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Final Exam Financial Literacy Test Exam Questions and Answers
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The eligibility for financial help to get government health insurance is based on - Answer-household size and income The largest source of income in retirement comes from - Answer-Social Security How to over come your biases in making financial decisions? - Answer-You need to evaluate your al...

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  • October 12, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • final exam financial literacy test exam questions
  • the eligibility for financial help to get governme

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  • Financial Literacy
  • Financial Literacy

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Final Exam Financial Literacy Test Exam
Questions and Answers
The eligibility for financial help to get government health insurance is based on -
Answer-household size and income

The largest source of income in retirement comes from - Answer-Social Security

How to over come your biases in making financial decisions? - Answer-You need to
evaluate your alternatives before making a decision

What is self insuring? - Answer-It's when you pay for your own losses instead of getting
an insurance policy

One of the skills set to maintain a positive credit profile is to: - Answer-pay your bills on
time

An advantage of maintaining a positive credit history is: - Answer-to get a loan at a low
interest rate

What is an example of philanthropy? - Answer-donating canned goods to a food bank

An example of liquid investment is: - Answer-Money Market Fund

How do money scripts affect your financial decision? - Answer-They shape the way you
approach, discuss, and further your financial vision.

How to overcome your financial assumptions on spending, saving and investing habits?
- Answer-By questioning the assumptions your parents and grandparents swore by

Delayed gratification is an essential life skill to: - Answer-hold out now for a better
financial reward later

What is one type of employment laws? - Answer-Workplace safety laws

Why is period review of the financial goals and actions important as life circumstances
change? - Answer-the goals you set today may no longer be relevant one year from
now

What could happen if you do not have the proper estate planning and documents set in
place? - Answer-It may lead to unintended distribution of assets.

What is one strategy to lower the monthly premium of your car insurance? - Answer-By
reducing your coverage limit

, Businesses can influence government policies through ALL factors EXCEPT: - Answer-
Public opinion

The positive or negative effect of debt on net worth almost always occurs sometimes:
_________ - Answer-after the loan is taken out

A solid financial plan will allow you to: - Answer-to save money

By listing alternatives and possible consequences to prioritize financial decisions, they
will - Answer-decrease the negative effects on reaching goals

What factors determine your priorities in life usually influenced by family and friends,
society, ethical and religious beliefs, and life experiences? - Answer-values

What type of tax do you pay on unearned income? - Answer-income tax

Alternative-Non-Financial-Institutions include ALL the products and services EXCEPT
for - Answer-credit cards

The federal government may respond to economic activity through fiscal policy and: -
Answer-monetary policy

FICO score is calculated using different pieces of credit data in your credit report. This
data is grouped into: - Answer-5 categories

One tip for identity theft protection - Answer-keep only credit cards you need in your
wallet

What is the purpose of saving? - Answer-setting aside money for emergencies

How are you using leverage on a student loan? - Answer-by getting an education

Consumer protection law is meant to protect consumers from: - Answer-careless
actions taken by businesses

ALL of these are ways to protect your account, even from your bank EXCEPT for: _ -
Answer-Check your accounts annually

What type of decisions by each of us collectively affect the amount of money available
to businesses to borrow to expand? - Answer-Savings can fuel or starve economic
growth

When is credit counseling needed? - Answer-when you have uncontrollable debt and
you are not able to pay it back

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