WorksheetsFinancial Literacy Final Assessment Review
Total questions: 21
Worksheet time: 11mins
What is the purpose of setting up and putting money into an emergency fund?
You use that money in case an unexpected expense comes up that you must pay for.
You invest the fund into the stock market and make a huge profit to use for emergencies.
You use it to pay for college tuition or a major expense like a house.
You save that money to use for common monthly expenses like your rent, insurance, and bills.
Marbella just got her first job working part-time at a department store on weekends. Before receiving her first check, her aunt says, "Be sure to pay yourself first!" What does that mean?
Marbella should pick up her check first thing in the morning, right when banks open.
Marbella should make sure she buys everything she needs, personally, before shopping for others.
Marbella should save part of her paycheck first, before she buys anything with the money.
Marbella should ask her boss for a raise, so that her paycheck is higher.
Which of these is a key benefit of having a high credit score?
You will have an easier time getting into a good college.
You will have more money in your checking and savings accounts.
You will qualify for better rates on loans or credit cards.
You will earn more money from your employer.
Ronny uses his debit card to buy new Bluetooth headphones at Audio Stop in a shopping plaza near his house. Where will the money come from for this purchase?
The money will come straight from Ronny's checking account and go to Audio Stop's account.
The money will come out of Ronny's savings account at the end of the month and be sent to Audio Stop.
Ronny will take the money out of an ATM and repay Audio Stop before they close for the day.
Ronny's credit card company will pay Audio Stop, and then Ronny will repay the credit card company later.
If you are trying to get a loan to pay for a used car, what type of interest rate should you be looking for?
You want a low interest rate so the total you pay is less.
You want a high interest rate so the total you pay is less.
You want compound interest, so that the value of the car grows quickly.
You want a high interest rate so you can afford a fancier car.
Which of the following will REDUCE the amount of money in your checking account?
Deposit a check that someone gives you for your birthday
Use your debit card to get money from an ATM (Automated teller machine)
Buy an expensive new watch using cash
Transfer funds from your savings account to your checking account
Complete the sentence:
A checking account statement...
is the receipt you get from a store when purchasing something from your checking account
tells you the bank policies on fees
lists all the purchases and deposits you've made in the previous months
allows you to take out a student loan for college
Which statement best describes NEEDS vs WANTS?
NEEDS are monthly bills you must pay, while WANTS are monthly bills you are excited to pay.
NEEDS are required expenses you cannot avoid, while WANTS are optional items you choose to buy.
NEEDS are expenses for your entire family, while WANTS are expenses for you personally.
NEEDS are expenses the government pays for you, while WANTS are expenses you must pay for yourself.
If John deposits this entire paycheck into his checking account, how much money will go into his account?
$1,524.74
$2,000.00
$30,494.81
$40,000.00
Which action would INCREASE the money in Shirley's checking account?
She uses a person-to-person app to pay a friend for dinner.
She uses her debit card to buy a holiday gift.
She uses her smartphone to deposit a check from her grandpa.
She uses a prepaid card to pay for a month of movie streaming.
Which of these is an example of comparison shopping?
Buying all your clothes at the same discount outlet
Researching which online store has the best price on a tent
Cutting coupons before you go grocery shopping each week
Paying for items in cash so you don't spend as much money
What would you include in section 1 of this check?
How much you are paying someone
The name of the person who the check is being written out to
The address of the person you are paying
The date
Steven has just moved into his apartment and is working full-time. Each item below would go into his budget in the "Monthly Bills" category EXCEPT...
Clothing
Cell Phone Plan
Rent
Renter's Insurance
If the net pay of my paycheck is $565, what percentage of it should I budget for my savings account?
30%
50%
20%
10%
True or False: You should use your "net pay" when creating a budget.
False
True
Look at the paystub: How much has Stephen paid in deductions for the year?
$46,000.00
$692.24
$2,000.00
$15,921.52
What is one benefit of borrowing money from a friend or family member instead of the bank?
You do not have to repay your friends or family members if you do not want to
You can borrow more money from a friend or family member because they have more cash than banks
Friends and family cannot legally charge you interest on the loan, but banks can
Friends and family will typically work with you to set up a repayment plan you can afford
Which of the following is not a principle of financial literacy?
Saving
Budgeting
Excercising
Spending
Lana wants to create a better plan for her money so she knows exactly how much income she is making and how much is being spent on monthly expenses. What tool would you encourage her to use to achieve this goal?
A credit card
A checking account
A budget
An insurance policy
Besides, your savings account, this helps you pay for emergency expenses
Credit cards
Checking account
Best friends
None of the above
If a person has a $1,000 line of credit, the person can charge:
no less than $1,000 a month on the card
up to $1,000 on the credit card
$1,000 at each place that accepts the credit card
$1,000 without having to pay interest on the credit card balances
