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Worksheets

Intro to Financial Literacy

Total questions: 157

Worksheet time: 5hrs 33mins

Name
Class
Date
1.

Debit cards are a convenient way to pay because you don’t have to carry cash or take time to write a check.

a)

True

b)

False

2.

You should tell everyone your PIN number.

a)

True

b)

False

3.

Debit card purchases are “buy now, pay now” so you must have enough money in your account to cover your purchase.

a)

True

b)

False

4.

The bank will record your purchases on your transaction register when you use a debit card.

a)

True

b)

False

5.

If you spend more money than is in your account, your bank will charge you a fee.

a)

True

b)

False

6.

When using a credit card, you will be charged interest if the balance is not paid within 30 days.

a)

True

b)

False

7.

A debit card is basically an electronic check.

a)

True

b)

False

8.

Which of the following are financial institutions?

a)

bank

b)

museum

c)

library

d)

credit union

9.

Which services is a bank likely to offer?

a)

balance

b)

savings account

c)

online banking

d)

net deposit

10.

Which is required when depositing money into an account?

a)

include your account number

b)

swipe your credit card

c)

thank the teller

d)

sign your deposit ticket

11.

The amount left over from your paycheck after taxes and deductions are withheld is called ______________.

a)

balance

b)

transaction

c)

gross balance

d)

net pay

12.

You can continue to write checks as long as you have checks in your checkbook.

a)

True

b)

False

13.

All bank transactions should be recorded in the register.

a)

True

b)

False

14.

A direct deposit is when you take your paycheck directly to the bank after you receive it.

a)

True

b)

False

15.

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?

a)

GWB (Great Wonderful Bank)

b)

ATM (Automatic Teller Machine)

c)

EBT (Easy Bank Teller)

d)

AMM (Awesome Money Maker)

16.

When do you need to sign a deposit ticket?

a)

Always

b)

When you want cash back

c)

If the tell asks you to

d)

On Fridays

17.

Which accounts usually pay interest?

a)

checking

b)

banking

c)

savings

d)

credit

18.

What is a transaction register?

a)

a booklet that the school gives you for recording your grades

b)

a book with money in it

c)

a booklet for writing down memories

d)

A booklet for recording money deposited or withdrawn from an account.

19.

What does deposit mean?

a)

remove

b)

take away

c)

put into

d)

spilled

20.

What does withdraw mean?

a)

put into

b)

transaction

c)

write a check

d)

remove

21.
Which of the following is true about banks and credit unions?
a)
They are the safest place to save money.
b)
Money can be withdrawn from banks online.
c)
Banks are a business and loan money to others to make money.
d)
All of the above.
22.
My house payment is the same every single month. This is an an example of a....
a)
profit
b)
variable expense
c)
fixed expense
23.
Sawyer is selling bracelets. She pays $2.00 for the beads and $2.50 for the string. She sells her bracelets for $1.00.  
How much are her expenses?
a)
$2.00
b)
$2.50
c)
$4.50
d)
$5.50
24.
Car payment
a)
Fixed
b)
Variable
25.
New pair of shoes
a)
variable
b)
fixed
26.
Movie ticket
a)
variable
b)
fixed
27.
Gwen bought an old table. She repaired it and painted, and then sold it. Gwen made this list about what she did.
• Price paid for old table: $10.00
• Cost to repair: $5.00
• Cost to paint: $7.50
• Selling price: $50.00
What was Gwen’s profit from selling the table?  
a)
$27.50
b)
$50.00
c)
$22.50
28.
Which of these is NOT offered by a financial institution?
a)
Informing customers about their money and accounts.
b)
Telling customers how to spend their money. 
c)
Letting customers make withdrawals.
d)
Providing loans to customers. 
29.

Banks, savings and loans, and credit unions are known as...

a)

withdrawal

b)

expenses

c)

financial institutions

30.

An expense that varies over time is called...

a)

fixed expense

b)

profit

c)

variable expenses

31.

