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Financial Literacy LIFE TEST

Total questions: 100

Worksheet time: 3hrs 35mins

Name
Class
Date
1.
This account allows you to deposit money at a bank for safekeeping.
a)
Saving Account
b)
Checking Account
c)
Bill Account
d)
Casino Account
2.
This is the cost of using some other person's or bank's money.
a)
Interest
b)
Bill
c)
Principal
d)
Credit
3.
This is a written request to your bank to take money from your account & pay it to someone else.
a)
Check
b)
Telephone Call
c)
Text
d)
Email
4.
This allows you to withdraw cash from your account or make payments electronically.
a)
Debit Card
b)
Loan Account
c)
Signature Card
d)
Payday card
5.
The action enters money into an account.
a)
Deposit
b)
Withdrawal
c)
Loan
d)
Deduction
6.
This action removes money from an account, either at the bank or an ATM.
a)
Withdrawal
b)
Deposit
c)
Loan
d)
Credit
7.
This action allows movement of funds from one account to another.
a)
Transfer
b)
Debit
c)
Credit
d)
Loan
8.

A check requires an endorsement. Who endorses the check?

a)

the bank

b)

the payee

9.

On a check, who is the party who wrote the check?

a)

payee

b)

drawer

c)

drawee

10.

What can you do with online banking?

a)

check account balances

b)

transfer money

c)

pay bills

d)

all of the above

11.

What kind of checking account allows two people to write checks for the same account?

a)

regular checking account

b)

joint account

c)

interest-bearing account

12.

What allows electronic transfer payments from a payer's account to the account of the person being paid?

a)

direct deposit

b)

signature card

c)

debit card

13.

The process of seeing whether your records agree with the bank's records for your account is called __________ _________________.

a)

bank reconciliation

b)

demand deposits

c)

check register

d)

overdraft protection

14.

Checks that have been written but haven't yet reached the bank are ________________ ______________.

a)

outstanding checks

b)

check register

c)

canceled checks

d)

signature card

15.

The ______________ is necessary for cashing a check.

a)

overdrawing

b)

debit card

c)

bank statement

d)

endorsement

16.

The _________ _____________ is the section of your checkbook where you keep track of all your transactions.

a)

check register

b)

signature card

c)

bank statement

d)

canceled checks

17.
A device that allows a customer to withdraw cash immediately from you account electronically.
a)
ATM
b)
ELM
c)
TPR
d)
ADM
18.
An overdraft or more money drawn from an account than the balance, resulting in a negative balance.
a)
NSF
b)
AFS
c)
TPS
d)
ADF
19.
An order to request a bank to not cash a particular checck.
a)
Stop-Payment Order
b)
Order Authorization
c)
Pay to the Order
d)
NSF Order
20.

The ability to quickly turn an investment into cash is called

a)

liquidity

b)

rate of return

c)

inflation risk

d)

interest

21.

What is the date when money deposited into a Certificate of Deposit (CD) becomes available called?

a)

maturity date

b)

liquidity

c)

rate of return

d)

savings

22.

Savings is important to the economy because why?

a)

It means people are earning a lot of money

b)

It generates loan money for people and businesses

c)

Banks should have a lot of money in their vault

d)

It means people are not spending

23.

Interest earned on both the principal and any interest earned on the principal.

a)

Rate of return

b)

Compound interest

c)

Simple interest

d)

Principal earnings

24.

The interest rate on a CD is __________ than that on a regular savings account.

a)

Lower

b)

Higher

c)

Same

d)

Does not earn interest

25.

You earn _______________ by saving money in a savings account.

a)

money

b)

interest

c)

awards

d)

trophies

26.

What is a Savings Account?

a)

A low interest, safe investment

b)

A high interest, safe investment

c)

A way to make money quick

d)

The best way to build credit

27.

