WorksheetsFinancial Literacy Review
Total questions: 30
Worksheet time: 15mins
What is the amount of money you have to spend?
Cash Inflow
Cash Outflow
Net Worth
Balance Sheet
What is the amount of money that is spent on various living expenses called?
Cash Inflow
Net Worth
Balance Sheet
Cash Outflow
Take-Home Pay is another name for what?
Gross Pay
Net Pay
Cash Flow
Liabilities
What is the Net Worth equation?
Assets + Liabilities = Net Worth
Assets / Liabilities = Net Worth
Assets - Liabilities = Net Worth
Assets x Liabilities = Net Worth
Calculate the Net Worth:
Assets = $57,200
Liabilities = $27,000
$84,200
Not enough information to calculate
$57,200
$30,200
Which of the following is NOT a main purpose of a budget
To make sure you are living within your income
Achieve financial goals
Plan for financial emergencies
Keep you from buying the things you want
Which expenses occur on a regular basis for the same amount each time?
Fixed
Variable
Relative
Incremental
Which expense differs each time and may not be easy to estimate?
Fixed
Variable
Relative
Incremental
This budget format requires each dollar to have a place in your budget (every dollar that goes in, goes out)
Incremental
Activity-Based
Value Proportion
Zero-Based
What is it called when your planned spending is GREATER THAN your actual spending?
Budget Equilibrium
Budget Realism
Budget Surplus
Budget Deficit
Given
40 Regular Hours Worked
2 Overtime Worked
$8.50 Regular Rate of Pay
Calculate Gross Pay
Enter your answer without a dollar sign AND two decimal places. For example, one thousand dollars would be entered as 1,000.00
$357.00
$340.00
$365.50
Not sure what I'm doing Coach Best
Given an annual salary of $87,750, calculate monthly pay.
Enter your answer without a dollar sign AND two decimal places. For example, one thousand dollars would be entered as 1,000.00
$87,750.00
$12,000.00
$7,312.50
Still don't know
Given
40 Regular Hours Worked
6 Overtime Worked
$9.50 Regular Rate of Pay
$66.00 Deductions
Calculate Net Pay
$399.50
$437.00
$371.00
hmmm
What of the following is NOT one of the credit bureaus?
Experian
Equifax
TransUnion
TransCred
What governs all of the credit bureaus?
Fair Credit Reporting Act
Future Credit Removal Act
Federal Credit Awareness Act
Free Credit Score Act
How often can you get a free credit report from each bureau?
Every 6 months
Every 3 months
Every 12 months
Every 2 years
What is the only authorized website to provide consumers with free official credit reports?
AnnualCreditReport.com
CreditReport.gov
creditkarma.com
ftc.gov
How long do late payments generally stay on your credit report?
2 years
10 years
7 years
11 years
What is the main difference between soft and hard inquiries?
Soft inquiries do not impact your credit score, while hard inquiries do
They are essentially the same thing
Soft inquiries are only for small lines of credit, while hard inquiries are for larger lines of credit
Hard inquiries are no longer used, but soft inquiries are
Which of the following is NOT a derogatory mark on your credit report?
Late payments
Liens
Bankruptcy
Variety of accounts
What balance should you keep your credit cards at or below to maintain a good credit report?
20%
0%
35%
30%
Who should you contact if you notice an error on your credit report?
Credit reporting agency only
Company that provided the incorrect information only
Both the credit reporting agency and the company that provided the wrong information
Your bank
Which of these is NOT a type of depository institution?
Commercial
Credit Union
Online
Cloud
How much is covered under FDIC?
250,000
25,000
2,500,000
25% of your account balance
What is true about interest?
it's the price paid for using someone else's money
it's something that you can earn
it's something that you can be charged
All answers are correct
What provides quick access to funds for transactions and uses checks & debit cards.
Checking Account
Savings Account
Money Market Account
IRA
An account for money not intended to be used for daily expenses.
Checking Account
Savings Account
Money Market Account
IRA
This is borrowing money that you will need to pay back later with interest
Credit
Debit
Cash
Savings
What is the difference between Online Banks and Online Banking?
They are the same thing
Online banks are only online and have no building, while online banking allows you to complete certain transactions on the internet and many types of banks have it.
Online banking is ONLY used for online banks.
Online banking is very insecure.
What is true about fees
they are the same at every institution
they can not be avoided
they should be researched carefully when deciding on a depository institution
they are really not that important
