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UNI Financial Literacy Exam Review Questions and Answers
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  • Course
  • Financial Literacy
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  • Financial Literacy

When calculating the cost of fuel per month, what factors are used? - Answer-Miles Driven, Miles per Gallon, Cost of Fuel Repairs and upkeep on a home usually range from _____________ per year in costs? - Answer-1%-3% The material basis of well-being is called what? - Answer-Standard of Livin...

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  • October 13, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • uni financial literacy exam review questions and a
  • when calculating the cost of fuel per month what

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  • Financial Literacy
  • Financial Literacy

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UNI Financial Literacy Exam Review
Questions and Answers
When calculating the cost of fuel per month, what factors are used? - Answer-Miles
Driven, Miles per Gallon, Cost of Fuel

Repairs and upkeep on a home usually range from _____________ per year in costs? -
Answer-1%-3%

The material basis of well-being is called what? - Answer-Standard of Living

Which type of mortgage would a military member use to receive a low interest rate? -
Answer-VA Mortgage

Getting plenty of rest, relationships with friends and family, and your freedom are all
examples of what? - Answer-A person's well-being

The percentage of income that is spent and not saved is called what? - Answer-The
average propensity to consume

Definition of living paycheck to paycheck - Answer-Needing your full paycheck to meet
your minimum monthly living expenses, so that there's no extra money if a problem
arises.

What does the acronym SMART stand for? - Answer-Specific, Measurable, Attainable,
Relevant, Timely

What is the definition of real asset? - Answer-Assets that provide value of the long term.
E.g. House

If your net worth is $50,000 and you pay off your student loan from your savings
account, how will your net worth statement be affected? - Answer-Both your assets and
your liabilities will go down but your Net Worth Statement will stay the same

What does your income and expense statement do? - Answer-Tracks your inflows and
outflows over a past period of time

What is unearned income? - Answer-Income received from sources other than
employment. (Your money working for you. E.G. Interest, unemployment, dividends,
child support)

Savings ratio formula - Answer-Total Monthly Savings/Gross Monthly Income

, Consumer Debt Ratio - Answer-Monthly non-mortgage (or rent) debt/Net monthly
income

What is the most common format for a resume? - Answer-Chronological

What order should your work experience be listed on a resume? - Answer-Reverse
Chronological (Newest to Oldest)

The purpose of a cover letter is to do what? - Answer-Persuade the company into
believing you are the best candidate

What is an appropriate action to take after an interview? - Answer-Send a thank you
email/note to the interviewer

Employers are required by law to provide these mandatory benefits to its employees -
Answer-Social Security, Workers Comp, Unemployment, Family Medical Leave (FMLA)

Juan received two job offers - one in Kansas City for $45,000 with 50% of health
insurance paid by the company and the other in San Diego, CA for $55,000 with full
health insurance paid by the company. Which statement is TRUE? (I can see this as a
subjective question but just roll with it) - Answer-The Kansas City offer is better because
the cost of living is lower and he will receive 50% health insurance paid by the
company.

Which of the following items would not be a factor in the cost of living? A) Food B)
Housing C) Taxes D) Technology - Answer-D) Technology

Most state taxes are deducted from paychecks to help pay for what? - Answer-Health
and education

If John has an individual account for $200,000 at bank ABC and $400,000 in another
individual account at a different bank (bank XYZ), how much is covered under FDIC
protection? - Answer-$450,000 (Up to $250,000 for each account)

How much should you save for your emergency fund? - Answer-3-6 Months of Living
Expenses

What is savings account is the least liquid? - Answer-Certificate of Deposit (CD)

True or False: You should always pay yourself first - Answer-True

If you have $2,000 and make 10% compound interest, how much would you have after
two years? - Answer-Year 1: $2,000 + (2,000 x 10%) = $2,200

Year 2: $2,200 + (2,200 X 10%) = $2,420

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