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WorksheetsFinancial Literacy
Total questions: 68
Worksheet time: 1hrs 2mins
Name
Class
Date
1.
True or False: Negative information stays on your credit report for 7-10 years.
a)
True
b)
False
2.
A plastic payment card linked to a financial account and is used for transactions.
a)
Debit Card
b)
Credit Card
c)
Checking Account
d)
Savings Account
3.
The actions of depositing and withdrawing money.
a)
Microtransactions
b)
Saving Money
c)
Transactions
d)
Shoe Laces
4.
To put money into an account.
a)
Deposit
b)
Withdraw
c)
Savings for a chicken
d)
Interest for a cow
5.
What is credit?
a)
Money allocated to a specific account for future use by the consumer without borrowing
b)
Goods, services, or money received in exchange for a promise to pay a definite sum of money at a future date
c)
The ability and willingness of an individual to pay back a loan as perceived by the lender
d)
An individual’s character, capital, capacity, collateral and conditions
6.
Amount charged if your payment is received after the billing date
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
7.
Your credit score is not configured off of which of the following:
a)
Payment history
b)
Amount owed
c)
GPA
d)
Length of credit history
8.
What is the starting balance on this check register?
a)
4720.33
b)
4500.00
c)
4500.75
d)
4320.00
9.
What was the balance of the account at the end of the day on 7/24?
a)
4720.33
b)
4320.03
c)
5091.15
d)
4500.75
10.
Scholarships and grants are available for many college students, and they...
a)
have deferred payment
b)
give students a job to help pay
c)
don't have to be paid back
d)
have a low interest rate
11.
What degree provides the highest earning potential in pay?
a)
High School Diploma
b)
Associate's Degree
c)
Undergraduate Degree
d)
Master's Degree
12.
True or False: The number of times a DEBIT card is used is on a credit report.
a)
True
b)
False
13.
The total amount of income from wages before any payroll deductions.
a)
property tax
b)
gross income
14.
The amount of money a person takes home after taxes and other deductions.
a)
net income
b)
gross income
15.
Money with held from a person's pay check to pay for federal programs.
a)
payroll tax
b)
property tax
16.
The amount of money collected by a store, on goods purchased.
a)
budget
b)
sales tax
17.
An organized plan for spending or saving money.
a)
budget
b)
balance
18.
Money earned or received.
a)
income
b)
expense
19.
To take money out of an account.
a)
deposit
b)
withdrawl
20.
What is the amount of money you earn, before taxes are taken out?
a)
Net Income
b)
Gross Income
c)
Property Income
21.
Which tax is based on the amount of money you earn?
a)
Sales Tax
b)
Property Tax
c)
Income Tax
22.
The amount of money left over after taxes are taken out is called...
a)
Gross Income
b)
Net Income
23.
Which method of payment may you have to pay interest?
a)
Cash
b)
Check
c)
Debit Card
d)
Credit Card
24.
Money added to the cost of items and services.
a)
Property Tax
b)
Sales Tax
25.
Total pay before taxes are taken out
a)
Income statement
b)
Gross pay
c)
Net pay
d)
Withholding taxes
26.
Income after taxes have been deducted
a)
Income statement
b)
Gross pay
c)
Net pay
d)
Withholding taxes
27.
This tax is used to provide medical benefits for certain individuals when they reach age 65.
a)
Medicare
b)
Social Security
c)
Payroll
d)
Medicaid
28.
This tax provides benefits for retired workers and their dependents as well as for the disabled and their dependents. Also known as the Federal Insurance Contributions Act (FICA) tax.
a)
Medicare
b)
Social Security
c)
Payroll
d)
Medicaid
29.
The charge for the use of borrowed money is
a)
interest
b)
tax
c)
fee
d)
fine
30.
An example of an asset is:
a)
House
b)
Car Loan
c)
Student Loan
d)
Credit Card
31.
What does it mean to get paid semi-monthly?
a)
Once a month
b)
Twice a month
c)
Once every 2 months
d)
Once a week
32.
a plan to regularly put aside money for a specific purpose
a)
expense
b)
savings plan
c)
human capital
d)
supply
33.
a bank account that allows for a customer to deposit and withdraw money and earn interest from the bank
a)
savings account
b)
needs
c)
wants
d)
scarcity
34.
a requirement; something necessary for life, such as food, water, shelter, and clothing
a)
opportunity cost
b)
wants
c)
scarcity
d)
needs
35.
goods or services that a person may desire, but that are not essential for life, such as toys, games, or candy
a)
opportunity cost
b)
wants
c)
scarcity
d)
needs
36.
a set payment that a person receives in exchange for work performed
a)
expense
b)
profit
c)
salary
d)
supply
37.
