Personal Financial Literacy First Six Weeks Test 2023

1. Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?

• Dining out at local restaurants
• Loan payment on a new car
• Expenses for new clothes
• Postponing a purchase for a big-screen TV

Tags

CCSS.6.EE.A.2C

2. You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You set a goal of creating a $16,000 emergency fund. How long will it take for you to achieve your goal?

• 6 months
• 1 year
• 2 years
• 3 years

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CCSS.7.RP.A.3

3. If you are trying to substantially reduce the amount you spend on food, you should try...

• Cooking your own food at home for as many meals as possible
• Dining at restaurants more often so you don't waste water doing dishes
• Eating more snacks on the go and way fewer meals at home
• Drinking more coffee and soda so you are not as hungry for food

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CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

4. Leila just graduated from college and is comparing a few different cities to move to. Which of these factors is the LEAST important thing for her to consider right now?

• Average rent for an apartment
• Food and grocery store options in the area
• Employment opportunities
• Average cost of Uber, Lyft, or taxi fare

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

6. Which of these boxes of cereal has the LOWEST unit price?

• Cereal A, which costs $3.20 for a 16 oz. box
• Cereal B, which costs $5.00 for a 32 oz. box
• Cereal C, which costs $2.50 for a 10 oz. box
• Cereal D, which costs $4.50 for an 8 oz box

Tags

CCSS.6.RP.A.3B

7. Isaiah has a summer internship at a technology company and is paid $3,000. After Federal and state taxes, Social Security, and Medicare are deducted, his take-home pay is $2,500. Which of the statements below is correct?

• His gross pay is $2,500 and net pay is $3,000
• His gross and net pay are $3,000
• His gross and net pay are $2,500
• His gross pay is $3,000 and net pay is $2,500

Tags

CCSS.6.RP.A.3B

8. You are putting together your first post-graduation budget. Your net pay is $2,500 per month and you estimate that your monthly expenses will be $2,625. How would you describe your budget?

• You have a surplus of $125
• You have a deficit of $125
• You have a deficit of $2,625
• You have a surplus of $2,500

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CCSS.7.NS.A.1A

9. You are interested in renting an apartment after graduating college. You meet with the landlord and complete the application. All of the following may need to be provided when you sign your lease EXCEPT

• Proof of employment
• A bank account
• First and last month's rent
• A security deposit

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CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

CCSS.RI.8.5

12. For two months in a row, Aaron realizes he has a budget deficit of roughly $175. Which of these options makes the most sense for him to fix his problem?

• Cancel one of his streaming video subscriptions and go out to dinner three fewer times each month with friends
• Start paying just the minimum monthly payment on his student loan and credit card debt, instead of the extra he's been contributing
• Contribute $100 less to savings each month and $75 less to his retirement fund
• Sell his current car and get a less expensive vehicle

Tags

CCSS.7.EE.B.3

13. You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college. Which of your expenses would likely decrease by having roommates?

• Groceries and eating out
• Rent
• Cell phone bill
• Bedroom furniture

Tags

CCSS.4.NBT.A.2