Fi-Q Trivia

Saving and Investing Banking and consumer fraud Credit cards and credit score Financing higher education Taxes, Insurance and buying a home

100

b. when interest is added to the principal amount so that the interest earns interest.
Compound Interest is...
  1. the amount earned or owed on the principal amount.
  2. when interest is added to the principal amount so that the interest earns interest.
  3. multiple late fees.

100

a. The Board of Governors
The U.S. banking system, called the Federal Reserve, includes the Reserve Banks, the Federal Open Market Committee and ____.
  1. The Board of Governors
  2. Congress
  3. The US Mint

100

b. 2-3%
Credit card minimum payments are usually around ___ of the total balance.
  1. 20-30%
  2. 2-3%
  3. 100-150%

100

b. Perkins loan
Which of the following is likely to have the lowest interest rate?
  1. Payday loan
  2. Perkins loan
  3. Private loan

100

c. Risk
Insurance allows you to transfer your financial _____ onto someone else.
  1. Stock
  2. Debt
  3. Risk

200

a. simple savings accounts and CDs.
Examples of savings vehicles include…
  1. Simple savings accounts and CDs.
  2. Credit reports and stocks.
  3. Simple savings accounts and car loans.

200

c. Checking
Which type of bank account offers the most flexible access to your money with the fewest restrictions?
  1. Certificate of Deposits
  2. Savings
  3. Checking

200

a. The amount of interest you are charged on credit card purchases.
The annual percentage rate on a credit card determines _____
  1. The amount of interest you are charged on credit card purchases.
  2. The amount your credit limit can go up within a year.
  3. How many credit cards that you can own.

200

c. Free Application for Federal Student Aid.
The application for federal student financial aid is called the…
  1. National Borrowing and Loan Packet.
  2. American Lending Document.
  3. Free Application for Federal Student Aid.

200

b. A type of loan used to buy property.
What is a mortgage?
  1. A type of rent used to pay for housing.
  2. A type of loan used to buy property.
  3. A type of financial statistic.

300

b. All are long-term savings plans for retirement.
What do IRAs, Roth IRAs, 401(k)s and 403(b)s all have in common?
  1. All are combination codes on bank vaults.
  2. All are long-term savings plans for retirement.
  3. All are checking accounts that you sign up for at a local bank.

300

a. Routing, account
The numbers listed at the bottom of a check are the _____ number and the _____ number.
  1. Routing, account
  2. Check, pin
  3. Routing, legal tender

300

a. One credit report from each credit bureau.
How many free credit reports are you legally entitled to per year from each credit bureau?
  1. One credit report from each credit bureau.
  2. Two credit reports from each credit bureau.
  3. An unlimited amount.

300

c. The period after graduating or leaving school before you must begin paying back student loans.
When referring to student loans, what is a grace period?
  1. The time period that your library late fees affect your credit score.
  2. The time period after graduating high school and before starting college.
  3. The period after graduating or leaving school before you must begin paying back student loans.

300

a. A large sum of money you pay towards a property upfront.
What is a down payment?
  1. A large sum of money you pay towards a property upfront.
  2. A payment that depreciates.
  3. A payment that gains value over time according to an economic index.

400

c. A collection of investments sold as a package.
What is a mutual fund?
  1. A loan an investor makes to a company or government that pays interest over time.
  2. A share of ownership in a local government.
  3. A collection of investments sold as a package.

400

a. Federal Trade Commission
Which U.S. government agency protects consumers against false advertising and unfair business practices?
  1. Federal Trade Commission
  2. Central Intelligence Agency
  3. Department of Homeland Security

400

c. 300 to 850
What is the numerical range for credit scores from the three major reporting agencies?
  1. One to ten
  2. 500 to 1,000
  3. 300 to 850

400

b. Federal Pell Grant
Which of the following does not have to be paid back?
  1. Federal Stafford Loan
  2. Federal Pell Grant
  3. Federal Perkins Loan

400

b. B-52
Which of the following is NOT a federal tax form?
  1. W-4
  2. B-52
  3. 1040

500

a. It helps you to balance your risk across different types of investments.
Diversification is important in investing because…
  1. It helps you to balance your risk across different types of investments.
  2. It increases your overall risk, which could make you more money.
  3. It ensures that you only make low-risk investments.

500

b. Your Social Security Number
Which of the following would be most useful to an identity thief?
  1. Your Middle Name
  2. Your Social Security Number
  3. Your Insurance Deductible

500

c. Payment history and amount of debt.
What are the two biggest influences on your credit score?
  1. Your SAT score and your grade point average.
  2. Your number of credit cards and number of bank accounts.
  3. Payment history and amount of debt.

500

a. It ends any grace period that might still apply to the loan.
One of the effects of consolidating your student loans is…
  1. It ends any grace period that might still apply to the loan.
  2. It increases the amount of money you’ll owe each month.
  3. It decreases the amount of money you’ll owe overall.

500

a. Sales
Which of the following tax type does NOT require you to complete forms to determine the amount you owe or are owed at the end of the year?
  1. Sales
  2. Federal Income
  3. State Income

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