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JA Final Test

Total questions: 21

Worksheet time: 7mins

Name
Class
Date
1.

What is the fee you pay to borrow money (like for a loan)?

a)

Interest

b)

Taxes

c)

Bill

d)

Salary

2.

A bank is

a)

For-profit

b)

Not-for-profit

3.

A credit union is

a)

For-profit

b)

Not-for-profit

4.

Sharing passwords isn't a bad idea and can help you to remember them better

a)

True

b)

False

5.

Buy now, pay now

a)

Credit card

b)

Gift card

c)

Prepaid card

d)

Debit card

6.

Buy now, pay later

a)

Debit card

b)

Prepaid card

c)

Gift card

d)

Credit card

7.

Financial institutions allow you to do your banking at home via

a)

Portable banking

b)

Internet banking

c)

Mobile banking

d)

Travel banking

8.

While not impossible, it's harder to go into debt with a

a)

Credit card

b)

Debit card

9.

An excellent credit score would be about

a)

375

b)

600

c)

780

d)

480

10.

This card has rewards like cash back on purchases and airline miles

a)

Debit card

b)

Credit card

c)

Prepaid card

d)

Bank card

11.

Using a credit card wisely can increase your credit score

a)

True

b)

False

12.

When YOU have to pay interest (like on a loan), you want a

a)

Low interest rate

b)

High interest rate

13.

When interest is being paid to you (like a savings account), you want a

a)

Low interest rate

b)

High interest rate

14.

A Personal Identification Number (PIN) goes with this card

a)

Social Security card

b)

Credit card

c)

Prepaid card

d)

Debit card

15.

An internet (online-only) bank has no physical locations but offers the same basic services (debit card, loans, etc.)

a)

True

b)

False

16.

A high credit score means you are high risk to a lender

a)

True

b)

False

17.

Storing passwords on your phone is smart because it's there if you can't remember

a)

True

b)

False

18.

Gross income is

a)

Money before taxes are taken out

b)

Money after taxes are taken out

c)

Money you make from working

19.

Net income is

a)

Money before taxes are taken out

b)

Money after taxes are taken out

c)

Money you make from working

20.

An example of a fixed expense is

a)

Groceries

b)

Car payment

c)

Shopping/

Entertainment

d)

Electricity bill

21.

Giving up one thing so you can get something else

a)

Trade-off

b)

Interest

c)

Opportunity cost

d)

Sacrifice