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financial literacy pre-test

Total questions: 93

Worksheet time: 8hrs 45mins

Name
Class
Date
1.
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
2.
Items that are owned by an individual
a)
assets
b)
liabilities
c)
property
d)
expenses
3.
Items that are owned by an individual
a)
assets
b)
liabilities
c)
property
d)
expenses
4.
A plan for spending
a)
income
b)
expenses
c)
sales tax
d)
budget
5.
A voucher entitling its user to a cash refund
a)
liability
b)
coupon
c)
expense
d)
wage
6.
The cost required to buy an item or service
a)
coupon
b)
expenses
c)
income
d)
wage
7.
Debts that are owed by an individual
a)
liabilities
b)
fixed expenses
c)
net worth
d)
assets
8.
The value of one's assets minus one's liabilities
a)
fixed income
b)
coupon
c)
net worth
d)
gross income
9.
The amount paid or earned for the use of money.  
The formula is I = prt
a)
Simple interest
b)
Compound Interest
c)
Coupon
d)
Monetary Incentives
10.
Which is an example of a variable expense?
a)
car payment
b)
mortgage
c)
electricity bill
11.
Which type of expenses are these, rent, car payment?
a)
Crazy bills
b)
Variable expense
c)
Fixed expense
12.
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
13.
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%
14.
Gas expenses are a type of _________ cost.
a)
fixed
b)
variable
15.
Sales tax is __________ to the price
a)
subtracted
b)
added
c)
multiplied
d)
divided
16.
True or False: Negative information stays on your credit report for 7-10 years.
a)
True
b)
False
17.
A plastic payment card linked to a financial account and is used for transactions.
a)
Debit Card
b)
Credit Card
c)
Checking Account
d)
Savings Account
18.
The actions of depositing and withdrawing money.
a)
Microtransactions
b)
Saving Money
c)
Transactions
d)
Shoe Laces
19.
To put money into an account.
a)
Deposit
b)
Withdraw
c)
Savings for a chicken
d)
Interest for a cow
20.
What is credit?
a)
Money allocated to a specific account for future use by the consumer without borrowing
b)
Goods, services, or money received in exchange for a promise to pay a definite sum of money at a future date
c)
The ability and willingness of an individual to pay back a loan as perceived by the lender
d)
An individual’s character, capital, capacity, collateral and conditions
21.
Amount charged if your payment is received after the billing date
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
22.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
23.
Your credit score is not configured off of which of the following:
a)
Payment history
b)
Amount owed
c)
GPA
d)
Length of credit history
24.
Besides tuition, most colleges also charge their students for...
a)
room & board
b)
extra fees
c)
books
d)
all of the above
25.
Scholarships and grants are available for many college students, and they...
a)
have deferred payment
b)
give students a job to help pay
c)
don't have to be paid back
d)
have a low interest rate
26.
Mr. Porter wants to spend an extra $150 this weekend on a family outing tot he state fair. Which of the following could be a way to adjust his budget to allow for the extra expense?
a)
Work fewer hours this week
b)
Work overtime
c)
Give money to charity
d)
Increase gasoline usage
27.
Mr. Porter wants to spend an extra $150 this weekend on a family outing tot he state fair. Which of the following could be a way to adjust his budget to allow for the extra expense?
a)
Work fewer hours this week
b)
Work overtime
c)
Give money to charity
d)
Increase gasoline usage
28.
When is Mr. Simon's budget balanced?
a)
When his monthly expenses are greater than his total income.
b)
When his income is greater than his expenses
c)
When his weekly expenses are greater than his monthly income
d)
When his income is equal to his expenses
29.
Savannah earned $1300.00 at her job. Her paycheck was made out in the amount of $973.22. What kind of tax was taken out of her earnings?
a)
sales
b)
payroll
c)
income
d)
property
30.
Alex bought a new car priced at $13,840 but he paid $14,597. What kind of tax did he pay?
a)
property
b)
payroll
c)
income
d)
sales
31.
A city collects money from the people who live in it to pay for police protection and other city services. People who own houses or land pay this tax. What kind of tax is this?
a)
sales
b)
income
c)
property
d)
payroll
32.
Everybody who earns money has to pay taxes to the government. What kind of tax is this?
a)
payroll
b)
sales
c)
income
d)
government
33.
Dan earns $436.54 a week at his job. $102.38 is taken out and he takes home $334.16. What does $436.54 represent?
a)
net income
b)
sales tax
c)
gross income
d)
payroll tax
34.
Dan earns $436.54 a week at his job. $102.38 is taken out and he takes home $334.16. What does $334.16 represent?
a)
net income
b)
sales tax
c)
gross income
d)
payroll tax
35.
Ramon keeps exceeding his monthly budget by $100. Which is the best way for him to balance his budget from now on?
a)
Sell some of his clothes every week
b)
Find a roommate to share the rent
c)
Skip school one day a week
d)
Walk to all of his destinations
36.

