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Financial Literacy Quiz: Budgeting, Savings, and Credit, Exams of Financial Management

Augusta UniversityFinancial Management

A series of questions and answers covering essential aspects of personal finance. topics include budgeting, savings accounts, credit cards, and student loans. it's a valuable resource for understanding key financial concepts and improving financial literacy. The quiz format makes it engaging and suitable for self-assessment.

Typology: Exams

2024/2025

Available from 05/13/2025

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Everfi 1-5 Exam | 100% Correct Answers
| Verified | Latest 2024 Version
The purpose of a budget is to help you plan what? - ✔✔how you will spend the money you earn or
receive.
What kind of bank account will help you most financially? - ✔✔a saving account that compounds daily
will benefit you most financially.
What accounts are saving vehicles? - ✔✔savings accounts, money market accounts and certificates of
deposit.
The rule of 72 is used to determine what? - ✔✔the number of year it will take for an investment to
double in value at a given interest rate.
To earn as much interest as possible you should what? - ✔✔open a savings account that earns
compound interest and has the highest interest rate.
A certificate will give you the____ access to your money - ✔✔least
What accounts typically offer no interest? - ✔✔Checking accounts
A payday lender typically have the ___ interest rates - ✔✔highest
Establishing the Federal government is NOT the responsibility of who? - ✔✔the federal reserve
What financial institution typically has membership requirements? - ✔✔a credit union
What type account is the MOST liquid? - ✔✔a checking account
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Download Financial Literacy Quiz: Budgeting, Savings, and Credit and more Exams Financial Management in PDF only on Docsity!

Everfi 1- 5 Exam | 100% Correct Answers

| Verified | Latest 2024 Version

The purpose of a budget is to help you plan what? - ✔✔how you will spend the money you earn or receive. What kind of bank account will help you most financially? - ✔✔a saving account that compounds daily will benefit you most financially. What accounts are saving vehicles? - ✔✔savings accounts, money market accounts and certificates of deposit. The rule of 72 is used to determine what? - ✔✔the number of year it will take for an investment to double in value at a given interest rate. To earn as much interest as possible you should what? - ✔✔open a savings account that earns compound interest and has the highest interest rate. A certificate will give you the____ access to your money - ✔✔least What accounts typically offer no interest? - ✔✔Checking accounts A payday lender typically have the ___ interest rates - ✔✔highest Establishing the Federal government is NOT the responsibility of who? - ✔✔the federal reserve What financial institution typically has membership requirements? - ✔✔a credit union What type account is the MOST liquid? - ✔✔a checking account

What is the LEAST important part of a check - ✔✔the memo line A debit card typically has what? - ✔✔the lowest fees or costs. A term referring to the rate of yearly interest on your credit card - ✔✔the APR What type of payment options requires you to pay upfront - ✔✔cashiers check, prepaid card, and money orders. What payment type can typically help you stick to a budget? - ✔✔debit card The maximum amount you can charge each billing cycle - ✔✔a credit limit Missing a credit card payment will typically increase what? - ✔✔Your credit card's APR. Equifax, Experian, and TransUnion are all what? - ✔✔part of the big three credit reporting agencies. What is usually required for buying a new car, getting a credit card, and purchasing a home? - ✔✔good credit Paying a credit card bill late, opening 3 credit cards at once, and ignoring a late payment notce can all do what? - ✔✔potentially damage your credit score. Having a good credit score is important because? - ✔✔it can impact your ability to be approved for bank loans What has NO impact on your credit score? - ✔✔inquiring about a credit charge.