Wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Financial Literacy (Pre-Test)

Total questions: 57

Worksheet time: 53mins

Name
Class
Date
1.
What do we call the amount left over from your paycheck after taxes and deductions?
a)
balance
b)
gross balance
c)
transaction
d)
net pay
2.

The longer the money is invested the better?

a)

True

b)

False

3.
A plan for spending
a)
income
b)
expenses
c)
sales tax
d)
budget
4.
Which is an example of a variable expense?
a)
car payment
b)
mortgage
c)
electricity bill
5.
Which type of expenses are these, rent, car payment?
a)
Crazy bills
b)
Variable expense
c)
Fixed expense
6.
money earned or received
a)
Expenses
b)
Income
c)
Deductions
d)
Check
7.

What do we call the amount of money left over each month after you have paid all of your expenses?

a)

Surplus

b)

Straight cash homie

c)

Debt

d)

Diversification

8.
the total amount of personal income before taxes and deductions 
a)
Net Income
b)
Gross Income
9.

A type of savings that signifies that you own a part of a corporation and a claim to their assets and earnings.

a)

Stock

b)

Share

c)

Dividend

d)

none is correct

10.
When you buy a stock, you are buying a small piece of _______ in a company.
a)
debt
b)
ownership
c)
risk
11.

Most millionaires inherited their money.

a)

True

b)

False

12.

Most millionaires are college graduates.

a)

True

b)

False

13.

What are the three rules for staying out of poverty?

a)

1. Don't graduate from high school.

2. Never have children

3. Have a side hustle.

b)

1. Graduating from high school.

2. Have many children.

3. Having a fun job.

c)

1. Graduating from college.

2. Get married as soon as you graduate high school.

3. Having a full-time job.

d)

1. Graduating from high school.

2. Waiting to get married until after 21 and do not have children till after being married.

3. Having a full-time job.

14.

What is the Microsoft Corporation stock symbol?

a)

MICRO

b)

MSFT

c)

MC

d)

MSCN

15.

What is the Walt Disney Company stock symbol?

a)

DIS

b)

DISN

c)

MICKEY

d)

WDC

16.

How much did one share of Boeing stock cost on August 7, 2015?

a)

$210.34

b)

$109.19

c)

$142.42

d)

$56.73

17.

Anything that is purchased with the hope that it will generate income or be more valuable at a future date.

a)

investment

b)

loan

c)

income

d)

expense

18.

The percentage at which interest is charged or paid.

a)

interest

b)

interest rate

c)

budget

d)

cost benefit analysis

19.

Who said...


"Compound interest is the eighth wonder of the world. He who understands it, earns it...he who doesn’t...pays for it.”

a)

Abraham Lincoln

b)

Bruce Wayne

c)

Andrew Carnegie

d)

Albert Einstein

20.

If you earn $65,000 per year, what income tax bracket will you be in?

a)

12%

b)

22%

c)

24%

d)

32%

21.

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)  

22.

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

a)

Rent

b)

Food

c)

Credit card bill

d)

Car payment

23.

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

a)

Food

b)

Credit card bill

c)

Loan

d)

Utility bill

24.

Which items are examples of liabilities?

a)

Furniture you own

b)

Mortgage

c)

Car loan

d)

Your house which you own.

25.

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

(a)  

26.

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)  

27.

Minda's monthly pay is $3,200.

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

(a)  

28.

Minda's monthly pay is $3,200.

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

(a)  

29.

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

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

(a)  

30.

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

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

(a)  

31.

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)  

32.

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

(a)  

33.

