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WorksheetsPFHS Unit 3.02 Financial Literacy
Total questions: 45
Worksheet time: 24mins
Why is saving important?
because the future is unpredictable
because people need to buy goods and services to grow the economy
because protecting assets such as a house and vehicles is critical in case of accidents
because people need to support local banks and credit unions
In which category are a new car, designer clothes, and gaming systems?
wants
needs
values
income
When Miranda opened her credit card bill, she was suprised to see that the amount she owed was more than the cost of the things she had purchased. What is the probable cause of this difference?
credit
debit
interest
equity
Sally is excited about her new job. The salary she was quoted for the position does not have deductions taken out of the amount. What type of income was Sally quoted to earn?
gross income
net income
hourly income
weekly income
Samantha is looking for an institution for her money management. She is looking for an account that pays interest on deposits, does not have check writing privileges, and has easy withdrawal access on demand. Which type of account would be best for Samantha?
checking account
certificate of deposit
savings account
mortgage
The newlyweds wanted to start their marriage being financially responsible. What tool could they use to keep track of where their money is going?
spending plan
income
expenses
savings account
Which method of payment most likely requires a personal identification number (PIN) to confirm electornic transfer of funds from an account?
credit card
debit card
cash
check
Credit Union, Savings and Loan Institution and Commercial Banks are examples of:
Saving Accounts
Checking Accounts
Depository Institutions
Banks
True/False: Keeping track of charges by keeping receipts is not necessary because they send you a statement every month.
True
False
Which of the following is the most popular type of depository institution:
Credit Union
Savings and Loan Institution
Commercial Banks
Which account money can be withdrawn only a limited number of times each month with checks or a debit card?
Certificate of Deposit
Check register
Money Market Deposit Account
Savings Account
What protects money in bank accounts from loss, thief or any disasters?
Certificate of Deposit
Check register
Money Market Deposit Account
Federal Deposit Insurance Corporation (FDIC)
Which account if withdrawn early has a penalty fee is charged and the interest rate is higher than other options?
Certificate of Deposit
Check register
Money Market Deposit Account
Savings Account
Which account has no check writing privileges and money can be deposited and withdrawn an unlimited number of times each month?
Certificate of Deposit
Checking Account
Money Market Deposit Account
Savings Account
True/False: Paying the credit card payment late is not that bad and does not have an extra fee with it.
True
False
Which account has check writing privileges and money can be deposited and withdrawn an unlimited number of times each month?
Certificate of Deposit
Checking Account
Money Market Deposit Account
Savings Account
What is a difference between debit cards and credit cards?
with one, the account is linked to your own personal bank account
plastic cards
can be used to purchase items
it offers electronic transactions
What is a tool to help people manage their money?
Checking Account
Spending Plan
Debit Card
Credit Card
What are the two things that spending plans track?
needs and wants
expenses and income
checking and saving accounts
income and wants
What is the most common form of earning money?
borrowing
loans
working
allowance
What is a wide category of jobs with similar characteristics?
human capital
career
occupation
job
What is a specific task done as a part of the routine of one’s occupation?
human capital
career
occupation
job
What is a lifetime journey of building and making good use of your skills, knowledge and experiences?
human capital
career
occupation
job
What is a process of self-investment?
human capital
career
occupation
job
What is a skills acquired through the process of self-investing?
human capital
transferable skills
occupation
standard of living
What is the minimum necessities, comforts, or luxuries thought to be essential?
human capital
transferable skills
occupation
standard of living
What is the amount of money subtracted from the gross income for taxes?
Gross Income
Payroll Withholdings
Net Income
Pay Period
True/False: Using credit cards can be convenient, useful for emergencies and often required to hold a reservation.
True
False
What is the length of time for which an employee's wages are calculated?
Gross Income
Payroll Withholdings
Net Income
Pay Period
What is the "take home" pay, the amount left after all payroll deductions have been taken from a person's pay?
Gross Income
Payroll Withholdings
Net Income
Pay Period
What is the total amount of money earned before payroll withholdings?
Gross Income
Payroll Withholdings
Net Income
Pay Period
What is card that electronically carries the balance of the employee's net income?
Gross Income
Paycheck
Direct Deposit
Payroll Card
Which payment method allows employers a direct way of depositing employee's paycheck into the authorized employee's bank account?
Gross Income
Paycheck
Direct Deposit
Payroll Card
Which payment method has no direct handling of a check and the employee knows exactly when he/she will be paid?
Gross Income
Paycheck
Direct Deposit
Payroll Card
True/False: People should have at least six months worth of their monthly expenses saved in the bank for emergencies.
True
False
Which payment method is the least secure and the employee is responsible for getting it to the bank?
Gross Income
Paycheck
Direct Deposit
Payroll Card
Which form when getting a job states the amount of money earned and taxes paid throughout the previous year and is used to file income taxes by April 15th?
Form W-2
Form I-9
Form W-4
Taxes
Which form when getting a job determines the employee's withholding allowance certificate and determines the amount of money withheld for taxes?
Form W-2
Form I-9
Form W-4
Taxes
True/False: A redress is an action taken to remedy a wrong.
True
False
Which form when getting a job is used to prove the identity of people and avoid hiring non United States citizens?
Form W-2
Form I-9
Form W-4
Taxes
What is the money paid in future is not equal to money paid today?
Savings
Time value of money
Pay Yourself First
Trade-off
True/False: Paying the credit card balance in full every month is the only way you can avoid paying interest on a credit card.
True
False
What is the portion of income not spent on current expenses and should be used for unexpected events or emergencies?
Savings
Time value of money
Pay Yourself First
Trade-off
True/False: A co-signer is someone that is equally responsible for the loan.
True
False
What is the saving strategy of which you set aside money for saving before spending any money?
Savings
Time value of money
Pay Yourself First
Trade-off
