Goods, services, or money received in exchange for a promise to pay a definite sum of money at a future date

Money allocated to a specific account for future use by the consumer without borrowing

The ability and willingness of an individual to pay back a loan as perceived by the lender

An individual’s character, capital, capacity, collateral and conditions

Benefits of credit cards include:

safe and convenient, bonuses are offered

allows you to build a positive credit report

needed for reservations and online shopping

Scholarships and grants are available for many college students, and they...

give students a job to help pay

What is an advantage to use a debit or a credit card?

They are both accepted in most places as a form of payment

They are both linked to an individual's credit score

There are usually no limits on the amount of money available for purchase

There are usually no fees assessed for using these cards

What defines income tax?

A tax charged on a person's annual income

A government tax required on goods and services

A local government tax for real estate based on the value of a property

A tax based on an employee's salary

What statement defines gross income?

Gross income is the amount of income before taxes are paid

Gross income is the amount of income after taxes are paid.

Gross income is the amount of taxes paid.

Gross income is the amount of income of buying goods and services

A checking account is:

An account where money can easily be deposited and withdrawn by means of checks, debit cards and ATM transactions.

An interest bearing account where your deposit remains for a set period of time.

A computer program that checks your email account.

Reasons for making a budget include:

All of the above choices are correct.

To keep track of your income and expenses.

To achieve your long term goals.

How can a cardholder avoid paying interest on a credit card?

Pay the balance in full every month.

Pay the minimum balance every month.

Pay the minimum payment after the due date

Financial Literacy Final Exam Review

Quiz

•

Mathematics, Other, Specialty

•

9th - 12th Grade

•

Practice Problem

•

Easy

•

CCSS

RI.9-10.4, L.11-12.6, 7.EE.B.3

+50

Standards-aligned

Used 221+ times

FREE Resource

63 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is an advantage of using a credit card?

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.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?

Gross Income

Net Income

Both Gross and Net Income

None of the above

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

Income Tax

Property Tax

Payroll Tax

Sales Tax

Tags

CCSS.L.11-12.6

CCSS.L.8.6

CCSS.L.9-10.6

CCSS.W.11-12.2D

CCSS.W.9-10.2D

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Anthony has a new job. He is paid twice a month. He wants to save $720 a year to put toward college. How much money does Anthony need to save from each paycheck?

Anthony should save $30 from each paycheck.

Anthony should save $20 from each paycheck.

Anthony should save $10 from each paycheck.

Anthony should save $5 from each paycheck.

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.K.5A

CCSS.W.2.3

CCSS.W.3.3C

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

Earn more money

Spend less money on expenses

Earn more money AND spend less

None of the above

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is considered an advantage to using a debit card to make purchases?

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.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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

Sales Tax

Property Tax

Payroll Tac

Income Tax

Tags

CCSS.L.11-12.6

CCSS.L.9-10.6

CCSS.W.11-12.2D

CCSS.W.8.2D

CCSS.W.9-10.2D

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Financial Literacy Final Exam Review

63 questions

Which of the following is an advantage of using a credit card?

Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?

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

Anthony has a new job. He is paid twice a month. He wants to save $720 a year to put toward college. How much money does Anthony need to save from each paycheck?

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

Which of the following is considered an advantage to using a debit card to make purchases?

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

_____________ is the money earned for work people do.

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

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

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