Debts that are owed by an individual

a)

liabilities

b)

assets

c)

net worth

34.
The value of one's assets minus one's liabilities
a)
fixed income
b)
coupon
c)
net worth
d)
gross income
35.
Which is an example of a variable expense?
a)
car payment
b)
mortgage
c)
electricity bill
36.
Which type of expenses are these, rent, car payment?
a)
Crazy bills
b)
Variable expense
c)
Fixed expense
37.
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
38.
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%
39.
This type of interest "creates a mathematical explosion," and it can make you wealthy over time, or keep you in debt for a long time.
a)
compound
b)
sinking
c)
annual
40.
Cost of credit expressed as a yearly percentage 
a)
Mortgage
b)
Principal
c)
APR
d)
Finance company
41.
The cost of borrowed money, usually expressed as a percentage.
a)
interest
b)
savings plan
c)
scarce
d)
purchase
42.
401(k), IRA, and Roth IRA are all examples of a __________ account.
a)
Retirement
b)
College Savings
c)
Low Interest
d)
Stock
43.
What does CD stand for when talking about investments?
a)
Calculated Dividend
b)
Certificate of Deposit
c)
Central Dollar
d)
Current Deposit
44.
A mutual fund allows investments to be ___________.
a)
Secured
b)
Guaranteed
c)
Diversified
d)
Minimal
45.
This type of retirement account offered by employers to their employees allows them to set aside tax-deferred income.  Sometimes employers will even match the employee contribution up to a certain amount.
a)
mutual fund
b)
401(k)
c)
Roth IRA
d)
savings
46.
This type of schedule or table lists all payments of a loan, and tells the borrower how much of each payment goes toward the principal, as well as how much they will pay in interest over the life of the loan.
a)
delinquency
b)
amortization
c)
liquidity
47.
This term refers to the original amount of a loan OR the original amount of money invested. 
a)
Principal
b)
Interest
c)
Rebate
d)
Fixed Rate
48.
This is just a savings account with a slightly higher interest rate because the saver commits to a longer saving period for a set amount deposited.
a)
C.D.
b)
debt
c)
beneficiary
49.
This is an obligation of repayment, usually including principal plus interest; any time you owe someone money.
a)
compound interest
b)
emergency fund
c)
APR
d)
debt
50.
The first step of financial freedom;
$500 for teens; $1,000 for adults
a)
mutual fund
b)
emergency fund
c)
sinking fund
51.
The availability of money; how quickly you can convert it into cash in your hand is its _______.
a)
diversity
b)
liquidity
c)
yield
d)
gratuity
52.

The more liquid an investment, the more likely it is to have a higher rate of return.

a)

True

b)

False

53.
Term that applies to the ability to buy something now and pay for it later over a period of time (usually with having to pay a finance charge and/or the addition of interest). 
a)
Savings
b)
Profit
c)
Budgeting
d)
Credit
54.

What is a credit score?

a)

a three-digit score that tells lenders how much money you make each year.

b)

A five-digit numerical rating that reflects how likely you are to repay your debt.

c)

A three-digit numerical rating that reflects how likely you are to repay your debt.

d)

A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts

55.

Which of these terms could be used to describe debt in the form of a mortgage or car loan? (Choose all that apply.)

a)

secured

b)

unsecured

c)

revolving

d)

installment

56.

Student loans can be subsidized (by the government) or unsubsidized, and cannot be discharged with bankruptcy.

a)

true

b)

false

57.

Which budget item will most likely take up the largest percentage of your income at 25-30%?

a)

transportation

b)

housing

c)

groceries

d)

saving/investing

Similar Resources on Wayground

Chapter 4 Principles of Business

52 questions

Chapter 4 Principles of Business

quiz

Worksheet

•

8th - 12th Grade

AS BUSINESS (CIE) UNIT 2

54 questions

AS BUSINESS (CIE) UNIT 2

quiz

Worksheet

•

12th Grade

VT5_Promoción de bienes inmuebles

58 questions

VT5_Promoción de bienes inmuebles

quiz

Worksheet

•

10th Grade - Professi...

Modelo Territorial del Estado Español

60 questions

Modelo Territorial del Estado Español

quiz

Worksheet

•

12th Grade - University

Organization and Management Quarter II

60 questions

Organization and Management Quarter II

quiz

Worksheet

•

12th Grade

Unit 7 Review

54 questions

Unit 7 Review

quiz

Worksheet

•

9th - 12th Grade

Computer Apps Exam 2019 Part I

60 questions

Computer Apps Exam 2019 Part I

quiz

Worksheet

•

9th - 12th Grade

Unit 6 Credit Review

62 questions

Unit 6 Credit Review

quiz

Worksheet

•

12th Grade