WorksheetsFinancial Literacy
Total questions: 40
Worksheet time: 1hrs 6mins
Name
Class
Date
1.
The actions of depositing and withdrawing money.
a)
Microtransactions
b)
Saving Money
c)
Transactions
d)
Shoe Laces
2.
To put money into an account.
a)
Deposit
b)
Withdraw
c)
Savings for a chicken
d)
Interest for a cow
3.
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
4.
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
5.
If a person with a master's degree earns 30% more than someone with an undergrad degree, what would Susie make if she got her master's and she makes $50,000 now?
a)
$166,666
b)
$65,000
c)
$50,030
6.
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
7.
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
8.
What do we call the amount left over from your paycheck after taxes and deductions?
a)
balance
b)
gross balance
c)
transaction
d)
net pay
9.
You can continue to write checks as long as you have check in your checkbook.
a)
True
b)
False
10.
A direct deposit is when you take your paycheck directly to the bank after your receive it.
a)
True
b)
False
11.
Credit cards and debit cards are essentially the same thing.
a)
True
b)
False
12.
The longer the money is saved, the better
a)
True
b)
False
13.
The more you add to yours savings, the better
a)
True
b)
False
14.
What do we call a fee that is collected for using someone's money?
a)
Deposit
b)
Interest
c)
Loan
d)
Check
15.
money earned or received
a)
Expenses
b)
Income
c)
Deductions
d)
Check
16.
the total amount of personal income before taxes and deductions
a)
Net Income
b)
Gross Income
17.
Tax on the value of a house, building or land
a)
Sales Tax
b)
Property tax
c)
Income Tax
18.
Money paid to the government
a)
Budget
b)
Fees
c)
Taxes
d)
Food stamps
19.
Tax on something you buy
a)
Sales Tax
b)
Property tax
c)
income tax
d)
payroll tax
20.
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
21.
payments using security features on the Internet
a)
Gross payment
b)
Electronic payment
c)
no payment
d)
computer payment
22.
Money taken out your income
a)
gross
b)
net
c)
deductions
d)
expenses
23.
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
24.
Jill earned $220 gross income last month. She had to pay $13 for payroll tax and $27 for income tax. How much was Jill's net income?
a)
$260
b)
$193
c)
$180
d)
$40
25.
Bob's net income last month was $985. He paid $75 in payroll taxes and $25 on income taxes. What was Bob's gross income?
a)
$885
b)
$1085
c)
$900
d)
$910
26.
Wendy wants to improve her credit score. Which of the following actions will help Wendy improve her score?
a)
Pay the minimum amount due on credit cards and loans.
b)
Close any accounts that have a zero balance.
c)
Make all monthly payments on or before due date.
d)
Take out additional loans to pay off current debt.
27.
What is one advantage of using a credit card over a debit card?
a)
Using a credit card never has an advantage over using a debit card.
b)
Colleges may look at a person's credit history before accepting them into school.
c)
Apartment managers or landlords may look at a person's credit history before renting.
d)
Using a credit card responsibly can build positive credit history.
28.
How long does negative information stay on your credit report?
a)
5 years
b)
7 years
c)
15 years
d)
Forever
29.
Credit cards take money directly out of your bank account.
a)
True
b)
False
30.
One of the main features of a debit card is
a)
You have to pay interest on purchases
b)
You get to make payments over time
c)
The money comes directly from your checking account
d)
You have to apply for one
31.
If a plumber earns $55,100 per year and an electrician earns $59,500 per year, how much more money would the electrician earn over the plumber in 20 years?
a)
$4,400.00
b)
$4,500.00
c)
$44,000.00
d)
$88,000.00
32.
If a school counselor earns $63,600 per year and an assistant principle earns $83,500 per year, how much more would would the assistant principal earn than the school counselor over 10 years?
a)
$20,900.00
b)
$19,900.00
c)
$199,000.00
d)
$398,000.00
33.
____________________ will negatively affect your credit score.
a)
Moving to an apartment
b)
Paying late on your car loan
c)
Forgetting your sisters birthday
d)
Forgetting to pay mom back for the lmoney you borrowed.
34.
Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?
a)
Gross Income
b)
Net Income
c)
Both Gross and Net Income
d)
None of the above
35.
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
36.
Amarise's salary has a net income of $235 per week. If she pays $30 in income tax and $15 in payroll tax, how could Juliette determine her gross income? Why?
a)
235 – 30 – 15 = $190 Net income minus all deductions equals gross income.
b)
235 + 15 = $250 Net income plus payroll tax deductions equals gross income.
c)
235 + 30 = $265 Net income plus income tax deductions equals gross income.
d)
235 + 30 + 15 = $280 Net income plus all deductions equals gross income.
37.
Anthony has a new job. He is paid twice a month. He wants to save $720 a year to put toward college. How much money does Anthony need to save from each paycheck?
a)
Anthony should save $30 from each paycheck.
b)
Anthony should save $20 from each paycheck.
c)
Anthony should save $10 from each paycheck.
d)
Anthony should save $5 from each paycheck.
38.
If Sammy’s expenses are greater than his income, what must he do to balance his budget?
a)
Earn more money
b)
Spend less money on expenses
c)
Earn more money AND spend less
d)
None of the above
39.
Damian has $585 in his bank account. His expenses consist of a $150 cell phone payment, $75 for food, and $90 for his internet bill. He also wants to buy his favorite video game and wants to save $65 for the game. Damian wants to be sure he is within his budget because he wants to buy his mother a birthday gift. How much money will Damian have left in his bank account to buy his mother a gift? Will he have enough?
a)
$205; no he doesn't have anough
b)
$335; no he doesn't have enough
c)
$205; yes he has enough
d)
$355; yes he has enough
40.
Which of the following is considered an advantage to using a debit card to make purchases?
a)
Debit cards are convenient and easy to carry around.
b)
Purchases can be made quickly and easily.
c)
You can use many ATMs to get cash.
d)
All of the above.
100 %
