Financial Literacy First Scholarship Fund Application

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Please complete in its entirety.

Email *

Put your name & today's date *

Are you currently enrolled in a post high school program? If it has been less than 6 months since you attended school consider your answer a yes. *

Yes

What is the name of your current school and your current program, degree program, or area of academic or vocational studies. *

Have you completed Basics 101 or Financial IQ Classes from Financial Literacy First in the last 12 months? *

Yes

Which best describes your financial situation? *

Self Employed, making $40,000 a year [gross] or more

Self Employed, making less than $40,00 a year [gross]

Employed full time, making more than $40,000 a year [gross]

Employed full time, making less than $40,000 a year [gross]

Working part time, making more than $25,000 a year [gross]

Working part time, making less than $25,000 a year [gross]

Unemployed for less than 6 months

Unemployed for more than 6 months

Other:

What is current living situation? *

Live by myself and support myself

Live with at least one other person but support myself

Live with at least one other person that provides some support

Write a short paragraph with at least 6 sentences on why you believe financial literacy is important to you or society. *

Why are you applying for this scholarship? *

Which sentence is more believable? *

1 point

If you do what you want you will have an easy life.

If you do what is hard now, you will have an easy life later.

If you do what is easy now, you will have an easy life later.

If you save correctly, you should have how many months of emergency money put away? *

1 point

1 month

2 months

3 to 6 months

True or False-You can only set up automatic bill pay through your online banking site. *

1 point

True

False

True or False-You can set up an autopay through the site where you owe a bill (i.e. Xcel, phone company, etc.) *

1 point

True

False

Which one of these is an EFT? *

1 point

Electronic Funds Transfer

Electric Funding Transaction

Elective Fund Transmission

What is a POS? *

1 point

Point of Sale where your online banking will show you when you wrote a check.

Position of sale where you get an alert on your phone.

Point of Sale where your banking verifies you made a purchase with your debit card.

What is an ACH? *

1 point

Automatic Check Hold that the bank puts on every check.

Automatic Clearing House where banks transfers funds to and from other banks.

All Clearing House where banks talk to other banks.

Which of these is a benefit of auto saving? *

5 points

You can easily save a little from your paycheck regularly.

Your bank can help you set this up.

Your able to reach your financial goals quicker.

All of these.

None of these.

What is direct deposit? *

1 point

When you go directly to the bank and deposit your paycheck.

A service offered by most employers to automatically deposit your paycheck.

A deposit that goes with your deposit slip.

What does a W4 form do? *

1 point

Tells your employer how much to take out for taxes from your paycheck.

A form given to you by the IRS to give to your employer.

Tells your employer what to withhold for your health care.

Which ONE of these is correct? *

1 point

Online Banking shows all banking transactions, except checks.

You have to register for Online Banking to gain access.

You have to create a username and password to access Online Banking.

They are all correct.

Other:

Why would you want to use an app for money management? *

3 points

You can do this on your phone.

It is quick, easy and safe.

Some/Most are free of charges.

All of these.

None of these.

Which of these best describes how compound interest works? *

5 points

You get interest on top of interest.

Your interest gets doubled when you save.

Interest paid on both the principal and on accrued interest

What does SMART goals mean? *

3 points

Start, Measure, Achieve, Read, Try

Save, Money, Always, Remember, Testing

Specific, Measureable, Attainable, Relevant, Timebound

Specific, Means, Attainable, Realistic, Timeline

What is a credit report? *

5 points

A report from the credit reporting agencies that details your credit history.

A report about understanding credit.

A number that indicates how much of a credit risk you are.

Which of these is the three credit reporting agencies? *

2 points

Experience, Transamerica, Equifax

Expert, Transmission, Equidax

Experian, Transunion, Equifax

True or False-Employers can deny you a job based on your credit score. *

1 point

True

False

True or False-Everyone has a credit score and credit history when they turn 18. *

1 point

True

False

Which one of these best describes what a bill pay is? *

2 points

When someone pays your bills, it is a bill pay.

It is service offered by banks where the bank will send out a check for payment of a bill when you make the electronic request.

Bill pay means you call the bank and ask them to send you a check.

This question is required and must be at least 50 words (if not you will get 0 points). Here is the problem, figure out what to do-You woke up this morning went outside to start your car and the car didn't start. You are going to be late for your new job. You don't have roadside service. Then you get a call from your brother that he fell and thinks he broke his leg. He has no health insurance and can't afford the ambulance. He wants you to take him to the hospital, now! You only have $200 in the bank and your unemployment benefits have run out. Both the car and your brother and getting to your job need your attention now, what do you do? *

25 points

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