Financial Literacy Quiz #1

Katie wants to purchase a camera that costs $149.99.  She has $435.00 in her checking account.  Which statement is true if Katie uses a debit card to pay for the membership?

• She will have to pay interest on the amount she borrows.
• She will have to pay a penalty fee because she does not have enough money in her account.
• She will have to make payments on the amount she borrows.
• She will not have to pay a fee because she has enough money in her account.

Tags

CCSS.7.EE.B.3

James's initial balance in his checking account was $800.  He withdrew $200 and then deposited $164.  James made another transaction that brings his balance to $750.  What was the transaction?

• a deposit $314
• a withdrawal of $14
• a withdrawal of $414
• a deposit of $50

Tags

CCSS.7.NS.A.3

Determine the final balance of the account below.  The opening balance was $143.54.

• $163.30
• $161.30
• $162.30
• $160.30

Tags

CCSS.7.NS.A.3

What is a similarity between debit and credit cards?

• Both are small and made of plastic.
• Both require you to use a PIN #
• Both are paid when the bill arrives.
• Both charge interest fees on unpaid balances.

Tags

CCSS.L.6.5B

CCSS.L.8.5B

CCSS.W.11-12.2D

Which of these options WILL NOT subtract money from an account?

• Check
• Withdrawal
• Transfer
• Deposit

Tags

CCSS.7.NS.A.1A

Using a credit card will take money out of your checking account.

• True
• False

How much will it cost Hannah to have a checking account with a debit card and online banking at Bank of Broadway for one year?

• $120.00

• $240.00

• $360.00

• $480.00

Tags

CCSS.7.EE.B.3

Donnie puts his payroll check into the bank. 

• Deposit 
• Withdrawal 

Tags

CCSS.6.NS.C.5

Katie buys donuts for breakfast.

• Deposit
• Withdrawal

Tags

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

Credit cards, when used responsibly, can provide benefits for its consumers. Which statement below describes a benefit for a consumer using a credit card?

• A credit card company will allow you to buy now and pay back your debt when you are ready.
• A credit card doesn't cost you any more money than using a debit card as long as you make regular payments.
• Using a credit card responsibly and paying the balance off each month can help improve your credit score.
• People that use credit cards become wealthy more quickly.

Tags

CCSS.RI.6.2

CCSS.RL.5.1

CCSS.RL.6.1

CCSS.RL.6.2

CCSS.RL.7.2