WorksheetsFinancial Literacy
Total questions: 33
Worksheet time: 25mins
Name
Class
Date
1.
If an expense can not be cut from your budget to save money, it is considered a _____.
a)
Income
b)
Want
c)
Need
d)
Savings
2.
To have a __________ at the end of the month, I have to make sure I don't spend more than I earn and have some money to save at the end of the month.
a)
Income
b)
Expense
c)
Balanced Budget
d)
Savings
3.
An 8th grader makes and sells earrings as a way to earn extra money. The money she gets is considered _______.
a)
Needs
b)
Wants
c)
Income
d)
Expenses
4.
When you are making payments on a car and/or house you have a _____.
a)
Withdraw
b)
Bankruptcy
c)
Debt
d)
Overdraw
5.
Many famous people don't spend their money wisely and end up in ______.
a)
Interest
b)
Withdraw
c)
Inflation
d)
Bankruptcy
6.
It is safer to keep your money here than at home under your mattress.
a)
Balance
b)
Want
c)
Inflation
d)
Bank
7.
When getting a loan for a car, the ____ is an additional fee you will have to pay back.
a)
Fixed Expense
b)
Discretionary Expense
c)
Inflation
d)
Interest
8.
When I use my debit card at the store, the money is automatically taken out of my ______ account.
a)
Savings
b)
Checking
c)
Inflation
d)
Withdraw
9.
You should keep track of your spending because if you spend more money than you have in your bank account it is considered a _______ and usually will cause a fee.
a)
Balance
b)
Withdraw
c)
Bankruptcy
d)
Overdraw
10.
Most banks offer an app so you can log in to check how much money has been deposited, spent, and so you know your account _______.
a)
Withdraw
b)
Inflation
c)
Budget
d)
Balance
11.
We are planning to go on vacation next summer, so I transfer money every month to my ______ account.
a)
Discretionary Expense
b)
Checking
c)
Savings
d)
Variable Expense
12.
When I need to ______ money from my checking account, I can use my debit card at an ATM.
a)
Overdraw
b)
Inflation
c)
Balance
d)
Withdraw
13.
Which of the following is an example of a need for most people?
a)
A place to live
b)
A nice car
c)
Designer jeans
14.
It's important to spend money on things you need before spending money on things you want.
a)
True
b)
False
15.
Which of the following is an example of a want for most people?
a)
A warm jacket
b)
Transportation
c)
Ice cream
16.
People who earn paychecks pay income taxes to the government.
a)
True
b)
False
17.
A salary is paid over a set period of time.
a)
True
b)
False
18.
People who are paid by the hour earn a salary.
a)
True
b)
False
19.
What's the best way to know if you are getting a good deal on what you're buying?
a)
Return policy
b)
Compare prices
c)
Ask Friends
20.
Food, heat, cable, internet, and dog food are examples of what?
a)
Household assets
b)
Household income
c)
Household expenses
21.
The cost of borrowing money is referred to as
a)
Interest
b)
Annual Percentage Rate
c)
Credit
d)
Credit Line
22.
The amount charged if your payment is received after the billing due date.
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
23.
The maximum amount you are allowed to carry as a balance on the card
a)
interest
b)
ARP
c)
credit limit
d)
all of these
24.
This is a fee that some, but not all, credit card issuers charge to use their credit card.
a)
APR
b)
annual fee
c)
monthly fee
d)
non-sufficient funds fee
25.
The amount you must pay on a credit card, based on a percentage of the outstanding balance.
a)
minimum fee
b)
minimum payment
c)
monthly statement
d)
minimum monthly interest charge
26.
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
27.
Which one is considered a danger of using a credit card
a)
no cash needed
b)
leads to overspending
c)
convenient
d)
earns rewards
28.
A plastic card that you use to access a line of pre-established credit is called:
a)
debit card
b)
credit card
c)
visa
d)
mastercard
29.
Your credit score is not configured off of which of the following:
a)
Payment history
b)
Amount owed
c)
Where you live
d)
Length of credit history
30.
Over time, people who pay off their credit card balance in full every month will pay less in interest on their credit card.
a)
true
b)
false
31.
What does APR stand for?
a)
American Peoples Reports
b)
Annual Progress Report
c)
American Percentage Rate
d)
Annual Percentage Rate
32.
What is credit?
a)
Free money
b)
Borrowed money
c)
Standard of living
d)
A term that causes tears
33.
What are the three major Credit Reporting Agencies (CRAs)?
a)
Equifax
b)
TransUnion
c)
Experian
d)
All of these are correct
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