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Financial Literacy Chapter 20

Total questions: 48

Worksheet time: 27mins

Name
Class
Date
1.
Something that you pay is called....
a)
income
b)
an expense
c)
a profit
d)
savings
2.
Money that you make is called...
a)
income
b)
variable expense
c)
propery taxes
d)
fixed expense
3.
Money paid to the government
a)
Budget
b)
Fees
c)
Taxes
d)
Food stamps
4.
Tax on money from a job, paid once a year on April 15 to the IRS
a)
Payroll tax
b)
Coupons
c)
Sales Tax
d)
Income Tax
5.

A written document telling the financial institution to pay someone

a)
Cash
b)
Card
c)
Check
d)
Debit 
6.
a card that can be used to borrow money from financial institutions,
a)
debit card
b)
credit card
c)
check card
d)
cash card
7.
payment for goods and services, what you spend
a)
Income
b)
taxes
c)
expenses
d)
credit card
8.
Money taken out your income
a)
gross
b)
net
c)
deductions
d)
expenses
9.
a bankcard linked to an individual’s checking account 
a)
debit card
b)
credit card
c)
check card
d)
electronic card
10.
When you write a check from your checking account this is a:       
a)
Credit added to your balance.   
b)
Debit subtracted from your balance
c)
Credit subtracted from your balance.
d)
Debit added to your balance.
11.
A checking account is: 
a)
An account where money can easily be deposited and withdrawn by means of checks, debit cards and ATM transactions. 
b)
An interest bearing account where your deposit remains for a set period of time.
c)
 A computer program that checks your email account.
d)
Ownership in a company.
12.
Reasons for making a budget include:
a)
To keep track of your income and expenses.
b)
To achieve your long term goals. 
c)
To have a spending plan.
d)
All of the above choices are correct. 
13.
The lowest amount of money shown on your credit card bill that must be paid every month is called the: 
a)
late fee
b)
minimum payment
c)
credit limit
d)
previous balance
14.
How can a cardholder avoid paying interest on a credit card?
a)
. Do not pay anything.   
b)
Pay the minimum balance every month.   
c)
Pay the minimum payment after the due date
d)
 Pay the balance in full every month.
15.
A detailed report of your credit history prepared by a credit bureau and used by a lender to determine creditworthiness is called a:
a)
Credit Report
b)
Credit Card
c)
Certificate of Creditworthiness
d)
Report Card
16.
Which situation shows a financially responsible citizen?
a)
 Purchasing an expensive automobile you CANNOT afford.
b)
Only buying items that you CAN afford
c)
Throwing money out the window.
d)
Hiding your money under your mattress. 
17.

If you bought something for $10 dollars what would be your final cost of that product after the sales tax is applied?

a)

$10.07

b)

$10.70

c)

$11.00

d)

$10.85

18.

When you can't pay your debts you have to declare _______.

a)

bankruptcy

b)

you are poor

c)

income

d)

debt

19.

When an investor makes money on their loan it is called the __________.

a)

down payment

b)

loan officer

c)

debt

d)

return

20.

When a purchaser wants to purchase something, they may need to also pay a _______________ on it.

a)

credit

b)

impulse buying

c)

down-payment

d)

dividend

21.

The income that remain after all taxes on it have been paid is called ______________________.

a)

disposable income

b)

taxes

c)

discretionary income

d)

debit

22.

When you compare prices and warranties before buying a product you are _________.

a)

comparison shopping

b)

impulse buying

c)

debit

d)

credit

23.

What is the minimum wage in the US?

a)

$7.25

b)

$8.00

c)

$15.00

d)

$10.00

24.

A withdrawal is when you ________.

a)

you spend more than you should

b)

add money to your account

c)

take money from your account.

d)

Adding interest to your account

25.

To avoid paying interest on a credit card you should ______.

a)

Pay part of the amount due

b)

add $100 to your payment

c)

make the minimum payment every month

d)

pay the entire balance off each month

26.

What goes on the bottom right of a personal check?

a)

the person's name you are making the check out to.

b)

the amount of the check

c)

Your address

d)

Your signature (name)

27.

If you are overdrawn that means that you _______.

a)

Added interest to your account

b)

Added money to your account

c)

Spent more than you had in your account

d)

The bank added money to your account

28.

The balance of your account is _________.

a)

the amount you overspent on your account

b)

the amount of money you have in your account

c)

the amount of money in the bank

d)

Your friends amount of cash in their packet.

29.

If you bought a $4.00 happy meal at McDonald's how much would the bill be after adding the taxes?

a)

$5.28

b)

$4.28

c)

$4.24

d)

$4.78

30.

A person who loans money to someone so they can buy something is consider a ____________.

a)

consumer

b)

borrower

c)

lender

d)

investor

31.

One purpose for saving money is so ________.

a)

you can spend it fast

b)

make a plan for expenditures and income

c)

increase risk for investing

d)

You have enough money for a large purchase.

32.

Which of these types of saving pays high interest and allows you to write checks against deposited money?

a)

Savings Account

b)

Money Market Account

c)

Mutual Fund

d)

Certificate of Deposit (CD)

33.

A person is lending money to a company or government when buying ______________.

a)

principal

b)

interest

c)

a checking account

d)

a bond

34.

The amount you first put into an account is considered the _________.

a)

interest

b)

bond

c)

principal

d)

stock

35.

A promise from a manufacturer or a seller to repair or replace a faulty product within a certain time period is called _________

a)

a warranty

b)

income

c)

producer

d)

consumer

36.

A pool of money from many people that is invested by financial experts is called a ___________.

a)

saving account

b)

stock

c)

bond

d)

mutual fund

37.

What is the correct way to write the amount of your check on the second line of your check if the amount was $102.43?

a)

One hundred and two and 43 cents

b)

102 and 43/100

c)

One hundred and two and 43/100

d)

One hundred and 43/100

38.

You buy something for $12.00. How much would it be after adding in the tax?

a)

$13.84

b)

$13.00

c)

$12.70

d)

$12.84

39.

Which is risky to put your money in: stocks and bonds or mutual funds.

a)

stocks and bonds

b)

mutual funds

40.

Tax on a product that you have bought is considered ________ tax.

a)

income

b)

property

c)

sales

d)

foreclosure

41.
Tax on the value of a house, building or land
a)
Sales Tax
b)
Property tax
c)
Income Tax
42.
when your expenses and Income are equal
a)
net income
b)
gross income
c)
balanced budget
d)
great
43.
Tom's net income was $400.  His gross income was $440.  How much was taken out for deductions?
a)
$840
b)
$40
c)
$98
d)
$4
44.
Interest can be defined as:
a)
a charge for lending money
b)
the amount owed for borrowing money
c)
the amount added into your savings account when opening a bank account
d)
a charge for convenience of accessing money in your bank
45.

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

46.

Which of these types of saving pays high interest and allows you to write checks against deposited money?

a)

Certificate of Deposit or CD

b)

checking account

c)

money market account

d)

a savings account

47.

The ___________ is the money you initially deposit into an account.

a)

bond

b)

interest

c)

principal

d)

stock

48.

The property or other valuable item that a borrower pledges as security for a loan is called __________.

a)

collateral

b)

income

c)

expense

d)

bankruptcy

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