Spring 2024 Personal Financial Literacy Exam

Front

Which of the following is an advantage of using a credit card? Options: Interest is charged for the use of a credit card., Consumers can purchase things now, and pay for them later in the event of an emergency., You could be a victim of identity theft.

Back

Consumers can purchase things now, and pay for them later in the event of an emergency.

Front

What type of income does Alyssa's first paycheck of $75.62 describe?

Back

Net Income

Front

What type of tax does Jonathan have to pay for his new clothes that cost a total of $572.50 before tax?

Back

Sales Tax

Front

If Sammy’s expenses are greater than his income, what must he do to balance his budget?

Back

Earn more money AND spend less

Front

Which of the following is considered an advantage to using a debit card to make purchases? Options: Debit cards are convenient and easy to carry around., Purchases can be made quickly and easily., You can use many ATMs to get cash., All of the above.

Back

All of the above.

Front

Amanda has to pay taxes on her annual salary and investments. Which type of tax is she paying?

Back

Income Tax

Front

__________ is the money earned for work people do.

Back

income

Front

When you buy something on ___________ you pay for it later.

Back

credit

Front

When you put money aside to use in the future you are ________________ it.

Back

saving

Front

Money you pay when you borrow money, or money you receive for lending money

Back

interest