13. Select the statement below that accurately describes a characteristic of a credit card.

Making full payments on time every month is the only way to avoid interest charges

You owe the same payment each month

You must have money deposited into a checking account to use the credit card for purchases

15. An excellent credit score will help in which aspect of car financing?

Qualifying for a low interest rate

Bargaining for a great sales price

Having a wide selection of term lengths

17. Which of the following is the most effective strategy for personal savings?

Save a certain percentage of each paycheck and deposit it directly into a savings account

Wait until the end of the month and save whatever is left in your checking account.

Cover all of your wants and needs and save whatever is left

Take out a payday loan so you can save before you receive your paycheck

18. You are at the checkout counter of the local grocery store and use your debit card to pay. Where does the money come from?

It is deducted directly from your checking account

Your credit card company covers the cost

Your credit card company provides you with a cash advance to cover the cost

It is deducted directly from your savings account

23. What is an insurance premium?

Your monthly payment to your insurer, regardless of whether you use the services

A list of the procedures covered by your insurance carrier

An added cost you pay in order to receive higher quality service

The amount you pay out of pocket for a specific procedure or service

24. How do insurance companies make money?

Collecting more in premiums than they need to pay out each year

Refusing to pay out claims to policyholders

Collecting money from the government

Keeping costs low with minimal advertising

27. Medicaid generally provides insurance for what groups of people?

Individuals in low-income households

Anyone who wants to buy the coverage

Employees in a government positions

33. Elaine just accepted a new job and is working with the company’s HR department to fill out paperwork. Which of the following steps is she responsible for?

Determine how much tax to withhold from her paychecks based on W-4 information

Send withholding amounts to the federal government

36. Which of the following is the MOST difficult to adjust if you are looking to reduce your expenses?

Postponing a purchase for a big screen TV

37. If you are trying to reduce the amount you spend on food, you should try

Cooking your own food at home as much as possible

Dining at restaurants more often to save water on dishes

Eating more snacks on the go and fewer meals at home

Drink more coffee and soda so you aren't as hungry for food

39. What action corresponds to the advice "Pay yourself first?"

Set aside a fraction of your paycheck into a savings account before you start spending

Wait until the end of the month to determine how much you have leftover to save

Spend your regular paycheck on needs and wants but funnel any extra money into saving

Become self-employed so you're paying yourself instead of being paid by an employer

48. Why is it important to track your expenses?

To make sure you don't spend more than you have

So you can brag to your friends

Financial Literacy Final Exam - Modified

Quiz

•

others

•

9th - 12th Grade

•

Practice Problem

•

Hard

Susan Hoose

Used 2+ times

FREE Resource

34 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. Laura is a high school student who has a part-time job at a department store. All of the following options will be deducted from her paycheck, EXCEPT...

Medicare

Federal taxes

Overdraft fees

Social Security

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. All of the following would show up on a credit report, EXCEPT...

Salary of your current job

Payment history of your car loan

Credit card payment history

Student loan activity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about the W2 is true?

James had $565.01 taken out for Federal Income Tax

James had $4,768.50 taken out for Federal Income Tax

Total wages and tips were $42,567.85

James didn't pay any state income tax

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. You are a realtor and you sell a house that is $300,000. You receive $9000 for that sale. The $9000 is your _?

Salary

Benefit

Commission

Bonus

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

8. Healthcare, vacation time and retirement plans are examples of ?

Wages

Benefits

Salary

6.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

How much state income tax did James have taken out in 2023?

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

10. Which of the following statements comparing credit and debit cards is TRUE?

Far more businesses accept credit cards than debit cards

Credit cards pull money directly from your bank account, while debit cards get their money from Visa and Mastercard

Credit card companies provide you with a monthly statement, while debit cards do not

With debit cards, you are spending your own money, but with credit cards you're getting a loan that you need to pay back later

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Financial Literacy Final Exam - Modified

34 questions

4. Laura is a high school student who has a part-time job at a department store. All of the following options will be deducted from her paycheck, EXCEPT...

5. All of the following would show up on a credit report, EXCEPT...

Which of the following statements about the W2 is true?

7. You are a realtor and you sell a house that is $300,000. You receive $9000 for that sale. The $9000 is your ___?__

8. Healthcare, vacation time and retirement plans are examples of __?__

How much state income tax did James have taken out in 2023?

10. Which of the following statements comparing credit and debit cards is TRUE?

13. Select the statement below that accurately describes a characteristic of a credit card.

15. An excellent credit score will help in which aspect of car financing?

16. George has a credit card with a $1000 credit limit. His outstanding balance is $700. What is the maximum amount that he can now spend on the credit card?

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7. You are a realtor and you sell a house that is $300,000. You receive $9000 for that sale. The $9000 is your _?

8. Healthcare, vacation time and retirement plans are examples of ?