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Q 1/100
Score 0
1. What is the purpose of a tax deduction?
30
To increase tax rates
To avoid tax penalties
To reduce taxable income
To defer tax payments
Q 2/100
Score 0
2. Which action is most likely to help improve a credit score over time?
30
Missing one payment each month
Maxing out every credit card
Opening many new accounts at once
Paying bills on time
100 questions
Q.
1. What is the purpose of a tax deduction?
1
30 sec
Q.
2. Which action is most likely to help improve a credit score over time?
2
30 sec
Q.
3. Which type of credit is typically used for large purchases like a home or car?
3
30 sec
Q.
4. A secured credit card is different from a regular unsecured card because it usually:
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30 sec
Q.
5. What is the purpose of asset allocation in investment planning?
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30 sec
Q.
6. What does a cosigner do for a loan?
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30 sec
Q.
7. What is the purpose of a living will?
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30 sec
Q.
8. What is a credit report?
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30 sec
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9. Which service is most closely connected to mobile banking?
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30 sec
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10. What is the purpose of student loan deferment?
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30 sec
Q.
11. The envelope system is best described as:
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30 sec
Q.
12. Which of the following is a benefit of using a credit union over a traditional bank?
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30 sec
Q.
13. What is the purpose of an emergency fund?
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30 sec
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14. The FAFSA is used mainly to:
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30 sec
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15. What is the maximum length of time that negative information can remain on your credit report?
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30 sec
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16. Which expense is most likely discretionary?
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30 sec
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17. What does ACH stand for in banking terms?
17
30 sec
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18. What is the primary difference between a secured and an unsecured loan?
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30 sec
Q.
19. What is the purpose of a repayment plan for student loans?
19
30 sec
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20. Which type of credit card typically offers rewards such as cashback or airline miles?
20
30 sec
Q.
21. If a debit card is used for a purchase, the money usually comes from:
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30 sec
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22. Renters insurance is designed mainly to protect:
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30 sec
Q.
23. What does APR stand for in the context of credit cards and loans?
23
30 sec
Q.
24. What is a beneficiary in the context of personal finance?
24
30 sec
Q.
25. IRS Form 1040 is used to:
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30 sec
Q.
26. What is the 50-30-20 rule in budgeting?
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30 sec
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27. Which form of college aid usually must be repaid?
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30 sec
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28. If a credit card bill is not paid in full by the due date, the cardholder will usually:
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29. Why is diversification important when investing?
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30 sec
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30. Which type of credit allows repeated borrowing up to a limit as the balance is repaid?
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30 sec
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31. Which of the following is a disadvantage of using a debit card?
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30 sec
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32. A tax deduction helps by:
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30 sec
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33. What is the purpose of a routing number on a check?
33
30 sec
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34. What is the term for the interest rate charged on credit card balances?
34
30 sec
Q.
35. Which statement best compares scholarships and student loans?
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30 sec
Q.
36. What is the purpose of a mortgage?
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30 sec
Q.
37. APR on a credit card refers to:
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30 sec
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38. Risk pooling works because:
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30 sec
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39. Which item is normally deducted from an employee's paycheck?
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30 sec
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40. How often can a person check their credit report for free?
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30 sec
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41. Compound interest is powerful because:
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30 sec
Q.
42. An insurance deductible is:
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30 sec
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43. Which account is usually best for everyday spending, bill payment, and debit card use?
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30 sec
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44. Which is a common advantage of many credit unions compared with traditional banks?
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30 sec
Q.
45. Which statement about payday loans is generally true?
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30 sec
Q.
46. What is the main purpose of a 401(k) retirement account?
46
30 sec
Q.
47. An insurance premium is:
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30 sec
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48. Which of the following statements about secured credit cards is true?
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30 sec
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49. What is a common service provided by banks to depositors?
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30 sec
Q.
50. Which banking product usually locks money away for a set period in exchange for a fixed interest rate?
50
30 sec
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51. A person is unbanked and uses a check-cashing store instead of a bank. What is a likely drawback?
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30 sec
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52. What is the difference between a grant and a scholarship?
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30 sec
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53. Which person is saving rather than investing?
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30 sec
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54. A monthly budget has $2,600 in income and $2,900 in planned expenses. What is the result?
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30 sec
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55. What is the purpose of a credit limit on a credit card?
55
30 sec
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56. Which form does an employer usually send by the end of January showing wages earned and taxes withheld?
56
30 sec
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57. Which of the following is a characteristic of a Roth IRA?
57
30 sec
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58. Which of the following is a tax credit rather than a tax deduction?
58
30 sec
Q.
59. What is the role of a cosigner on a loan?
59
30 sec
Q.
60. Which of the following is true about compound interest?
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30 sec
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61. Which of the following is an example of a deductible expense for tax purposes?
61
30 sec
Q.
62. What is the difference between a fixed-rate and an adjustable-rate mortgage (ARM)?
62
30 sec
Q.
63. Which federal law gives consumers the right to access their credit reports for free once a year from each of the three major credit reporting agencies?
63
30 sec
Q.
64. What is the purpose of IRS Form 1040?
64
30 sec
Q.
65. Which action can help improve a person's credit score?
65
30 sec
Q.
66. Which of the following is a primary source of revenue for the federal government in the United States?
66
30 sec
Q.
67. What is the purpose of a power of attorney (POA) document?
67
30 sec
Q.
68. A grace period on a credit card can help a cardholder:
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30 sec
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69. When building a realistic monthly budget, which number should you use for income?
69
30 sec
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70. What is the purpose of a tax refund?
70
30 sec
Q.
71. Which of the following is a potential consequence of missing a credit card payment?
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30 sec
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72. Which of the following is NOT a type of financial institution?
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Q.
73. Which of the following is NOT a factor that affects your credit score?
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30 sec
Q.
74. A car loan is usually an example of:
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30 sec
Q.
75. Which of the following statements about payday loans is true?
75
30 sec
Q.
76. Net price for college is generally found by subtracting grants and scholarships from:
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30 sec
Q.
77. What does FDIC stand for?
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30 sec
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78. Which statement best describes FDIC insurance?
78
30 sec
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79. What does ROI stand for in financial terms?
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30 sec
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80. Which information is typically found on a credit report?
80
30 sec
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81. Why is an emergency fund important?
81
30 sec
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82. Which of the following is an example of a discretionary expense?
82
30 sec
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83. A routing number on a check is mainly used to:
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30 sec
Q.
84. A target date fund is useful for many beginner investors because it:
84
30 sec
Q.
85. Under the 50/30/20 budgeting guideline, the 20% category is generally used for:
85
30 sec
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86. Liability coverage on auto insurance helps pay for:
86
30 sec
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87. A tax refund usually means:
87
30 sec
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88. What does a credit limit do?
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30 sec
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89. Asset allocation means:
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30 sec
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90. What is the purpose of a grace period on a credit card?
90
30 sec
Q.
91. What is the purpose of a certificate of deposit (CD)?
91
30 sec
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92. What is the "envelope system" in budgeting?
92
30 sec
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93. Which debt should usually be paid down first if the goal is to reduce total interest paid?
93
30 sec
Q.
94. Student loan deferment means:
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30 sec
Q.
95. A common feature of a Roth IRA is:
95
30 sec
Q.
96. What is the main characteristic of revolving credit?
96
30 sec
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97. What does EFC stand for in the context of financial aid?
97
30 sec
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98. If Kevin has a $500 deductible and a covered $2,000 loss, how much would insurance generally pay after the deductible?
98
30 sec
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99. Which tax form does a new employee usually complete to tell the employer how much federal tax to withhold?
