WorksheetsFinancial Literacy
Total questions: 40
Worksheet time: 20mins
Interest earned on savings may be referred to as:
opportunity Cost
Personal Opportunity Costs
Time Value of Money
Financial Opportunity Costs
Maria is new to budgeting. Maria's friend advises the that they should "pay themselves first". What does that mean?
Maria should keep all their savings in a checking account
Maria should automate monthly transfer to their savings account
Maris should pay only the minimum due on their credit card bills
Maria should take more risk in their investments to get higher returns
What is the term used for the amount of money you make before taxes are taken out?
Gross Pay
Net Pay
Tax Free Pay
Time Value of Money
Why is sending a personalized thank you after a job interview important?
You can apologize for any mistakes you made in the interview
Leave a good impression by expanding on an answer/topic
It shows that you want the job even if you don't really like the company
It allows you to boast about your accomplishments one last time
A common deduction on a person's paystub would be:
Gross Pay
Excise Tax
Slaes Tax
Federal Income Tax
A clearly written financial goal would be:
To save money for college for the next five years
To establish an emergency fund of $4,000 in 18 months
To invest in an international mutual fund for retirement
To pay off credit card bills in 12 months
An example of a long-term goal would be:
Buying a used car
An annual vacation
Completing college in the next six months
Saving for retirement
An example of a fixed expense is:
An electrical bill
Clothing
Educational expenses
Auto Insurance
What is the term used for when you give the landlord a payment in case of future damage to an apartment you rent?
Lease Deposit
Last Month's Rent Deposit
Security Deposit
Insurance Deposit
What is one of the basic rights that a tenant has when renting an apartment?
Notifying the landlord if major repairs are needed
Safe and Sanitary Premises
Taking care of the property
Paying the rent on time
What is one way of reducing the financial burden of renting an apartment?
Getting a two-bedroom apartment instead of one bedroom apartment
Taking on a roommate
Getting new appliances
Purchasing new funiture
Which of the following is NOT needed when you want to open a checking account?
Voter Registration
Completed Signature Card
Photo Identification
Valid Social Security number
Which of the following is NOT a benefit to using a debit card?
Eliminates the need to carry cash
Can encourage impulse spending
Not interest accrues on purchases
Payments can be made quicker
A service charge on your bank statement will result in:
Earning more interest
More outstanding checks
You receiving a refund from the bank
You paying a fee to the bank
What is a disadvantage to using credit?
Impulse buying
Don't have t carry cash around
Ability to pay bills over time
Ability to obtain needed items new
What is the term used when referring to a person's assets?
Capacity
Capitol
Collateral
Character
Using a credit card to buy a new jacket from a store and them paying the charge off over several moths is?
Retail
Revolving
Single-payment
Installment
Using the 50-20-30 rule, a person earning $1,500 a month should not have monthly credit payments that exceed:
$30 a month
$150 a month
$20 a month
$300 a month
All of the following are characteristics of a secure credit card EXCEPT...
Your credit limit is dependent on the amount of your security deposit
don't have a spending limit
They help you build a credit history and improve your credit score
lower the risk of names wjem issuing credit to users with no credit history
When shopping for a credit car, which of the following should you NOT do?
Read and understand the Contract
Request to view your credit file
Known your cost
Shop Around
you lose your credit card and you report it stolen immediately upon relieving it is missing, how much are you liable for
$50
$100
$0
$200
The grace period refers to the time:
Used to calculate interest
Taken to process a credit card appliances
Allowing to notify a creditor of a billing error
For paying an account without an interest charge
Comparing the APR among several credit cards allows you to obtain the:
Lowest Interest Rate
Lowest Annual Fee
Least expensive method of calculating interest
Lowest Grace Period
If a billing error occurs on a credit statement, a consumer has _____ days to notify the creditor?
90
120
60
30
What law sets up a procedure for the quick correction of mistakes that appear on consumer credit card accounts?
Fair Credit Billing Act
Fair Debt Collection Practices Act
Truth in Lending Act
The Credit CARD Act
Which of the following is NOT an Initial Cost to purchasing a vehicle?
Registration
Purchase Price
Depreciation
Sales Tax
the bank inform you of the amount financed for a loan, the total finance charge in dollars the annal percentage rate
Fair Debt Collection Practices Act
The Credit CARD Act
Truth in Lending Act
Fair Credit Billing Act
All of the following can be found in your credit report EXCEPT...
Status
Your total number of active credit accounts
Your checking account balance history
Your credit payment history
type of advertising known as when it uses image and sounds that the conscious mind is not aware of
Information
Perceptual Contrast
Infomercial
Subliminal Advertising
Suppose you are trying to switch banks to open a brand new credit card. select the WORST long-term outcome?
Look for sign-up bonuses or introductory offers
Spend some time comparison shopping before finalizing your decision
Read online review carefully, and align most closely to what you value
Pay close attention to fee structures and interest rates
All f the following scenarios are examples of dark patterns EXCEPT...
Idris faces tedious steps to close online shooting account.
Arya unsubscribes from an email lists with the "unsubscribe" link.
Jon makes an unintended in-app purchases due to confusing buttons in the app.
Book hotel before reading review due to website timer.
Which person in this list is saving rather than investing?
Danielle, who contributed 2% of her pat to her company's 401(k) plan
Daryl, who uses his $5000 end-of-year bonus to buy Treasury bonds
Alexis, who buys $100 worth of shares in an S&P 500 index funds every month
Yvonne, who puts $750 per month unto her bank account earning 1% interest
What information is typically included in a resume?
References and recommendations
Personal statement and cheer goals
Education, experience, and work skills
High school student paycheck deductions include...
Social Security
Federal taxes
Overdraft fees
Medicare
What is a benefit of benefits of mobile banking?
Mobile banking usually waives normal fees like overdrafts.
Deposits checks conveniently with phone camera and bank app.
charge you a $10-15 set-up fee in addition to a small monthly fee
Mobile banking often waives typically fees
All of the following are common budgeting strategies, EXCEPT...
Hostile wealth budgeting
Envelope budgeting
Zero-based budgeting
50/30/20 budgeting
Comparison shopping is the practice of...
Comparing the quality of your purchased product to your friend's.
Comparing product factors from different retailers before purchase.
Comparing last year's purchase to the updated version available now
Comparing the prices of two unrelated products you need to purchase
What is one step you can take to protect yourself from identity theft?
Log into your bank's mobile app using a public WiFi network
Review your monthly bank statements for accurate transactions
throw away expired bank account card and documents without shredding them
throw away expired bank account cards and documents without shredding them
What is the term used for the amount of money you make before taxes are taken out?
Time Value of Money
Tax Free Pay
Gross Pay
Net Pay
Which of the following is NOT something that should be considered when shipping for a vehicle loan?
Annual Percentage Rate (APR)
Length of the Loan
Total Finance Charge
Sales Tax on the vehicle price
