Personal Financial Literacy

Which strategy is most likely to improve a person's financial situation over his/her lifetime?

• Using credit to spend more than one earns each pay period

• Starting to save as soon as one begins earning an income

• Gaining work experience early instead of staying in school

• Making each financial decision based quickly on a hunch

What is a typical overdraft fee?

• $5

• $15

• $25

• $35

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year

Correctly label the check with the following information:

a

b

c

d

e

f

Check Purpose

Signature

Date

Amount (#s)

Recipient of Check

Amount (Words)

Which of the following is a term for buying something now and paying for it later?

• Credit 

• Debit

• Speculation 

• Investment 

Property such as stocks, bonds, or a car, offered to support a loan and subject to seizure if you default

• collateral

• compound interest

• income

• fixed expense

• risk

Which of the following is NOT an advantage of credit?

• Able to Buy Needed Items Now

• Don't Have to Carry Cash

• Combine Bills into One Payment

• Paying Interest

Which type of retirement plan is notable because your employer matches a percent of your contributions?

• 401k

• 403b

• Traditional IRA

• Roth IRA

What do you call the original amount of money that you borrow when taking out a loan?

Which type of credit card is designed to help someone build up their credit score?

• Secured Card

• Rewards Card

• Debit Card

• Cash Back Card