    30s
  • Q7
    What is a breach of contract?
    Amending a contract.
    A breach of contract refers to breaking a contract.
    Signing a contract.
    Negotiating a contract.
    30s
  • Q8
    Which expense changes monthly and is considered a variable expense?
    Variable expenses are those that change month to month.
    Fixed costs like rent.
    Costs that do not change over time.
    One-time purchases.
    30s
  • Q9
    Which form is used to set tax withholding?
    The 1099 form
    The W-2 form
    The 1040 form
    The W-4 form is used to set tax withholding.
    30s
  • Q10
    What is the primary difference between gross pay and net pay?
    Gross pay is the take-home pay only.
    Gross pay is earnings before taxes/deductions, while net pay is take-home pay after deductions.
    Gross pay is the same as net pay.
    Net pay includes taxes and deductions.
    30s

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