Personal Financial Literacy Q

Maverick is planning to attend a state university and qualifies for financial aid. Which of the methods below can Maverick 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. A savings account balance

• B. Whether or not the consumer has made any late payments

• C. The number of children the consumer has

• D. Whether or not the consumer is approved for a loan

Charlie is looking for a job while he takes part-time college classes. The annual salaries for three jobs he is interested in are shown. 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

Which of the following situations does NOT describe the use of a debit card?

• Adalyn purchases a coffee in the drive thru. She swipes her card and the funds are immediately withdrawn from her account.

• Addison purchases a book at the bookstore. She types in a secure code at checkout.

• June 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.

Montgomery is opening her first checking account this year. Since she does not have a job, most of her income comes from gifts and allowance. Bank A has an $8 monthly fee. 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

Ms. Shular 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. Shular will take good care of her home

• To decide how much money Ms. Shular earns

• To determine if Ms. Shular can afford the home

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

Mr. Greenacre has organized the features of credit and debit cards into the table. 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 Berlin’s account after she deposited her birthday gift on 6/4?

• $780

• $690

• $340

• $430

Berlin 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