Financial Literacy Quiz

Which of the following would be considered a "want?"

• Groceries

• Designer shoes

• Rent

• Toothbrush

Match the following average costs with their categories.

• $300

• Health insurance

• $2,000

• Car payment

• $50

• Cell phone

• $100

• Rent for an apartment (living alone)

• $450

• Gym membership

Organize these options into the right categories

Groups:

(a) "Wants"

,

(b) "Needs"

• Dart board

• House

• Netflix

• Jewelry

• Dining out

• Social media

• Groceries

• Utility bills

• Car

• Clothes

Suppose you have a credit card bill of $1,275 for the month of October. If you pay the full balance before your bill is due, how much will you pay in interest?

• 3%

• 5%

• 0%

• 10%

What's the HIGHEST a credit score can be?

• 850

• 900

• 750

• 700

Match the credit score category with its percentage (of impact on your score).

• 15%

• How much you owe

• 10%

• Length of credit history

• 10%

• Payment history (do you pay on time?)

• 30%

• Credit mix

• 35%

• New credit

Organize these options into "good" and "bad" credit actions.

Groups:

(a) "Good" (+)

,

(b) "Bad" (-)

• You got your credit cards one month ago.

• You have a 3% balance on your credit cards.

• You have missed a payment.

• You have never filed for bankruptcy.

• You own 3 credit cards.

• You have no student loans.

• You pay off your credit card bills in full every month.

As a general rule, you should pay yourself _____ for savings (out of each paycheck).

• 2%

• 5%

• 10%

• 20%

Which of the following is the CLOSEST to Mr. Rossell's credit score?

• 680

• 710

• 740

• 810

Toby has a credit card with an introductory rate of 0%, and then a 15% interest rate after the first year. He just got this credit card one month ago. The minimum payment is 3% of his starting balance, which is $1,500.

If Toby pays the minimum payment this month, how much does he owe?

Mathematical Equivalence

ON