Financial Literacy

1.

1 point

What is a good resource to consult when buying a new or used car?

Bob's Big Book

Kelley Blue Book

Brokers Auto Source

Wither's Car Guide

2.

1 point

If you borrow $20,000 for five years at 12% interest to purchase a car, how much will you actually pay for that car over the 5-year period?

$31,200

$20,400

$26,700

$40,750

3.

1 point

FICA is deducted from your paycheck before you get it. FICA stands for________.

Federal Interest Collection Act

Federal Institute of Capital Appreciation

First Interest Capitalization Association

Federal Insurance Contribution Act

4.

1 point

How long does it take most lottery winners to go broke?

2 years

10 years

38 months

5 years

5.

1 point

What percentage of millionaires choose to buy used cars rather than new cars?

23% 23%

10%

20%

40%

6.

1 point

Approximately how long will it take to pay off $1,000 in credit card debt if your interest rate is 18% and you only make the 'minimum payment' each month?

20 years

8 years

10 years

30 years

7.

1 point

What is the number one common denominator of financially successful people?

worked part-time as teens

rich parents

a college degree

straight A' straight A's in high school

8.

1 point

Walmart, which is a very successful corporation, was started by _____.

Bob Walters

Sam Walton

Wally Amos

Walt Martin

9.

1 point

The money you make at your job day after day, week after week, is called _____.

disposable income

earned income

unearned income

not enough

10.

1 point

Teenagers in America spend approximately _______ total dollars every year.

$175 billion

$220 billion

$750 million

$100 Million

11.

1 point

What percentage of bankruptcies are filed as a result of medical bills?

20%

40%

9%

35%

12.

1 point

The average Social Security payment a person currently receives per month is _________.

$1,280

28% of their monthly expenses

less than $1,000

enough to cover 75% of their bills

13.

1 point

A health insurance program that is funded by some of your taxes and run by the federal government is known as _____.

Medicare

Fed Insurance

State Farm

Allstate

14.

1 point

Which item(s) below would depreciate if you owned it (them)?

a car

a television

a bike

all of the above

15.

1 point

If you think someone is trying to scam you on the Internet, you should contact the ______.

NFL

DEA

FTC

FDA

16.

1 point

An average career will last approximately how many hours of your
work- life of 40 years?

8,600 hours

32,000 hours

86,000 hours

18,000 hours

17.

1 point

If your car is worth less than you owe on your car loan at anytime during the life of the loan, you are said to be ________.

backside down on your loan

inside out on your loan

upside down on your loan

bottom loaded on your loan

18.

1 point

FTC stands for ________.

Financial Trade Corporation

First Time Consumer

Federal Trade Commission

Federal Termination Company

19.

1 point

Developing a financial lifestyle that fits that amount of money you will earn in your career is called a ______.

journey-driven lifestyle

money management program

lifestyle-driven journey

none of the above

20.

1 point

When items such as a house or land become more valuable, this is called _____, an increase in value.

appropriation

appreciation

deprecation

depreciation