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WorksheetsFinancial Literacy
Total questions: 27
Worksheet time: 14mins
Fixed or variable expense: Groceries
Fixed
Variable
Fixed or variable expense: Rent?
Fixed
Variable
When making a budget, a person’s needs should come before their wants.
True
False
A financial plan is called a
budget
tax
allowance
income
A 9th grader makes and sells earrings as a way to earn extra money. The money she gets is considered _______.
income
needs
outflow
wants
Of all the choices, which one should you budget for first?
Groceries
Entertainment
Cell Phone Bill
New Car
What is a need?
Something you must have
Something you'd like to have
Something you would like to do
All of the above
Interest is:
A charge for lending money to a bank
The amount owed for borrowing money
The amount added into your savings when you open a bank account
A charge for the convenience of accessing money stored in your bank account
Your friend is overspending and in need of a budget. What type of expense should they reduce next month
Going to the movies with friends
Buy fewer school books
Transportation to get to and from school
Purchasing medicine for their asthma
The purpose of a budget is to
Help you plan how you will spend the money you earn and receive
Stop you from spending too much money
Increase the balance of your savings account
Tell you how much you owe the government in taxes
When it comes to saving money, what is a good rule of thumb
Keep most of your savings in your checking account
Put aside money for savings each month
Choose the savings account with the lowest interest rate
Put anything you can't afford on your credit card
Which type of account is typically the most liquid?
Checking account
Savings account
Certificate of Deposit
Exchange Traded Fund
Which of these fees would likely be the highest
Overdraft fee
Account transfer fee
Monthly service fee
ATM fee
The numbers on the bottom of a typical check represent all of the following except
Social Security number
Routing Number
Account Number
Check Number
How often should you typically monitor your checking account?
Monthly
Yearly
Daily
Every three months
What part of a check is the least important?
The check number
Signature line
Memo line
Routing number
What's the best strategy for voiding ATM fees
Only use ATMs close to your house
Only use ATMs to withdraw cash
Only use ATMs in your banks network
Only use ATMs you have used before
what is the purpose of balancing or monitoring your checking account?
to find out which checks you have bounced
to help you calculate how much money you have in your account
to keep an estimation of how many checks you right
to stop identity theft from occurring
the best way to ensure the accuracy and safety of your accounts is to:
monitor your online accounts regularly
shred your paper account statements weekly
call your customer service center daily
balance your checkbook annually
Which payment type can help you stick to a budget
Credit cards
Debit cards
Payday loans
Cash advances
Which of the following can increase your credit card's APR?
making minimum payments
missing payments
paying off the full balance
cashing in on reward items
The form filed by students to receive federal financial aid for school is known as:
FICO
FAFSA
FIFA
FALALA
Which of following drivers will likely pay the highest auto insurance premiums?
Younger, inexperienced drivers
Older, experienced drivers
Drivers who have a safe driving records
Drivers who travel short distances
Which of the following provides the best protection against identity theft?
Never use a credit card
Open up a new bank account every year
Pay all bills with cash only
Shred documents that contain personal information
