Personal Financial Literacy Test Review

Jennifer needs to pay a $100 vehicle registration fee. She has $232.75 in her checking account. Which of the following statements is true?

• Jennifer should use her credit card because she doesn’t have much money and she won’t have to pay interest.
• Jennifer should use her credit card because she has the money and she won’t have to pay interest.
• Jennifer should use her debit card because she has the money and she won’t have to pay interest.
• Jennifer should use her debit card because she doesn’t have much money and she will have to pay interest.

Tags

CCSS.7.NS.A.1C

Identify the two borrowers most likely to be able to pay bills on time if the decision is based on their credit scores in the table. 

• Aaron and Logan are most likely to pay their bills on time because they have the highest credit scores.
• Aaron and Logan are most likely to pay their bills on time because they have the lowest credit scores.
• Angel and Ryan are most likely to pay their bills on time because they have the best credit scores.
• Angel and Ryan are most likely to pay their bills on time because they have the lowest credit scores.

Tags

CCSS.4.NBT.A.2

If Missy uses online banking and averages 25 transactions a month, which bank should she choose?

• Madison Savings Bank because they are free
• First Mariner Bank because online banking is free
• Madison Savings Bank because it’s $22.50 and First Mariner Bank is $30
• First Mariner Bank because it’s only 30 and Madison Savings Bank is $33.75

Tags

CCSS.6.RP.A.3B

There is no penalty if a buyer using a debit card spends more than the money in the linked account.     

• True
• False

Credit cards have an assigned spending limit, and affect the user‘s credit rating.     

• True
• False

Debit cards allow the user to withdraw cash.

• True
• False

Henry wants to attend a two-year community college. The annual tuition is $12,460. He has $18,450 in his savings account and will receive a grant of $1,000 for each year. 

How much more does Henry need to pay for the tuition for all two years?

• $24,920
• $4,470
• $6,470
• $5,470

Harry will need to use a student loan or apply for a work study program to pay for the remaining amount he owes his school. Which of the following statements is true? 

• If Hector uses a student loan he will have to work for the school and will have to pay them back. If he does a work study he will get free money.
• If Hector uses a student loan he will have to work for the school but won’t need to repay. If he does a work study he will have to repay with interest.
• If Hector uses a student loan he won’t have to repay. If he does a work study program, he will have to repay, probably with interest.
• If Hector uses a student loan he will have to repay, probably with interest. If he does a work study program, he won’t have to repay but he will have to work for a part of the school.

Tags

CCSS.RL.4.3

CCSS.RL.5.3

CCSS.RL.6.3

CCSS.RL.7.3

CCSS.RL.8.3

Belinda transfers $40 from savings account to her checking account. Which of the following statements is true?

• This is a deposit because money is going into her checking account.
• This is a deposit because money is coming out of her checking account.
• This is a withdrawal because money is going into her checking account.
• This is a withdrawal because money is coming out of her checking account.

Tags

CCSS.7.NS.A.1A

Roberta wrote a $160 check for a utility bill. Which of the following statements is true?

• This is a deposit because money is going into her checking account.
• This is a deposit because money is coming out of her checking account.
• This is a withdrawal because money is going into her checking account.
• This is a withdrawal because money is coming out of her checking account.

Tags

CCSS.6.NS.C.5