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Financial Literacy Quiz

Authored by Kimberly Fahrion

English

9th - 12th Grade

CCSS covered

Used 3+ times

Financial Literacy Quiz
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30 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Jessica is trying to decide between getting a debit card, a prepaid debit card, and a credit card. Which statement is true?

All 3 cards are completely different

Debit cards and prepaid debit cards are the same

Debit cards and credit cards are the same

All 3 cards are completely the same

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The average APR for a payday loan is closest to ...

4%

14%

40%

400%

Tags

CCSS.6.RP.A.3C

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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 or Mastercard

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

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

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of these credit payback strategies would lead to the HIGHEST overall cost?

Paying off your credit card bill in full every month

Paying 20% of your credit card balance every month on time

Making the minimum payment (3% of your credit card balance) every month on time

Making the minimum payment (3% of your credit card balance) every month with an occasional late payment

Tags

CCSS.7.RP.A.3

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is an advantage of using a credit card?

It will not affect your credit score or credit history

Since it is tied directly to your checking account, it prevents you from spending money you do not have

If you need to carry a balance, the interest rates are generally quite low (less than 5%)

You can make an emergency purchase that you otherwise don’t have the money to pay for right now

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

You owe the same payment every 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

They do not charge interest

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

As a young adult, all of the following are good strategies for building credit, EXCEPT:

Open a credit card, with your parent or guardian as a cosigner

Take out a payday loan

Become an authorized user on a credit card used by your parent or guardian

Open and use a secured credit card

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