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WorksheetsFinancial Literacy 100-Questions
Total questions: 100
Worksheet time: 2hrs 27mins
Name
Class
Date
1.
Financial Literacy is having the knowledge, understanding, and skills necessary to become an effective consumer.
a)
True
b)
False
2.
Using a credit card allows you to...
a)
put money into a savings account.
b)
purchase something now and pay for it later.
c)
take money directly from your checking account.
3.
All of these are examples of types of credit except:
a)
savings account
b)
college loan
c)
credit cards
d)
car loan
4.
These are also all types of credit except:
a)
car loan
b)
college loan
c)
checking account
d)
home mortgage loan
5.
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.
6.
A credit card company usually has a grace period for purchases. A grace period is...
a)
the time period after you make a purchase until the time the interest starts to get charged.
b)
the time period where interest builds on the amount you purchased.
7.
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
8.
Overspending and accumulating too much debt can ruin your credit score
a)
True
b)
False
9.
Annual fee definition
a)
When you withdraw money from the ATM and it charges you $1.50.
b)
When a credit card company charges you a fee each YEAR
10.
Credit scores range from _____ to _____.
a)
350, 800
b)
300, 850
c)
400, 650
d)
400,800
11.
Ms. S's credit score is 720, according to this graph, it is considered... (hint -don't let the little man fool you)
a)
fair
b)
poor
c)
good
d)
great
12.
Credit scores are based on certain criteria such as
a)
religion
b)
payment history
c)
gender
d)
all of these things
13.
Credit scores are based on certain criteria such as
a)
age
b)
gender
c)
how much credit card debt you have
d)
national origin
14.
An example of a secured card is a
a)
Debit card
b)
Pre-paid Visa card
15.
The percentage rate (APR) charged on purchases is called:
a)
annual fee
b)
interest
c)
balance
16.
A secured card is connected to your bank account, it will
a)
not help you build credit.
b)
will help you build credit.
17.
If you withdraw cash from an ATM with your Credit Card, what happens?
a)
The grace period will begin.
b)
Interest will start to be charged right away.
18.
A Pre-paid credit card
a)
is not connected to your bank account.
b)
is connected to your bank account.
19.
If you file bankruptcy, it stays on your credit report for how many years?
a)
2
b)
3
c)
5
d)
7
20.
The higher your credit score, the more likely you are to...
a)
get your dream job
b)
get a good interest rate on a car loan.
c)
get the apartment of your dreams.
d)
all of these things.
21.
When you write a check from your checking account this is a:
a)
Credit added to your balance.
b)
Debit subtracted from your balance
c)
Credit subtracted from your balance.
d)
Debit added to your balance.
22.
A checking account is:
a)
An account where money can easily be deposited and withdrawn by means of checks, debit cards and ATM transactions.
b)
An interest bearing account where your deposit remains for a set period of time.
c)
A computer program that checks your email account.
d)
Ownership in a company.
23.
Reasons for making a budget include:
a)
To keep track of your income and expenses.
b)
To achieve your long term goals.
c)
To have a spending plan.
d)
All of the above choices are correct.
24.
The lowest amount of money shown on your credit card bill that must be paid every month is called the:
a)
late fee
b)
minimum payment
c)
credit limit
d)
previous balance
25.
How can a cardholder avoid paying interest on a credit card?
a)
. Do not pay anything.
b)
Pay the minimum balance every month.
c)
Pay the minimum payment after the due date
d)
Pay the balance in full every month.
26.
A detailed report of your credit history prepared by a credit bureau and used by a lender to determine creditworthiness is called a:
a)
Credit Report
b)
Credit Card
c)
Certificate of Creditworthiness
d)
Report Card
27.
What are rooms located on a college campus called?
a)
Home
b)
Dorm
c)
Apartment
d)
Loft
28.
Which situation shows a financially responsible citizen?
a)
Purchasing an expensive automobile you CANNOT afford.
b)
Only buying items that you CAN afford
c)
Throwing money out the window.
d)
Hiding your money under your mattress.
29.
Besides tuition, most colleges also charge their students for:
a)
Room and Board
b)
Extra Fees
c)
Textbooks
d)
All of the Above
30.
Which of the following is one of the main costs of college?
a)
Tuition
b)
Food
c)
Transportation
d)
Fitness Center
31.
If you don't have enough money to pay for a private college, you cannot attend that college.
a)
True
b)
False
32.
Grants are mostly available to students who:
a)
Have family financial need
b)
Have really good grades
c)
Have filled out the application
d)
Have talents in sports or arts
33.
The least expensive type of college is usually...
a)
Universities
b)
Community Colleges
c)
Technical Colleges
d)
Public colleges
34.
