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Financial Literacy Final Exam

Total questions: 26

Worksheet time: 20mins

Name
Class
Date
1.
1. What is the purpose of budgeting?
a)
a) To track your expenses
b)
b) To save money for a vacation
c)
c) To increase your credit score
d)
d) To invest in the stock market
2.
2. Which of the following is a form of investment?
a)
a) Buying a car
b)
b) Opening a savings account
c)
c) Purchasing stocks
d)
d) Paying off a loan
3.
3. What is the purpose of paying taxes?
a)
a) To support the government's expenses
b)
b) To reduce your income
c)
c) To increase your credit score
d)
d) To invest in real estate
4.
4. What is the role of a bank in the financial system?
a)
a) To provide loans to individuals and businesses
b)
b) To sell stocks and bonds
c)
c) To prepare tax returns
d)
d) To offer insurance policies
5.
5. Which of the following is a benefit of saving money in a bank?
a)
a) Earning interest on your savings
b)
b) Avoiding taxes on your income
c)
c) Increasing your credit score
d)
d) Access to free financial advice
6.
6. What is the consequence of spending more money than you earn?
a)
a) Building wealth
b)
b) Increasing your credit score
c)
c) Going into debt
d)
d) Saving for retirement
7.
7. Which of the following is a factor that affects your credit score?
a)
a) Age
b)
b) Gender
c)
c) Ethnicity
d)
d) Payment history
8.
8. What is the purpose of a resume when applying for a job?
a)
a) To showcase your skills and qualifications
b)
b) To request a loan from a bank
c)
c) To file your taxes
d)
d) To invest in the stock market
9.
9. Which of the following is an example of a fixed expense?
a)
a) Groceries
b)
b) Entertainment
c)
c) Rent
d)
d) Clothing
10.
10. What is the purpose of insurance?
a)
a) To protect against financial loss
b)
b) To increase your credit score
c)
c) To invest in real estate
d)
d) To pay off debts
11.
11. What is the difference between a debit card and a credit card?
a)
a) A debit card is linked to your bank account, while a credit card allows you to borrow money.
b)
b) A debit card is used for online purchases, while a credit card is used for in-store purchases.
c)
c) A debit card has a higher interest rate than a credit card.
d)
d) A debit card requires a credit check, while a credit card does not.
12.
12. What is the purpose of a 401(k) retirement plan?
a)
a) To save money for a down payment on a house
b)
b) To invest in the stock market
c)
c) To provide income during retirement
d)
d) To pay off student loans
13.
13. What is the purpose of a credit score?
a)
a) To determine your eligibility for a loan or credit card
b)
b) To increase your income
c)
c) To invest in real estate
d)
d) To pay off debts
14.
14. Which of the following is an example of a tax deduction?
a)
a) Paying off a credit card debt
b)
b) Donating to a charitable organization
c)
c) Opening a savings account
d)
d) Investing in stocks
15.
15. What is the purpose of a checking account?
a)
a) To earn interest on your money
b)
b) To save for retirement
c)
c) To easily access your money for day to day spending via debit card, check or ACH
d)
d) To invest in the stock market
16.
16. What is the purpose of a savings account?
a)
a) To hold money long term and earn interest on your money
b)
b) To pay off debts
c)
c) To increase your credit score
d)
d) To invest in real estate
17.
17. What is the stock market?
a)
a) A place to buy and sell groceries
b)
b) A place to borrow money
c)
c) A place to invest in real estate
d)
d) A place to buy and sell stocks
18.
18. What information is typically included in a paystub?
a)
a) Social security number
b)
b) Bank account details
c)
c) Employee's name and address
d)
d) Credit card information
19.
19. What is the purpose of a loan?
a)
a) To save money for a vacation
b)
b) To increase your credit score
c)
c) To borrow money for a specific purpose
d)
d) To invest in the stock market
20.
20. What is the purpose of a credit card?
a)
a) To make online purchases
b)
b) To earn interest on your money
c)
c) To track your expenses
d)
d) To borrow money for purchases under a certain limit that must be paid back promptly
21.

  1. 21. Why is creating a budget so important? (Select all that apply)

a)

It can help you reach your savings goals for what you want or need.

b)

It can help you make better financial decisions.

c)

It can help you see your spending habits so you can adjust them to what you want or need.

d)

It can help you keep track of your neighbor's financial habits.

e)

It can help you get a better job.

22.

  1. 22.When should a person begin contributing to a retirement plan?

a)

Before deciding to start a family

b)

As young as possible

c)

At age 50

d)

Upon collecting Social Security

23.

  1. 23.A person choosing a mortgage usually selects a fixed-rate loan because she knows that

a)

Her income will increase within the next three years

b)

The interest rates are going down

c)

Her homeowners insurance premiums will be lower

d)

The interest rate remains the same for the life of the mortgage

24.

24.What does it mean to buy a share of stock in a company?

a)

Lending money to the company.

b)

Owning a portion of the company.

c)

Owning the company's products.

d)

Borrowing money from the company.

25.

25.Why is comparison shopping important?

a)

It ensures you always buy the most expensive product.

b)

It can help you find the best deal, saving money.

c)

It takes up time that could be spent buying impulsively.

d)

Retailers prefer customers who do not compare shop.

26.

26.Which of the following factors does NOT affect your credit score?

a)

Payment history

b)

Employment status

c)

Credit utilization ratio

d)

Types of credit in use

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