Personal Financial Literacy - Sem A- First Six Weeks - Part one

Which of the following categories on a bank statement shows checks you have written?

• overdraft

• balance

• credits

• debits

If you have your wages automatically deposited into your checking account, –

• you will still get a paycheck.

• your gross income will be credited to your account.

• you will not get a pay statement.

• your net income will appear as a credit on your statement.

If you exceed a category one month in your budget, you must–

• abandon your unsuccessful budget.

• charge the difference to a credit card.

• borrow money to pay for it.

• take the money out of another category that month.

Which of the following is the lowest priority in creating a personal budget?

• paying off high interest loans

• emergency fund

• health care allowance

• money for entertainment

Which of the following taxes are employers required to deduct from your earnings?

• contributions to savings

• federal taxes

• charitable contributions

• union dues

Which of the following is an advantage of renting a home over owning one?

• Homeowners receive tax breaks.

• Homeowners can make changes to the property.

• Homeowners pay less long term.

• Homeowners are responsible for repairs.

Approximately what percentage of Americans own their own homes?

• about 80%

• about 64%

• about 10%

• about 46%

Which of the following is an example of a non-liquid investment?

• a home

• a pension

• a car

• a strip mall

Home ownership is cheaper than renting in the –

• long term.

• medium term.

• short term.

• first year.

Which of the following is a correct statement about buying a car?

• All cars cost about the same amount to insure.

• If you can afford the monthly payment you can afford to own the car.

• Leasing does not require a down payment.

• Loan terms for cars can be as long as 72 months.