NEW
Font size
WorksheetsFinancial Literacy Final Exam Review
Total questions: 30
Worksheet time: 30mins
What is the main purpose of the FAFSA?
It helps banks and other lenders know what interest rate to charge you for student loans
It helps the government and colleges determine whether you are eligible for academic scholarships
It helps colleges and universities determine whether you can afford on-campus housing
It helps the government and colleges determine the level of aid for which you qualify
Which is the potential advantage of community college over private colleges and state universities?
They offer more scholarships and grants.
They offer more programs.
They are easier to apply to.
They are less expensive.
When you start paying back loans, what's the first thing you should pay?
the principle
the interest
the FASFA
the work study
An academic scholarship is an example of
merit-based financial aid
need-based financial aid
a federal government loan program
a work study program
The federal government offers subsidized loans to students with
good grade
low credit scores
unusual interests
financial need
Which of these best describes a bond?
a diversified investment
low risk, low reward
high risk, high reward
a savings account
What is a shareholder?
someone who owns stock in a company
someone who diversifies their investments
someone who researches investments
someone who sets the value of a company's stock
Your mom takes you to a fast food restaurant for a burger and fries. She pays with a card and the price of the meal shows up on her monthly bill. Which card did she use?
Credit Card
Debit Card
A budget is an organized plan for spending and saving money.
True
False
When you put money into your checking account, you are making a deposit.
True
False
You endorse a check with your signature.
True
False
If you spend more than you have in your checking account, you will have to pay an overdraft fee.
True
False
An amount of money in a bank account is called a
Interest
Balance
Deposit
Withdrawal
The money a person collects over a period of time and does not spend right away.
Expense
Withdrawal
Spending
Savings
What does the acronym "SMART" stand for in "SMART goals"?
Species, Marketable, Action, Revising, Time-bound
Specific, Money, Advise, Real, Time
Specific, Measurable, Actionable, Realistic, Timely
Specific, Market, Act, Readiness, Timing
Something required for survival is a
Want
Budget
Need
Bank
The lowest or smallest possible amount is the maximum.
True
False
Money that is paid for borrowing someone else's money is called interest.
True
False
Happening every year.
Balance
Minimum
Debit
Annual
Affects your credit score
Debit Card
Credit Card
If Maria saved $5 a day for an entire week, how much will she have saved at the end of the week?
$35
$25
$30
$75
If Lily earned $50 from her bake sale and she spent $25 on her expenses, what was Lily's profit?
$15
$50
$25
$10
Your dad goes to the ATM at the bank and withdraws $200 from his checking account, he has to use his PIN. Which card did he use?
Credit Card
Debit Card
You go to the dentist and your mom pays with a card. The payment comes out of her checking account. Which card did she use?
Debit Card
Credit Card
What does diversify mean?
to make or become more varied, as a set of investments
official certificate from the government or a company that states they agree to pay you back with interest the money you have let them.
to buy or put money into something in hopes of making a profit
portions or shares of a company, sold to individuals or other groups.
A document that shows the amount of money a customer owes a company for goods or services.
Bill
Budget
Expense
Income
A $10 bill is a paper money worth 100 cents
False
True
$33.33= Thirty-Three dollars and thirty-three cents
True
False
"S" in "SMART goals" stands for what?
Savings
Spending
Spaghetti
Specific
What does "time based" mean?
Your goal aligns with your mission.
Your goal is direct, detailed, and meaningful.
Your goal has a deadline.
Your goal is realistic and you have the tools and/or resources to attain it.
