Financial Literacy Final Exam Review

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

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

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.6.6

CCSS.L.7.6

CCSS.RI.5.4

CCSS.W.6.2D

CCSS.W.7.2D

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

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.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

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.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

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.7.6

CCSS.L.8.6

CCSS.W.7.2D

CCSS.W.8.2D

CCSS.W.9-10.2D

_____________ is the money earned for work people do. 

• resources
• interest
• unplanned spending
• income 

Tags

CCSS.RI.3.2

CCSS.RL.2.1

CCSS.RL.2.2

CCSS.RL.4.1

CCSS.RL.5.2

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

• credit
• interest
• income
• saving

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

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

• planned spending
• credit
• charity
• saiving

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A