When you put money into a bank account for safe keeping, you are making a ...

a)

deposit

b)

withdrawal

c)

expenses

32.

The amount of money that you have in your bank account is known as a ...

a)

deposit

b)

balance

c)

withdrawal

33.

An expense that does not change from month to month is called ...

a)

variable expense

b)

profit

c)

fixed expense

34.

The money that you keep after all costs and expenses are paid is called ...

a)

balance

b)

profit

c)

financial institution

35.

Electricity, gifts, and bike repairs are variable expenses.

a)

True

b)

False

36.

The act of taking money out of a bank account is known as a ...

a)

deposit

b)

expenses

c)

withdrawal

37.

Amount of money spent on items needed is called an ...

a)

expenses

b)

variable expense

c)

profit

38.

Rent, insurance, car payment, and Netflix subscriptions are fixed expenses.

a)

True

b)

False

39.
True or False: Negative information stays on your credit report for 7-10 years.
a)
True
b)
False
40.
A plastic payment card linked to a financial account and is used for transactions.
a)
Debit Card
b)
Credit Card
c)
Checking Account
d)
Savings Account
41.
The actions of depositing and withdrawing money.
a)
Microtransactions
b)
Saving Money
c)
Transactions
d)
Shoe Laces
42.
To put money into an account.
a)
Deposit
b)
Withdraw
c)
Savings for a chicken
d)
Interest for a cow
43.
Which bank is better for me? I pay for lunch 20 times a month with my debit card. I do not write checks or use the ATM.
a)
State Bank
b)
Bank of Texas
44.
What would be my monthly costs if I chose to bank at Bank of Texas and use my debit card 20 times to pay for lunch?
a)
$10.00
b)
$2.00
c)
$20.00
d)
$4.00
45.
What is credit?
a)
Money allocated to a specific account for future use by the consumer without borrowing
b)
Goods, services, or money received in exchange for a promise to pay a definite sum of money at a future date
c)
The ability and willingness of an individual to pay back a loan as perceived by the lender
d)
An individual’s character, capital, capacity, collateral and conditions
46.
Amount charged if your payment is received after the billing date
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
47.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
48.
Your credit score is not configured off of which of the following:
a)
Payment history
b)
Amount owed
c)
GPA
d)
Length of credit history
49.
What is the starting balance on this check register?
a)
4720.33
b)
4500.00
c)
4500.75
d)
4320.00
50.
What was the balance of the account at the end of the day on 7/24?
a)
4720.33
b)
4320.03
c)
5091.15
d)
4500.75
51.
Besides tuition, most colleges also charge their students for...
a)
room & board
b)
extra fees
c)
books
d)
all of the above
52.
Scholarships and grants are available for many college students, and they...
a)
have deferred payment
b)
give students a job to help pay
c)
don't have to be paid back
d)
have a low interest rate
53.
What degree provides the highest earning potential in pay?
a)
High School  Diploma
b)
Associate's Degree
c)
Undergraduate Degree
d)
Master's Degree
54.
If a person with a master's degree earns 30% more than someone with an undergrad degree, what would Susie make if she got her master's and she makes $50,000 now?
a)
$166,666
b)
$65,000
c)
$50,030
55.
True or False: The number of times a DEBIT card is used is on a credit report.
a)
True
b)
False
56.
Amanda has to pay taxes on her annual salary and investments. Which type of tax is Kimberly paying? 
a)
Sales Tax
b)
Property Tax
c)
Payroll Tac
d)
Income Tax
57.

Which of the following is an advantage of using a credit card?

a)

Interest is charged for the use of a credit card.

b)

Consumers can purchase things now, and pay for them later in the event of an emergency.

c)

You could be a victim of identity theft.

