WorksheetsFinancial Literacy
Total questions: 50
Worksheet time: 25mins
Name
Class
Date
1.
1) What is the term used to identify the top number of a fraction?
a)
A) denominator
b)
B) mixed number
c)
C) numerator
d)
D) prime number
2.
2) Which of the following SMART goals is this statement referencing? "I will update my resume with relevant qualifications related to a career at an accounting firm."
a)
A) relevant
b)
B) achievable
c)
C) measurable
d)
D) specific
3.
3) A-1 Repair Shop makes a deposit into their checking account with checks in the amount of $158.16 and $36.00. What is the total deposit?
a)
A) $234.16
b)
B) $214.16
c)
C) $194.16
d)
D) $198.16
4.
4) Which of the following SMART goals is this statement referencing? "I will apply to three open positions for the manager of a development team at an accounting firm."
a)
A) measurable
b)
B) achievable
c)
C) specific
d)
D) time-based
5.
5) Which of the following accounts is a type of savings vehicle?
a)
A) certificate of deposit
b)
B) checking
c)
C) money market
d)
D) personal loan
6.
6) A mathematical statement in which two sides are equal.
a)
A) equation
b)
B) dividend
c)
C) property
d)
D) percentage
7.
7) What could be a negative consequence when not including the relevant people in the making of a decision?
a)
A) disapproval upon implementation
b)
B) creating an unbiased situation
c)
C) not being able to evaluate the solution
d)
D) loss of alternative solutions
8.
8) Which of the following SMART goals is this statement referencing? "To achieve my goal of being in financial leadership, I will need to take classes in finance."
a)
A) achievable
b)
B) specific
c)
C) measurable
d)
D) relevant
9.
9) The United States has a system that regulated baking and guides monetary policy. What is the name of this system?
a)
A) Federal Reserve System
b)
B) Federal Investment System
c)
C) Federal Monetary System
d)
D) Federal Banking System
10.
10) When a business owner borrows money to purchase land, he/she usually must offer the title to the property as collateral until the loan has been paid. This credit instrument is commonly referred to as a ___.
a)
A) mortgage
b)
B) sales contract
c)
C) promissory note
d)
D) liability
11.
11)The correct way to write the amount $83.88 on a check is _______.
a)
A) Eighty-three dollars and 88/100
b)
B) Eighty-three and eight-eight
c)
C) Eighty-three dollars and eighty-eight cents
d)
D) Eighty-three and eighty-eight dollars
12.
12) A loan wherein the borrower pays the interest only on a weekly, monthly, or yearly basis is referred to as a ________.
a)
A) seller carry-back loan
b)
B) straight loan
c)
C) private mortgage loan
d)
D) construction loan
13.
13) Net worth is calculated by _______________.
a)
A) savings + debt
b)
B) income - expenses
c)
C) assets - liabilities
d)
D) money - things
14.
14) FICA is a mandate that requires __________ taxes.
a)
A) real estate
b)
B) Medicare and Social Security
c)
C) federal income
d)
D) personal property
15.
15) The use of knowledge to answer questions about a company's financial state.
a)
A) communication
b)
B) diversion
c)
C) application
d)
D) implementation
16.
16) To indemnify means to ___________.
a)
A) put back in the same as just prior to the loss
b)
B) set aside funding to cover extra costs
c)
C) transfer risks to others
d)
D) make financial privisions
17.
17) When bond prices fall, what do interest rates do?
a)
A) level out
b)
B) no change
c)
C) rise
d)
D) fall
18.
18) When referring to mortgages, points are fees you pay the lender for the loan. One point equals _____ of the loan amount.
a)
A) 5%
b)
B) 3%
c)
C) 10%
d)
D) 1%
19.
19) Generally speaking, the more money a person makes, the ______ he or she must pay taxes.
a)
A) lower the rate is at which
b)
B) less frequently
c)
C) higher the rate is at which
d)
D) more frequently
20.
20) A legal process of reorganizing as insolvent or liquidating the assets of a business in order to pay creditors.
a)
A) bankruptcy
b)
B) distribution
c)
C) foreclosure
d)
D) acquisition
21.
21) The deadline for filing the federal tax return each year is __________.
a)
A) July 1st
b)
B) December 31st
c)
C) January 1st
d)
D) April 15th
22.
22) What are the local regulations regarding the construction and maintenance of buildings in the United States called?
a)
A) real estate codes
b)
B) federal codes
c)
C) building codes
d)
D) state codes
23.
23) Which example is an investment commodity?
a)
A) coal
b)
B) intellectual property
c)
C) stocks
d)
D) treasury bills
24.
24) Which of the following would be the riskiest investment?
a)
A) certificate of deposit
b)
B) bonds
c)
C) stocks
d)
D) treasury bills
25.
25) IRA accounts provide tax advantages as a person saves for retirement. What does the acronym IRA stand for?
a)
A) individual retirement account
b)
B) investment retirement account
c)
C) insurance retirement account
d)
D) internal revenue account
26.
