
W!SE 1-25 Practice Financial Literacy Certification Test
Authored by Robert Simmons
Computers
10th Grade
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is usually a good idea to borrow for
Something that increases in value over time
The amount needed to pay bills each month
Anything that will make the person happy
Anything if the interest rate is low
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A person generally pays a lower interest rate on a car loan than on a personal loan because the
Price of new cars increase each year
Car is collateral for the loan
Car is insured
Loan on the car requires a cosigner
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Federal Reserve System (fed) helps protect depositors and its member banks by setting
Requirements as to where a member bank may advertise their products and services
Limits on the number of depositors a member bank may have
Requirements as to the amount of money a member bank must have on deposit
Limits on how many branches a member bank can have
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The reason that a person should AVOID making a check payable to “cash” is that
Anyone can cash the check if it is stolen
Checks written to cash can only be written for amounts under $100
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The government taxes cigarettes in order to raise revenue and to
Encourage tobacco growing
Discourage smoking
Provide money to small store owners
Pay for product advertising in the U.S.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A person refuses to open a savings account because he worries that the bank will fail and he will lose all of his money. What does this person need to know?
Banks have to buy insurance to cover the total amount of money that is withdrawn each day
Banks are not permitted by law to go bankrupt
The Federal Reserve System (Fed) matches the amount of money that member banks have on deposit
Accounts at the Federal Deposit Insurance Corporation (FDIC) member banks are insured up to $250,000
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a good strategy to build wealth for the future?
Pay for goods and services using credit cards
Pay bills when received and use a checking account
Deposit money into both savings and investment accounts each month
Have paychecks automatically deposited into a checking account
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