Financial Literacy Quiz

An average career will last approximately how many hours of your work-life of 40 years?

• 86,000 hours

• 18,000 hours

• 8,600 hours

• 32,000 hours

FICA is deducted from your paycheck before you get it. FICA stands for ________.

• Federal Insurance Contribution Act

• Federal Institute of Capital Appreciation

• Federal Interest Collection Act

• First Interest Capitalization Association

A health insurance program that is funded by some of your taxes and run by the federal government is known as ________.

• Fed Insurance

• State Farm

• Allstate

• Medicare

The average Social Security payment a person currently receives per month is ________.

• $1,280

• less than $1,000

• enough to cover 75% of their bills

• 28% of their monthly expenses

Wal-Mart, which is a very successful corporation, was started by ________.

• Bob Walters

• Walton Sam

• Sam Walton

• Bob Walters

Teenagers in America spend approximately ______ total dollars every year.

• $100 million

• $750 million

• $175 billion

• $220 billion

Approximately how long will it take to pay off $1,000 in credit card debt if your interest rate is 18% and you only make the 'minimum payment' each month?

• 30 years

• 8 years

• 20 years

• 10 years

The money you make at your job day after day, week after week, is called ________.

• unearned income

• earned income

• disposable income

• not enough

How long does it take most lottery winners to go broke?

• 10 years

• 18 months

• 5 years

• 2 years

What percentage of bankruptcies are filed as a result of medical bills?

• 40%

• 20%

• 35%

• 9%