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Financial Literacy

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.

What is Borrowed Money called? *

a)

Interest

b)

Loans

c)

Savings

d)

Investment

2.

Putting Money Away for Later *

a)

Savings

b)

Net Pay

c)

Loan

d)

Interest

3.

What you bring home after all your Deductions? *

a)

Gross Pay

b)

Savings

c)

Annual Pay

d)

Net Pay

4.

What you make before deductions?

a)

Gross Pay

b)

Savings

c)

Earned Income

d)

Net Pay

5.

Something you pay when you have debt *

a)

FICA

b)

Taxes

c)

Interest

d)

Social Security

6.

What is emergency savings?

a)

Transferring money into your savings before you pay your bills

b)

Original amount of money saved or invested

c)

Cash set aside to cover the cost of unexpected events

d)

Maximizing your return by selling stocks at a higher price than what you paid for

7.

What is investing?

a)

Possibility that an investment will fail to pay the expected return

b)

Money invested is usually used to pay for long-term goals

c)

Assets purchased with the goal of providing additional income from the asset itself but with the risk of loss

d)

The danger that money won’t be worth as much in the future as it is today.

8.

Stocks are:

a)

A share of ownership in a company

b)

Organization pays interest to the lender

c)

Form of lending to a company or the government

d)

A specified time in the future when the principal amount of the bond is repaid to the bondholder

9.

Investments are important to building:

a)

For emergencies

b)

For your future net worth

c)

A trade-off to higher returns is lower liquidity and higher risk

d)

Tax-advantaged investments

10.

When does overdraft occur?

a)

When liquidity occurs

b)

When stocks are sold at a high price then it was bought for

c)

When your withdrawal from a bank account exceeds the available balance

d)

When you purchase an item on credit

11.

What is the highest credit score you can achieve?

a)

800

b)

1000

c)

850

d)

550

12.

Which is NOT a credit agency that calculates your credit score?

a)

Experian

b)

Federal Reserve

c)

Trans Union

d)

Equifax

13.

What is credit?

a)

Receiving goods and services now and paying for them later

b)

The process of depositing money into your savings the day you receive it so you have savings later

c)

Having ownership of a company based on how many stocks you have bought

d)

Accumulating money each month for emergencies

14.

When is interest paid?

a)

When the company you have bought stock in has earned you a profit

b)

When you borrow money from a lender and they charge you for the convenience of giving you a line of credit

c)

When you put money into your savings

d)

When you over withdrawal in your bank account and you are charged a fee

15.
Using a credit card allows you to...
a)
put money into a savings account.
b)
purchase something now and pay for it later.
c)
take money directly from your checking account.
16.
All of these are examples of types of credit except:
a)
savings account
b)
college loan
c)
credit cards
d)
car loan
17.
Before signing up for a credit card, you will want to find out...
a)
if there is an annual fee.
b)
what the interest rate is on purchases.
c)
what types of late fees could be charged.
d)
all of these are correct.
18.
When you sign up for a credit card you will get a lengthy document explaining things, it is the
a)
lease
b)
title
c)
after math document
d)
terms of agreement
19.
Overspending and accumulating too much debt can ruin your credit score
a)
True
b)
False
20.
Credit scores range from _____ to _____.
a)
350, 800
b)
300, 850
c)
400, 650
d)
400,800
21.
Ms. S's credit score is 720, according to this graph, it is considered... (hint -don't let the little man fool you)
a)
fair
b)
poor
c)
good
d)
great
22.
Credit scores are based on certain criteria such as
a)
religion
b)
payment history
c)
gender
d)
all of these things
23.
Credit scores are based on certain criteria such as
a)
age
b)
gender
c)
how much credit card debt you have
d)
national origin
24.
The percentage rate (APR) charged on purchases is called:
a)
annual fee
b)
interest
c)
balance
25.
If you file bankruptcy, it stays on your credit report for how many years?
a)
2
b)
3
c)
5
d)
7
26.
The higher your credit score, the more likely you are to...
a)
get your dream job
b)
get a good interest rate on a car loan.
c)
get the apartment of your dreams. 
d)
all of these things.
27.

Debit cards are a convenient way to pay because you don’t have to carry cash or take time to write a check.

a)

True

b)

False

28.

Debit card purchases are “buy now, pay now” so you must have enough money in your account to cover your purchase.

a)

True

b)

False

29.

If you spend more money than is in your account, your bank will charge you a fee.

a)

True

b)

False

30.

When using a credit card, you will be charged interest if the balance is not paid within 30 days.

a)

True

b)

False

31.

A debit card is basically an electronic check.

a)

True

b)

False

32.

You can continue to write checks as long as you have checks in your checkbook.

a)

True

b)

False

33.

What does deposit mean?

a)

remove

b)

take away

c)

put into

d)

spilled

34.

What does withdraw mean?

a)

put into

b)

transaction

c)

write a check

d)

remove

35.

Even when people use credit cards “responsibly” they typically spend more than those paying in cash.

a)

True

b)

False

36.

Which of the following options is NOT an example of how to use a credit card responsibly?

a)

Only use them for things you were already going to buy, and that you can afford.

b)

Always pay off your balance in full each month.

c)

Read the fine print on anything you sign.

d)

Pay your minimum payment until your entire balance is paid off regardless of the balance.

37.

You shouldn’t expect to see your full gross pay on your checks because ____ will reduce it by 20-25%.

a)

goals

b)

interest

c)

debt

d)

taxes

38.

The amount of money you “take home” on your paycheck after taxes is called your ______ pay.

a)

gross

b)

net

c)

final

d)

top

39.
These are costs that do not vary with the level of output
a)
Variable expenses
b)
Discretionary expenses
c)
Fixed Expenses
d)
All expenses
40.
This is a type of insurance paid to an individual if he/she is injured and is unable to work for a specified length of time.
a)
Car Insurance
b)
Life Insurance
c)
Health Insurance
d)
Long-term disability Insurance
41.
This is a sum paid or charged for the use of money or for borrowing money
a)
Loan
b)
Credit
c)
Interest
d)
Budget
42.
Emma goes to the store to buy groceries. To pay for the groceries, she slides her card through a card reader and enters a special code.
a)
Cash
b)
Debit Card
c)
Credit Card 
d)
Check
43.
Uses money you have in the bank.
a)
Cash
b)
Debit Card
c)
Credit Card
d)
Check
44.

How does a bank make money?

a)

Keep some of the money you deposit in a savings account

b)

Charge interest on loans

c)

Charge a tax for depositing money

d)

Sell lollipops to gullible customers

45.

A mortgage is a loan for

a)

a car

b)

a college education

c)

real estate

d)

a business plan

46.
money earned or received
a)
Expenses
b)
Income
c)
Deductions
d)
Check
47.
Tax on the value of a house, building or land
a)
Sales Tax
b)
Property tax
c)
Income Tax
48.
Money paid to the government
a)
Budget
b)
Fees
c)
Taxes
d)
Food stamps
49.
payment for goods and services, what you spend
a)
Income
b)
taxes
c)
expenses
d)
credit card
50.
a bankcard linked to an individual’s checking account 
a)
debit card
b)
credit card
c)
check card
d)
electronic card

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