Trivia Test On Financial Literacy! Quiz
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Get ready to test your knowledge of financial literacy! How good are you with your money? Do you know how to get the most from the income you get by ensuring you save up or invest it? What are some of the avenues that you can use to reduce your spending? The quiz provided will help you see if you are a money maker, save, or don’t make the most with what you have. Give it a look and expand your financial knowledge.
- 1.
If each of the following persons had the same amount of take-home pay, who would need the greatest amount of life insurance?
- A.
A young single woman with two young children.
- B.
A young single woman without children.
- C.
An elderly retired man, with a wife who is also retired.
- D.
A young married man without children.
Correct Answer
A. A young single woman with two young children.Explanation
The correct answer was "A young single woman with two young children" - 61.3% of high school students got this question correct. Source: Jump$tart quiz and answersRate this question:
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- 2.
Which of the following instruments is NOT typically associated with spending?
- A.
Cash
- B.
Credit Card
- C.
Debit Card
- D.
Certificate of deposit
Correct Answer
D. Certificate of depositExplanation
The correct answer was "Certificate of deposit" - 93.5% of high school students got this question correct.Rate this question:
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- 3.
Which of the following statements is true?
- A.
Your bad loan payment record with one bank will not be considered if you apply to another bank for a loan.
- B.
If you missed a payment more than 2 years ago, it cannot be considered in a loan decision.
- C.
Banks and other lenders share the credit history of their borrowers with each other and are likely to know of any loan payments that you have missed.
- D.
People have so many loans it is very unlikely that one bank will know your history with another bank.
Correct Answer
C. Banks and other lenders share the credit history of their borrowers with each other and are likely to know of any loan payments that you have missed.Explanation
The correct answer was "Banks and other lenders share the credit history of their borrowers with each other and are likely to know of any loan payments that you have missed" - 70.9% of high school students got this question correct. Source: Jump$tart quiz and answersRate this question:
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- 4.
Doug must borrow $12,000 to complete his college education. Which of the following would NOT be likely to reduce the finance charge rate?
- A.
If his parents took out an additional mortgage on their house for the loan.
- B.
If the loan was insured by the Federal Government.
- C.
If he went to a state college rather than a private college.
- D.
If his parents cosigned the loan.
Correct Answer
C. If he went to a state college rather than a private college.Explanation
The correct answer was "If he went to a state college rather than a private college" - 30.4% of high school students got this question correct. Source: Jump$tart quiz and answersRate this question:
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- 5.
If you had a savings account at a bank, which of the following would be correct concerning the interest that you would earn on this account?
- A.
Sales tax may be charged on the interest that you earn.
- B.
You cannot earn interest until you pass your 18th birthday.
- C.
Earnings from savings account interest may not be taxed.
- D.
Income tax may be charged on the interest if your income is high enough.
Correct Answer
D. Income tax may be charged on the interest if your income is high enough.Explanation
The correct answer was "Income tax may be charged on the interest if your income is high enough" - 22.7% of high school students got this question correct. Source: Jump$tart quiz and answersRate this question:
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- 6.
Inflation can cause difficulty in many ways. Which group would have the greatest problem during periods of high inflation that last several years?
- A.
Young couples with no children who both work.
- B.
Young working couples with children.
- C.
Older, working couples saving for retirement.
- D.
Older people living on fixed retirement income.
Correct Answer
D. Older people living on fixed retirement income.Explanation
The correct answer was "Older people living on fixed retirement income" - 44.1% of high school students got this question correct. Source: Jump$tart quiz and answersRate this question:
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- 7.
Under which of the following circumstances would it be financially beneficial to you to borrow money to buy something now and repay it with future income?
- A.
When some clothes you like go on sale.
- B.
When the interest on the loan is greater than the interest you get on your savings.
- C.
When you need to buy a car to get a much better paying job.
- D.
When you really need a week vacation.
Correct Answer
C. When you need to buy a car to get a much better paying job.Explanation
The correct answer was "When you need to buy a car to get a much better paying job" - 57.8% of high school students got this question correct. Source: Jump$tart quiz and answersRate this question:
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- 8.
Many young people receive health insurance benefits through their parents. Which of the following statements is true about health insurance coverage?
- A.
Young people don’t need health insurance because they are so healthy.
- B.
You continue to be covered by your parents’ insurance as long as you live at home, regardless of your age.
- C.
You are covered by your parents’ insurance until you marry, regardless of your age.
- D.
If your parents become unemployed, your insurance coverage may stop, regardless of your age.
Correct Answer
D. If your parents become unemployed, your insurance coverage may stop, regardless of your age.Explanation
The correct answer was " If your parents become unemployed, your insurance coverage may stop, regardless of your age" - 40.3% of high school students got this question correct. Source: Jump$tart quiz and answersRate this question:
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- 9.
If your credit card is stolen and the thief runs up a total debt of $1,000, but you notify the issuer of the card as soon as you discover it is missing, what is the maximum amount that you can be forced to pay according to Federal law?
- A.
Nothing
- B.
$50.00
- C.
$500.00
- D.
$1,000.00
Correct Answer
B. $50.00Explanation
The correct answer was "$50" - 15.1% of high school students got this question correct.Rate this question:
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- 10.
Kelly and Pete just had a baby. They received money as baby gifts and want to put it away for the baby’s education. Which of the following tends to have the highest growth over periods of time as long as 18 years?
- A.
A U.S. Govt. savings bond
- B.
A savings account
- C.
A checking account
- D.
Stocks
Correct Answer
D. StocksExplanation
The correct answer was "Stocks" - 14.2% of high school students got this question correct. Source: Jump$tart quiz and answersRate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
Jan 18, 2009Quiz Created by
Esc2000
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