WorksheetsFinancial Literacy
Total questions: 36
Worksheet time: 29mins
Name
Class
Date
1.
What is a characteristic that serves only to satisfy a desire for things?
a)
Delayed gratification
b)
Instant Satisfaction
c)
Opportunity Cost
d)
Scarcity
2.
What is a condition of unlimited wants in a world of limited resources?
a)
Scarcity
b)
Supply
c)
Opportunity Costs
d)
Trade-Off
3.
What characteristics define a reachable goal?
a)
Realistic, Measurable, Specific
b)
Realistic, Meaningful, Specific
c)
Realistic, Meaningful, General
d)
Reasonable, Measurable, Specific
4.
What is an example of the Time Value of Money?
a)
Having your paycheck direct deposited into your account.
b)
A dollar today is worth less than a dollar tomorrow.
c)
Earning interest on the principal amount of your money.
d)
A dollar today is worth more than a dollar tomorrow.
5.
What is the FAFSA4caster is used for?
a)
Identify how much you will owe on your Federal Taxes
b)
Determine the best college for you to attend
c)
See what tax bracket you will fall under
d)
Determine how much Federal Financial Aid you qualify for
6.
Fred has an $250,000 mortgage at 3.4% interest for 30 years. Which type of mortgage is this?
a)
Adjustable
b)
Compounding
c)
Fixed
d)
Balloon
7.
Finance is a sub-category of which discipline?
a)
Economics
b)
History
c)
Mathematics
d)
Psychology
8.
What is the term that refers to the cost of an alternative that is forgone to pursue another
a)
Sunk Costs
b)
Cost benefit analysis
c)
Opportunity cost
d)
Knowledge cost
9.
What is to be expected when there is a high demand and high skill set in a career?
a)
Increase in opportunity cost
b)
Decrease in return on investment
c)
Decrease in wages
d)
Increase in wages
10.
Which of the following can be included in a mortgage payment?
a)
Property Tax, Interest, Principal Loan Amt, Homeowners Insurance
b)
Landscaping, Home Repair, Income Taxes
c)
Cable/Internet, Utilities, Car Payment
d)
Child care costs, Clothing allowances, Utilities, Car
11.
What is the the original amount of a loan on which interest is paid?
a)
Premium
b)
Down Payment
c)
Principal
d)
Equity
12.
What is Inflation?
a)
The number of times $ is compounded over a period of time
b)
General rise in the level of $ for goods/services over time
c)
Principal and interest earning interest.
d)
General fall in the level of $ for goods/services over time.
13.
True or False: Negative information stays on your credit report for 7-10 years.
a)
True
b)
False
14.
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
15.
To put money into an account.
a)
Deposit
b)
Withdraw
c)
Savings for a chicken
d)
Interest for a cow
16.
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
17.
Amount charged if your payment is received after the billing date
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
18.
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
19.
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
20.
money earned or received
a)
Expenses
b)
Income
c)
Deductions
d)
Check
21.
the total amount of personal income before taxes and deductions
a)
Net Income
b)
Gross Income
22.
Tax the boss takes out of your check for social security and medicare
a)
Property Tax
b)
Income Tax
c)
Sales Tax
d)
Payroll tax
23.
Tax on the value of a house, building or land
a)
Sales Tax
b)
Property tax
c)
Income Tax
24.
Tax on something you buy
a)
Sales Tax
b)
Property tax
c)
income tax
d)
payroll tax
25.
Tax on money from a job, paid once a year on April 15 to the IRS
a)
Payroll tax
b)
Coupons
c)
Sales Tax
d)
Income Tax
26.
the income that remains after taxes and other deductions
a)
Net Income
b)
Gross income
27.
Tom's net income was $400. His gross income was $440. How much was taken out for deductions?
a)
$840
b)
$40
c)
$98
d)
$4
28.
Jill earned $220 gross income last month. She had to pay $13 for payroll tax and $27 for income tax. How much was Jill's net income?
a)
$260
b)
$193
c)
$180
d)
$40
29.
Bob's net income last month was $985. He paid $75 in payroll taxes and $25 on income taxes. What was Bob's gross income?
a)
$885
b)
$1085
c)
$900
d)
$910
30.
Ms. Calandra went to the movies with her friend, Mrs. Fanning. She bought the tickets which totaled $16.50. Mrs. Calandra used her bank card to pay that money directly to the theater. The money was _______________ from her account.
a)
debited
b)
credited
c)
deposited
d)
taxed
31.
Mrs. Fanning wanted to buy a new refrigerator. A store would give her the money to buy the refrigerator, but she would need to pay the money back. This is called a -
a)
credit
b)
deposit
c)
withdrawal
d)
debit
32.
Ms. Calandra was going on a vacation. She took some money out of her account to pay for her trip. She made a _______________ from her bank account.
a)
deposit
b)
withdrawal
c)
debit
d)
deduction
33.
Before signing up for a credit card, you will want to find out...
a)
if there is an annual fee.
b)
what the interest rate is on purchases.
c)
what types of late fees could be charged.
d)
all of these are correct.
34.
When you sign up for a credit card you will get a lengthy document explaining things, it is the
a)
lease
b)
title
c)
after math document
d)
terms of agreement
35.
Credit scores are based on certain criteria such as
a)
religion
b)
payment history
c)
gender
d)
all of these things
36.
Credit scores are based on certain criteria such as
a)
age
b)
gender
c)
how much credit card debt you have
d)
national origin
100 %