What is a con to a savings account?

a)

You get high interest

b)

It is a safe investment

c)

You can get your money whenever you want.

d)

You get low interest

28.
What is the stock market?
a)
A type of farmers market where people buy and sell food.
b)
A place where parts of businesses are bought and sold.
c)
A special type of grocery store that sells stocks.
d)
A type of bank that gives out loans to new businesses.
29.
The name for a part of a business that is bought and sold on the stock market is:
a)
Part
b)
Marker
c)
Stocker
d)
Share
30.
Why would a company need to issue stock?  
a)
To increase its' customer base.
b)
To raise money.
c)
To stop the government from regulating it.
d)
To show customers that it's successful.
31.
You can buy stock in any company in the world.
a)
True, all companies are required to offer stock.
b)
False, a company is only listed on the stock exchange if it wants to be.
32.
The DOW Jones Industrial Average is an index of 30 American companies.  Why is the DOW Jones Industrial Average important?
a)
It tells Americans how much debt the country is in.
b)
It helps economists predict when a stock market crash will happen.
c)
It tells Americans how many jobs are out there.
d)
It provides a snapshot of how the stock market and the US economy is doing.
33.
As long as you are 18 years old and have some money, you can invest it in the stock market.
a)
True
b)
False
34.
You decide that you want to invest a little bit of money in Apple stock.  But in order to do that you need to figure out their stock symbol.  What is the symbol that Apple uses on the stock market?  Use the image to help you figure it out.
a)
AAPL
b)
APPLE
c)
IPHONE
d)
STEVEJOBS
35.
Approximately how much money was one share of Apple selling for last night?  Use the image to help you.
a)
213.05
b)
113.05
c)
33.05
d)
13.05
36.

The group of stocks that you own is called a

a)

commission

b)

portfolio

c)

dividend

37.

A time when stock prices are RISING is called

a)

transaction

b)

bear market

c)

bull market

38.

A person who owns shares (or stocks) in a company.

a)

stockbrocker

b)

investor

c)

shareholder

39.

The price a stockbroker charges to take care of buying and selling stocks

a)

commission

b)

profit

c)

dividend

40.

A legally established company

a)

capitalism

b)

colony

c)

corporation

41.

to buy a variety of stocks

a)

diversify

b)

portfolio

c)

risk

d)

profit

42.

a place where stocks and bonds are sold

a)

coporation

b)

bull market

c)

bear market

d)

stock exchange

43.

money from a companies profits that is paid to the stockholders

a)

transaction

b)

dividend

c)

profit

44.

money that is made or gained as a result of an investment

a)

stocks

b)

profit

c)

dividend

d)

commission

45.
1. A tax deferred retirement investment fund for employees of for profit companies.
a)
401(k)
b)
403b
c)
457
d)
402(a)
46.
Employer sponsored tax deferred retirement account (employer matching) -Defined Contribution
a)
Traditional IRA
b)
Roth IRA
c)
401(k)/403(b)/457
47.
World's largest stock exchange founded in 1790.
a)
NASDAQ
b)
AMEX
c)
NYSE
d)
EuroNext
48.
When things are more expensive next year than this year that it is called . . . 
a)
deflation
b)
inflation
c)
inspiration
d)
insultation
49.
The least amount that must be paid on a credit card each month is
a)
Late Fee
b)
Credit Limit
c)
Payment amount
d)
Minimum Payment
50.
How can a cardholder avoid paying interest on a credit card?
a)
Do not pay anything
b)
Pay the minimum payment after its due date
c)
Pay the minimum balance every month
d)
 Pay the balance in full every month
51.
It is best to pay more than the minimum due on your credit card.
a)
True
b)
False
52.
A credit report is a report showing a borrower's history of how well they paid their bills.
a)
True
b)
False
53.
Only making the minimum payment on a credit card every month will:
a)
lower the amount total paid for the purchase
b)
make you independently wealthy
c)
take longer to pay off which will result in paying more interest, more money!
d)
pay off the credit card faster
54.
You charge $500 on each of your two credit cards. One is American Express with an interest rate of 15.99%. The other is Chase Sapphire with an interest rate of 20.99%. Assuming that you are only making the minimum payment of $25 to each of the credit card companies, which card will you have paid more interest for?
a)
Chase Sapphire
b)
American Express
c)
You pay the same amount of interest for both
d)
All of the above
55.
The cost of credit expressed as a yearly interest rate is known as:
a)
Annual Percentage Rate (APR)
b)
Annual Fee
c)
Penalty APR
d)
Introductory Rate
56.
What is a credit card? 
a)
a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
b)
A card that has a set balance that you can only use at one place.
c)
A card with the money from your checking account. 
57.
What is an example of cash advance? 
a)
Asking your siblings for money.
b)
Getting your paycheck early.
c)
Going to the ATM
d)
Going to the store and getting cash back from your credit card. 
58.
How old to you have to be to apply for a credit card?
a)
21
b)
18
c)
16
d)
25
59.

