WorksheetsFutureSmart: Ways to Pay
Total questions: 15
Worksheet time: 8mins
Elijah works at a coffee shop and earns money based on the hours he works. This type of income is called:
Salary
Stipend
Wage
Benefit
Oliver is reviewing his financial habits to improve his credit score. Which factor has the biggest impact on a credit score?
Payment History
Type of credit
Amount owed
Length of credit
Ashley wants to buy a new laptop using money from her checking account. Which payment method should she use?
Credit card
Debit card
Direct Deposit
Prepaid Card
Rohan recently received his first credit card and wants to avoid paying interest. What is the best strategy he should follow?
Pay the full balance each month
Skip payments
Pay the minimum balance
Make payments online
During payroll processing, Kai noticed that a certain amount is withheld from his paycheck. This amount is used to fund government services such as health care, national defense, and scientific programs. What is this deduction called?
Federal Income Tax
Medicare
Social Security
State Income Tax
Aria, who works as a software developer, is usually paid on a biweekly or monthly basis. This payment is known as a (a) .
Imagine Elijah often uses cash for his daily purchases. Which of the following is the best reason for him to use cash?
Getting more from the ATM is easy to do
Keeping track of how much he has spent is simple
Splitting bills with friends like Jackson and William is easier
Losing it won’t be a big deal
Arjun is reviewing his credit report and wonders what factor has the biggest impact on his credit score. Can you help him identify it?
Having a variety of types of credit
The amount of money he owes on his credit cards
His history of making payments on time
The number of years that he has used credit responsibly
Elijah is reviewing his finances and wants to avoid paying interest on his credit cards. What is the best strategy for him?
Pay the minimum balance each month
Pay the full balance each month
Have credit cards from two different banks
Make payments online
James is reviewing his finances. Which of the following is not a source of income?
His annual salary for doing his job
His monthly student loan payment
The stipend he receives for doing an internship
The wages he receives after a work shift
Consider the following scenarios involving credit usage:
Priya applies for three new credit cards within a month to increase her credit score.
Benjamin pays off his entire credit card balance, fearing it might lower his credit score.
Noah has been using his credit card responsibly for several years, which boosts his credit score.
A low-risk borrower like Priya notices her credit score is surprisingly low.
David is considering taking out a payday loan to cover unexpected car repairs. Which of the following statements is TRUE about payday loans in this scenario?
They are harder to pay back because of low fees and high interest rates
They are harder to pay back because of high fees and high interest rates
They are easier to pay back because of lower fees and higher interest rates
They are easier to pay back because of lower fees and lower interest rates
Amy's new summer job at the pool will pay her $9 per hour. Which term describes this type of hourly income?
Salary
Stipend
Wage
Benefit
Ashley wants to make a purchase using the money in her checking account. What method of payment should she use to access these funds immediately and directly?
Credit card
Debit card
Direct Deposit
Prepaid Card
Imagine Olivia only pays the minimum balance on her credit card each month. What is the problem with this approach?
It lowers her credit score
She has to pay interest
The bank will cancel her credit card
All of the above
