Personal Financial Literacy Pre-Test

Front

What is Net Income?

Back

The amount of money you receive after deductions are subtracted from your gross income

Front

According to a study by Northeastern University, how much more does a person with an associate’s degree earn than a person with only a high school diploma over 10 years?

Back

$73,320

Front

If Jamie is a single filer, how much will she have to pay in income tax on an average engineer's salary of $91,000 per year?

Back

$21,840

Front

Before Anissa bought groceries on March 23rd, she had a balance of $487.25 in her checking account. What is her account balance after she made a cash deposit on March 25th?

Back

$429.75

Front

Which is a variable expense? Options: Rent, Food, Car payment, Insurance, I'm not sure

Back

Food

Front

Why do people invest their money?

Back

To grow their money over time

Front

Mr. Lloyd wants to buy a new television, but he does not have enough money in his bank account to pay for one. Which of these is NOT an option for Mr. Lloyd? He can use his credit card to buy the television now. He can use his debit card to buy the television now. He can save money and pay cash for the television at a later date. He can save money and use his debit card to buy the television at a later date. I'm not sure

Back

He can use his debit card to buy the television now.

Front

Why is maintaining good credit important?

Back

Allows you to borrow at lower interest rates.

Front

The longer a loan repayment period and the higher the interest rate, the...

Back

larger the total amount of interest paid by a borrower.

Front

How often do you make a plan for how to spend your money?

Back

Never, Not regularly, Occasionally, Somewhat regularly, Very regularly