Mrs. Allen took home $1,245 after taxes. What is this considered?

a)

net income

b)

gross income

c)

deposits

d)

income tax

60.

Mrs. Allen paid $3,678 every year as a tax on her house. This is considered a -

a)

sales tax

b)

income tax

c)

property tax

d)

home tax

61.
All of these are examples of types of credit except:
a)
savings account
b)
college loan
c)
credit cards
d)
car loan
62.
Credit scores range from _____ to _____.
a)
350, 800
b)
300, 850
c)
400, 650
d)
400,800
63.
This is a personal letter that you submit with your resume that tells why you are interested in the job, what you can offer, and how you found out about the position
a)
Resume
b)
Application letter
c)
Letter of Reference
d)
Cover Letter
64.
This is a type of insurance paid to an individual if he/she is injured and is unable to work for a specified length of time.
a)
Car Insurance
b)
Life Insurance
c)
Health Insurance
d)
Long-term disability Insurance
65.
This is a loan to purchase a home or other real estate
a)
Home loan
b)
Sub-prime loan
c)
Predatory lending
d)
Mortgage
66.
This is insurance which helps offset the costs of regular medical expenses, such as doctor's visits, medications, trips to the ER, and routine medical procedures
a)
Car Insurance
b)
Life Insurance
c)
Health Insurance
d)
Long-term disability Insurance
67.
insurance that pays for damage you cause to another person's vehicle
a)
collision
b)
liability
68.
a piece of paper that proves who owns the car
a)
tag
b)
title
c)
tax
69.
pays for damages you cause even if it's to your own vehicle
a)
collision
b)
liability
70.
pays for losses that are out of your control (weather related, fire, hitting an animal, etc.)
a)
collision
b)
comprehensive
c)
liability
71.
this is what you pay to a bank/lender before they will give you a loan
a)
car payment
b)
down payment
c)
premium
72.
protects you if you get into an accident and the person who caused it DOESN'T have insurance
a)
liability insurance
b)
uninsured/underinsured motorist protection
73.

If your friend pays a total of $17,500 for a car, and the sales tax was 6.6% of the sticker price, what WAS the sticker price?

a)

$16,450

b)

$16,420

c)

$16,417

d)

$17,500

74.

A large tree limb fell onto your car during a storm damaging the car's roof. Which type of auto insurance would cover the cost to have your car repaired?

a)

liability insurance

b)

medical insurance

c)

comprehensive insurance

d)

collision insurance

75.
Mortgages are generally for ____ or ______ years. 
a)
5-10
b)
10-20
c)
15-30
d)
15-20
76.
The gradual elimination of the principal is called _______________. 
a)
Equity
b)
Escrow
c)
Mortgage
d)
Amortization
77.
This is what you get to buy a home because you did not have enough money to buy it with cash.
a)
Down Payment
b)
Mortgage
c)
Principal
d)
Interest
78.
Which of the following factors affects a monthly mortgage payment? 
a)
The size of the home
b)
The size of the down payment
c)
The location of the home
d)
The location of the bank
79.
This is the total amount borrowed from the bank to purchase a new home.
a)
Down Payment
b)
Mortgage
c)
Principal
d)
Interest
80.