Which of the following is an advantage of using a credit card?

a)

Interest is charged for the use of a credit card.

b)

Consumers can purchase things now, and pay for them later in the event of an emergency.

c)

You could be a victim of identity theft.

37.

Which of the following will make it less likely for you to be approved for a car loan?

a)

having a steady job

b)

late credit card payments

c)

a high credit score

d)

having a low debt-to-income ratio

38.

Which of the following will make it less likely for you to be approved for a car loan?

a)

having a steady job

b)

late credit card payments

c)

a high credit score

d)

having a low debt-to-income ratio

39.

The total amount of income from wages before any payroll deductions.

a)

property tax

b)

gross income

40.

This month Mando’s expenses are greater than his income. What are two actions Mando can take in order to balance his budget?

a)

Increase expenses and decrease income

b)

Decrease expenses and decrease income

c)

Decrease expenses and increase income

d)

Increase expenses and increase income

41.

The amount of money a person takes home after taxes and other deductions.

a)

net income

b)

gross income

42.
Which one of the following are financial institutions?
a)
bank and credit union
b)
library and hospital
c)
school and museum
d)
Starbucks and Wal-Mart
43.
Which services is a bank likely to offer?
a)
net deposit and balance
b)
online banking and savings accounts
c)
check writing and car wash
d)
credit card and Tootsie Rolls
44.
When depositing money into an account, it is important to:
a)
include your account number
b)
swipe your credit card
c)
thank the teller
d)
sign your deposit ticket
45.
You can continue to write checks as long as you have check in your checkbook.
a)
True
b)
False
46.
All bank transactions should be recorded in the register
a)
True
b)
False
47.
A direct deposit is when you take your paycheck directly to the bank after your receive it.
a)
True
b)
False
48.
Credit cards and debit cards are essentially the same thing.
a)
True
b)
False
49.
Banks offer different kinds of accounts because:
a)
Different customers have different needs
b)
They have to by law
c)
It seems like the fun thing to do
d)
They are greedy
50.
The higher the interest rate, the better
a)
True
b)
False
51.
The longer the money is saved, the better
a)
True
b)
False
52.
The more you add to yours savings, the better
a)
True
b)
False
53.
The lower the interest rate, the better.
a)
True
b)
False
54.
The more you add to your savings, the worse off you will be.
a)
True
b)
False
55.

What do we call a fee that is collected for using someone's money?

a)

Deposit

b)

Interest

c)

Loan

d)

Check

56.

Mr. Lloyd wants to buy a new television, but he does not have enough money in his bank account to pay for one. Which of these is NOT an option for Mr. Lloyd?

a)

He can use his credit card to buy the television now.

b)

He can save money and pay cash for the television at a later date.

c)

He can use his debit card to buy the television now.

d)

He can save money and use his debit card to buy the television at a later date.

57.

Which statement best describes purchases made with a debit card?

a)

Purchases made with this card are subject to interest.

b)

Purchases made with this card can be paid over time.

c)

Purchases made with this card are withdrawn directly from a bank account.

d)

Purchases made with this card are subject to a credit limit.

58.

Which of the following is a reason to establish a good credit score?

a)

It helps you get a loan.

b)

It helps you get a better interest rates on loans.

c)

It helps the borrower determine if a loan will be approved.

d)

All of the above.

59.

