Financial Literacy Quiz

Which of the following is a consequence of overdrawing your checking account?

• Bounced check fee from the store
• Stress from money mismanagement
• Overdraft fee from your bank
• All of the above

Rent is a:

• Fixed expense
• Discretionary Expense
• Variable expense
• Intermittent expense

Groceries are a:

• Fixed expense
• Variable expense
• Intermittent expense
• Discretionary expense

Money that comes in or is earned is called ______________.

• Deductions
• Income
• Expenses
• Budget

When you owe money it is called: 

• Expenses
• Debt
• Assets
• Liabilities

Money deposited in a financial institution is insured up to:

• $250,000
• $400,000
• $500,000
• $100,000

Which have higher interest rates?

• Commercial banks
• Credit unions

What is the definition of balanced budget?

• Goals that take more than a year to accomplsh.
• Planning or budgeting process where total revenues are equal to or greater than total expenses. 
• Income remaining after deduction of taxes, other mandatory changes, and expenditure on necessary items.
• The object of a person's ambtion or effort.

What is the definition of needs?

• Income remaining after deduction of taxes and other mandatory changes available to be spent or saved as ones wishes.
• Something that is required because it is essential or very important.
• The object of a person's ambition or effort.
• A phrase referring to the idea that investors should routinely and automaically put money into savings before spending on anything else.

What does PIN stand for?

•  Personal Identification Number 
• personal input number
• people in neighborhood
• person's identity name