Financial Literacy Final Exam - Modified

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

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

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

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

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

• Wages
• Benefits
• Salary

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

(a)  

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

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

• You owe the same payment each month
• You must have money deposited into a checking account to use the credit card for purchases
• Making full payments on time every month is the only way to avoid interest charges
• The do not charge interest

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

• Bargaining for a great sales price
• Receiving a large downpayment
• Qualifying for a low interest rate
• Having a wide selection of term lengths

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?

• 300
• $700
• $500
• $1700