Quiz about Review for Test: Financial Literacy

Question 1

What is a bank account that customers use for daily financial transactions?

Accepted Answer

checking account

Answer

withdrawal

Answer

debit card

Answer

deposit

Question 2

What is a plastic payment card linked to a financial institution's account for transactions?

Accepted Answer

debit card

Answer

withdrawal

Answer

checking account

Answer

deposit

Question 3

What is money added to an account?

Accepted Answer

deposit

Answer

withdrawal

Answer

checking account

Answer

debit card

Question 4

What is money taken out of an account?

Accepted Answer

withdrawal

Answer

checking account

Answer

debit card

Answer

deposit

Question 5

What is moving money from one account to another?

Accepted Answer

transfer

Answer

credit

Answer

credit report

Answer

balance

Question 6

What is the amount of money in an account after each transaction?

Accepted Answer

balance

Answer

credit

Answer

credit report

Answer

transfer

Question 7

What is the ability to obtain money, property, or services with the promise to repay?

Accepted Answer

credit

Answer

credit report

Answer

transfer

Answer

balance

Question 8

What is the summary of a person's financial history that includes personal information, financial information, and employment information?

Accepted Answer

credit report

Answer

credit

Answer

transfer

Answer

balance

Question 9

What is a numerical score based on credit history?

Accepted Answer

credit score

Answer

scholarship

Answer

grant

Answer

revenue

Question 10

What is money given to students on the basis of achievement?

Accepted Answer

scholarship

Answer

grant

Answer

credit score

Answer

revenue

Question 11

What is money awarded to students that does not have to be repaid?

Accepted Answer

grant

Answer

scholarship

Answer

credit score

Answer

revenue

Question 12

Which situation describes the use of a debit card?

Accepted Answer

entered PIN to complete the transaction at the register

Answer

buy a TV now and pay for it later

Answer

received change after paying cash

Answer

charged a late fee for not paying bill after 10 days

Question 13

Which of these can have a positive effect on your credit score?

Accepted Answer

never making a late payment

Answer

high debit-to-income ratio

Answer

paying your mom and dad back the money you owe them

Answer

owe lots of money on your credit cards

Question 14

What is the debt-to-income ratio for the data below?

-Credit Card Payments: $300

-Car Payment- $500

-Student Loan Payment: $100

-Monthly Income: $2,000

Accepted Answer

45%

Answer

90%

Answer

9%

Answer

35%

Question 15

The annual median income for a electrical engineer is $75,000. The annual median income for a auto mechanic is $52,000 per year. How much more will the engineer make than the mechanic over 20 years?

Accepted Answer

$460,000

Answer

$23,000

Answer

$230,000

Answer

$4,600,000

Question 16

Becky has a credit score of 802. Which best describes her credit score?

Accepted Answer

Excellent

Answer

Fair

Answer

Bad

Answer

Very Bad

Question 17

Caden is graduating from high school. He will attend a 4 year university. The annual cost of his tuition and all fees is $27,000. His parents have a college fund with $45,000 saved for him. Caden also receives a scholarship for $1,000 per semester for 4 years. What is Caden's total cost for college after his parents contribution and his scholarship?

Accepted Answer

$55,000

Answer

$108,000

Answer

$8,000

Answer

$100,000

Question 18

Which of the following would be options for paying for college that do not need to be paid back?

Accepted Answer

all of the above

Answer

grant

Answer

student loans

Answer

work-study

Question 19

Melanie has an account at Local Bank #1. Last month she withdrew money 20 times from her ATM. How much would she have saved if she banked with the local credit union?

Accepted Answer

$30

Answer

$20

Answer

$60

Answer

$120

Question 20

What is the balance of the check register on January 8?

Accepted Answer

$806.54

Answer

$801.54

Answer

$831.54

Answer

$626.54

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Mathematics