What is a business agreement or exchange?
a)
Transaction
b)
Board of directors
c)
Economy
d)
Financial institution
38.
What is an account that usually earns interest and is often used to hold money that is not needed right away?
a)
Checking account
b)
Savings account
c)
Loan
d)
Transaction
39.
What is a bank safe where documents, jewelry, or other valuables are kept?
a)
Safe deposit box
b)
Balance
c)
Business
d)
Credit union
40.
What is a service that allows customers to perform banking activities using the Internet?
a)
ATM (automated teller machine)
b)
Safe deposit box
c)
Online banking
d)
Debit card
41.
What is money borrowed that must be repaid, usually with interest?
a)
Loan
b)
Check
c)
Checking account
d)
Debit card
42.
What is a business that provides money-related services?
a)
Online banking
b)
Business
c)
Bank
d)
Financial institution
43.
What is a card that allows customers to electronically and immediately withdraw funds from their accounts, either in cash or to purchase goods or services?
a)
Credit card
b)
Debit card
c)
ATM (automated teller machine)
d)
Check
44.
What is a card that allows the holder to buy goods and services by taking out a bank loan?
a)
Credit card
b)
Debit card
c)
Credit union
d)
Loan
45.
What is a bank account that is used to pay bills and access funds using checks and debit cards?
a)
Savings account
b)
Checking account
c)
Credit card
d)
Debit card
46.
What is a written order to a bank to pay a certain amount of money from a checking account to another person or business?
a)
Transaction
b)
Loan
c)
Check
d)
Debit card
47.
What is an investment that earns interest over a specific period of time?
a)
ATM (automated teller machine)
b)
Checking account
c)
Savings account
d)
Certificate of deposit (CD)
48.
What is the current amount of money in an account?
a)
Certificate of deposit (CD)
b)
Loan
c)
Transaction
d)
Balance
49.
What is a machine that allows bank customers to deposit or withdraw money without visiting their bank?
a)
ATM (automated teller machine)
b)
Safe deposit box
c)
Credit card
d)
Certificate of deposit (CD)
50.
Collected based on the value of the property you own
a)
Sales Tax
b)
Property Tax
c)
Income Tax
d)
Income Statement
51.
Tax that is collected by calculating a percentage on items that you purchase.
a)
Sales Tax
b)
Property Tax
c)
Income Tax
d)
Gross Pay
52.
Collected based on the amount of taxable income you earn
a)
Sales Tax
b)
Property Tax
c)
Income Tax
d)
Net Pay
53.
Car Payment
a)
Fixed Expense
b)
Variable Expense
54.
Restaurant Bill
a)
Fixed Expense
b)
Variable Expense
55.
Car Repair
a)
Fixed Expense
b)
Variable Expense
56.
Rent Payment
a)
Fixed Expense
b)
Variable Expense
57.
Gas to get to work
a)
Fixed Expense
b)
Variable Expense
58.
Charity Donation
a)
Fixed Expense
b)
Variable Expense
59.
Movie Tickets
a)
Fixed Expense
b)
Variable Expense
60.
Haircut
a)
Fixed Expense
b)
Variable Expense
61.
Phone Bill
a)
Fixed Expense
b)
Variable Expense
62.
Monthly supply cost for a business
a)
Fixed Expense
b)
Variable Expense
63.
Car insurance is a
a)
variable expense
b)
fixed expense
64.
A monthly baby-sitter is a
a)
fixed expense
b)
variable expense
65.
If you own a home, you must pay for electricity you use. The amount you pay changes every month depending on how much you use. This is an example of a...
a)
FIXED cost.
b)
VARIABLE cost.
66.
The income or the amount of money received is called
a)
expenses
b)
revenue
c)
profit
d)
variable expenses
67.
Expenses in which the amounts do NOT change from week to week or month to month
a)
variable
b)
fixed
c)
extra
d)
optional
68.
The amount of money left over after the expenses have been removed is
a)
profit
b)
revenue
c)
mine
d)
fixed expenses
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