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WorksheetsFinancial Literacy CBA Review
Total questions: 120
Worksheet time: 4hrs 16mins
2 year vocational training = $52,000 average annual salary
Post graduate degree = $76,000 average annual salary
_____________ is to take money out of the bank.
How long does information stay on your credit report?
3 yrs
5 yrs
7 yrs
9 yrs
A company that makes loans to consumers is called a ________________.
debit company
store
grant
lender
Credit reports show cash purchases.
True
False
1) People with good credit history have more financial options.
2) People with good credit history can get better interest rates on loans.
3) People with good credit history have better credit scores.
4) People with good credit history can borrow any amount of money.
- June 3rd, used debit card at coffee shop, $5.85
- June 4th, deposit of $20.00
- June 6th, used debit card for movie tickets, $9.75
- June 6th, used debit card for popcorn and snacks, $10.50
- June 8th, deposit, $115.34
What is the difference between the amount of money Noah spent and the amount of money Noah deposited?
- Yard work $25.00
- Babysitting $33.50
- Grade money $20.00
- house cleaning $65.00
How much more money does Michael need to earn in order to make at least $300.00 if he spent $16.75 at the movies and $55.20 on a new game?
What is Tripp's ending balance on November 16th?
Which of the following is an advantage of using a credit card?
Interest is charged for the use of a credit card.
Consumers can purchase things now, and pay for them later in the event of an emergency.
You could be a victim of identity theft.
To take money out of an account.
deposit
withdrawl
Money put IN to an account.
deposit
withdraw
Interest rate =5%
Time = 5 years
What is the interest earned?
Which of the following can have a positive effect on your credit score?
owing more money than you earn
losing your job
paying your bills on time
having a high debt-to-income ratio
Which of the following situations describes the use of an ATM?
Jill purchased an item and paid for it when the bill came in the mail.
Jill wrote out an amount for an item and gave it to the cashier.
Jill entered a PIN to begin a transaction and received an amount of cash.
Jill balanced her checkbook.
Which of the following will make it less likely for you to be approved for a car loan?
having a steady job
late credit card payments
a high credit score
having a low debt-to-income ratio
The cost for Dan's college next year is $20,000. He took out a loan for $6,000 and received a scholarship for $2,500. How much will still be left to pay?
$11,500
$12,500
$11,000
$16,500
What payment describes the following situation?
Ray purchased an item with a plastic card and paid for it when the bill came in the mail.
ATM
Debit Card
Credit Card
Writing a check
What payment describes the following situation?
Jay purchased an item with a plastic card and the payment was directly deducted from his account.
ATM
Debit Card
Credit Card
Writing a check
Last month, June received a salary increase at her job. Is this more likely to have a positive effect or a negative effect on her credit score?
negative
positive
Last week, May bought a pair of jeans at a store in the mall. She paid for the purchase using a plastic card, and the amount was deducted from her checking account. What did she use to buy the jeans?
debit card
credit card
check
Will losing your job have a positive or negative effect on your credit score?
positive
negative
Will paying your bills on time have a positive or negative effect on your credit score?
positive
negative
Will having late credit card payments have a positive or negative effect on your credit score?
positive
negative
Max wrote out an amount for an item and gave it to the cashier.
Max used an ATM
Max used a debit card
Max used a credit card
Max wrote a check
Credit card purchase:
Pay now?
Pay later?
Debit card purchase:
Pay now?
Pay later?
All of these are reasons why people are in debt except?
They misuse credit cards
They don't follow a budget
They have checking accounts
They don't invest their money
Paying for your utilities is an example of a
withdrawal
deposit
Taking money out of an ATM is an example of a
Withdrawal
Deposit
Getting paid is an example of a
withdrawal
deposit
added
subtracted
multiplied
added
subtracted
multiplied
What happens to you if you have bad credit?
High interest rates on loans
You can easily be approved for a loan
You have a high credit score
The government will erase your loans to be nice
Ms. Peysen no longer wants to use her Clothes-R-Us store credit card. What is the best thing she could do with the credit card?
File the credit card away for use at a later time.
Let a family member take over the credit account so her credit score will not be affected.
Keep the credit card in her wallet in case she needs proof of identification.
Close the account by phone and in writing, then destroy the card.
When Leo attempted to borrow money at the bank, he learned that his credit score is low. Which best describes what this is likely to mean for Leo?
The interest rates on his loan will be lower, since his credit score is low.
The purchase price of the item he needs the loan for will be higher due to his low credit score.
The monthly loan payments will be lower due to his lower credit score.
The interest rates on his loan will be higher, since his credit score is low.
Mr. Wylie wants to develop a positive credit history. How should he do this?
Maintain reasonable amounts of available credit
Have one type of credit account
Pay cash for the majority of purchases
Open credit accounts in his parents’ names
T'kyren wants to show lenders that he's financially trustworthy . He should__________.
charge things he knows that he can afford and pay the balance quickly
max out his credit cards
pay less than the minimum payments on his credit card bills
never borrow money and never check his credit score
Bryana's credit score is below 600, so she _________
will never below allowed to buy a car
will be charged very low interest rates
cannot access her credit report without paying high fees
will have a hard time borrowing money and will be charged high interest rates
Jackson can raise his credit score by:
never borrowing money
paying his bills on time
cutting up his credit card
keeping his debt limit to 37.64% of his credit card limit
Which of the following is a true statement?
If your credit score is high, you won't have to repay money you owe.
You can access your credit report for free every month.
A landlord can access your credit report to decide if you are financially responsible.
Your credit score can never increase, only decrease.
