WorksheetsPre-Assessment
Total questions: 16
Worksheet time: 10mins
What are the names of the three major credit agencies in the U.S.?
Amex, Visa, Mastercard
Experian, Transunion, Equifax
Wells Fargo, TD Bank, Bank of America
Volcker, Greenspan, Bernanke
What kind of credit card can you get with bad credit or no credit score?
Any, as long as you can find
a cosigner
Secured
Probationary
Which of these statements about saving is true?
You can categorize expenses as savings if you got a discount on them.
Consistently saving money each month can help you prepare for the future.
You only need to save for your long-term goals.
If you have too many credit cards, what should you do?
request a higher credit limit
close as many as possible
close the cards with the lowest balances
be careful when closing credit cards
With insurance policies, if you never file a claim, you get your money back.
True
False
When you pay taxes in the U.S., the more money you earn,
The less taxes you pay
The more taxes you pay
It makes no difference because everyone pays the same amount in taxes
The more you hate paying taxes
A health insurance program for seniors and disabled individuals that is funded by some of your taxes and administered by the federal government is known as?
CVS
State tax
Unemployment tax.
Medicare
People who do not understand the difference between ______________ generally have financial problems.
Taxes and insurance
Needs and wants
Buying and renting
Food and shelter
What is financial literacy?
knowing and understanding how finance works
being able to read numbers
getting good grades in algebra
getting good grades in mathematics
Your friend wants to buy a new PS5/Xbox Series X system but doesn't have enough money. What is the most responsible financial advice you could give them?
Put it on a credit card and pay it off later.
Stop paying rent for a month to buy it.
Create a savings plan and set aside money until you can afford it.
Find a way to borrow money from someone else.
Compound interest means:
You earn money simply by leaving your money in a checking account
You earn interest on your savings, and then you also earn interest on the interest you have accumulated
Banks charge you higher fees when you have more money
All types of interest rates multiply over time
What is a common financial mistake that young people might make?
Create a detailed budget
Regularly review bank statements for errors
Make only minimum payments on credit cards
Save money for long-term goals
What’s the retirement plan that you get through your employer called?
401(k)
Traditional IRA
Roth IRA
Social Security
Which of the following is a good way to build an emergency fund?
Spend all your income each month
Borrow money from friends whenever needed
Only save when you receive a bonus
Set aside a small amount from each paycheck regularly
What is the main purpose of a budget?
To track and control your spending and savings
To avoid saving money
To increase your credit card debt
To pay more taxes
Which of these actions can help improve your credit score?
Making late payments on your bills
Maxing out your credit cards
Paying your bills on time every month
Opening several new credit cards at once
