WorksheetsFinancial Literacy
Total questions: 22
Worksheet time: 41mins
Name
Class
Date
1.
a card that can be used to borrow money from financial institutions,
a)
debit card
b)
credit card
c)
check card
d)
cash card
2.
payments using security features on the Internet
a)
Gross payment
b)
Electronic payment
c)
no payment
d)
computer payment
3.
a bankcard linked to an individual’s checking account
a)
debit card
b)
credit card
c)
check card
d)
electronic card
4.
The study of banking and money in this unit is called
a)
Banking Literacy
b)
Money Literacy
c)
Math literacy
d)
Financial Literacy
5.
What is the current amount of money in an account?
a)
Certificate of deposit (CD)
b)
Loan
c)
Transaction
d)
Balance
6.
(6.14C)
a)
$175.25
b)
$25.25
c)
$632.65
d)
$482.65
7.
(6.14B) Julio paid $35.92 for gasoline with his debit card. Which of the following is an accurate description of Julio's transaction?
a)
Julio's payment will affect his credit rating.
b)
Julio might be charged interest for his purchase.
c)
Julio's linked account will immediately have #35.92 removed.
d)
Julio will make payment for his purchase when he receives his monthly statement.
8.
(6.14D) Why is it important to establish positive credit history?
a)
Higher credit scores result in lower interest rates on loans.
b)
Positive credit history results in higher credit scores.
c)
You are more likely to be offered a loan by a bank.
d)
All of the above.
9.
(6.14E) How long will a negative credit action usually remain on a credit report?
a)
4 years
b)
7 years
c)
10 years
d)
15 years
10.
(6.14C) Carlos had an original balance of $418.77 in his checking account. He then wrote one check for $199.81. Which check amount below would cause an overdraft of his account after writing the check for $199.81?
a)
$199.81
b)
$218.96
c)
$209.91
d)
$219.75
11.
(6.14A) Which of the following reasons for selecting a bank is valid?
a)
Madison should select Bank B because the monthly fee is $3.00 lower than Bank A.
b)
Madison should select Bank A because her overall monthly cost will be $1.50 less than Bank B.
c)
Madison can select either bank because her monthly cost will be identical at both banks.
d)
Madison should not select Bank A because they charge $0.25 more per check transaction.
12.
What is a machine that allows bank customers to deposit or withdraw money without visiting their bank?
a)
ATM (automated teller machine)
b)
credit card
c)
safe deposit box
d)
coffee can under your bed
13.
What is money borrowed that must be repaid, usually with interest?
a)
loan
b)
check
c)
checking account
d)
savings account
14.
An example of a financial institution is:
a)
A department store
b)
A bank
c)
A school
d)
An ATM machine
15.
A debit card is handy in an emergency when you don't have the money to spend.
a)
True
b)
False
16.
A debit card is a buy-now, pay-later payment type with a grace period for payments.
a)
True
b)
False
17.
The lower an applicant's credit score, the lower the risk to the lender.
a)
True
b)
False
18.
My credit history does not affect my chances for renting my first apartment.
a)
True
b)
False
19.
To build a positive credit history, I should pay cash for all purchases.
a)
True
b)
False
20.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
21.
I should review my credit report for errors.
a)
True
b)
False
22.
A credit report contains my personal information such as my address and social security.
a)
True
b)
False
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