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Financial Literacy

Total questions: 20

Worksheet time: 11mins

Name
Class
Date
1.

What are taxes?

a)

A fee received or paid for the use of money

b)

Required payments to the government

c)

A legal process that gives a debtor protection from creditors

d)

Goods or services that people cannot survive without, such as water, food, shelter, and clothing


2.

What is debit?

a)

involves taking money directly from your bank account (spend what you have)

b)

Required payments to the government

c)

The possibility of financial loss or physical harm

3.

What is interest?

a)

Money that is spent on goods, services, and bills

b)

A fee received or paid for the use of money

c)

Money owed

d)

Goods or services that people cannot survive without, such as water, food, shelter, and clothing


4.

What is credit?

a)

Money that is spent on goods, services, and bills

b)

involves taking money directly from your bank account (spend what you have)


c)

involves borrowing money from a lender to pay back later, creating a debt

d)

A not-for-profit cooperative that offers bank services and is owned by its members


5.

What is debt?

a)

Money owed

b)

Money that is spent on goods, services, and bills

c)

 A fee received or paid for the use of money

d)

Required payments to the government

6.

What are needs?

a)

Required payments to the government

b)

Goods or services that make people more comfortable or content but which are not necessary for survival


c)

A fee received or paid for the use of money

d)

Goods or services that people cannot survive without, such as water, food, shelter, and clothing


7.

What are abilities?

a)


Goods or services that people cannot survive without, such as food, water and shelter

b)

A not-for-profit cooperative that offers bank services and is owned by its members


c)


The things you do well

d)

What motivates you to want to succeed in life


8.

What is a budget used for?

a)

Money received on a regular basis for work or through investments

b)

Required payments to the government

c)

Income remaining after all deductions have been taken

d)

A record of income and spending and a plan for managing money

9.

What does it mean to invest?

a)

Money that is spent on goods, services, and bills

b)

A legal process that gives a debtor protection from creditors

c)

To commit money to gain a profit or earn interest

d)

 A grouping of jobs and industries related by skills or products

10.

What are wants?

a)

Money that is spent on goods, services, and bills

b)

Goods or services that people cannot survive without, such as water, food, shelter, and clothing


c)

A legal process that gives a debtor protection from creditors

d)

Goods or services that make people more comfortable or content but which are not necessary for survival


11.

What are savings?

a)

Money received on a regular basis for work or through investments

b)

A fee received or paid for the use of money

c)

A fee received or paid for the use of money

d)

An interest-bearing account where people put money for future use

12.

What are expenditures?

a)

Required payments to the government

b)

Money that is spent on goods, services, and bills

c)

Money owed

d)

A legal process that gives a debtor protection from creditors

13.

What is income?

a)

A fee received or paid for the use of money

b)

Money received on a regular basis for work or through investments

c)

An interest-bearing account where people put money for future use

d)

Required payments to a government

14.

Which one is NOT a deduction on a pay stub?

a)

Social Security

b)

401 Retirement Fund

c)

Sales Tax

d)

Federal tax

15.

What is gross income?

a)

Income before deductions

b)

Income after taxes

16.

What is net pay?

a)

Pay before deductions

b)

Pay after deductions

c)

The amount of money you will be paid

17.

What does S.T.E.M. stand for?

a)

Social, Technical, English and Math

b)

Science, Technology, English and Math

c)

Social, Technology, Engineering and Math

d)

Science, Technology, Engineering and Math

18.

What are three ways that you can save money for your future?

a)

Loans

b)

Bonds

c)

Stocks

d)

Mutual Funds

19.

What does it mean to lease a car?

a)

You borrow the car and return it as needed

b)

Make monthly payments for a period of time to use the car, then return it when your contract is up.

c)

You buy the car all at once, and you own it forever.

d)

You make monthly payments and when the payments are done, you own it.

20.

What does it mean to buy a car?

a)

You make monthly payments on it and then keep it once it is paid off.

b)

You make monthly payments on it and return it when your contract is up.