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Worksheets

Consumer and Life Skills Midterm 2024-25

Total questions: 50

Worksheet time: 13hrs 30mins

Name
Class
Date
1.

What is the primary purpose of the 'Understanding Credit Worksheets'?

a)

To teach students how to save money

b)

To provide a guide on earning allowances

c)

To help students comprehend the concept of credit

d)

To explain the history of credit cards

2.

Which of the following is a benefit of understanding credit?

a)

It allows you to avoid all types of loans

b)

It helps in making informed financial decisions

c)

It guarantees a high credit score

d)

It eliminates the need for budgeting

3.

What is a common misconception about credit?

a)

Credit scores are important for loans

b)

Credit can help in emergencies

c)

Credit cards can offer rewards

d)

Credit is only necessary for buying a house

4.

How can students benefit from learning about credit early?

a)

They can increase their spending limits immediately

b)

They can avoid using credit cards altogether

c)

They can develop responsible financial habits

d)

They can start accumulating debt sooner

5.

This is the cost of using some other person's or bank's money.

a)

Interest

b)

Bill

c)

Principal

d)

Credit

6.

This account allows you to withdraw money, pay a bill, or make purchases easily.

a)

Checking Account

b)

Savings Account

c)

Market Money Account

d)

CD Account

7.

This is a written request to your bank to take money from your account & pay it to someone else.

a)

Check

b)

Telephone Call

c)

Text

d)

Email

8.

This allows you to withdraw cash from your account or make payments electronically.

a)

Debit Card

b)

Loan Account

c)

Signature Card

d)

Payday card

9.

The action enters money into an account.

a)

Deposit

b)

Withdrawal

c)

Loan

d)

Deduction

10.

This action removes money from an account, either at the bank or an ATM.

a)

Withdrawal

b)

Deposit

c)

Loan

d)

Credit

11.

Which of the following is not found on a check?

a)

Account Owner's Name & Address

b)

Account Owner's Social Security Number

c)

routing number

d)

account number

12.

At the beginning of this month, the balance of Vance's checking account was $697.96. So far this month, he has received a paycheck via direct deposit of $962.88, been charged a monthly service fee from his bank of $25.00, used a debit card linked to his account to make a purchase of $83.12, written a check for $138.83 that has already been deposited, and deposited a check written to him for $71.17. What is the current balance of Vance's checking account?

a)

$1620.38

b)

$1510.06

c)

$1485.06

d)

$787.10

13.

June Russell, who has a checking account at Gravy Train Bank, is writing a check to Stanley Lawrence, who has a checking account at Chunk a Change Bank. What should be written on the "Pay to the order of" line of the check?

a)

Chunk a Change Bank

b)

Gravy Train Bank

c)

June Russell

d)

Stanley Lawrence

14.

Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?

a)

overdraft fees

b)

service fees

c)

atm fees

d)

over spending fee

15.

Sherwood Bennett, who has a checking account at Big Bucks Bank, is writing a check to Cassie Porter, who has a checking account at Lots a Loot Bank.
What should be written on the "Pay to the order of" line of the check?

a)

Big Bucks Bank

b)

Cassie Porter

c)

Lots a Loot Bank

d)

Sherwood Bennett

16.

The number of a checking account is also known as the:

a)

Pin Number

b)

Social Security Number

c)

Routing number

d)

Account Number

17.

Which of the following is not considered a debit?

a)

Online Bill Payment

b)

Check Cashed

c)

Interest Earned

d)

ATM Withdrawal

18.

You have $750 in your checking account. You deposit one check for $100 another check for $225. You paid $625 in rent and $45 for your electric. How much money is left in your checking account?

a)

$405

b)

$1,095

c)

-$245

d)

$1,745

e)

$515

19.

What is the account number on this check?

a)

123456789

b)

1001001329

c)

0980

d)

987

e)

1234

20.

You are writing a check to Spectrum for $50.25 on October 23, 2020 for your October Internet Bill. What would go in blank A?

a)

10/23/2020

b)

Spectrum

c)

50.25

d)

fifty and 25/100

e)

October Internet Bill

21.

You are writing a check to Spectrum for $50.25 on October 23, 2020 for your October Internet Bill. What would go in blank B?

a)

10/23/2020

b)

Spectrum

c)

50.25

d)

fifty and 25/100

e)

October Internet Bill

22.

