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Financial Literacy Part 1 Study Guide

Total questions: 28

Worksheet time: 15mins

Name
Class
Date
1.

Identify the type of expense described.

You get a flat tire and must replace the tire.

a)

Fixed

b)

Discretionary

c)

Periodic

d)

Variable

2.

Identify the type of expense described.

Your water bill is very high this month because you left the water hose running after filling your pool with water.

a)

Fixed

b)

Discretionary

c)

Periodic

d)

Variable

3.

How would you write the amount on a check in alpha numerical format for the amount of $22.34?

a)

22.34

b)

22.34

c)

twenty-two and 34/100

d)

Twenty-two dollars and thirty four sents

4.

What is the correct way to write the date on a check? Select all that apply.

a)

June 11, 2022

b)

06-June-2018

c)

3-14-2011

d)

12/24/22

5.
What type of purchase should be most likely to be put on a credit card?
a)
Expensive Items
b)
All purchases
c)
None
6.
What is money borrowed to pay for a large purchase like a car or home called?
a)
Creditor
b)
Loan
c)
Retail
d)
Major
7.
You go to Best Buy to purchase a computer that costs $1,200.00 and try to charge it to your credit card.  Your card is declined.  Why?
a)
Your credit limit is only $500.00
b)
You only have $500 in your checking account.
c)
You only have $500 in your savings account.
8.
What is a written agreement outlining the terms of a loan?
a)
Credit Risk
b)
Expense
c)
Contract
d)
Debt Record
9.

You are 18 and want to buy your first car using credit.  What will a potential creditor look at determine if they should lend you the money or not?

a)

Credit

b)

Credit Score

c)

Credit Reporting Agency

d)

Employers

10.

What are two types of credit cards? 

(a)  

11.
What is the maximum percentage of take home pay that should be spent on credit?
a)
15
b)
18
c)
25
d)
30
12.
What is the age required by most creditors to be approved for credit?
a)
15
b)
18
c)
25
d)
30
13.
What is the number of days creditors have to inform you within whether you have qualified or been denied for credit?
a)
15
b)
18
c)
25
d)
30
14.
What are companies that determine credit scores called?
a)
Creditor
b)
Credit Reporting Agency
c)
Debt Record
d)
Lender
15.
What is how likely a person will repay a loan or make payments on a credit card?
a)
Creditor
b)
Credit Risk
c)
Credit Score
d)
Debt Record
16.
What is the amount of money earned each month?
a)
Allowance
b)
Income
c)
Interest
d)
Paycheck
17.
What is the amount of money owed that is used by creditors to determine whether a person is a good risk?
a)
Expenses
b)
Credit Score
c)
Credit Risk
d)
Debt Record
18.
What is a bill that must be paid?
a)
Credit Card
b)
Debt Record
c)
Expense
d)
Credit
19.
What is someone who is in the business of lending money called?
a)

Credit Reporting Agency

b)

Creditor

c)

Debt

d)

Employers

20.
What is the number calculated to determine whether a person will likely pay back debt; the higher the number, the more likely debts will be paid? 
a)
Credit Risk
b)
Good Risk
c)
Credit Score
d)
Debt Record
21.
What is the amount owed to a lender or credit card company?
a)
Balance
b)
Debt
c)
Loan
d)
Credit
22.
What is the total amount you are approved to charge on a credit card?
a)
Credit
b)
Balance
c)
Credit Card
d)
Credit Limit
23.
What are two situations in which you would PAY interest?
a)
Borrow Money from a lending institution
b)
Use a credit card and don't pay off the balance at the end fo the month
c)
Open a checking account that earns money
d)
Invest in a CD
24.
What are two situations in which you would GAIN interest?
a)
Borrow Money from a lending institution
b)
Use a credit card and don't pay off the balance at the end fo the month
c)
Open a checking account that earns money
d)
Invest in a CD
25.
What is a type of account that will sometimes provides interest on the balance?
a)
Checking Account
b)
Savings Account
c)
CD
d)
APR
26.
What is a company that charges interest because they are loaning money to buy something? 
a)
Credit Card
b)
Lender
c)
Credit Reporting Agency
d)
Loan
27.
What is the amount of money that must be paid each month on a loan?
a)

Balance

b)

Monthly Payment

c)

Interest Rate

d)

Interest

28.
What is the deadline that money must be kept in a CD for the full benefits to be earned?
a)

Monthly payment

b)

Balance

c)

Bill

d)

Maturity Date

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