Financial Literacy Quiz

Matt attended a state university and received financial aid to help with the cost. He has just graduated and will have to pay back the amount of money he received plus any interest that accrues. Which kind of financial aid did Matt receive?

• Student loan

• Scholarship

• Grant

• Savings

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

• a savings account balance

• whether or not the consumer has made any late payments

• the number of children the consumer has

• whether or not the consumer is approved for a loan

Jose is looking for a job while he takes part-time college classes. The annual 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  She swipes her card and the funds are immediately withdrawn from her account.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 the present now, but she will before the bill is due.

Ms. 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 if Ms. Brentfield will take good care of her home

• to decide how much money Ms. Brentfield earns

• to determine if Ms. Brentfield can afford the home

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

Mr. Boxer has organized the features of credit and debit cards into a table below.  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

• A PIN number must be entered to use it

Fiona is taking some time to balance her check register at the end of the month. 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

Mr. Hernandez is searching for a new checking account.  He compares the fees associated with two different banks in his town.  Which of the following statements best supports the information?

• Mr. Hernandez should choose Star Bank because it has no fees.

• Mr. Hernandez should choose First Bank because the fees are the same.

• Mr. Hernandez should choose Star Bank if he normally has $800 in his bank account.

• Mr. Hernandez should choose First Bank because the fee is just $10.

Which of the following best represents a withdrawal from a checking account?

• You take your paycheck to the bank and put it in your account

• You go to the ATM and get cash

• You receive a check for your birthday and go to the bank to cash the check

• You move money from your checking account to your savings account

The average salaries of three different positions are shown in the table below.  Based on the information, how much more will the accountant earn than the paralegal over a 15-year career?

• $18,650 

• $279,750

• $742,500

• $1,022,250