What mathematical operation is used in a check register when a withdrawal is made?

a)

addition

b)

subtraction

c)

multiplication

d)

division

60.
Amanda has to pay taxes on her annual salary and investments. Which type of tax is Kimberly paying? 
a)
Sales Tax
b)
Property Tax
c)
Payroll Tac
d)
Income Tax
61.
Something that you pay is called....
a)
income
b)
an expense
c)
a profit
d)
savings
62.
Money that you make is called...
a)
income
b)
variable expense
c)
propery taxes
d)
fixed expense
63.

What is emergency savings?

a)

Transferring money into your savings before you pay your bills

b)

Original amount of money saved or invested

c)

Cash set aside to cover the cost of unexpected events

d)

Maximizing your return by selling stocks at a higher price than what you paid for

64.

When is an item considered an asset?

a)

While you are making monthly payments on time

b)

Converting an asset into cash

c)

When cash is used for emergencies

d)

When it is fully paid off and can be sold for cash

65.

How does time effect money?

a)

The more money you save the more you will make

b)

Saving for a short period of time proves long term investments

c)

The longer you save your money the more you will make

66.

What is a bond?

a)

A share of profits distributed in cash to stockholders

b)

A share of ownership in a company

c)

When an organization pays interest to the lender (purchaser) until the maturity date is reached

d)

A Form of lending to a company or the government

67.

Which is not part of a checking account?

a)

ATM card

b)

Checks

c)

Stocks

d)

Online bill pay

68.

Which is not a positive aspect of using a debit card:

a)

Opens your account to credit fraud

b)

Its small and convenient to use

c)

Allows you to carry less cash

d)

Allots for overspending

69.

When does overdraft occur?

a)

When liquidity occurs

b)

When stocks are sold at a high price then it was bought for

c)

When your withdrawal from a bank account exceeds the available balance

d)

When you purchase an item on credit

70.

What does electronic banking do?

a)

Acts as a debit card when you purchase an item

b)

Gives you ownership of a company

c)

Does not allow you to pay bills from your bank account

d)

Gives people access to bank accounts and cash in a fast and paperless way

71.

What is the highest credit score you can achieve?

a)

800

b)

1000

c)

850

d)

550

72.

Which is NOT a credit agency that calculates your credit score?

a)

Experian

b)

Federal Reserve

c)

Trans Union

d)

Equifax

73.

What is credit?

a)

Receiving goods and services now and paying for them later

b)

The process of depositing money into your savings the day you receive it so you have savings later

c)

Having ownership of a company based on how many stocks you have bought

d)

Accumulating money each month for emergencies

74.
To put money into an account.
a)
Deposit
b)
Withdraw
c)
Savings for a chicken
d)
Interest for a cow
75.
money owed
a)
balance
b)
overdraft fee
c)
loan
d)
debt
76.
What is money borrowed that must be repaid, usually with interest?
a)
Loan
b)
Check
c)
Checking account
d)
Debit card
77.
What is a budget
a)
A plan to manage income and expenses
b)
 average monthly income
c)
average yearly income
d)
a plan that poor people need to use
78.
When you owe money it is called: 
a)
Expenses
b)
Debt
c)
Assets
d)
Liabilities
79.
When you owe money it is called: 
a)
Expenses
b)
Debt
c)
Assets
d)
Liabilities
80.
the total amount of personal income before taxes and deductions 
a)
Net Income
b)
Gross Income
81.
Money paid to the government
a)
Budget
b)
Fees
c)
Taxes
d)
Food stamps
82.
when your expenses and Income are equal
a)
net income
b)
gross income
c)
balanced budget
d)
great
83.
Money taken out your income
a)
gross
b)
net
c)
deductions
d)
expenses
84.
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.
85.
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.
86.
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.
87.
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
88.
Overspending and accumulating too much debt can ruin your credit score
a)
True
b)
False
89.
Credit scores are based on certain criteria such as
a)
religion
b)
payment history
c)
gender
d)
all of these things
90.
An example of a secured card is a
a)
Debit card
b)
Pre-paid Visa card
91.
The percentage rate (APR) charged on purchases is called:
a)
annual fee
b)
interest
c)
balance
92.
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.
93.
Which of the following can be damaging to a person's credit history?
a)
Having 15 accounts open with high balances
b)
Making minimum monthly payments on due date
c)
Having one hard inquiry on a credit report
d)
Having multiple addresses listed in personal information

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