58.
Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?
a)
Gross Income
b)
Net Income
c)
Both Gross and Net Income
d)
None of the above
59.
Jonathan's new clothes cost a total of $572.50 before tax. What type of tax does Jonathan have to pay for his new clothes?
a)
Income Tax
b)
Property Tax
c)
Payroll Tax
d)
Sales Tax
60.
Amarise's salary has a net income of $235 per week. If she pays $30 in income tax and $15 in payroll tax, how could Juliette determine her gross income? Why?
a)
235 – 30 – 15 = $190 Net income minus all deductions equals gross income.
b)
235 + 15 = $250 Net income plus payroll tax deductions equals gross income.
c)
235 + 30 = $265 Net income plus income tax deductions equals gross income.
d)
235 + 30 + 15 = $280 Net income plus all deductions equals gross income.
61.
Anthony has a new job. He is paid twice a month. He wants to save $720 a year to put toward college. How much money does Anthony need to save from each paycheck? 
a)
Anthony should save $30 from each paycheck.
b)
Anthony should save $20 from each paycheck.
c)
Anthony should save $10 from each paycheck.
d)
Anthony should save $5 from each paycheck.
62.
Jenny just received her first paycheck. She noticed that after they deducted $30 for payroll taxes and $60 for medical insurance. Her net pay was $320. How much did Jenny make before the deductions were removed from her gross pay?
a)
$230
b)
$410
c)
$320
d)
$140
63.
If Sammy’s expenses are greater than his income, what must he do to balance his budget?
a)
Earn more money
b)
Spend less money on expenses
c)
Earn more money AND spend less
d)
None of the above
64.
Damian has $585 in his bank account. His expenses consist of a $150 cell phone payment, $75 for food, and $90 for his internet bill. He also wants to buy his favorite video game and wants to save $65 for the game. Damian wants to be sure he is within his budget because he wants to buy his mother a birthday gift. How much money will Damian have left in his bank account to buy his mother a gift? Will he have enough?
a)
$205; no he doesn't have anough
b)
$335; no he doesn't have enough
c)
$205; yes he has enough
d)
$355; yes he has enough
65.
Which of the following is considered an advantage to using a debit card to make purchases?
a)
Debit cards are convenient and easy to carry around.
b)
Purchases can be made quickly and easily.
c)
You can use many ATMs to get cash.
d)
All of the above.
66.

Going to work at a job is a way to....

a)

get fired

b)

earn money

c)

make new friends

d)

buy a motorcycle

67.

Monica has a store selling her special t shirts. Everyone wants her shirts. Because there is a great demand for the shirts, Monica can....

a)

make more shirts

b)

lower the price of the shirts

c)

raise the price of the shirts

d)

sell matching shoes

68.

What would happen if Monica has to sell her shirts for less that it cost her to make them?

a)

She would make no profit

b)

She would make great profit

c)

Nothing will happen

d)

She would have to take out a loan

69.

Monica ran out of shirts to sell. Amazon did not have them either. This is an example of

a)

supply

b)

scarcity

c)

demand

d)

overspending

70.

Scarcity is

a)

when there is too much of something

b)

when there is too many of something

c)

when there is not enough of something

d)

when you are afraid to lose all your money

71.

Supply is

a)

the things you need for school

b)

having your school materials

c)

wanting to buy more stuff

d)

having enough materials

72.

If you have to sell something for less than what you paid for it you will

a)

make no profit

b)

make a profit

c)

break even

d)

be a salesperson

73.

If you sell something for more than what you paid for it, you will

a)

make a profit

b)

make no profit

c)

have a clearance sale

d)

win a salesforce award

74.

To earn $25.00 how long do you have to save $5.00

a)

4 weeks

b)

5 weeks

c)

6 weeks

d)

1 week

75.

If you make $7.00 a week for 6 weeks, how much money will you have.

a)

$71.00

b)

$17.00

c)

$42.00

d)

$56.00

76.

If you make $7.00 a week for 5 weeks, but you spend $4.00 how much money will you have?

a)

$28.00

b)

$31.00

c)

$17.00

d)

$71.00

77.

