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Financial Literacy

Total questions: 32

Worksheet time: 12mins

Name
Class
Date
1.

Which of the following is an advantage of using a credit card?

a)

Interest is charged for the use of a credit card.

b)

Consumers can purchase things now, and pay for them later in the event of an emergency.

c)

You could be a victim of identity theft.

2.
Jonathan's new clothes cost a total of $572.50 before tax. What type of tax does Jonathan have to pay for his new clothes?
a)
Income Tax
b)
Property Tax
c)
Payroll Tax
d)
Sales Tax
3.
If Sammy’s expenses are greater than his income, what must he do to balance his budget?
a)
Earn more money
b)
Spend less money on expenses
c)
Earn more money AND spend less
d)
None of the above
4.
Which of the following is considered an advantage to using a debit card to make purchases?
a)
Debit cards are convenient and easy to carry around.
b)
Purchases can be made quickly and easily.
c)
You can use many ATMs to get cash.
d)
All of the above.
5.
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
6.
To put money into an account.
a)
Deposit
b)
Withdraw
c)
Savings for a chicken
d)
Interest for a cow
7.
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
8.
Amount charged if your payment is received after the billing date
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
9.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
10.
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
11.

The total amount of money you owe other people.

a)

APR

b)

Capital

c)

Debt

d)

Interest

12.

What you pay to use another person’s money.

a)

Interest

b)

Credit

c)

Collateral

d)

Capital

13.

A way for you to buy something now and pay for it later.

a)

Credit Report

b)

Credit

c)

Garnish

d)

APR

14.

What strategy you can apply as you turn 18 to build a good credit history.

a)

only borrow what you can afford to repay

b)

pay bills on time

c)

have and use a credit card responsibly, paying any balance due each month

d)

All of the above

15.

Which of the following is considered a need?

a)

a new car

b)

a clothes dryer

c)

a place to sleep

d)

lunch at a local restaurant

16.

Any money you receive such as an allowance or

paycheck

a)

Income

b)

Emergency Fund

c)

Opportunity Cost

d)

Variable Expenses

17.

A predictable amount of money spent to buy

something or do something that is the exact same

amount every time

a)

P.Y.F

b)

Spending Log

c)

income

d)

Fixed Expense

18.

Setting aside money to have on hand for

unexpected expenses and events

a)

Income

b)

Emergency Fund

c)

Opportunity Cost

d)

Variable Expenses

19.
What is it called when your income equals your expenses?
a)
Financial Record
b)
Monthly Budget
c)
Balanced Budget
20.

Which of the following is an example of a fixed expense?

a)

Car Payment

b)

Water Bill

c)

Movie Tickets

d)

A trip to the zoo

21.

Which of the following is an example of a variable expense?

a)

car payment

b)

home loan

c)

a trip to the zoo

d)

monthly cell phone bill

22.

Which of the following situations describes the use of an ATM?

a)

Jill purchased an item and paid for it when the bill came in the mail.

b)

Jill wrote out an amount for an item and gave it to the cashier.

c)

Jill entered a PIN to begin a transaction and received an amount of cash.

d)

Jill balanced her checkbook.

23.

Which of the following can have a positive effect on your credit score?

a)

owing more money than you earn

b)

losing your job

c)

paying your bills on time

d)

having a high debt-to-income ratio

24.

Which of the following will make it less likely for you to be approved for a car loan?

a)

having a steady job

b)

late credit card payments

c)

a high credit score

d)

having a low debt-to-income ratio

25.

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.

a)

ATM

b)

Debit Card

c)

Credit Card

d)

Writing a check

26.

What payment describes the following situation?

Jay purchased an item with a plastic card and the payment was directly deducted from his account.

a)

ATM

b)

Debit Card

c)

Credit Card

d)

Writing a check

27.

Will paying your bills on time have a positive or negative effect on your credit score?

a)

positive

b)

negative

28.

Will losing your job have a positive or negative effect on your credit score?

a)

positive

b)

negative

29.
A checking account is: 
a)
An account where money can easily be deposited and withdrawn by means of checks, debit cards and ATM transactions. 
b)
An interest bearing account where your deposit remains for a set period of time.
c)
 A computer program that checks your email account.
d)
Ownership in a company.
30.

Taking money out of an ATM is an example of a

a)

Withdrawal

b)

Deposit

31.

Getting paid is an example of a

a)

withdrawal

b)

deposit

32.
Money paid to the government
a)
Budget
b)
Fees
c)
Taxes
d)
Food stamps

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