Personal Financial Literacy Test

Lucas is planning to attend a state university and qualifies for financial aid. Which of the methods below can Lucas apply for solely based on his financial need?

• scholarship, grant, student loan

• work-study, student loan, grant

• grant, work-study

• student loan, work-study

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

Tags

CCSS.4.OA.A.3

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 She swipes her card and the funds are immediately withdrawn from her account.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

Tags

CCSS.6.RP.A.3B

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 can afford the home

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

Tags

CCSS.RI.5.8

CCSS.RI.6.1

CCSS.RI.6.8

CCSS.RI.7.1

CCSS.RL.6.1

Mr. Boxer has organized the features of credit and debit cards into a table below. Which description is the best representation for the missing detail?

• Purchases are unlimited in funds

• Purchases are paid back over time or at a later date.

• Purchases must be paid in a one-time payment

• Purchases are subject to a credit limit

Which of the following students below will qualify for a grant?

• Ruby only

• Ruby and Jack only

• All three

• Jack and Quinton only

Based on the transactions, what was the balance in Fiona’s account after she deposited her birthday gift on 6/4?

• $780

• $690

• $340

• $430

Tags

CCSS.7.NS.A.3

Fiona forgot to record the cost of the dry cleaning on 6/7. How much did she spend at the dry cleaner?

• $16.75

• $15.75

• $763.25

• $30.50

Tags

CCSS.6.NS.B.3