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Financial Literacy Banzai

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

The ___ rule states that your after-tax income should be divided this way:

50% -- needs

30% -- wants

20% -- savings

a)

50/30/20

b)

40/90/70

c)

45/75

d)

23/65/17

2.

One of the great secrets to saving is finding ways to make it...

a)

Hurt

b)

Automatic

c)

Difficult

d)

Easy

3.

___ is a type of savings account for retirement.

a)

G-6

b)

709 (R)

c)

401(k)

d)

505(H)

4.

Three components of auto insurance: Property damage, comprehensive, personal injury or personal liability, uninsured/underinsured, and ___.

a)

insurance

b)

mobile

c)

auto

d)

collision

5.

A ___ is the amount of money you have to pay before insurance kicks in.

a)

adjustable

b)

deductible

c)

financial

d)

agreeable

6.

A lower deductible usually means a higher ___.

a)

policy

b)

account

c)

label

d)

premium

7.

___ are things you can’t do without.

a)

Needs

b)

wants

c)

savings

8.

___ are things that are nice to have but not necessary.

a)

Needs

b)

Wants

c)

Savings

9.

___ is money you put away for a big purchase or emergency.

a)

Needs

b)

Wants

c)

Savings

10.

Five examples of wants:

a)

eating out, coffee, Netflix subscription, designer clothes, Xbox

b)

groceries, rent/mortgage, utilities, medical costs, insurance

c)

emergency fund, retirement, 401(k), vacation, down payment on car

11.

Five examples of needs:

a)

eating out, coffee, Netflix subscription, designer clothes, Xbox

b)

groceries, rent/mortgage, utilities, medical costs, insurance

c)

emergency fund, retirement, 401(k), vacation, down payment on car

12.

Five examples of savings:

a)

eating out, coffee, Netflix subscription, designer clothes, Xbox

b)

groceries, rent/mortgage, utilities, medical costs, insurance

c)

emergency fund, retirement, 401(k), vacation, down payment on car

13.

What are typical fees associated with checking accounts?

a)

A monthly fee and fee for each check or ATM withdrawal

b)

Library fees

c)

A fee for each time you use your debit card

d)

Lunch fees

14.

What do you need to open a checking account?

a)

Social security card

b)

Government issued ID

c)

Proof of address

d)

Money to deposit

e)

All of these

15.

No matter what path you take in life, you’re going to need a place to ___.

a)

shop til you drop

b)

play video games

c)

live

d)

watch TV

16.

Before you start looking at places to ___, it helps to get a sense of how much you'll need to pay.

a)

rent

b)

eat out

c)

shop

17.

If you don’t pay your bill in full, the ___ rates will apply to your remaining balance. This increases how much you will pay toward your balance.

a)

guest

b)

Mt. Everest

c)

interest

d)

Pinterest

18.

An ___ fee is the flat rate you pay per year to use a credit card.

a)

bi-annual

b)

annual

c)

weekly

d)

daily

19.

The amount you must pay by the due date is the ___ payment.

a)

menu

b)

minute

c)

maximum

d)

minimum

20.

The cost of using a credit card, expressed as a yearly rate is annual percentage rate or ___.

a)

MIT

b)

APR

c)

TPG

d)

504