Financial Literacy QuizOnline version Test your knowledge on key financial concepts and terms! Keep playing to practice your money management vocabulary. by Kristine Vester 1 What is an asset? a A stage in life. b A type of debt. c A financial plan. d Something you have that is worth money. 2 What does liability refer to? a Debts you have, what you owe. b Savings you have. c Your net worth. d Your income. 3 What is net worth? a Assets minus liabilities. b Total income. c Total expenses. d Total savings. 4 What is a balance sheet? a A statement of assets, liabilities, and capital. b A summary of expenses. c A type of financial plan. d A credit report. 5 What are financial plans? a A balance sheet. b Plans for future money management. c A list of debts. d A type of asset. 6 Who are financial planners? a Insurance agents. b Accountants. c People that help you manage your money. d People who lend money. 7 What are stages in life? a Investment strategies. b Time periods with different financial needs. c Forms of debt. d Types of assets. 8 What is creditworthiness? a An assessment of loan repayment likelihood. b A financial plan. c A budgeting method. d A type of asset. 9 What is impulse buying? a A financial plan. b Buying something without prior planning. c A type of saving. d A method of budgeting. 10 What are utility expenses? a Taxes paid on property. b Monthly payments for essential services like electricity and water. c Payments for home insurance. d Fees for real estate agents. 11 What is real estate? a The process of renting apartments. b A loan for purchasing land. c A type of home insurance. d The business of buying and selling homes or buildings. 12 What is a fixed mortgage? a A mortgage with an unchanging interest rate. b A loan for home renovations. c A type of home insurance. d A mortgage with fluctuating payments. 13 What does building equity mean? a Selling your home for profit. b Paying rent to a landlord. c Taking out a second mortgage. d Increasing ownership value in your home as you pay off the mortgage. 14 What is a down payment? a The interest paid on a loan. b The initial payment made when buying a house. c Monthly mortgage payments. d The total cost of the house. 15 What is a bank mortgage? a A type of home insurance. b A loan from a bank to buy a house. c A loan from a friend. d A government grant for homebuyers. 16 What is a variable mortgage? a A mortgage with an interest rate that can change. b A loan for home repairs. c A type of rental agreement. d A fixed-rate mortgage. 17 What is a monthly mortgage payment? a The down payment amount. b The total cost of the house. c The amount paid each month towards your home loan. d Utility expenses. 18 What is a finance company mortgage? a A government loan program. b A loan from a finance company to buy a house. c A type of home insurance. d A loan from a bank. 19 What is equity in a home? a The down payment amount. b The total amount paid for the house. c The difference between your home's value and what you owe. d The interest rate on your mortgage. 20 What is mortgage interest? a The fee for hiring a landlord. b The amount you pay for rent each month. c The percentage extra you pay on your loan for your house. d The total cost of your house. 21 What does financing ownership mean? a Renting a home from a landlord. b Selling a home to a tenant. c Purchasing directly from the seller without a bank loan. d Getting a loan from a credit union. 22 What is a landlord? a A real estate agent. b A homeowner who receives rent from tenants. c A bank that provides loans. d A person who rents a home. 23 What is a tenant? a The homeowner who rents out the property. b A real estate investor. c The person who pays rent to live in a home. d A bank providing a mortgage. 24 What is a security deposit? a The cost of home repairs. b A fee for applying to rent. c Money paid to a landlord before renting a home. d The monthly rent payment. 25 What is retirement planning? a Buying a new home. b Investing in stocks. c Finding a new job. d Planning for when you get old and stop working. 26 What is retirement? a Buying a house. b When you get older and stop working. c Starting a new job. d Paying off a mortgage. 27 What are employee contributions? a The money you pay for rent. b The fees charged by a bank. c The total salary you earn. d How much you contribute to your retirement fund. 28 What happens to your security deposit if there are no damages? a You lose half of it. b The landlord keeps it forever. c You get the whole security deposit back. d It is used for future rent. 29 Who can contribute to your retirement fund? a Only your employer can contribute. b Only the government can contribute. c Both you and your employer can contribute. d Your landlord can contribute.
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