
Budget Challenge Post Simulation Practice
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
Lisa Hoefs
Used 59+ times
FREE Resource
About this resource
This quiz comprehensively covers personal financial literacy concepts appropriate for grade 12 students preparing for adult financial responsibilities. The questions assess understanding of banking fundamentals including overdraft protection and account types, employment benefits and compensation structures, retirement planning including vesting and employer matching, insurance principles and deductibles, credit management including FICO scores and credit utilization, investment basics such as compound interest and diversification, tax obligations and refunds, and various loan products from mortgages to student loans. Students need to demonstrate analytical thinking skills to compare financial products, calculate investment returns, understand risk management principles, and evaluate the long-term consequences of financial decisions. The mathematical components require basic percentage calculations and rate comparisons, while the conceptual elements demand comprehension of complex financial relationships and systems. Created by Lisa Hoefs, a Social Studies teacher in the US who teaches grade 12. This quiz serves as an excellent post-simulation assessment tool following a budget challenge activity, allowing students to demonstrate their mastery of essential financial concepts in a structured format. Teachers can deploy this assessment for formative evaluation to identify knowledge gaps before moving to more advanced economic topics, as homework to reinforce classroom learning, or as a comprehensive review before summative assessments. The breadth of topics makes it particularly valuable for reinforcing connections between different aspects of personal finance that students often view as isolated concepts. This assessment aligns with social studies standards focusing on economic decision-making and consumer education, specifically supporting standards that require students to analyze personal financial choices and evaluate economic systems that impact individual financial well-being.
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is true of overdraft protection (ODP)?
It insures that your checks will not bounce
It is required by law for most accounts
It is usually available free for most accounts
It required funds to be available from a linked account
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A person has $4000 to put into savings. Assuming all options were offered by the same institution, which account is likely to offer the highest interest rate?
certificate of deposit
checking account
money market account
savings account
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In retirement plans, what does vesting refer to?
The need to diversify your investments to avoid major losses in one area
How long you have to work before employer contributions become yours
The ability of your money to grow without having to pay tax on the earnings
Whether the plan is managed by the employer, government or the individual
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which benefit typically costs an employer the most to provide?
comprehensive health insurance
one week paid vacation
$50,000 term life insurance
four paid sick days
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is a drawback of being a salaried employee?
Pay amounts vary from week to week making budgeting difficult
Fringe benefits such as health insurance are rarely provided
Work weeks might exceed 40 hours without additional pay
Employers may reduce the rate of pay without notice
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which best describes compound interest?
earning interest on your interest
earning interest on tax deffered savings
increasing returns through higher risk
taking advantage of an employer match
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is saving in a designated retirement account better than in a regular account?
Savings in a retirement account receive a government match
Saving in a retirement account offers significant tax benefits
Savings in a retirement account are guaranteed against loss
Savings in a retirement account do not count toward FICA
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