Quiz: College students, how financially literate are you?
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Quiz: College students, how financially literate are you?

Quiz: College students, how financially literate are you?

Financial literacy is a set of skills and knowledge that lets us make informed and effective decisions about money. For college students, it’s particularly important. Living on your own for the first time comes with its suite of financial pickles. How much to budget for food? Is this textbook too expensive to buy? Should I repay part of my student loan now or later?

These are important questions that need urgent answers. Yet, many students in US universities have not had any formal education on the subject. This leaves them stressed about their finances, and potentially impacts their studies. Conversely, those who have taken mandatory classes on financial literacy in high school were found to make better decisions later in life.

Which group do you belong to? How well-versed are you in personal financial management? Test your knowledge with our quiz!

1. Which of the following statement is correct?

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2. Which of the following is the most accurate definition of a 'budget'?

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3. How much is the student loan debt in US today?

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4. Having a high credit card balance is good. True or false?

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5. Which of the following is the best financial choice to pay for college?

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6. What is 'compound interest'?

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7. Will going into default affect your credit score?

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8. Is it financially wise to make prepayments to your education loan?

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9. Which is the most comprehensive resource for tax benefits for higher education in the US?

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10. What is a 'deferment/forbearance'?

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