c) Entrance loan counseling for all first-time borrowers is required. C) Don’t know % Correct: 34% of respondents answered this question correctly. For updates and guidance related to managing personal finances during COVID-19 / Coronavirus, 1) “Suppose you had $100 in a savings account and the interest rate was 2% per year. Advice: Even if you haven't taken an accounting class, remember this: assets (what you own) and liabilities (what you owe) appear on the balance sheet. ... Report an issue . He is an in-demand speaker and has inspired millions through his powerful insights, including more than 150 million people who have read his advice. They are different than expenses, which appear on an income statement. If you borrow debt to acquire an asset, it can be a good thing. 1. With that in mind, Consolidated Credit created this simple 20-question financial literacy test designed to help you gauge your level of basic financial knowledge. Even if you can't do this now, save as much as you can each month. © 2021 Forbes Media LLC. b. Here are our responses. GW uses cookies and other technology on our websites to improve your website experience and to better understand how you use our websites. Use a student loan refinancing calculator to see how much money you can save. (Here are her big three questions). Correct Answer: The correct answer is D, which is "6 to 7 years.". Whether it's an unforeseen medical expense, home repair or unemployment, you never know when an emergency will strike. SURVEY . After 1 year, with the money in this account, would you be able to buy…”, A) More than today They’re from the US National Financial Capability Study, and among the many problems they use to measure financial literacy. After one year, would your ability to buy something with the money in this account be: Which of the following about Federal student loans is NOT true? The PISA financial literacy test is designed to measure whether students have the knowledge and understanding of financial concepts and risks, the skills, as well as Duquès Hall, Suite 450 21 Questions Show answers. Put aside at least six months (and preferably more) of funds in a separate savings account to save for a rainy day. E) Refuse to answer, 2) “Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. SURVEY . b. IfyouhaveatraditionalIRAor401(k),youmakecontributionsoutofpre Ytax$income$and$pay$ incometaxatyourfuturetaxratewhenyouwithdrawthefunds. 1) “Suppose you had $100 in a savings account and the interest rate was 2% per year. B) False Annamaria Lusardi, Director of the Global Financial Literacy Excellence Center (GFLEC) at The George Washington University, has worked to develop the idea of using basic questions to determine financial literacy. Learn the basics of Financial Literacy and how to manage your money…whatever there is of it! So, six questions to gauge your basic financial literacy. B) Exactly $102 Our tests are designed to thoroughly measure and track different aspects of financial literacy in the students and evaluate different financial … Check. A dream wedding. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Q. the total amount of personal income before taxes and deductions . After 5 years, how much do you think … Think: borrowing a mortgage to buy a house that will appreciate in value over time. Let's see how well you do. Put aside at least six months (and preferably more) of funds in a separate savings account to save for a rainy day. Q. money earned or received. 0 times. Become a part of our community of millions and ask any question that you do not find in our Financial Literacy Q&A library. Questions in other subjects: Engineering, 06.08.2019 01:30 Problem 12.015 a mixture having a molar analysis of 66% n2, 17% co2, and 17% h2o enters a turbine at 1850°r, 8 atm, with a mass flow rate of 5 … 3) If interest rates rise, what will typically happen to bond prices? D) Don’t know B) False The first one, Bud, I’m going to ask you, is an interest rate question. Financial literacy is the knowledge about _____. The correct answers to the financial literacy questions are as follows: 1. Financial Literacy Questions. After 5 years, how much do you think you would have in the account if you left the money to grow?”, A) More than $102 Take this short quiz to assess your financial literacy by printing this page and marking your answers to the questions below. Education company EVERFI borrowed that approach to create six questions on credit history, net worth, interest rates and student loans that were included as part of a survey. The purchasing … Correct Answer: The correct answer is C, which is "6 to 12 months.". Whether it's an unforeseen medical expense, home repair or unemployment, you never know when an emergency will strike. 1. What’s the Big Idea in Financial Literacy? E) Don’t know C) Don`t know A new television. You may be able to develop an alternative payment plan before your credit score is adversely impacted. Here are answers to your basic questions about money.