Personal Financial Literacy Progress Check

Lucas is planning to attend a state university and qualifies for financial aid.  Which of the sets below can Lucas apply for solely based on his financial need?

• scholarship, grant, & student loan

• work-study, grant, & student loan

• grant & work-study

• student loan & work-study

Which of the following would be found on a consumer’s credit report?

• savings account balance

• late payments

• the number of kids someone has

• their favorite restaurant

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

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 She swipes her card and the funds are immediately withdrawn from her account.

• Ralph purchases a book at the bookstore. He types in a secure code at checkout.

• Finley purchases a present by swiping her card. She doesn't have the money for her present now, but she will before the bill is due.

The free application that must be completed to apply for federal financial aid.

• Loan
• Grant
• Scholarship
• FAFSA

6. Mrs. Brentfield 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 is Mrs. Brentfield will take good care of her home

• to decide how much money Mrs. Brentfield earns

• to determine is Mrs. Brentfield can afford the home

• to determine the likelihood of Mrs. Brentfield paying back the loan

7. Mr. Boxer has organized the features of a credit card and a debit card into a table. Which description is the best representation for the missing detail?

• purchases are unlimited in funds

• purchases are paid back over time

• purchases are withdrawn from your savings account

Which of the following students will qualify for a grant?

• Ruby only

• Ruby and Jack

• All three

• Jack and Quinton

Based on the transactions, what was the balance in Fiona's account after she deposited her birthday gift on 6/4?

• $780

• $690

• $340

• $430

Fiona forgot to record the cost of the dry cleaner on 6/7. How much did she spend at the dry cleaner?

• $15.75

• $763.25

• $16.75

• $30.50