If you make $35.00 in 5 week, this means you make $_____ a week.

a)

$17.00

b)

$71.00

c)

$7.00

d)

$700.00

78.

You are a very giving person. So, you donate $5.00 to the Special Olympics. You made $40.00. How much do you have after your donation?

a)

$7.00

b)

$37.00

c)

$35.00

d)

$117.00

79.

Put these events in order:

  1. Many people want to buy t shirts.
  2. Trendy T-Shirts Store opens.
  3. The price of the t shirts goes up at Trendy T-Shirts Store.
a)

2,3,1

b)

3,1,2

c)

1,2,3

d)

2,1,3

80.

Which is an example of scarcity?

a)

our class has too many ipads

b)

our class has one ipad

c)

our class has 7 ipads

d)

our class has 12 ipads

81.

Eddie is the only person to sell t shirts at school. A new kid comes to school and starts to sell t shirts at the school. Eddie lowers the price of his t shirts because....

a)

His store had ordered too many t shirts

b)

The number of people who sell t shirts went up

c)

Amazon ordered too many t shirts

d)

He is afraid.

82.

The boys selling popcorn to their classmates is an example of...

a)

Habitat for Humanity building houses for people

b)

A simple business operation

c)

A complex business

d)

School spirit night

83.

Roger sold fruit from his family garden. Roger could decide how much he wanted to sell his fruit for. If he would run out of fruit for the day, he could get more fruit from his garden or close for the day. This is an example of....

a)

free market

b)

spending

c)

saving

d)

invention

84.

Free market

a)

an economic system in which prices are determined by individuals and not the government.

b)

an economic system in which prices are determined by the government.

c)

an economic system in which prices are very high.

d)

an economic system in which prices are very low.

85.

When the demand is high, the price will be...

a)

low

b)

high

c)

equal

d)

free

86.

Mrs. Wilcox paid $28.00 for new beakers and clamps for $10.00. The sales tax rate is 6%. How much will Mrs. Wilcox pay in sales tax?

(a)  

87.

Which of the following is an example of a fixed expense?

a)

Rent

b)

Food

c)

Credit card bill

d)

Car payment

88.

Which of the following is an example of a variable expense?

a)

Food

b)

Credit card bill

c)

Loan

d)

Utility bill

89.

Which items are examples of liabilities?

a)

Furniture you own

b)

Mortgage

c)

Car loan

d)

Your house which you own.

90.

What is Angel's net worth? (Add the assets & the liabilities and subtract them from each other).

(a)  

91.

Minda's monthly pay is $3,200.


She pays 15% of her monthly income in federal withholding. How much federal withholding does she pay?

(a)  

92.

Minda's monthly pay is $3,200.

She pays 3% of her monthly salary for Medicare. How much does she pay?

(a)  

93.

Minda's monthly pay is $3,200.

Minda pays 6% of her monthly salary for Social Security. How much does she pay?

(a)  

94.

The Samson family has a monthly income of $4,500.

How much does the Samson family spend on food each month?

(a)  

95.

The Samson family has a monthly income of $4,500.

How much does the Samson family spend on rent each month?

(a)  

96.

The Samson family is moving to another city that has a higher "cost of living". They estimate their required monthly income will need to be $6200. How much more money will they need to live in the new city? Original cost of living was $4500.

(a)  

97.

Mr. Samson gets a raise and the family's monthly income is now $5100. How much more could the Samson family save?

(a)  

98.

Debts that are owed by an individual

a)

liabilities

b)

assets

c)

net worth

99.
The value of one's assets minus one's liabilities
a)
fixed income
b)
coupon
c)
net worth
d)
gross income
100.
Which is an example of a variable expense?
a)
car payment
b)
mortgage
c)
electricity bill
101.
Which type of expenses are these, rent, car payment?
a)
Crazy bills
b)
Variable expense
c)
Fixed expense
102.
If the Moore's monthly income is $5,000 what amount of their budget is spent on miscellaneous expenses?
a)
$2,000
b)
$.08
c)
$200
d)
$4
103.
If the Talbot family's income is $3,200 what percent of their budget is spent on medical expenses?
a)
15%
b)
.15%
c)
150%
d)
100%
104.

