In order to get spending under control, a person should first

Create a budget of current income and expenses

Seek help on investing from a financial planner

Consult a credit counseling service

Subscribe to financial newsletters and magazines

The U.S. government agency responsible for the collection and enforcement of federal taxes is know as

U.S. Internal Revenue Service (IRS)

Consumer Financial Protection Bureau (CFPB)

Securities and Exchange Commission (SEC)

Don and Bill work together in the finance department of the same company and earn the same salary. Bill spends his free time taking work-related classes to improve his computer skills. Don spends his free time socializing with friends or watching Tv. After 5 years, what is most likely to be true?

Bill will likely make more money because his more valuable to his company

Don will make more because he is more physically fit

Don will make more because Bill is likely to become over qualified

Don and Bill will continue to make the same amount of money

A person choosing a mortgage usually selects a fixed-rate loan because she knows that

The interest rate remains the same for the life of the mortgage

Her income will increase within the next three years

The interest rates are going down

Her homeowners insurance premiums will be lower

Students applying for financial aid to attend college usually need to

Complete a Free Application for Federal Student Aid (FAFSA) form

Send a credit report from one of the 3 credit reporting agencies

Which of the following describes what happens during a depression?

Businesses produce more goods and services

More individuals are buying homes

Very few individuals are having financial problems

Why does a bank pay interest to a depositor?

The bank is able to use deposits to earn profits

It is a requirement of the Federal Deposit Insurance Commission (FDIC)

It helps the bank invest in the local community

It is a benefit of having a bank credit card

It is generally better for a person to buy a home that she can afford than to rent an apartment because she will

Have a lower debt to credit ratio

John needs $3,000.00 He is withdrawing the money today from a $3,000.00 certificate of deposit (CD) which will reach maturity in 6nmonths. It is likely that he will have to

Pay the bank a penalty for early withdrawal

Pay the Internal Revenue Service (IRS) a penalty

Pay both the IRS and the bank a penalty

Electronic banking allows customers to

Perform Transactions 24 hours a day

Access accounts only during business hours 6 days a week

Perform transactions with the help of a teller during business hours

Stop the need to reconcile checking accounts

A debt card allows a person to

Pay for purchases directly from a checking or savings account

Spend more money than deposited in a checking or savings account

Choose the best suggestion for building and maintaining a good credit score.

Keep debt low and pay bills on time

Have money in savings and protect against identity theft

Make safe investments and set clear financial goals

Comparison shop and follow a budget

Hillary and Stephanie have both borrowed $15,000.00 from the same bank to buy the same model of a new car. Hillary's credit score is 732 and Stephanie's credit score is 588. Who is likely to pay a lower finance charge?

They will pay the same because they used the same bank

They will pay the same because they bought the same car

It is generally a good idea to borrow money and repay the amount borrowed with future income when

A person needs to buy a car to get a much better paying job

A person really needs a week's vacation

Clothing a person likes goes on sale

The interest rate on the loan is greater than interest being earned on savings

An example of identity theft is when an individual

Uses another person's information to open an account

Uses a parent's charge account to buy lunch for friends

Notifies a credit reporting agency of an unpaid debt

Has the same name as another person in the same state

If a person is behind on his debt payments and goes to a responsible credit counseling service, what help is likely to be offered?

They can work with those who loaned him money to set up a realistic payment schedule

They can cancel and cut up his credit cards without his permission

They can force those who loaned him money to forgive his debts

They can get the federal government to apply his income taxes to pay off his debts.

Which of the following individuals has financial problems?

A person who is unable to pay his rent

A person who is borrowing money to buy a house

A person who has a loan for colleage

A person who uses a credit card to make most purchases

Which of the following helps to build a strong credit history?

Having a steady employment record

Using an ATM several times a month

Reporting a lost credit card within 24 hours

One difference between a debit card and a credit card is that

Debit card payments are immediately deducted from the person's bank account

A debit cards can only be used when the person makes a large transaction

Debit cards provide better consumer protection than credit cards

Debit cards generate unsecured debt

Car insurance is more expensive for teenage males than females because studies have shown that

Male teenagers have a greater number of accidents than female teenagers

Female teenagers do not drive often

Female teenagers frequently own their cars

More male teenagers take driver education classes than female teenagers

Two types of life insurance policies are

Term and whole life (permanent)

Financial Literacy Final Exam

9th - 12th Grade

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Financial Literacy Final Exam

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9th - 12th Grade

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RL.8.1, 7.RP.A.3, RL.11-12.1

+18

Standards-aligned

Gwen Sweeney

Used 14+ times

FREE Resource

It is a requirement to qualify for car insurance

The price for the car can very a great deal

A person who dies will have his assets distributed as he wanted as long as he has

A doctor

A will

An accountant

A financial plan

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Financial Literacy Final Exam

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When should a person begin contributing to a retirement plan?

Fixed Expenses include

An important feature of a good financial goal is that the goal

Mandatory deductions from a person's paycheck include

A college student has to live on a tight budget. Before making a decision to buy the newest cell phone, which question should he ask himself first?

Comparison Shopping for a car is necessary because

A person who dies will have his assets distributed as he wanted as long as he has

In order to get spending under control, a person should first

The U.S. government agency responsible for the collection and enforcement of federal taxes is know as

A person has assets worth $15,000.00 and Loans totaling $5,000.00 Her net worth is

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