Which of the following best describes the concept of APR?

The credit card interest rate, calculated on a yearly basis

The fee charged if a credit card payment is late

Summary of all credit card transactions in one month

The maximum amount one can charge on their credit card

A certificate of deposit (CD) differs from a traditional savings account in what way?

CDs must remain untouched for a fixed period of time

CDs include the purchase of stocks

When choosing between using a bank or a credit union, which of the following is an advantage that credit unions generally have in comparison to banks?

Owned by members, who may vote and elect board of directors

Advanced online banking technology

Greater variety in services offered

The purpose of an umbrella insurance policy is best summarized as what?

Protect the holder against liability costs beyond what is covered by other insurance

Uses one insurance policy to cover each member of a family

Cover costs associated with heavy rain

Groups all insurance policies into one discounted price

Which of the following practices does not lead to a higher car insurance rate?

Participate in a defensive driving course

When planning one’s personal budget, a variable expense is what?

An expense that may change in amount from month to month

An expense in which there are many options to choose from

An expense that does not have to be paid immediately

An expense that one does not have to make

The Rule of 72 is used to calculate what?

The amount of time it will take for an investment to double in value

The amount of money one should save by retirement

The amount of taxes owed for every $72 invested

The amount of credit one needs for a good credit report

Which of the following is the correct sequence in the formation of a contract?

Offer, acceptance, consideration, agreement

Offer, acceptance, agreement, consideration

Agreement, consideration, offer, acceptance

Offer, agreement, acceptance, consideration

Federal income tax brackets can be impacted by which of the following?

Region in which taxpayer resides

Which of the following is an advantage of maintaining a good credit score?

Greater chance of receiving a loan with a low interest rate

Credit card companies offer more points in their rewards system

Stocks can be purchased at a lower price

Receive higher interest rates on money in a savings account

Which of the following practices could negatively affect one’s credit score?

Reaching the spending limit on one’s credit account

Monitoring one’s credit report

Protecting against fraud and identity theft

The phrase “balancing a checkbook” refers to which practice?

Comparing bank statements to withdrawal records (checks, ATM, ETF) to track spending

Opening a checking account for the first time

Deciding if one has enough money to make a large purchase

Operating a checking account that multiple people use

Rent-to-own agreements can negatively impact consumers because:

Consumers will pay a high interest rate on the item

Consumers are limited from purchasing similar items

Consumers do not have to pay cash for the item

Consumers can immediately have access to the item

Banks offer the service of a safety deposit box, which can be used for what?

Protect personal documents from potential loss

Prevent the bank’s money from being burned in a fire

Guarantee high interest on money deposits

Reduce the amount owed on late fees

Alabama Financial Literacy Test Study Guide

Quiz

•

Mathematics

•

9th Grade

•

Practice Problem

•

Medium

•

CCSS

RI.8.5, 7.RP.A.3, 6.NS.B.3

+23

Standards-aligned

Lisa Crownover

Used 18+ times

FREE Resource

Student preview

50 questions

Show all answers

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The total money one gets to “take home” from a paycheck after taxes and deductions are taken out is known as what?

Net pay

State income tax

Gross pay

Federal income tax

Tags

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is the form employers use to determine how much tax to deduct from a paycheck?

W-2

W-9

I-9

W-4

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is the form an employer provides to an employee to inform them of how much money was deducted from paychecks in a given year?

W-4

I-9

W-2

W-9

Tags

CCSS.RI.11-12.3

CCSS.RI.8.3

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following statements best describes gross pay?

Amount of money one receives from insurance after an illness or accident

Amount of money one earns from their job by overtime, bonuses, and reimbursements

Amount of money one receives from their job before taxes or other deductions are taken out

Amount of money one receives from their job after taxes or other deductions are taken out

Tags

CCSS.6.NS.B.3

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following will be paid for as part of the escrow funds included in a mortgage loan?

Principal on home loan

Property tax

Car insurance

Home warranty

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When seeking to open a bank account, which of the following is needed?

Government-issued identification

Blank checks

Recommendation letter

School transcript

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When one is seeking to purchase a product at a store, what additional cost must be paid in addition to the listed price of the product?

Sales tax

Interest

Insurance

Purchasing fee

Tags

CCSS.6.RP.A.3B

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Alabama Financial Literacy Test Study Guide

50 questions

The total money one gets to “take home” from a paycheck after taxes and deductions are taken out is known as what?

Which of the following is the form employers use to determine how much tax to deduct from a paycheck?

Which of the following is the form an employer provides to an employee to inform them of how much money was deducted from paychecks in a given year?

Which of the following statements best describes gross pay?

Which of the following will be paid for as part of the escrow funds included in a mortgage loan?

When seeking to open a bank account, which of the following is needed?

When one is seeking to purchase a product at a store, what additional cost must be paid in addition to the listed price of the product?

Which of the following best describes the concept of APR?

A certificate of deposit (CD) differs from a traditional savings account in what way?

All of the following are advantages of bundling insurance EXCEPT what?

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