NEW
Font size
WorksheetsConsumer and Life Skills Midterm 2024-25
Total questions: 50
Worksheet time: 13hrs 30mins
What is the primary purpose of the 'Understanding Credit Worksheets'?
To teach students how to save money
To provide a guide on earning allowances
To help students comprehend the concept of credit
To explain the history of credit cards
Which of the following is a benefit of understanding credit?
It allows you to avoid all types of loans
It helps in making informed financial decisions
It guarantees a high credit score
It eliminates the need for budgeting
What is a common misconception about credit?
Credit scores are important for loans
Credit can help in emergencies
Credit cards can offer rewards
Credit is only necessary for buying a house
How can students benefit from learning about credit early?
They can increase their spending limits immediately
They can avoid using credit cards altogether
They can develop responsible financial habits
They can start accumulating debt sooner
This is the cost of using some other person's or bank's money.
Interest
Bill
Principal
Credit
This account allows you to withdraw money, pay a bill, or make purchases easily.
Checking Account
Savings Account
Market Money Account
CD Account
This is a written request to your bank to take money from your account & pay it to someone else.
Check
Telephone Call
Text
This allows you to withdraw cash from your account or make payments electronically.
Debit Card
Loan Account
Signature Card
Payday card
The action enters money into an account.
Deposit
Withdrawal
Loan
Deduction
This action removes money from an account, either at the bank or an ATM.
Withdrawal
Deposit
Loan
Credit
Which of the following is not found on a check?
Account Owner's Name & Address
Account Owner's Social Security Number
routing number
account number
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?
$1620.38
$1510.06
$1485.06
$787.10
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?
Chunk a Change Bank
Gravy Train Bank
June Russell
Stanley Lawrence
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?
overdraft fees
service fees
atm fees
over spending fee
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?
Big Bucks Bank
Cassie Porter
Lots a Loot Bank
Sherwood Bennett
The number of a checking account is also known as the:
Pin Number
Social Security Number
Routing number
Account Number
Which of the following is not considered a debit?
Online Bill Payment
Check Cashed
Interest Earned
ATM Withdrawal
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?
$405
$1,095
-$245
$1,745
$515
What is the account number on this check?
123456789
1001001329
0980
987
1234
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?
10/23/2020
Spectrum
50.25
fifty and 25/100
October Internet Bill
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?
10/23/2020
Spectrum
50.25
fifty and 25/100
October Internet Bill
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?
10/23/2020
Spectrum
50.25
fifty and 25/100
October Internet Bill
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?
10/23/2020
Spectrum
50.25
fifty and 25/100
October Internet Bill
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?
10/23/2020
Spectrum
50.25
fifty and 25/100
October Internet Bill
What is the check number on this check?
123456789
1001001329
0980
987
1234
If you deposit money into a checking account, you _____.
add
subtract
multiply
divide
You have $550 in your checking account. You deposit a check for $50 and withdraw $75. What is your account balance after these transactions?
$550
$600
$525
$575
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?
$405
$1,095
-$245
$1,745
$515
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
True
False
My landlord can report my failure to pay rent to a credit reporting agency.
True
False
I should review my credit report for errors.
True
False
A bad credit report cannot affect my chances of getting a job.
True
False
Which of the following is TRUE about a credit report?
It is a complete history of one type of credit you have
Credit reports are maintained by the 5 main credit bureaus
You can get a copy of your credit report for free
You can get a credit report only when you're 21 years old
Which of the following is one of the 3 nationally recognized credit bureaus?
Equifax
Federal Reserve
Postal Credit
TripleUnion
Which is an exceptional credit score?
672
555
713
813
What type of credit score is this 570?
Average
Great
Poor
Excellent
My credit history does not affect my chances for renting my first apartment.
True
False
a number assigned to a person that indicates to lenders their capacity to repay a loan.
Credit score
Credit report
Credit history
Credit bureau
The credit score ranges form
300-800
250-950
350-900
300-850
Which is not included in an individual’s credit report?
Current and past addresses
Account balances
Bankruptcies and foreclosures
Medical information
The cost of credit expressed as a yearly interest rate is known as:
Annual Percentage Rate (APR)
Annual Fee
Penalty APR
Introductory Rate
The maximum amount you may borrow on a credit card is known as:
creditworthiness
credit report
credit limit
variable rate of credit
How can you avoid paying interest fees on your credit card?
Only use it for groceries
pay off the full balance, on time, each month
you cannot avoid interest fees
only use Discover
It is wise to compare credit card offers before choosing one
True
False
The least amount that must be paid on a credit card each month is
Late Fee
Credit Limit
Payment amount
Minimum Payment
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
American Express
Chase Sapphire
Neither
All of the above
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?
$9.30
$5.70
$9.70
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?
$12.06
$14.05
$18.01
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?
$3.66
$1.34
$2.14
$2.29
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?
$27.75
$27.25
$16.25
$26.75
