QUIZ: Personal Financial Literacy 2022-2023

Matt attended a state university and received financial aid to help with the cost. He has just graduated and will have to pay back the amount of money he received plus any interest that accrues. Which kind of financial aid did Matt receive?

• Student loan

• Scholarship

• Grant

• Savings

What is the difference between a grant and a scholarship?

• A grant must be paid back, while a scholarship does not need to be paid back.

• A scholarship must be paid back, while a grant does not need to be paid back.

• A grant is solely based on financial need, while a scholarship is based on a variety of factors.

• A scholarship is solely based on financial need, while a grant is based on a variety of factors.

Which of the following does NOT describe the benefits of establishing a positive credit history on your credit report?

• It allows you to borrow money at lower rates and fees.

• You are more likely to be approved to rent a house or apartment.

• Lenders are more likely to approve you to borrow money.

• You will receive a discount when you purchase items.

The average salaries of three different positions are shown in the table below. Based on the information, how much more will the accountant earn than the paralegal over a 15-year career?

• $18,650

• $279,750

• $742,500

• $1,022,250

Piper is deciding whether she should pursue an education in engineering or in public communications. She has researched that a public communications director will make $13,560 less than an engineer each year. If the median salary of an engineer is $73,400, then how much will a public communications director make over a period of 20 years?

Which of the following would be found on a consumer's credit report?

• A savings account balance

• Whether or not the consumer has made any late payments

• The number of children the consumer has

• Whether or not the consumer is approved for a loan

Jose is looking for a job while he takes part-time college classes. The annual salaries for three jobs he is interested in are shown below. How much more will he earn as a veterinary tech than a barista for the four years he is in school?

• $41,040

• $10,260

• $12,860

• $51,440

Which of the following situations does NOT describe the use of a debit card?

• Margie purchases a coffee in the drive thru. She swipes her card and the funds are immediately withdrawn from her account.

• Ralph purchases a book at the bookstore. He types in a secure code at checkout.

• Finley purchases a present by swiping her card. She doesn't have the money for the present now, but she will before the bill is due.

Joley is opening her first checking account as a teenager. She doesn't have a job, so most of the income will be presents from birthdays and holidays. Bank A has a $8 monthly charge. Bank B charges 2% of the balance. Which account balance below will result in Bank B being a better financial choice?

• $300

• $450

• $800

• $900

Ms. Brentfield is planning to take out a loan to buy a home. When applying, she must sign a statement giving permission to check her credit report. Which statement best describes why the mortgage company is requesting to check her credit?

• To determine if Ms. Brentfield will take good care of her home

• To decide how much money Ms. Brentfield earns

• To determine if Ms. Brentfield an afford the home

• To determine the likelihood of Ms. Brentfield paying back the loan.