Who primarily uses our tax money?

a)

Your employer

b)

The state government

c)

The Federal government

d)

Local Businesses

81.

Our tax money is spent on all of the following EXCEPT:

a)

Social Security

b)

The Military

c)

Private School Education

d)

National Parks

82.

The W-4 form lets...

a)

the government know how much you paid in taxes last year

b)

your employer know how much to withhold from your paycheck

c)

the 3 major credit bureaus know how many dependents you have

d)

you know how much you paid in taxes last year

83.

Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?

a)

No, because he didn't earn enough.

b)

No, because you have to be 16 and older to file taxes.

c)

Yes, because he may get a refund.

d)

Yes. You must file taxes even if you didn't earn enough.

84.

True or False: A teen's earned income can be reported on a parent's tax return.

a)

True

b)

False

85.

If a teen files a tax return, can the parent still claim him/her as a dependent?

a)

Yes. All teens are dependents until they are 18 years old

b)

No. If a teen files a tax return, he/she cannot be claimed

c)

Yes, as long as the teen meets the dependency requirements

d)

Yes, but the parent has to add the teen's income to theirs

86.

Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?

a)

She will report her total income as $1,700.

b)

She will report her total income as $1,200.

c)

She will report her total income as $500.

d)

Luisa is required to file a tax return.

87.
Who withholds payroll and income taxes, and what is the Social Security tax rate as of Dec. 2016?
a)
Employees withhold taxes.  The Medicare tax rate is 1.45%
b)
Payroll and income taxes are withheld by employers.  The Social Security tax rate is 6.2%
c)
The Social Security tax rate is 6.2%
d)
The IRS withholds employee taxes.
88.
How is
Form W-4 used? 
a)
Form W-4 is the Employee's Withholding Allowance Certificate.
b)
It is used so the IRS can withhold taxes.
c)
Taxes are used to pay for roads, public education, social services, and other public expenses.
d)
It is used by employers to compute how much income tax to withhold.
89.
  If you receive 25% off an item costing $22.00, how much money do you save?
a)
$ 5.50
b)
$ 4.25
c)
$6.00
d)
$7.35
90.
How much tip should you leave if you want to tip 23% at Applebee's on a $27.31 bill?
a)
$6.28
b)
$33.59
c)
$21.03
91.

The more credit cards you have, the better.

a)

True

b)

False

92.

Which of these show your credit history?

a)

Credit score

b)

Credit report

c)

Both

93.
Student loans impact your credit score.
a)
Myth
b)
Fact
94.
Capacity to pay will be taken into account when you apply for a credit card or loan.
a)
Myth
b)
Fact
95.
Bank of America issues you a credit card with a maximum balance of $1,000.  This is an example of:
a)
Finance Charge
b)
Co-Signer
c)
Minimum Payment
d)
Credit Limit
96.

According to Experian, after what age can your parents request a credit report?

a)

13

b)

14

c)

15

d)

16

97.

Which of the following is a good generic credit score?

a)

400

b)

500

c)

600

d)

700

98.

Who collects the information on which credit scores are most frequently based?

a)

FICO and VantageScore Solutions

b)

Three main credit bureaus: Experian, Equifax, and TransUnion

c)

Individual lenders

d)

Federal government

e)

All of the above

99.

What is the single best thing you can do to help build a good credit score and keept it once you have it?

a)

Pay my bills on time

b)

Keep balances on all accounts low

c)

Take out only the credit I need when I need it.

d)

Pay cash

100.

What is the difference between personal assets and liabilities?

a)

net worth

b)

money management

c)

budget variance

d)

earned income

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