Money used to pay off education-related expenses, such as college tuition, room and board at the university, or textbooks, that you will have to pay back.
a)
Grant
b)
Loan
c)
Scholarship
d)
Savings
35.
Money or other aid given to a student, because of merit, need, etc., to pursue his or her education-related expenses, such as college tuition, room and board at the university, or textbooks, and there are stipulation on the money in order for the students to continue receiving the funds.
a)
Grant
b)
Loan
c)
Scholarship
d)
Savings
36.
Money awarded to somebody to fund education-related expenses, such as college tuition, room and board at the university, or textbooks, and depends on your financial need. Do not have to repay.
a)
Grant
b)
Loan
c)
Scholarship
d)
Savings
37.
How your grades are calculated?
a)
GPA
b)
4.0 System
c)
100 point system
38.
Work part-time on campus while enrolled.
a)
Scholarship
b)
Financial Aid
c)
Work Study
d)
Part-time Job
39.
What is a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase?
a)
Credit Card
b)
Banking Card
c)
Debit Card
d)
Finance Card
40.
Who has the better credit score?
a)
Monthly income: $1900
Credit Card Payment: $48
Credit Card Balance: 3857
Car Loan Payment: $218
Two late car loan payments
Credit Card Payment: $48
Credit Card Balance: 3857
Car Loan Payment: $218
Two late car loan payments
b)
Monthly Income: $3,300
Credit Care Balance: Pays Full Balance
Student Loan Payment: $100
Credit Care Balance: Pays Full Balance
Student Loan Payment: $100
41.
May writes 5 checks and uses debit 8 times in one month. Which is the best bank for May?
a)
First City Bank
b)
Transnational Bank
c)
Hometown Bank
42.
Jonathan's new clothes cost a total of $572.50 before tax. What type of tax does Jonathan have to pay for his new clothes?
a)
Income Tax
b)
Property Tax
c)
Payroll Tax
d)
Sales Tax
43.
Items that are owned by an individual
a)
assets
b)
liabilities
c)
property
d)
expenses
44.
A plan for spending
a)
income
b)
expenses
c)
sales tax
d)
budget
45.
A voucher entitling its user to a cash refund
a)
liability
b)
coupon
c)
expense
d)
wage
46.
The cost required to buy an item or service
a)
coupon
b)
expenses
c)
income
d)
wage
47.
a family plan for spending
a)
income taxes
b)
expenses
c)
family budget
d)
liability
48.
Debts that are owed by an individual
a)
liabilities
b)
fixed expenses
c)
net worth
d)
assets
49.
The value of one's assets minus one's liabilities
a)
fixed income
b)
coupon
c)
net worth
d)
gross income
50.
The amount paid or earned for the use of money.
The formula is I = prt
The formula is I = prt
a)
Simple interest
b)
Compound Interest
c)
Coupon
d)
Monetary Incentives
51.
Which is an example of a variable expense?
a)
car payment
b)
mortgage
c)
electricity bill
52.
Which type of expenses are these, rent, car payment?
a)
Crazy bills
b)
Variable expense
c)
Fixed expense
53.
If the Moore's monthly income is $5,000 what amount of their budget is spent on miscellaneous expenses?
a)
$2,000
b)
$.08
c)
$200
d)
$4
54.
If the Talbot family's income is $3,200 what percent of their budget is spent on medical expenses?
a)
15%
b)
.15%
c)
150%
d)
100%
55.
Gas expenses are a type of _________ cost.
a)
fixed
b)
variable
56.
You are purchasing a T.V for $990 T.V with 9% sales tax. What is the final price of the T.V.?
a)
$ 1881.00
b)
$ 1079.00
c)
$ 1,079.10
d)
$ 1,709.1
57.
Mrs. Ray is buying some groceries. They total to $35.50. Sales tax is 4.5%. When she goes to pay, how much will she owe?
a)
$1.60
b)
$37.10
c)
$40.00
d)
$51.48
58.
Sales tax is __________ to the price
a)
subtracted
b)
added
c)
multiplied
d)
divided
59.
Lona wants to a buy raincoat for her goat. If the raincoat costs $39.99 and has a sales tax rate of 7%. What will be the FINAL PRICE (with tax) of the raincoat?
a)
$42.79
b)
$42.78
c)
$2.80
d)
$2.79
60.
Regular price: $174. Discount: 40%. Find the sale price. Round to nearest cent if necessary.
a)
$104.40
b)
$140.40
c)
104.4
d)
69.6
61.
Fred earns $10 an hour as a library assistant. If we worked 40 hours last week, his paycheck would be
a)
Equal to $400
b)
Less than $400
c)
More than $400
d)
Found in the tax table
62.
