Standards of Financial Literacy Quiz

Congratulations! You are about to take your Standards of Financial Literacy final quiz and become an MFF Fellow!

This 10-question quiz is similar to what you have taken throughout the course. Remember you need an 80% score to pass, and you can retake the quiz as many times as needed to earn a passing score. – Good Luck!

A good way to take control of your money is to: *

Put receipts in a bag.

Develop a spending plan or budget.

Spend more than you make.

Make more money.

Identify if the following statement is True or False: A budget should include fixed and variable expenses. *

True.

False

If you are paying yourself first, then you are: *

Putting money in a retirement account.

Building an emergency fund.

Paying off debt.

All of the above.

Identify if the following statement is True or False: You should pay bills on time to avoid extra charges or fees. *

True.

False.

Credit is what type of money? *

Gifted money.

Free money.

Borrowed money.

Unknown money.

Risk tolerance is: *

The amount of stock an investor sells.

The amount of money an investor can spend.

The amount of time an investor goes skydiving.

The amount of loss an investor is willing to risk.

Which of the following groups of people need insurance? *

Homeowners.

Business owners.

Medical professionals.

All of the above.

Identify if the following statement is True or False: A working budget does not allow you to make adjustments as things change. *

True.

False.

You can increase the amount of money you save each month by: *

Putting change in a jar at the end of each day.

Avoid using debt for short-term purchases.

Pay bills on time to avoid late fees.

All of the above.

Identify if the following statement is True or False: Banks and credit unions are two types of financial institutions. *

True.

False.

If you are human, leave this field blank.