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WorksheetsFinal Exam Financial Literacy
Total questions: 116
Worksheet time: 3hrs 51mins
The longer the money is invested the better?
True
False
What do we call the amount of money left over each month after you have paid all of your expenses?
Surplus
Straight cash homie
Debt
Diversification
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
Most millionaires inherited their money.
True
False
Most millionaires are college graduates.
True
False
What are the three rules for staying out of poverty?
1. Don't graduate from high school.
2. Never have children
3. Have a side hustle.
1. Graduating from high school.
2. Have many children.
3. Having a fun job.
1. Graduating from college.
2. Get married as soon as you graduate high school.
3. Having a full-time job.
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.
What is the Microsoft Corporation stock symbol?
MICRO
MSFT
MC
MSCN
Anything that is purchased with the hope that it will generate income or be more valuable at a future date.
investment
loan
income
expense
The percentage at which interest is charged or paid.
interest
interest rate
budget
cost benefit analysis
Who said...
"Compound interest is the eighth wonder of the world. He who understands it, earns it...he who doesn’t...pays for it.”
Abraham Lincoln
Bruce Wayne
Andrew Carnegie
Albert Einstein
If you earn $65,000 per year, what income tax bracket will you be in?
12%
22%
24%
32%
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 Net income?
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
Money that you collect
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 are property taxes?
Money paid to the government based on money you earn
Money an employer withholds from an employee’s paycheck
A portion of the value of items that is paid to a city or government
Money added to the cost of items or services
What is sales tax?
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
What is a payroll tax?
Money paid to the government based on money you earn
Money an employer withholds from an employee’s paycheck
A portion of the value of items that is paid to a city or government
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
A deposit is money ______ your bank account
taken out of
put into
A withdrawal is money ________ of your bank account
put into
taken out
What do we call the amount of money left over each month after you have paid all of your expenses?
Surplus
Straight cash homie
Debt
Diversification
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
Most millionaires inherited their money.
True
False
Rent, insurance, car payment, and Netflix subscriptions are fixed expenses.
True
False
The act of taking money out of a bank account is known as a ...
deposit
expenses
withdrawal
Electricity, gifts, and bike repairs are variable expenses.
True
False
The money that you keep after all costs and expenses are paid is called ...
balance
profit
financial institution
An expense that does not change from month to month is called ...
variable expense
profit
fixed expense
The amount of money that you have in your bank account is known as a ...
deposit
balance
withdrawal
When you put money into a bank account for safe keeping, you are making a ...
deposit
withdrawal
expenses
An expense that varies over time is called...
fixed expense
profit
variable expenses
Banks, savings and loans, and credit unions are known as...
withdrawal
expenses
financial institutions
Which of the following is an advantage of using a credit card?
Interest is charged for the use of a credit card.
Consumers can purchase things now, and pay for them later in the event of an emergency.
You could be a victim of identity theft.
Going to work at a job is a way to....
get fired
earn money
make new friends
buy a motorcycle
Monica has a store selling her special t shirts. Everyone wants her shirts. Because there is a great demand for the shirts, Monica can....
make more shirts
lower the price of the shirts
raise the price of the shirts
sell matching shoes
What would happen if Monica has to sell her shirts for less that it cost her to make them?
She would make no profit
She would make great profit
Nothing will happen
She would have to take out a loan
Monica ran out of shirts to sell. Amazon did not have them either. This is an example of
supply
scarcity
demand
overspending
Scarcity is
when there is too much of something
when there is too many of something
when there is not enough of something
when you are afraid to lose all your money
Supply is
the things you need for school
having your school materials
wanting to buy more stuff
having enough materials
If you have to sell something for less than what you paid for it you will
make no profit
make a profit
break even
be a salesperson
If you sell something for more than what you paid for it, you will
make a profit
make no profit
have a clearance sale
win a salesforce award
To earn $25.00 how long do you have to save $5.00
4 weeks
5 weeks
6 weeks
1 week
If you make $7.00 a week for 6 weeks, how much money will you have.
$71.00
$17.00
$42.00
$56.00
If you make $7.00 a week for 5 weeks, but you spend $4.00 how much money will you have?
$28.00
$31.00
$17.00
$71.00
If you make $35.00 in 5 week, this means you make $_____ a week.
$17.00
$71.00
$7.00
$700.00
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?
$7.00
$37.00
$35.00
$117.00
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....
His store had ordered too many t shirts
The number of people who sell t shirts went up
Amazon ordered too many t shirts
He is afraid.
The boys selling popcorn to their classmates is an example of...
Habitat for Humanity building houses for people
A simple business operation
A complex business
School spirit night
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....
free market
spending
saving
invention
Free market
an economic system in which prices are determined by individuals and not the government.
an economic system in which prices are determined by the government.
an economic system in which prices are very high.
an economic system in which prices are very low.