An identification card issued by a bank that allows a user to buy items and services immediately and pay the cost at a later time.

a)

Credit Card

b)

Debit Card

c)

Bank Card

d)

Check

105.

Property owned by a person or company that has value.

a)

Liabilities

b)

Depreciation

c)

Assets

d)

Simple Interest

106.

Written document asking a bank to pay a certain amount from your account.

a)

Coupon

b)

Check

c)

Rebate

d)

Credit Card

107.

An identification card issued by a bank that allows a user to immediately use money from an account. You have a personal identification umber (PIN) to keep it safe.

a)

Credit Card

b)

Debit Card

c)

ID Card

d)

Driver's License

108.

Your total income before income tax or other deductions are taken out of it.

a)

Net Income

b)

Income Tax

c)

Interest Income

d)

Gross Income

109.

The amount that is left after taxes.

a)

Assets

b)

Compound Interest

c)

Net Income

d)

Income Tax

110.

A tax based on the amount of money you ear, or your income.

(a)  

111.

The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

a)

Compound Interest

b)

Interest Rate

c)

Simple Interest

d)

Budget

112.

Interest that is calculated only on the principal, or original, amount of a loan.

a)

Savings

b)

Compound Interest

c)

Simple Interest

d)

Depreciation

113.

Interest computed on the original principal plus any accrued interest.

a)

Interest Rate

b)

Compound Interest

c)

Simple Interest

d)

Sales Tax

114.

The money added to the cost of items and services . It is usually paid when an item is purchased.

a)

Sales Tax

b)

Income Tax

c)

Markdown

d)

Principal

115.

An amount paid by way of reduction, return, or refund on what has already been paid or contributed.

a)

Markdown

b)

Coupon

c)

Assets

d)

Rebate

116.

A sum of money lent or invested, on which interest is paid?

a)

Rebate

b)

Budget

c)

Principal

d)

Liabilities

117.

A reduction in price.

a)

Markdown

b)

Rebate

c)

Coupon

d)

Assets

118.

Property owned by a person or company that has value.

a)

Savings

b)

Budget

c)

Depreciation

d)

Assets

119.

A voucher entitling the holder to a discount for a particular product.

a)

Rebate

b)

Coupon

c)

Savings

d)

Liabilities

120.

A reduction in the value of an asset with the passage of time, due in particular to wear and tear.

a)

Liabilities

b)

Depreciation

c)

Compound Interest

d)

Principal

121.

An estimate of income and spending for a set period of time, usually by month or year.

a)

Markdown

b)

Income Tax

c)

Sales Tax

d)

Budget

122.

The money one has saved, especially through a bank or financial institution.

a)

Savings

b)

Budget

c)

Assets

d)

Sales Tax

123.

A thing for which someone is responsible, especially a debt or financial obligation.

a)

Assets

b)

Credit Card

c)

Liabilties

d)

Simple Interest

124.

 a place to safely store money at a bank and write a check from

a)

savings account

b)

credit card

c)

checking account

125.

a place to safely store money at a bank. This account is used for saving money for things like emergencies.

a)

checking account

b)

savings account

126.

Money that you place in a bank account

a)

Withdrawal

b)

Deposit

c)

Transfer

127.

Process of taking money out of a bank account (spending or paying bills are an example)

a)

Transfer

b)

Deposit

c)

Withdrawal

128.

The process of moving money from one account to another

a)

Withdrawal

b)

Deposit

c)

Transfer

129.

A card with a fixed amount of money borrowed that must be paid back with interest

a)

Debit Card

b)

Credit Card

130.