26) Which of the following is not one of the three major retirement vehicles?
a)
A) CD or Money Market Account
b)
B) employer pension
c)
C) IRA
d)
D) 401(k)
27.
27) Rename 36 percent as a decimal.
a)
A) .0036
b)
B) 6
c)
C) 36
d)
D) 0.36
28.
28) What is a mixed number?
a)
A) a number containing a numerator and a percent sign.
b)
B) a number containing both a whole number and a fraction.
c)
C) a number containing a numerator and a denominator.
d)
D) a number containing a percent sign and a fraction.
29.
29) When is your personal risk tolerance lowest for a 401(k) account?
a)
A) during the first few years of investing
b)
B) at the peak if the market
c)
C) close to retirement
d)
D) after the initial investment
30.
30) After completing an accurate tax return, the amount that is overpaid in taxes is given back in the form of a(n)____.
a)
A) refund
b)
B) deduction
c)
C) gain
d)
D) exemption
31.
31) Who is the person who receives any benefits or proceeds of a policy when the policyholder dies?
a)
A) consumer
b)
B) beneficiary
c)
C) policyholder appointee
d)
D) oldest son in the family
32.
32) Which type of interest will make more money over time?
a)
A) savings interest
b)
B) compound interest
c)
C) tax interest
d)
D) simple interest
33.
33) If you report the loss or theft before your credit cards are used, the Fair Credit Billing Act says the card issuer cannot hold you responsible for any unauthorized charges. The maximum liability under federal law for unauthorized use of your credit card is____________.
a)
A) $100
b)
B) $1000
c)
C) $50
d)
D) $500
34.
34) Compounding interest is ______the principal of an account.
a)
A) taken away from
b)
B) added to
c)
C) gained only on
d)
D) never calculated in
35.
35) The Hair Shop's previous check register balance is $234.67. Carla makes a deposit of $140.00 and writes a check for $73.23. What is the new balance?
a)
A)$301.44
b)
B) $447.90
c)
C) $523.45
d)
D) $374.67
36.
36) What does the term "on account" means?
a)
A) the account is paid in full.
b)
B) the account is tax free
c)
C) the account will be paid for at a later date
d)
D) the account is overdue and needs to be paid immediately
37.
37) The basis of risk is _____________.
a)
A) insurance
b)
B) uncertainty
c)
C) possibility of loss
d)
D) liability
38.
38) An asset that can quickly and easily be converted into cash.
a)
A) fluid
b)
B) fixed
c)
C) liquid
d)
D) solid
39.
39) The main purpose of insurance is to________.
a)
A) create investment income
b)
B) provide security
c)
C) provide compensation
d)
D) share the losses of a few people among many
40.
40) Which compounding frequency will earn you the most money in a compounding interest savings account?
a)
A) daily
b)
B) monthly
c)
C) quarterly
d)
D) yearly
41.
41) A volatile investment is a __________.
a)
A) gains value consistently each year
b)
B) high volume of investments
c)
C) fairly low risk
d)
D) rapidly changing investment
42.
42) Who is an internal user of a company's financial accounting data?
a)
A) banks
b)
B) taxing authorities
c)
C) chief financial officer
d)
D) state legislators
43.
43) James makes $15/hr and receives an additional 5% commission on all sales he conducts. If James worked eight hours today and produced $1,645 in sales, how much money did James earn today?
a)
$120.00
b)
$202.25
c)
$88.25
d)
$1,765.00
44.
44) Which show the fraction 9/10 written as a ratio?
a)
A) 9:10
b)
B) 10:19
c)
C) 10:9
d)
D) 9:19
45.
45) Brenda sold 8 apples, 3 oranges, 5 cherries, and 6 pears from her garden. What is the ratio of cherries to apples?
a)
A) 5:22
b)
B) 6:5
c)
C) 5:8
d)
D) 8:3
46.
46) Like a fraction or decimal, a percent represents part of a whole. What number is the "whole" based on?
a)
A) 50
b)
B) 24
c)
C) 100
d)
D) 30
47.
47) Service workers perform tasks for someone. Their work cannot be touched or felt. Which job below is in a service career?
a)
A) carpenter
b)
B) stock broker
c)
C) farmer
d)
D) factory worker
48.
48) What term is used to identify the bottom number of a fraction?
a)
A) denominator
b)
B) numerator
c)
C) mixed number
d)
D) prime number
49.
49) When setting up a budget, it is best to do these two things first?
a)
A) ask both a financial institution and creditor for a loan
b)
B) write down both: expenses and income
c)
C) ask both a relative and friend for a loan
d)
D) set up both an investment portfolio and checking account
50.
50) An insurance policy that protects the lender when there is increased risk due to low down payment is known as ___________________.
a)
A) private mortgage insurance
b)
B) Homeowner's Association Insurance
c)
C) whole life insurance
d)
D) doubling down
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