When the demand is high, the price will be...
low
high
equal
free
1. Nathalia is shopping for a bank. She does not write checks or use the ATM. She pays for lunch with her debit card 25 times each month. Which bank is a better deal for Nathalia?
Tex-Bank bank is the better deal for Nathalia because the fees for this bank is $3.50 per month
Nation-Bank bank is the better deal for Nathalia because the fees for this bank are $2.75.
Tex-Bank bank is the better deal for Nathalia because the fees for this bank is $12.25 per month
Nation-Bank bank is the better deal for Nathalia because the fees for this bank are $20.754.
2. Mrs. Rosalinda wants to buy a new stove and refrigerator, but she does not have enough money in her bank account to pay for one. Which of these is an option for Mr.s Rosalinda?
She can use her debit card to buy her stove and refrigerator now.
She can use her debit card at the ATM and withdraw money from her bank account.
She can pay with a credit card and make monthly installments later.
She can pay with a credit card and the money will be withdrawn from her bank account immediately.
3. A portion of Mauricio's check register is shown. Before Mauricio made his utility payment on April 26, the balance of his account was $2,345.54.
Based on the information in the check register, what was the balance of Mauricio's checking account in dollars and cents after the transaction on April 30?
(just the number)
(a)
4. When you don't pay in time, owing to much or all negative information that can affect your credit report. Which of these is the most number of years that this negative information will remain on a credit report?
15 to 18 years
11 to 14 years
3 to 6 years
7 to 10 years
5. Mrs. Gibbs applied for a car loan from a bank. Which statement does NOT describe the information the bank will look at on Mrs. Gibbs' credit report?
The bank gives lower interest rates to people with higher credit scores.
The report shows the likelihood that Mrs. Gibbs will pay back the entire loan on time.
The report shows the highest level of education that Mrs. Gibbs has reached.
The bank gives full loans to people with strong credit.
6. Karla is researching ways to pay for her college education. Which of the following financial assistance programs will Karla have to pay back? Choose the three that apply.
Bank loan
Scholarship
Subsidized Loan
Grants
Unsubsidized Federal Loan
7. The table shows the approximate median annual salaries associated with two levels of education.
Based on the table, how much more money would a person with a Master's degree earn than a person with a bachelor's degree over a 20-year career?
$12,948
$142,740
$258,960
$2,854,800
8. The check register shows the transaction in Mr. Gonzalez's new check account. She opened the account on November 5th.
Based on the information in the check register, what is the balance in Mr. Gonzalez's register after the ATM transaction in November 10th?
$6,539.50
$2,578.50
$478.50
$930.50
The Samson family has a monthly income of $4,500.
How much does the Samson family spend on rent each month?
(a)
The Samson family has a monthly income of $4,500.
How much does the Samson family spend on food each month?
(a)
Minda's monthly pay is $3,200.
Minda pays 6% of her monthly salary for Social Security. How much does she pay?
(a)
Minda's monthly pay is $3,200.
She pays 3% of her monthly salary for Medicare. How much does she pay?
(a)
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)
What is Angel's net worth? (Add the assets & the liabilities and subtract them from each other).
(a)
Which items are examples of liabilities?
Furniture you own
Mortgage
Car loan
Your house which you own.
Which of the following is an example of a variable expense?
Food
Credit card bill
Loan
Utility bill
Which of the following is an example of a fixed expense?
Rent
Food
Credit card bill
Car payment
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)
Debts that are owed by an individual
liabilities
assets
net worth
What would be something you would want to 'budget' for? My example: I would budget for a new set of frying pans.
If you were to own your own business what would it be?
Debit cards are a convenient way to pay because you don’t have to carry cash or take time to write a check.
True
False
You should tell everyone your PIN number.
True
False
Debit card purchases are “buy now, pay now” so you must have enough money in your account to cover your purchase.
True
False
When using a credit card, you will be charged interest if the balance is not paid within 30 days.
True
False
Which of the following are financial institutions?
bank
museum
library
credit union
All bank transactions should be recorded in the register.
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)
When do you need to sign a deposit ticket?
Always
When you want cash back
If the tell asks you to
On Fridays
Which accounts usually pay interest?
checking
banking
savings
credit
What is a transaction register?
a booklet that the school gives you for recording your grades
a book with money in it
a booklet for writing down memories
A booklet for recording money deposited or withdrawn from an account.
What does deposit mean?
remove
take away
put into
spilled
What does withdraw mean?
put into
transaction
write a check
remove
A sum of money lent or invested, on which interest is paid?
Rebate
Budget
Principal
Liabilities
Property owned by a person or company that has value.
Savings
Budget
Depreciation
Assets
A reduction in the value of an asset with the passage of time, due in particular to wear and tear.
Liabilities
Depreciation
Compound Interest
Principal
An estimate of income and spending for a set period of time, usually by month or year.
Markdown
Income Tax
Sales Tax
Budget
