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WorksheetsFinancial Literacy
Total questions: 40
Worksheet time: 22mins
Debit card purchases are “buy now, pay now” so you must have enough money in your account to cover your purchase.
True
False
If you spend more money than is in your account, your bank will charge you a fee.
True
False
When using a credit card, you will be charged interest if the balance is not paid within 30 days.
True
False
A debit card is basically an electronic check.
True
False
Which of the following are financial institutions?
bank
museum
library
credit union
The amount left over from your paycheck after taxes and deductions are withheld is called ______________.
balance
transaction
gross balance
net pay
You can continue to write checks as long as you have checks in your checkbook.
True
False
A direct deposit is when you take your paycheck directly to the bank after you receive it.
True
False
What is the machine called that is used to withdraw money and that is found in shopping centers, in convenience stores, and outside financial institutions?
GWB (Great Wonderful Bank)
ATM (Automatic Teller Machine)
EBT (Easy Bank Teller)
AMM (Awesome Money Maker)
Which accounts usually pay you interest?
checking
banking
savings
credit
What does deposit mean?
remove
take away
put into
spilled
What does withdraw mean?
put into
transaction
write a check
remove
Which definition matches gross income?
The amount of money made after deductions are taken out
Money that you collect
The amount of money made before deductions are taken out
money that is earned as a result of work
Which definition matches income?
Money that you collect
money that is earned as a result of working
The amount of money made before deductions are taken out
The amount of money made after deductions are taken out
What is a budget?
Money that I can spend on what I want
Something that is hard to understand
An organized plan for spending and saving money
What is a payroll tax?
Money paid to the government based on money you earn
Money an employer withholds from an employee’s paycheck
Money added to the cost of items or services
What are income taxes?
Money added to the cost of items or services
Money paid to the government based on money you earn
A portion of the value of items that is paid to a city or government
Money an employer withholds from an employee’s paycheck
The longer the money is invested the better?
True
False
A type of savings that signifies that you own a part of a corporation and a claim to their assets and earnings.
Stock
Share
Dividend
none is correct
What is debt?
Money that is spent
Money that is owed because of borrowing
Money that you lend to others
Credit means you ________now and ________ it back later.
Borrow, Pay
Pay, Borrow
Pay, Pay
Credit Card is a type of what?
bond
Loan
savings
What is the best way to manage credit and debt?
use rewards
spend now worry later
Make big purchases
set goals and budget
What is a mortgage?
Car loan
business loan
Home loan
Select all the main credit card types
VISA
Mastercard
American Express
Disney
Taxes are collected by
Businesses
Parents
Foreign countries
Government
IRS stands for
Internal Revenge Service
International Revenue System
Internal Revenue Service
Inspection Ravioli Sauce
The official date for when taxes are due
January 15
February 15
March 15
April 15
When you receive a new job, you are mandated to file a
Complaint
Divorce
W-4
W-2
When you are ready to file for taxes you must have form
W-2
W-6
WD40
W-2484
The two common filing status are
Single
Married
Both Single and Married
Neither Single or Married
Roads, police, schools, governmental agencies, fire and emergency services are funded by taxes.
True
False
