FINANCE LITERACY FINAL TCU
(LOCKE) LATEST 2026/2027 ACTUAL
EXAM QUESTIONS WITH CORRECT
ANSWERS 100% VERIFIED GRADED
A+
Whatmismnormallymthemmostmexpensivemkindmofmdebtm-mCORRECTmANSWERmCreditmcardmdebt
Truemormfalse:
Amhighmdetuctablemmeansmlowermmonthlympremiumsm-mCORRECTmANSWERmTrue
Howmmanym%mofmpeoplemdon'tmhavemthemsavingsmtomcovermam$500mcarmrepairmorm1kmmedicalmbillm-
mCORRECTmANSWERm63%
Whatmismthempercentagemofmmillennialsmthatmdemonstratedmbasicmfinancialmknowledge?m-
mCORRECTmANSWERm24%
Tombemfinanciallymindependent,mromanamsaysmwemshouldmsavemformam_____mmonthmgoalm-
mCORRECTmANSWERm5
Truemormfalsem:
Youmshouldmusmanmautomotivemsavingsmtool.m(Automaticallympullmmoneymintomsavings).mNevermdom
itmmanually.m-mCORRECTmANSWERmTrue
Whatmismamfixedmexpenditurem-
mCORRECTmANSWERmBasicsmyoumneedmeverymmonthmthatmyoumspendmmoneymonm(house,mcar,mfoo
d,mbills,metc)
,Howmmanymmonthsmofmyourmfixedmexpendituresmshouldmyoumsavemformyourmemergencymfund?m-
mCORRECTmANSWERm9
Truemormfalse:
Theremshouldmbemamseparatembankmaccountmformeachmfinancialmgoalmyoumhave.m-
mCORRECTmANSWERmTrue
Youmshouldmaddmmoneym___________mtomeachmfinancialmgoalm-
mCORRECTmANSWERmSimultaneously
Truemormfalse:m
Youmshouldmsetmamtimemframemformanmemergencymfundm-mCORRECTmANSWERmTrue
Yourmemergencymfundmshouldm(alwaysmormnever)mgetminvestedm-mCORRECTmANSWERmNever
Liquidmmeansm?m-mCORRECTmANSWERmLikemcash
Yourmemergencymfundmneedsmtombem________m-mCORRECTmANSWERmLiquidm(likemcash)
Whatmismamcredit?m-
mCORRECTmANSWERmWhenmyoummakemamlinemofmcreditmtomPAYmBACKmLATER.mYoumaremusingmmone
ymyoummaymnotmhavemrightmnow
Youmusemamcreditmcardmtomdomwhat?m-mCORRECTmANSWERmBuildmamlinemofmcredit.m
(Highermcreditm-->mhighermlinemofmcredit)
, WhatmshouldmyoumNOTmdomwithmyourmcreditmcard?m-mCORRECTmANSWERm-
getmcashmoutmofmanmATMmbecausemitmwillmchargemyouminterestm
-don'tmusemchecksmagainstmcreditmcardsm
-don'tmpaymminimummbalance
Domdebitmormcreditmcardsmhavemmoremprotection?m-mCORRECTmANSWERmCredit
Youmshouldmalwaysmpaymyourmcreditmcardmoffminm________meverymmonthm-
mCORRECTmANSWERmFullm(mdon'tmpaymminimummbalance)
Formcredit,myourmgoalmismtomwhat?m-mCORRECTmANSWERmNOTmhavemoutstandingmbalance
Whatmdoesmsoftminquirymdomtomyourmcreditmandmwhatmdoesmhardminquirymdomtomyourmcreditm-
mCORRECTmANSWERmSoftm-mdoesn'tmimpactmscorem
Hard-mimpactsmscore
Whatmismdebitm-
mCORRECTmANSWERmYoumspendmonlymthemamountmofmmoneymyoumhaveminmyourmbankmaccount
Equalmtomcheckmandmwritingmamcheck
Formcashmadvances
Lessmprotectionm
UsemtomgetmmoneymoutmofmATM
What'smthemlowest,mhighestmandmaveragemcreditmscorem-mCORRECTmANSWERm300,m850,m695
Debitmismformormagainstmcashmadvancesm-mCORRECTmANSWERmFor
