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Financial Literacy Test Exam Questions with Correct Answers
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Net income equals gross income minus - Answer-All payroll deductions including taxes withheld If you spend more than the net income you make in a month, you will have to - Answer-Any of the above Your financial institutions may already offer some budgeting tools. - Answer-My quarterly per cap...

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  • October 13, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial literacy test exam questions with correc
  • net income equals gross income minus answer all

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  • Financial Literacy
  • Financial Literacy

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Financial Literacy Test Exam Questions
with Correct Answers
Net income equals gross income minus - Answer-All payroll deductions including taxes
withheld

If you spend more than the net income you make in a month, you will have to - Answer-
Any of the above

Your financial institutions may already offer some budgeting tools. - Answer-My
quarterly per capita payment is considered income and is taxable at the federal level

You should avoid spending money on wants. - Answer-False

If you are using an online budgeting tool that is linked to your financial accounts,
reviewing how your information is securely maintained is important. - Answer-True

The "principal" of a loan is the _______. - Answer-Original amount borrowed

Which of the following is a good reason to have a credit card? - Answer-A credit card
can be valuable in case an emergency exceeds your available funds on hand.

Having no credit profile can result in you being denied credit. - Answer-True

It is possible to use a credit card to earn more than you pay on it. - Answer-True

To check your credit, you should get a credit report from just one of the three credit
bureaus. - Answer-False

What is the name for the credit card fee that is charged to you when you take money
out of your card? - Answer-Cash advance fee

Some credit cards target those with bad credit. These credit cards usually have which of
the following? - Answer-All of the above.

What is the minimum FICO score that is usually considered a safe risk? - Answer-720

Why might it be a good idea to apply for your first credit card at your bank or credit
union? - Answer-It already has a sense of your financial health.

What is the main reason behind using a credit card to buy things that you already have
cash for? - Answer-It helps build a good credit record.

, If the annual percentage rate on your credit card is 18%, you will pay 18% interest on
each month's balance. - Answer-False

An example of revolving credit is a(n) _______. - Answer-Credit card agreement

Some credit cards target those with bad credit. These credit cards usually have which of
the following? - Answer-All of the above

Having no credit profile can result in you being denied credit. - Answer-True

Credit cards may charge fees for which of the following? - Answer-All of the above.

Having a card that does not report your payment history to the credit bureaus helps you
build a good credit history. - Answer-False

Which of the following is the largest part of your FICO score? - Answer-Payment history

If you have to deposit a few hundred dollars into your bank in order to get a credit card,
what kind of card is that called? - Answer-Secured

When it comes to negative information in your credit report, most negative information
will appear in your credit report for _______. - Answer-Seven years

The various income tax filing statuses include _______. - Answer-All of the above

Only employees pay Social Security taxes on their earnings. - Answer-False

The difference between a tax deduction and a tax credit is that _______. - Answer-A tax
deduction reduces your taxable income, and a tax credit reduces your actual tax

Having taxes withheld from your paycheck means you do not need to pay any more
taxes. - Answer-Maybe

When you take time to engage in tax planning, you can save yourself money you would
otherwise pay to the government in taxes. - Answer-True

The W-4 federal tax form is used by _______. - Answer-Taxpayers to set their tax
withholding schedule

Everyone will have to pay Social Security tax on all their income, no matter how much it
is. - Answer-False

Tax exemptions, adjustments, deductions and credits all have one thing in common.
What is that? - Answer-They reduce the amount of tax you have to pay.

Everyone must prepare a state income tax return. - Answer-False

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