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Financial Literacy Review

Total questions: 30

Worksheet time: 1hrs 19mins

Name
Class
Date
1.

You have a beginning balance of $400, but your rent is $500. How much will you have in your bank account after the bank take out your $35 overdraft fee?

a)

-$45

b)

-$78

c)

$84

d)

-$135

2.

You have a beginning balance of $540, but your rent is $300. Your groceries cost $200 How much will you have in your bank account?

a)

$80

b)

-$40

c)

$40

d)

$75

3.

You have a beginning balance of $400, but your rent is $250. Your phone bill automatically withdrew $200. How much will you have in your bank account after the bank take out your $35 overdraft fee?

a)

-$85

b)

-$100

c)

85

d)

105

4.

You have a beginning balance of $4100, but your rent is $1,000. The light bill is $230 How much will you have in your bank account?

a)

$456

b)

$780

c)

$2870

d)

$2810

5.

You have a beginning balance of $400, but your rent is $200. You received your direct deposit of $300, but your light bill is $700. How much will you have in your bank account after the bank take out your $35 overdraft fee?

a)

-$435

b)

-$235

c)

-$200

d)

-$535

6.

You have a beginning balance of $400, but your rent is $150. The grocery store charged you $200 for groceries. Your phone bill is $75. How much is your balance after you receive your direct deposit of $200? (keep in mind you was charge a $35 overdraft fee because your phone bill put you in the negative)

a)

-$40

b)

75

c)

-$140

d)

$140

7.

You have a beginning balance of $100, but your game cost is $200. How much will you have in your bank account after the bank take out your $35 overdraft fee?

a)

-$45

b)

-$135

c)

-$35

d)

-$75

8.

How much money will you have left in your budget if your income is $1500 and your fixed expense is $1235?

a)

$245

b)

$265

c)

$255

d)

$275

9.

Which of the following would be considered income?

a)

Phone bill

b)

Pay Check

c)

Direct deposit

d)

Rent

e)

Money in your birthday card

10.

If you get paid $750 twice a month. How much do you get paid a year?

a)

$7500/ yr

b)

$18,500/ yr

c)

$18,000/ yr

d)

$40,000/yr

11.
Where is a safe place to store your money?
a)
Bank, building society or credit union.
b)
A bank in Iceland.
c)
A Christmas hamper company.
d)
A piggy bank
12.
A savings account earns interest on the balance, true or false?
a)
true
b)
false
13.

Withdraw

a)

Keeping track of money

b)

Taking money out of bank account

c)

Putting money in bank account

14.

Bank Account

a)

Proof of Identification

b)

A plastic card used to withdraw money

c)

A agreement between made with a bank to keep your money.

15.

Income

a)

Money earned from working

b)

Putting money in a bank account

c)

Tracking where you spend money

16.

Deposit

a)

Taking money out of your bank account

b)

A plastic card used to make purchases

c)

Putting money in your bank account

17.

Where does a debit card withdraw money from?

a)

A fundraiser

b)

Your savings account

c)

Your checking account

18.

Why should you keep your PIN safe?

a)

To keep people from stealing your bank account info

b)

To make sure you have income

c)

To make withdraws from your checking account

19.

Where do you get checks from?

a)

The mall

b)

Amazon

c)

Your bank

20.

Do you write the date on a check?

a)

Yes

b)

No

21.

Actions or actions that someone or a company does for you for profit?

a)

Services

b)

Goods

c)

Online Shopping

d)

Consumer

22.

A person who purchases goods and services for personal use.

a)

Buyer

b)

Seller

c)

Endorser

d)

Consumer

23.

A card issued by a bank or business, allowing the holder to purchase goods or services on credit.

a)

Debit Card

b)

Coupon Card

c)

ATM Card

d)

Credit Card

24.

Card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.

a)

Debit Card

b)

Coupon Card

c)

ATM Card

d)

Credit Card

25.

Your beginning balance is $475. Your rent is due which is $150 and your cell phone bill is $55. How much is your ending balance after paying your bills?

a)

$280

b)

$270

c)

$185

d)

$55

26.

Your beginning balance is 536.75, but your car payment is 208.92. Next, your car insurance is 182.73 and groceries cost 76.23. Your income direct deposited your weekly check of $300, but your rent is $400. If your bank covers the overdraft and charges you a $35 fee, what is your ended balance?

a)

-31.13

b)

-51.13

c)

-66.13

d)

-86.13

27.

How do you calculate a budget?

a)

Income - Expenses =?

b)

Paycheck + Variable Income =?

c)

Gross pay + Net expenses =?

d)

Gross pay - Net expenses =?

28.

If your bank account is already overdrawn -$183 How much of your paycheck will you receive if your check is $850?

a)

$453

b)

$667

c)

$776

d)

$456

29.

If your direct deposit of $967 hits and you use an out-of-branch ATM with a $2.50 fee, How much money will you have if you withdrawal $175?

a)

$789.50

b)

$546.75

c)

$792.00

d)

$808.50

30.

When calculating a budget you should use your gross income.

a)

True

b)

False