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Financial Literacy Review

Total questions: 45

Worksheet time: 15mins

Name
Class
Date
1.

Which of the following is an example of a need for most people?

a)

A place to live

b)

Designer Jeans

c)

An expensive car

2.

What is a good reason to save money?

a)

To have money to buy things

b)

To have money put aside for emergencies

c)

For a future purchase

d)

Any or all of the choices

3.

Money that your earn is called...

a)

expense

b)

debt

c)

income

d)

credit

4.

Money that you spend is called...

a)

expense

b)

income

c)

debt

d)

profit

5.

The definition of an expense that does NOT change from month to month.

a)

fixed expense

b)

variable rate

c)

opportunity cost

d)

online bill

6.

In the 50/30/20 Rule...what does the 50% represent?

a)

Resources

b)

Needs

c)

Bills

d)

Wants

7.

Which one of these definitions best describe Opportunity Costs?

a)

The cost of making one decision over another.

b)

The cost for the opportunity to buy anything you want.

c)

The opportunity that will cost you loads of money.

8.

Choose the correct description...you don't feel like going to work today (which means you don't get paid), but you have a really boring day at home.

a)

Low Cost/Low Benefit

b)

Low Cost/High Benefit

c)

High Cost/High Benefit

d)

High Cost/Low Benefit

9.

If saving your money to buy the newest electronics and you base your Budget on that expense, you are most likely using this Budget Method...

a)

50/20/30

b)

Zero Based Budget

c)

60% Solution

d)

Values Based Budget

10.

"A living and breathing plan for your money so you do not spend too little or too much" is the definition of what according the Atypical Finance creator Tim Jordan.

a)

Budget

b)

Income

c)

Expense

d)

Work-Life Balance

11.

Net pay is ...

a)

income before deductions

b)

income after deductions

c)

income you take home

d)

income with holdings

12.

What does FICA stands for?

a)

For Insurance Contributing Animals

b)

Formal Initiative Costing Association

c)

Federal Insurance Contributions Act

d)

None of the above

13.
Taxes are deducted from all employees paychecks
a)
true
b)
false
14.
On a pay stub, this indicates the total amount of money received by an employee after all deductions are taken out.
a)
Net Pay
b)
Gross Pay
c)
Total Pay
d)
Grand Pay
15.

Money paid to the government

a)

Paystub

b)

Current

c)

Taxes

d)

Net Pay

16.

Money taken out of a paycheck to cover expenses including taxes and health insurance

a)

Deductions

b)

Taxes

c)

Paystub

d)

Net Pay

17.
How many hours were worked this pay period?
a)
28
b)
40
c)
80
d)
50
18.

Our tax money is spent on all of the following EXCEPT:

a)

Social Security

b)

The Military

c)

Private School Education

d)

National Parks

19.

What item would you DEFINITELY see on a paystub?

a)

Retirement

b)

Healthcare

c)

Gross Pay

d)

Your occupation/role

20.
Helps provide retirement income for the elderly and pays disability benefits
a)
medicare
b)
social security
c)
state income tax
d)
federal income tax
21.

This is the part of a check that people write a short note to themselves about the purpose for the check.

a)

signature line

b)

memo

c)

date

d)

Pay to the Order Of

22.

What is labeled number 4?

a)

Date

b)

Account number

c)

Check number

d)

Amount in numbers

23.

What is labeled number 6?

a)

Payee (who is being paid)

b)

Payor (owner of the check)

c)

Signature

d)

Bank

24.

What is labeled number 9?

a)

Account number

b)

Check number

c)

Routing number

d)

Amount in numbers

25.

What is missing from this check?

a)

Memo

b)

The bank where the check is from

c)

Payor's phone number

d)

Signature

26.

People who are unbanked are most likely to...

a)

Use a mobile banking app

b)

Receive a monthly statement of their transactions

c)

Deposit their checks at the ATM

d)

Incur lots of fees at Check Cashers to access their money

27.

Overdraft protection...

a)

is a service offered only for premium checking accounts.

b)

brings in a few hundred dollars each year to banks.

c)

is a fee-free service that prevents you from overdrawing.

d)

can keep you from overdrawing but charges a fee.

28.

Mobile or email alerts for your checking account can notify you of...(hint: choose 3 correct answers)

a)

Low balances

b)

Unusual activity

c)

Deposits

d)

Credit Card transactions

29.
What feature is LEAST important for a college student to look for in a checking account?
a)
Low minimum balance requirement
b)
Interest rate
c)
Fees
d)
ATM availability
30.
Which of the following is FALSE about check registers?
a)
It can help you identify mistakes in your bank statement
b)
It can help you avoid writing checks that cause an overdraft
c)
You can submit them to the bank and verify each transaction
d)
You know exactly how much money you have left to spend
31.
This account allows you to withdraw money, pay a bill, or make purchases easily.
a)
Checking Account
b)
Savings Account
c)
Market Money Account
d)
CD Account
32.
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
over spending fee
33.
Which of the following is not found on a check?
a)
Account Owner's Name & Address
b)
Account Owner's Social Security Number
c)
routing number
d)
account number
34.

Another name for an overdraft fee is non-sufficient funds.

a)

true

b)

false

35.

What is this paper?

a)

It's a tax return paper

b)

It's a credit card statement

c)

It's a bank statement

36.

If you use an ATM that is not sponsored by your bank, you may be...

a)

given extra money.

b)

sent a notice by your bank.

c)

not allowed to get money.

d)

charged a service fee.

37.
Which is NOT a typical goal for a savings account?
a)
To create an emergency fund
b)
To pay for higher education
c)
To save for a new car
d)
To buy groceries for this week
38.
About how much should you save in an emergency fund?
a)
1-3 months of living expenses
b)
3-6 months of living expenses
c)
6-9 months of living expenses
d)
9-12 months of living expenses
39.
What is a good strategy to help you save?
a)
1st, spend money on all expenses; put the rest into saving
b)
Tap into your savings on a regular basis to purchase small items, like snacks
c)
Pay yourself first - set aside money for savings each month
d)
Keep your spending and saving money together in 1 account
40.
How is compound interest different than simple interest?
a)
It is simple interest - interest earned on that interest
b)
It is double the simple interest earned on an investment
c)
It is simple interest + interest earned on that interest
d)
It's not different; they are one and the same
41.

A bank account that allows you to deposit/withdraw money at any time and earns interest is a

a)

money market fund

b)

money market deposit account

c)

regular savings account

d)

certificate of deposit

42.

What is the date when money deposited into a Certificate of Deposit (CD) becomes available called?

a)

maturity date

b)

liquidity

c)

rate of return

d)

savings

43.

The interest rate on a CD is __________ than that on a regular savings account.

a)

Lower

b)

Higher

c)

Same

d)

Does not earn interest

44.

You earn _______________ by saving money in a savings account.

a)

money

b)

interest

c)

awards

d)

trophies

45.

Interest calculated on the amount of money deposited ONLY.

a)

Daily

b)

Simple

c)

Compound

d)

Annual

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