WorksheetsUnit 2: Practical Life Skills Review
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Tick the box of the bills that belong for Fixed Expenses.
a)
Rent
b)
Gas & Electricity
c)
Insurance
d)
Groceries
e)
Mortgage
2.
Tick the box bills that belong for Variable Expenses.
a)
Rent
b)
Gas & Electricity
c)
Insurance
d)
Groceries
e)
Mortgage
3.
What is price matching?
a)
Paying more money for an item.
b)
When a store sells something at the same price.
c)
Buying used products.
d)
Using a coupon.
4.
Travis wants to buy a new phone. He has $500 to spend. What would he do to get a good deal?
a)
Look for phone ads that has sale prices.
b)
Wait until Black Friday sale to get a deal on phones.
c)
All of the above.
5.
This is one way to pay that is broken into smaller amounts.
a)
Installment
b)
Loan
c)
Debit
d)
principal
6.
You pay interest when you use cash.
a)
True
b)
False
7.
What does O.A.C means?
a)
On Automated Credit
b)
Online Access Card
c)
Only Cash Access
d)
On Approved Credit
8.
What could happen if you don't pay on time in a payment plan?
a)
You can get item for free.
b)
You pay high interest on your bill.
c)
Nothing happens.
d)
You get an extension for your payment.
9.
Robin wants to save for his college tuition. He is in Grade 12. He will be going to college in a year. He wants to save half of the fees. What will he need in order to open an account?
a)
Identification
b)
A new shirt.
c)
$1000
d)
His yearbook.
10.
What is the total amount of money you owe?
a)
credit score
b)
debt
c)
credit limit
d)
cash
11.
This is your rating of how you use your credit card.
a)
credit score
b)
debt
c)
credit limit
d)
cash
12.
How can you make your credit score go up?
a)
Paying past due date and paying only a minimum fee.
b)
Open many credit card lines.
c)
Pay credit card or bills on time.
d)
None of the above.
13.
Credit limit means how much you can spend.
a)
True
b)
False
14.
Paying the minimum payment is a smart choice.
a)
True
b)
False
15.
Banks like it when you don't have a job.
a)
True
b)
False
16.
Jesus starts saving his money for future purposes. This is a very smart move.
a)
True
b)
False
17.
JC has maxed out his credit card. He also forgot to pay his cell phone bill last month. Is he making a good choice?
a)
Yes, because he can just pay the interest of the principal amount.
b)
No, because this will make his credit score go down.
18.
What is the consequence of consistently paying your credit card bill late?
a)
Your credit score may improve.
b)
You might face late fees and a lower credit score.
c)
You will receive a reward from the bank.
d)
Your credit limit will automatically increase.
19.
Which of the following is a benefit of having a good credit score?
a)
Higher interest rates on loans.
b)
Easier approval for credit cards and loans.
c)
Increased monthly bills.
d)
More frequent credit card offers.
20.
What is a common strategy to avoid paying high interest on credit card debt?
a)
Pay only the minimum payment each month.
b)
Transfer the balance to a new card with a lower interest rate.
c)
Ignore the bill until you have more money.
d)
Use cash for all purchases.
100 %
