WorksheetsFinancial Literacy Exam Review
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Which of these is a variable expense?
a)
Electricity bill
b)
Rent
c)
Insurance
d)
House Payment
2.
Overdraft protection helps you cover a purchase in your checking account ______________.
a)
when you lost your debit card
b)
when you don't have enough funds
c)
only if you are investing with your money
d)
only if you are paying with a mobile payment app
3.
Which payment method creates a debt that you have to pay back later?
a)
Debit Card
b)
Gift Card
c)
Credit Card
d)
Bank Card
4.
How is an advertisement different from a comment from a regular consumer?
a)
There is not any differece.
b)
The advertisement may have been posted by the seller.
c)
The advertisement is likely one-sided.
5.
In the 50/30/20 method of budgeting, what percent of your money should be spent on needs
a)
50%
b)
30%
c)
20%
d)
100%
6.
In order to make a budget, you don't need to track your spending.
a)
True
b)
False
7.
The cost for one unit of an item
a)
Opportunity cost
b)
Variable expense
c)
Unit price
d)
Fixed expense
8.
Which of the following is NOT a need?
a)
Food
b)
Shelter
c)
Brand name clothes
d)
Clothes
9.
Which best describes the difference between secured and unsecured loans?
a)
Secured loans require collateral, while unsecured loans do not
b)
Secured loans usually have higher interest rates than unsecured loans
c)
Secured loans do not appear on your credit report, while unsecured do
d)
Secured loans have more flexible payment plans than unsecured loans
10.
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder
a)
debit card
b)
Fixed expenses
c)
Salary
d)
credit card
11.
Which payment method could charge you interest?
a)
Cash
b)
Check
c)
Debit Card
d)
Credit Card
12.
To deposit a check using a mobile banking app, you have to
a)
check your interest rate
b)
have more than one account
c)
upload pictures of your signed check
d)
mail the check to your financial institution
13.
What is the benefit of a savings account?
a)
A savings account helps you track your spending.
b)
A savings account creates investment opportunities.
c)
A savings account allows you to borrow money.
d)
A savings account earns interest.
14.
Health insurance, paid time off, disability, retirement plans, and tuition reimbursement are all considered _______.
a)
Intangible benefits
b)
Gig economy benefits
c)
Workplace benefits
d)
Educational benefits
15.
Which of these earns more money over time?
a)
simple interest
b)
compound interest
16.
When do you need to apply for the Free Application for Federal Student Aid (FAFSA)?
a)
The year before college and every year you attend
b)
Two years before college and every year you attend
c)
Once, after you have been accepted into college
d)
Once, after you have completed your first semester
17.
Money received or earned for work done, from investments or other sources.
a)
Income
b)
Expense
c)
Interest
d)
Taxes
18.
Something an individual must have to survive.
a)
Want
b)
Need
19.
Which behaviors might lead someone to have a low credit score?
a)
Missing a car payment
b)
Always paying the full balance each month
c)
Having a long credit history
d)
Having a debit card
20.
Which of these best describes a budget?
a)
A list of goals for the year
b)
An estimate of income and expenses over a set period of time
c)
A prediction of how much money you will make
d)
A list of things you want to buy
100 %
