WorksheetsFinancial Literacy
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Financial Literacy is having the knowledge, understanding, and skills necessary to become an effective consumer.
a)
True
b)
False
2.
Using a credit card allows you to...
a)
put money into a savings account.
b)
purchase something now and pay for it later.
c)
take money directly from your checking account.
3.
All of these are examples of types of credit except:
a)
savings account
b)
college loan
c)
credit cards
d)
car loan
4.
These are also all types of credit except:
a)
car loan
b)
college loan
c)
checking account
d)
home mortgage loan
5.
Before signing up for a credit card, you will want to find out...
a)
if there is an annual fee.
b)
what the interest rate is on purchases.
c)
what types of late fees could be charged.
d)
all of these are correct.
6.
A credit card company usually has a grace period for purchases. A grace period is...
a)
the time period after you make a purchase until the time the interest starts to get charged.
b)
the time period where interest builds on the amount you purchased.
7.
When you sign up for a credit card you will get a lengthy document explaining things, it is the
a)
lease
b)
title
c)
after math document
d)
terms of agreement
8.
Overspending and accumulating too much debt can ruin your credit score
a)
True
b)
False
9.
Annual fee definition
a)
When you withdraw money from the ATM and it charges you $1.50.
b)
When a credit card company charges you a fee each YEAR
10.
Credit scores range from _____ to _____.
a)
350, 800
b)
300, 850
c)
400, 650
d)
400,800
11.
Ms. S's credit score is 720, according to this graph, it is considered... (hint -don't let the little man fool you)
a)
fair
b)
poor
c)
good
d)
great
12.
Credit scores are based on certain criteria such as
a)
religion
b)
payment history
c)
gender
d)
all of these things
13.
Credit scores are based on certain criteria such as
a)
age
b)
gender
c)
how much credit card debt you have
d)
national origin
14.
An example of a secured card is a
a)
Debit card
b)
Pre-paid Visa card
15.
The percentage rate (APR) charged on purchases is called:
a)
annual fee
b)
interest
c)
balance
16.
A secured card is connected to your bank account, it will
a)
not help you build credit.
b)
will help you build credit.
17.
If you withdraw cash from an ATM with your Credit Card, what happens?
a)
The grace period will begin.
b)
Interest will start to be charged right away.
18.
A Pre-paid credit card
a)
is not connected to your bank account.
b)
is connected to your bank account.
19.
If you file bankruptcy, it stays on your credit report for how many years?
a)
2
b)
3
c)
5
d)
7
20.
The higher your credit score, the more likely you are to...
a)
get your dream job
b)
get a good interest rate on a car loan.
c)
get the apartment of your dreams.
d)
all of these things.
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