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WorksheetsFinancial Literacy SLO 2022
Total questions: 20
Worksheet time: 11mins
Using a loan could help with the purchase of which of the following?
A new television
A dream weeding
A house
Airline tickets to your dream vacation
When are loans a good option to use?
To pay for airline tickets to your dream vacation
When paying for higher education
To buy that new television
For a dream wedding
What should you NOT use a loan to purchase?
A house
Tuition for higher education
Airline tickets to your dream vacation
A car
Which item is important to consider when selecting a credit card?
Annual Percentage Rate (APR)
Fees
The look of the credit card
Both APR and fees
What is NOT a benefit of having a good credit score?
When you need a loan, you'll have more loan offers to pick from
You'll get better interest rates on your loans
It will be easier to get an apartment
You'll get accepted to better education institutions
Secured loans are less costly than unsecured loans because _________.
They usually have a lower interest rate.
They required collateral
They are less risky for the financial institution
All of these are true
Which of the following is NOT a common feature of a financial institution?
Direct deposit
Paper checks
Access to investment advice
Checking and savings accounts
Which of the following statements about check cashing companies is TRUE?
They have limited operating hours during the day
They sometimes offer free services
They charge high fees
They delay when you can access your cash.
Which type of bank account typically offers the least (if any) interest?
Checking account
Savings account
Money market account
Certificate of deposit
Which type of bank account is best for everyday transactions?
Checking account
Savings account
Money market account
Certificate of deposit
Why is it important to reconcile your bank statements?
To avoid spending more than what is in your account
To detect any errors in your account.
To determine if you were charged any fees
All of the above.
How would you reconcile your bank account to avoid spending more than you have?
Contact your financial institution to read your transactions for the past month
Compare your own records of spending with financial institutions records
Review your bank statement once at the end of the month.
None of the above
What should you do before you approach an ATM?
Make sure it is hidden so no one will see you withdraw money.
Ask someone nearby for help using the ATM.
. Share a picture of your debit card with your friends.
Check for any suspicious people lurking nearby.
Which of the following statements about savings accounts is FALSE?
Savings accounts pay interest on the money you deposit.
. Savings accounts limit the number of withdrawals that can be made each month.
Savings accounts don't usually require a minimum balance.
Savings accounts are best used to store money for longer-term goals.
Generally, the more education you receive, the higher your lifetime earnings will be.
True
False
For most careers, which degree will most likely result in the highest lifetime earnings?
High school diploma
Associate's degree
Licensure or Certification
Bachelor's degree or higher
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.
Gross pay
Net pay
Total pay
Year-to-date pay
Which of the following is a possible tax or deduction that they may show up on your paycheck?
Federal Income Tax
Contributions to retirement savings
FICA
All of the above
What is the purpose of the W-4 form?
To file your tax return
To determine how much your gross pay should be
To inform your employer of how much federal income tax to withhold from your paychecks.
To avoid paying income taxes on your paychecks.
Your employer sends you a _______ form that tells you how much you've made and how much you've paid in taxes in the last year.
1040
W-2
W-4
W-9
