5th and 6th grade Financial Literacy Combined Test

A customer has a checking account for 5 months and writes 3 checks for amounts greater than the checking account balance.

Which statement correctly compares the fees that Bank Q and Bank R will charge the customer?

• The total fees charged by Bank Q will be $10 less than those charged by Bank R.

• The total fees charged by Bank Q will be $22 less than those charged by Bank R.

• The total fees charged by Bank Q will be $4 less than those charged by Bank R.

• The total fees charged by Bank Q will be the same as those charged by Bank R.

Which statement is best supported by the information in the table?

• The fee at Bank Y will always be less than the fee at Bank Z.

• The fee at Bank Y will always be more than the fee at Bank Z.

• The fee at Bank Y will be more than the fee at Bank Z only when a customer’s balance is more than $500.

• The fee at Bank Y will be more than the fee at Bank Z only when the checking account balance is less than $500.

Which statement about debit cards and credit cards is NOT true?

• Interest is charged on debit card purchases.

• When a debit card is used for purchases, money is withdrawn directly from a bank account.

• The total amount of money that can be spent on credit card purchases depends on a customer’s credit limit.

• When a credit card is used, money is borrowed.

Which statement is true for a credit card but NOT true for a debit card?

• A cardholder must use a personal identification number (PIN) when making purchases.

• A cardholder will have money withdrawn from an associated checking account when making purchases.

• A cardholder will be charged interest on a purchase unless the balance on the card is paid in full at the end of the billing period.

• A cardholder can use an automated teller machine (ATM) to withdraw money.

Mr. Lloyd wants to buy a new television, but he does not have enough money in his bank account to pay for one. Which of these is NOT an option for Mr. Lloyd?

• He can use his credit card to buy the television now.

• He can save money and pay cash for the television at a later date.

• He can use his debit card to buy the television now.

• He can save money and use his debit card to buy the television at a later date.

Which statement best describes purchases made with a debit card?

• Purchases made with this card are subject to interest.

• Purchases made with this card can be paid over time.

• Purchases made with this card are withdrawn directly from a bank account.

• Purchases made with this card are subject to a credit limit.

Based on the information in the check register, what was the balance of Taquan’s checking account in dollars and cents after the transaction on March 29?

• 1,143.89

• 1,200.00

• 1,050.75

• 1,300.50

Based on the information in the check register, what was the balance of Raúl’s checking account after the transaction on April 13 in dollars and cents? Record your answer and fill in the bubbles on your answer document. Be sure to use the correct place value.

Based on the transactions in Nina’s check register, what is the balance in dollars and cents in her checking account at the end of the day on April 23?

Based on the information in the check register, what is the balance in Ms. Garcia's check register after the ATM transaction on October 11?

• $5,105

• $2,905

• $3,600

• $1,505