You are writing a check to Spectrum for $50.25 on October 23, 2020 for your October Internet Bill. What would go in blank C?

a)

10/23/2020

b)

Spectrum

c)

50.25

d)

fifty and 25/100

e)

October Internet Bill

23.

You are writing a check to Spectrum for $50.25 on October 23, 2020 for your October Internet Bill. What would go in blank D?

a)

10/23/2020

b)

Spectrum

c)

50.25

d)

fifty and 25/100

e)

October Internet Bill

24.

You are writing a check to Spectrum for $50.25 on October 23, 2020 for your October Internet Bill. What would go in blank E?

a)

10/23/2020

b)

Spectrum

c)

50.25

d)

fifty and 25/100

e)

October Internet Bill

25.

What is the check number on this check?

a)

123456789

b)

1001001329

c)

0980

d)

987

e)

1234

26.

If you deposit money into a checking account, you _____.

a)

add

b)

subtract

c)

multiply

d)

divide

27.

You have $550 in your checking account. You deposit a check for $50 and withdraw $75. What is your account balance after these transactions?

a)

$550

b)

$600

c)

$525

d)

$575

28.

You have $750 in your checking account. You deposit one check for $100 another check for $225. You paid $625 in rent and $45 for your electric. How much money is left in your checking account?

a)

$405

b)

$1,095

c)

-$245

d)

$1,745

e)

$515

29.

When I apply to borrow money for a car, the loan company will most likely look at my credit history.

a)

True

b)

False

30.

My landlord can report my failure to pay rent to a credit reporting agency.

a)

True

b)

False

31.

I should review my credit report for errors.

a)

True

b)

False

32.

A bad credit report cannot affect my chances of getting a job.

a)

True

b)

False

33.

Which of the following is TRUE about a credit report?

a)

It is a complete history of one type of credit you have

b)

Credit reports are maintained by the 5 main credit bureaus

c)

You can get a copy of your credit report for free

d)

You can get a credit report only when you're 21 years old

34.

Which of the following is one of the 3 nationally recognized credit bureaus?

a)

Equifax

b)

Federal Reserve

c)

Postal Credit

d)

TripleUnion

35.

Which is an exceptional credit score?

a)

672

b)

555

c)

713

d)

813

36.

What type of credit score is this 570?

a)

Average

b)

Great

c)

Poor

d)

Excellent

37.

My credit history does not affect my chances for renting my first apartment.

a)

True

b)

False

38.

a number assigned to a person that indicates to lenders their capacity to repay a loan.

a)

Credit score

b)

Credit report

c)

Credit history

d)

Credit bureau

39.

The credit score ranges form 

a)

300-800

b)

250-950

c)

350-900

d)

300-850

40.

Which is not included in an individual’s credit report?

a)

Current and past addresses

b)

Account balances

c)

Bankruptcies and foreclosures

d)

Medical information

41.

The cost of credit expressed as a yearly interest rate is known as:

a)

Annual Percentage Rate (APR)

b)

Annual Fee

c)

Penalty APR

d)

Introductory Rate

42.

The maximum amount you may borrow on a credit card is known as:

a)

creditworthiness

b)

credit report

c)

credit limit

d)

variable rate of credit

43.

How can you avoid paying interest fees on your credit card?

a)

Only use it for groceries

b)

pay off the full balance, on time, each month

c)

you cannot avoid interest fees

d)

only use Discover

44.

It is wise to compare credit card offers before choosing one

a)

True

b)

False

45.

The least amount that must be paid on a credit card each month is

a)

Late Fee

b)

Credit Limit

c)

Payment amount

d)

Minimum Payment

46.

You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?

a)

American Express

b)

Chase Sapphire

c)

Neither

d)

All of the above

47.

Joe has $15.00. He goes to the movies and pays for him and his friend. The movies costs $4.65 for one ticket. How much money did Joe have left after he paid?

a)

$9.30

b)

$5.70

c)

$9.70

48.

I went to the store with $20.00. I bought Pokemon cards for $5.95 and a soda for $1.99. How much money did I go home with?

a)

$12.06

b)

$14.05

c)

$18.01

49.

Dan paid $2.48 on a sandwich and $5.23 on a hamburger. He paid with a $10 bill. What was the change from the purchase?

a)

$3.66

b)

$1.34

c)

$2.14

d)

$2.29

50.

Kayla went shopping with $43.  She bought a puzzle for $6.50 and a DVD for $9.75.  How much money did she have left after she bought the puzzle and the DVD?

a)

$27.75

b)

$27.25

c)

$16.25

d)

$26.75