A card used to take money directly from your checking account.

a)

Debit Card

b)

Credit Card

131.

a machine that allows a person to withdraw cash from their bank

a)

Computer

b)

ATM

c)

Store

132.

This occurs when more money is spent than is in your account. Many times the bank will charge a fee.

a)

Transfer

b)

Deposit

c)

Overdraft

133.

Money deposited directly into your bank account from a job or place of business. This occurs instead of getting a paper paycheck.

a)

Direct Deposit

b)

Direct Debit

c)

Credit

134.

Money borrowed to pay for school that has to be paid back

a)

Student loan

b)

Grant

c)

Scholarship

d)

Work Study

135.

A plan set by the college that allows a student to work while in school to pay for school.

a)

Scholarship

b)

Work-study

c)

Grant

d)

Student Loan

136.

Money awarded by a university or college to pay for school. Normally these are awarded for sports or academics.

a)

Scholarship

b)

Work-Study

c)

Grant

d)

Loan

137.

Money awarded by the government to pay for school that is not required to be paid back.

a)

Work-study

b)

Scholarship

c)

Grant

d)

School Loan

138.
What is a debit card?
a)
it's like a check but comes out of your account automaically  
b)
It's more convient than a check
c)
Your use your PIN number to make purchases 
d)
all of the above 
139.

Missed payments mean extra fees when using this card.

a)

Debit

b)

Credit

140.

The money for your purchase is a loan that must be paid back.

a)

Debit

b)

Credit

141.

Martha is an accountant and makes $67,000 per year. Her friend, Henry, is an auto mechanic and makes $37,000 per year. How much more will Martha make over the next 10 years than Harry?

a)

$300,000

b)

$104,000

c)

$670,000

d)

$633,000

142.

(6.14E) How long will a negative credit action usually remain on a credit report?

a)

4 years

b)

7 years

c)

30 years

d)

15 years

143.
money subtracted from an account
a)
withdrawal
b)
deposit
c)
transfer
d)
balance
144.
must have a PIN to take out money
a)
debit card
b)
credit card
145.
Late payments are retained on credit reports for 7 years.
a)
True
b)
False
146.

Your credit score is not configured off of which of the following:

a)

Payment history

b)

Amount of money owed

c)

Grades in School

d)

Length of credit history

147.

To build a positive credit history, I should pay cash for all purchases.

a)

True

b)

False

148.

a number assigned to a person that indicates to lenders their capacity to repay a loan.

a)

Credit score

b)

Credit report

c)

Credit history

d)

Credit bureau

149.
Each purchase is a loan that is repaid later.
a)
Credit
b)
Debit
c)
Both
150.
Money is withdrawn directly from a checking or savings account. 
a)
Credit
b)
Debit
c)
Both
151.
A PIN (Personal Identification Number) is required to make a purchase.
a)
Credit
b)
Debit
c)
Both
152.
Interest may be charged, but can be avoided by paying the entire balance each month. 
a)
Credit
b)
Debit
c)
Both
153.
Eric purchased a movie ticket with his card. This money will come straight out of his checking account. What card did he use?
a)
Credit
b)
Debit
c)
Both
154.
Rosa’s gas pump went out as she was driving her car to work. Since she did not have enough money to cover the cost to replace the pump, she used a card that allowed her to pay later. What card did she use?
a)
Debit
b)
Credit
c)
Both
d)
Walk Home
155.
Mrs. Brady took her family out to eat. She handed the waitress a card to purchase the meal. This charge appeared on a bill that she paid three weeks later.
a)
Credit
b)
Debit
c)
Both
156.
To avoid carrying cash, Ned pays for his lunch using this card. Each time he uses this card his checking account decreases.
a)
Credit
b)
Debit
c)
Both
157.
Mr. Reyes's car broke down.  He needed $3,499 in repairs.  Which card will he most likely use?
a)
Credit
b)
Debit

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