On the 25th of every month, Tammy pays her rent by writing the amount on a small official preprinted note that contains information about a checking account. She puts this note in an envelope and drops it off at the post office.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
63.
Emma goes to the store to buy groceries. To pay for the groceries, she slides her card through a card reader and enters a special code.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
64.
On the 30th of every month, Margo pays her rent by first driving to the bank to make a withdrawal and then driving to the real estate agency to make her payment
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
65.
It’s time for Ben to get the oil changed in his car. He swipes his card, and the payment for the oil change shows up on his monthly bill for the card
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
66.
Randy wants to order a new couch from a department store’s website. He uses the online guest checkout and types in his name, address, and card number. It takes him a few months to pay off the couch.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
67.
Paige is going shopping with her friends for a prom dress. Her mom signs and gives her an official note so Paige can find her perfect dress and fill in how much it costs when she pays for it.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
68.
Michael is going on vacation to a resort in Florida. He withdraws some extra money at the bank so he can easily tip employees at the resort.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
69.
Uses money you have in the bank.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
70.
Cannot be used online
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
71.
Requires a PIN.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
72.
Charges an overdraft fee if you try to spend more than you have.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
73.
Can charge interest, late fees, and/or annual fees.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
74.
Has the risk of fraud.
a)
Cash
b)
Debit/Credit Card
c)
Online Banking
d)
All of them
75.
On the 8th of every month, Blake pays his rent by logging on to the computer. He goes to his bank’s website and enters his password for access. Then, he types in the needed information to make the payment
a)
Cash
b)
Online Banking
c)
Credit Card
d)
Check
76.
Jenny took her family out for a special dinner, and the final bill was $140. She used an app on her phone to make sure she had enough money in her account before she gave her card to the waiter.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
77.
Carter entered his checking account information into his online AT&T account. Once each month, money is automatically transferred from Carter’s account to AT&T for his phone bill.
a)
Cash
b)
Debit Card
c)
Online Banking
d)
Check
78.
Allows you to easily track your spending.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Online Banking
79.
Involves borrowing money.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
80.
Easy and convienent.
a)
Cash
b)
Debit/Credit Card
c)
Online Banking
d)
Check
81.
a)
A: Personal Check
b)
B: Debit Card
c)
C: Cash
d)
D: Credit Card
82.
a)
A: Personal Check
b)
B: Debit Card
c)
C: Cash
d)
D: Credit Card
83.
a)
A: accepted in most stores
b)
B: safer than carrying cash
c)
C: needs a PIN to be used
d)
D: can be paid off over time
84.
a)
A: a debit card
b)
B: a credit card
c)
C: a stored-value card
d)
D: none of the above
85.
a)
A: debit card
b)
B: credit card
c)
C: stored-value card
d)
D: none of the above
86.
Money you receive after taxes is called:
a)
gross income
b)
net income
c)
salary
d)
pay day
87.
Money you receive before taxes is called:
a)
gross income
b)
net income
c)
pay day
d)
bank loan
88.
Expenses that change from month to month are called:
a)
fixed expenses (bills, loans, etc)
b)
variable expenses (emergency costs, vacations, car repairs, etc)
c)
stable pricing
d)
irrational pricing
89.
Long term savings goals would include...
a)
vacation
b)
new phone
c)
buying a house
d)
car
90.
When you own a house, what type of tax do you pay on it?
a)
income tax
b)
sales tax
c)
property tax
d)
payroll tax
91.
What type of tax do you pay for Cheetos and soda?
a)
income tax
b)
sales tax
c)
property tax
d)
payroll tax
92.
Which type of tax is taken directly out of your paycheck?
a)
payroll tax
b)
income tax
c)
paycheck tax
d)
sales tax
93.
Which type of tax do you pay once a year on any money you've earned (job, lottery, etc)?
a)
payroll tax
b)
income tax
c)
sales tax
d)
property tax
94.
Which of the following is considered a "need" when budgeting?
a)
money for eating out
b)
money for going to the movies
c)
money to pay for your house
d)
money for your dog's toys
95.
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
96.
What is the current amount of money in your bank account called?
a)
balance
b)
debt
c)
withdrawl
d)
payment
97.
What is a company that sells goods or services?
a)
business
b)
bank
c)
economy
d)
credit union
98.
What is a system that guides how money is earned and used in a society?
a)
economy
b)
transaction
c)
financial institution
d)
bank
99.
What is money borrowed that must be repaid, usually with interest?
a)
loan
b)
check
c)
checking account
d)
savings account
100.
What is an account that usually earns interest and is often used to hold money that is not needed right away?
a)
savings account
b)
checking account
c)
loan
d)
transaction
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