Financial Literacy III

Mr. Lloyd wants to buy a new television, but he does not have enough money in his bank account to pay for one. Which of these is NOT an option for Mr. Lloyd?

• He can use his credit card to buy the television now.

• He can save money and pay cash for the television at a later date.

• He can use his debit card to buy the television now.

• He can save money and use his debit card to buy the television at a later date.

The check register shows the transactions in Ms. Garcia’s new checking account. She opened the account on October 3.

Based on the information in the check register, what is the balance in Ms. Garcia’s check register after the ATM transaction on October 11?

• $5,105

• $2,095

• $3,600

• $1,505

Before Nina bought groceries on April 22, she had a balance of $487.25 in her checking account. Nina wrote her transactions in her check register. She included all her transactions through the end of the day on April 23.

• $429.75

• $547.75

• $574.75

• $399.75

Which statement best describes purchases made with a debit card?

• Purchases made with this card are subject to interest.

• Purchases made with this card can be paid over time.

• Purchases made with this card are withdrawn directly from a bank account.

• Purchases made with this card are subject to a credit limit.

Yvonne is researching the effect of education on annual income. A summary of her research is shown in the table.

Based on the data in the table, how much more does a person with an associate’s degree earn than a person with only a high school diploma over 10 years?

• $6,916

• $74,724

• $747,240

• $69,160

The table shows the average annual salary for four jobs.

Based on this information, how much more will an elevator technician make than a librarian over 10 years?

• $174,930

• $126,307

• $17,493

• $1,263,070

The table shows the average annual salary in dollars based on the minimum level of education required for two occupations.

Based on the average annual salaries in the table, how much more would an accountant earn than a tax preparer over a 30-year career?

• $112,740

• $3,382,200

• $880,200

• $1,251,000

What mathematical operation is used in a check register when a withdrawal is made?

• addition

• subtraction

• multiplication

• division

Which of the following can be damaging to a person's credit history?

• Having 15 accounts open with high balances
• Making minimum monthly payments on due date
• Having one hard inquiry on a credit report
• Having multiple addresses listed in personal information

Kathy worked at the library for three months.  She earned $4,500.00 and must pay a total of 15% in taxes, which includes federal withholding, Medicare, and Social Security taxes.  What is her net pay?

• $3,825.00
• $3,875.00
• $4,825.00
• $5,175.00