Quiz about 6th Grade Financial Literacy

Question 1

(6.14C)

Accepted Answer

$175.25

Answer

$25.25

Answer

$632.65

Answer

$482.65

Question 2

(6.14B) Julio paid $35.92 for gasoline with his debit card. Which of the following is an accurate description of Julio's transaction?

Accepted Answer

Julio's linked account will immediately have #35.92 removed.

Answer

Julio's payment will affect his credit rating.

Answer

Julio might be charged interest for his purchase.

Answer

Julio will make payment for his purchase when he receives his monthly statement.

Question 3

(6.14D) Why is it important to establish positive credit history?

Accepted Answer

All of the above.

Answer

Higher credit scores result in lower interest rates on loans.

Answer

Positive credit history results in higher credit scores.

Answer

You are more likely to be offered a loan by a bank.

Question 4

(6.14E) How long will a negative credit action usually remain on a credit report?

Accepted Answer

7 years

Answer

4 years

Answer

10 years

Answer

15 years

Question 5

Many payment options are available to help with the cost of a college education. A payment option that allows you to work on campus at your college and earn money is called what type of payment option?

Accepted Answer

work-study program

Answer

scholarship

Answer

loan

Answer

pell grant

Question 6

There are various methods in which to pay for your purchases. Paul used a type of card to pay for his purchase that withdraws money immediately from his checking account. What is this type of payment card called?

Accepted Answer

debit card

Answer

credit card

Answer

401 card

Answer

savings plus card

Question 7

There are options available to pay for college. A type of college payment option that you receive for maintaining excellent grades and performing well (merit) on standardized test is called what type of payment option?

Accepted Answer

a scholarship

Answer

a work-study

Answer

a loan

Answer

a savings plan

Question 8

Sally goes to the bank. She puts her babysitting money in her account. Sally has made a

Accepted Answer

Deposit

Answer

Withdrawal

Question 9

Katie goes to the bank. She takes money out of her account. Katie has made a

Accepted Answer

Withdrawal

Answer

Deposit

Question 10

You can be charged a late fee if the payment is not made within the due date.

Accepted Answer

Credit card

Answer

Debit card

Answer

both

Question 11

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?

Accepted Answer

She will not have to pay a fee because she has enough money in her account.

Answer

She will have to pay interest on the amount she borrows.

Answer

She will have to pay a penalty fee because she does not have enough money in her account.

Answer

She will have to make payments on the amount she borrows.

Question 12

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?

Accepted Answer

a withdrawal of $14

Answer

a deposit $314

Answer

a withdrawal of $414

Answer

a deposit of $50

Question 13

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

Accepted Answer

$161.30

Answer

$163.30

Answer

$162.30

Answer

$160.30

Question 14

Where is the best possible place to store you PIN number?

Accepted Answer

You should just remember the number and not have it written down anywhere.

Answer

written on your card in marker

Answer

written on a sheet of paper in your wallet

Answer

written at home in your journal

Question 15

If someone cannot afford to pay for college, they can get...

Accepted Answer

financial aid

Answer

a rich grandma to pay

Answer

denied acceptance

Answer

insurance

Question 16

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

Accepted Answer

don't have to be paid back

Answer

have deferred payment

Answer

give students a job to help pay

Answer

have a low interest rate

Question 17

What was the balance of the account at the end of the day on 7/24?

Accepted Answer

4320.03

Answer

4720.33

Answer

5091.15

Answer

4500.75

Question 18

A bad credit report cannot affect my chances for getting a job.

Accepted Answer

False

Answer

True

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