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Financial Literacy Review

Total questions: 28

Worksheet time: 44mins

Name
Class
Date
1.

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.

2.
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
3.
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.
4.
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.
5.
What is the difference between Debit and Credit?
a)
Debit uses money borrowed from the bank, Credit uses the money you already have.
b)
Credit uses borrowed money or the bank's money, Debit uses your money.  
c)
They are both cards, they are the same. 
d)
Debit charges interest until the balance is paid. Credit does not because you are using your own own money. 
6.

A method of payment not involving using cash, where the bank pays for the customer's purchase and the customer pays back the bank the amount with interest at a later date.

a)

Debit Card

b)

Credit Card

c)

BACS

d)

Paying-in Slips

7.
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
8.
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
9.
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. 
10.
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. 
11.
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
12.

Money earned or received is called:

a)
Expenses
b)
Income
c)
Deductions
d)
Check
13.

Tax on the value of a house, building or land is called:

a)
Sales Tax
b)
Property tax
c)
Income Tax
14.

Money paid to the government is called:

a)
Budget
b)
Fees
c)
Taxes
15.

Tax on something you buy is called:

a)

sales tax

b)

property tax

c)
income tax
d)
payroll tax
16.

A card that can be used to borrow money from financial institutions is called:

a)
debit card
b)
credit card
c)
check card
d)
cash card
17.

Payment for goods and services or what you spend:

a)

income

b)
taxes
c)
expenses
d)
credit card
18.
Money taken out your income
a)
gross
b)
net
c)
deductions
d)
expenses
19.

A bankcard linked to an individual’s checking account is called a:

a)
debit card
b)
credit card
c)
check card
d)
electronic card
20.
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
21.
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
22.
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
23.
The study of banking and money in this unit is called
a)
Banking Literacy
b)
Money Literacy
c)
Math literacy
d)
Financial Literacy
24.

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

a)

addition

b)

subtraction

c)

multiplication

d)

division

25.
Money that you make is called...
a)
income
b)
variable expense
c)
propery taxes
d)
fixed expense
26.

How does time effect money?

a)

The more money you save the more you will make

b)

The longer you save your money the more you will make

27.

Money invested is usually used...

a)

to achieve long-term goals

b)

for emergencies

c)

to purchase expensive items

d)

to pay off loans

28.

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

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