(LOCKE) LATEST 2026/2027 ACTUAL
EXAM QUESTIONS WITH CORRECT
ANSWERS 100% VERIFIED GRADED
A+
Whatmismnormallymthemmostmexpensivemkindmofmdebtm-mCORRECTmANSWERmCreditmcardmdebt
Truemormfalse:
Amhighmdetuctablemmeansmlowermmonthlympremiumsm-mCORRECTmANSWERmTrue
Howmmanym%mofmpeoplemdon'tmhavemthemsavingsmtomcovermam$500mcarmrepairmorm1kmmedicalmbillm-
mCORRECTmANSWERm63%
Whatmismthempercentagemofmmillennialsmthatmdemonstratedmbasicmfinancialmknowledge?m-
mCORRECTmANSWERm24%
Tombemfinanciallymindependent,mromanamsaysmwemshouldmsavemformam_____mmonthmgoalm-
mCORRECTmANSWERm5
Truemormfalsem:
Youmshouldmusmanmautomotivemsavingsmtool.m(Automaticallympullmmoneymintomsavings).mNevermdom
itmmanually.m-mCORRECTmANSWERmTrue
Whatmismamfixedmexpenditurem-
mCORRECTmANSWERmBasicsmyoumneedmeverymmonthmthatmyoumspendmmoneymonm(house,mcar,mfoo
d,mbills,metc)
,Howmmanymmonthsmofmyourmfixedmexpendituresmshouldmyoumsavemformyourmemergencymfund?m-
mCORRECTmANSWERm9
Truemormfalse:
Theremshouldmbemamseparatembankmaccountmformeachmfinancialmgoalmyoumhave.m-
mCORRECTmANSWERmTrue
Youmshouldmaddmmoneym___________mtomeachmfinancialmgoalm-
mCORRECTmANSWERmSimultaneously
Truemormfalse:m
Youmshouldmsetmamtimemframemformanmemergencymfundm-mCORRECTmANSWERmTrue
Yourmemergencymfundmshouldm(alwaysmormnever)mgetminvestedm-mCORRECTmANSWERmNever
Liquidmmeansm?m-mCORRECTmANSWERmLikemcash
Yourmemergencymfundmneedsmtombem________m-mCORRECTmANSWERmLiquidm(likemcash)
Whatmismamcredit?m-
mCORRECTmANSWERmWhenmyoummakemamlinemofmcreditmtomPAYmBACKmLATER.mYoumaremusingmmone
ymyoummaymnotmhavemrightmnow
Youmusemamcreditmcardmtomdomwhat?m-mCORRECTmANSWERmBuildmamlinemofmcredit.m
(Highermcreditm-->mhighermlinemofmcredit)
, WhatmshouldmyoumNOTmdomwithmyourmcreditmcard?m-mCORRECTmANSWERm-
getmcashmoutmofmanmATMmbecausemitmwillmchargemyouminterestm
-don'tmusemchecksmagainstmcreditmcardsm
-don'tmpaymminimummbalance
Domdebitmormcreditmcardsmhavemmoremprotection?m-mCORRECTmANSWERmCredit
Youmshouldmalwaysmpaymyourmcreditmcardmoffminm________meverymmonthm-
mCORRECTmANSWERmFullm(mdon'tmpaymminimummbalance)
Formcredit,myourmgoalmismtomwhat?m-mCORRECTmANSWERmNOTmhavemoutstandingmbalance
Whatmdoesmsoftminquirymdomtomyourmcreditmandmwhatmdoesmhardminquirymdomtomyourmcreditm-
mCORRECTmANSWERmSoftm-mdoesn'tmimpactmscorem
Hard-mimpactsmscore
Whatmismdebitm-
mCORRECTmANSWERmYoumspendmonlymthemamountmofmmoneymyoumhaveminmyourmbankmaccount
Equalmtomcheckmandmwritingmamcheck
Formcashmadvances
Lessmprotectionm
UsemtomgetmmoneymoutmofmATM
What'smthemlowest,mhighestmandmaveragemcreditmscorem-mCORRECTmANSWERm300,m850,m695
Debitmismformormagainstmcashmadvancesm-mCORRECTmANSWERmFor
