NEW
Font size
WorksheetsPersonal Financial Literacy : Module Test Study Guide
Total questions: 40
Worksheet time: 20mins
Alexis received paychecks from both her jobs and she would like to deposit them. One check is for $62.88 and the other is $523.22. She would like to keep $100 for herself. Is her deposit slip completed correctly?
Yes
No
How is the employee paid?
Wages
Salary
Consumer credit can help a lender determine how much a borrower is charged to borrow money.
True
False
A secured loan is backed by __________________.
“money from the government.”
“money from the financial institution.”
“collateral or something of value, posted by the borrower.”
“a promise to repay the loan.”
Using this graph, which budget item has the largest allowance?
Groceries
Dining out
Debt repayment
Housing
The top salary you can make.
Human capital
Earning potential
Productivity
Career
Is debt-to-income a factor when a lender is assessing whether to loan a borrower money?
No
Yes
If a consumer DOES NOT have any collection accounts, does that have a negative impact on their score?
Yes
No
What is the total amount of debt this person owes?
$7,351
$5,773
$20,475
$13,124
The quality, state, or fact of being able to generate, create, enhance, or bring forth goods and services.
Human capital
Opportunity cost
Earning potential
Productivity
What is a credit score?
An average of all of a borrower's credit accounts
A number that represents the risk a lender takes on a borrower
A score from a test given to borrowers by lenders.
A number that represents how much money a borrower owes.
How many hours of vacation has this employee used for this pay period?
62
16
18
08
An account that allows you to save money, as well as make deposits and withdrawals.
Certificate of Deposit
Checking
Money Market
Savings
What is a credit card?
The non-interest portion of a loan.
The paying off of a debt with a fixed repayment schedule in regular installments over a period of time.
A card issued by a bank or business, allowing borrowers to purchase goods and services on credit.
The fee that is paid to borrow money.
What is principal?
The paying off of a debt with a fixed repayment schedule in regular installments over a period of time.
The fee that is paid to borrow money.
The non-interest portion of a loan.
The rate lenders charge borrowers for money.
Phil Reagan has written a check to USA Electronics for $152.65. Is this check filled out correctly?
No
Yes
A __________allows you to invest your money with a set interest rate for a pre-set period of time.
Money Market
Checking
Savings
Certificate of Deposit
How many payments have been late by at least 30 days?
Three
Eight
Six
Four
Wages, salary and commission are examples of what type of income?
Passive
Earned
Portfolio
How many credit accounts does this person have?
16
08
10
06
Jimmy has poor credit, but would like to repair his credit with a credit card. For what type of card should Jimmy apply?
Unsecured
Secured
What is an interest rate?
The non-interest portion of a loan.
The fee that is paid to borrow money.
The paying off of a debt with a fixed repayment schedule in regular installments over a period of time.
The rate lenders charge borrowers for money.
What is the status of this account?
The $500
The Bahamas vacation
The laptop
Using misleading product images is an example of what type of deceptive advertising?
Deceptive descriptions
Deceptive pricing
Deceptive comparison
What is this employee's gross pay for this pay period?
$7680
$872.53
$1,280
$972.67
Meredith received a refund of $500. Meredith needs a new laptop, but she would also like to go on vacation to the Bahamas. If Meredith purchases the laptop, what is her opportunity cost?
The $500
The Bahamas vacation
The laptop
Which influence on spending deals with a person's family, friends and cultural environment?
Psychological
Personal
Social
Cultural
Money you earn from assets you have purchased or created. Generally recurring income.
Portfolio
Wages
Earned
Passive
The life of a CD (Certificate of Deposit) can range from a few ____________.
weeks to several months
months to several years
days to a few months
years to a decade
Income generated by selling an investment at a higher price than you paid for it.
Passive
Wages
Portfolio
Earned
When budgeting, large expenses should be __________________.
divided equally between all paychecks
taken from one paycheck
paid as they come up
divided between two paychecks
What is interest?
The rate lenders charge borrowers for money.
The non-interest portion of a loan.
The paying off of a debt with a fixed repayment schedule in regular installments over a period of time.
The fee that is paid to borrow money.
James earns 10% of every sale he makes. This is an example of:
Assets
Wages
Salary
Commission
Credit allows you to?
Receive an item right now and never pay for it.
Purchase an item right now and pay for it later.
Purchase an item right now and pay for it right now.
Pay for an item right now, but receive it later.
How many hours did this employee work during this pay period?
40
08
80
72
Lillian purchased a house for $150,000. Lillian and her husband invested $50,000 into home improvements. Lillian and her husband were able to sell the house for $200,000. Is this an example of portfolio income?
Yes
No
Education, training, and experience are some factors that influence earned income.
False
True
Randy earns $22 per hour. This is an example of:
Salary
Labor
Wages
Commission
An account that allows you easy access to your money and allows the use of checks and debit cards.
Savings
Money Market
Checking
Certificate of Deposit
What is the definition of a "want"?
Something you do not need to survive.
Something you would like to have.
Something that is necessary for you to survive.
Something that is important for you to have.”
