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WorksheetsPersonal Financial Literacy
Total questions: 50
Worksheet time: 3hrs 4mins
Anna Would like to purchase a new mountain bike that costs $600. She only has $300 in her checking account now. Which of the following statements is true?
She can use her debit card to pay for the bike and pay off the debit card over time.
She can save up the remainder of the balance and then pay with a credit card.
She can use her debit card to pay for th bike directly from her back account.
She can use her credit card to buy the bike now and pay it off over a period of time.
Kane is comparing two different regional banks. Which of the following statements is true?
-First Texas Bank charges a $7 monthly fee
-Republic of Texas Bank charges 1% of the checking account balance
First Texas Bank will always be the best value.
Republic of Texas Bank will always be the best value.
If Kane typically has more than $700 in his checking account, then First Texas Bank is the best value.
If Kane typically has less than $700 in his checking account, then First Texas Bank is the best value.
A vocational school offers different types of mechanics. Over a 20-year career, how much more will the aircraft mechanic make than the automotive mechanic?
Aircraft Mechanic: $60,270
Automotive Mechanic: $38,470
Machinery Mechanic: $49,100
$654,000
$436,000
$21,800
$545,000
Which of the following situations does not describe the use of a credit card?
may earn rewards
can be used to build a positive credit history
allows for unlimited purchases
purchases may be subject to interest charges
Two different bank are advertising their checking accounts. Which of the following is a better choice if the Jackson family averages about $2,200 in their checking account?
Bank of Texas
Main Street Bank
They are equally good choices.
The average salaries of three different positions are shown in the table. Based on the information, how much more will the physician earn than the paralegal over a 15-year career?
$68,660
$432, 400
$864,200
$1,029,900
Information about how you manage your money and pay your bills is called
A bank transfer
bank account
Credit history
credit score
Banks and lenders use your credit history to decide should they loan you money. Having a negative credit history will make them want to give you a loan.
True
False
All of the following are costs of going to college EXCEPT...
Tuition and fees
Room and board
Textbooks
Scholarships and grants
Martha is an accountant and makes $67,000 per year. Her friend, Henry, is an auto mechanic and makes $37,000 per year. How much more will Martha make over the next 10 years than Harry?
$300,000
$104,000
$670,000
$633,000
Why is it important to establish a positive credit history?
Higher credit scores result in lower interest rates on loans.
Positive credit history results in higher credit scores.
You are more likely to be offered a loan by a bank.
All of the above.
Routinely paying my bills late could negatively affect my credit history.
True
False
A business where people deposit and withdraw their money and borrow money.
Courthouse
Bank
Student Loan
Loan
Money put INTO an account.
Debit Card
Withdrawal
Deposit
Credit Card
Money taken OUT of an account.
Loan
Debit Card
Credit Card
Withdrawal
Money moved from one account to another account.
Interest
Transfer
Bank
Credit Card
A plastic card that is used as a payment method when buying things and the money comes directly from the user's bank account. It’s money you ALREADY HAVE.
Credit Card
Debit Card
Bank
Loan
A plastic card that is used as a payment method when buying things and the money comes from a financial company who LENDS you the money to repay later.
Credit Card
Debit Card
Loan
Bank Account
What was the balance at the end of the day on June 7th?
$130.50
$2,302.75
$1,705.25
$707.21
You borrowed money through a federal program to pay for your education this year.
A scholarship
A grant
Work Study
Loan
You were a high school athlete. The university is paying your tuition while you play on the
college team.
A scholarship
A grant
Work Study
Loan
You work 20 hours per week in the library at your college.
A scholarship
A grant
Work Study
Loan
Funds that have been put in an account for the purpose of paying for college expenses.
Loans
Savings
Grants
Scholarships
What is a credit report?
Information that describes a person's financial history
A ranking of the best credit cards
A list of all the banks in America
A list of 'credits' a person has earned by being a customer of their bank
Having a good credit score allows you to...
Get lower interest rates
Skip monthly payments
Use special ATMs
Get a credit card with no credit limit
A credit score ranges between:
0-100
300-850
100-1000
400-600
Which is NOT a credit reporting agency?
Equifax
TransUnion
MoneyTalk
Experian
Which is NOT on your credit report?
Your social security number and date of birth
Your criminal record
Your open and closed accounts
Your cash purchases
Your payment history
Why do you have a credit report?
to show how financially responsible you are
to decrease your tax rate
to avoid an audit
to increase your salary at work
Leeza is choosing a bank from the two banks below. She writes 5 checks. She does use the ATM about 2 times a month and her debit card about 20 times a month. What will her monthly fees be at Cross Bank?
$13.25
$12.50
$30
$9
Leeza is choosing a bank from the two banks below. She writes 5 checks. She does use the ATM about 2 times a month and her debit card about 20 times a month. How much will her monthly fees be at Town Bank?
$10.20
$9.20
$11
$14.20
Juan estimates it will cost $11,500 for the tuition for his first year of college. He has a scholarship worth $750 and a grant for $3,000. He plans to take a student loan to cover the remaining tuition. How much will he need to borrow?
$7,750
$14,500
$9,250
$2,750
a and d only
a and b only
a, b, and c only
All of the above
Maggie is comparing financial institutions to find the best deal for her. She wants a low or free checking account and free ATM usage. The cost and features of two different banking options are listed. Which financial institution is the best deal for her and why?
Financial institution option number 1 is the best deal for her because it has a checking account fee of only $7.
Financial institution option number 2 is the best deal for her because their basic checking is free.
Financial institution option number 1 is the best deal for her because it has free online banking.
Financial institution option number 2 is the best deal for her because it has a check writing charge of only $0.25.
Jose is looking for a job while he takes part-time college classes. The annual salaries for three jobs he is interested in are shown below. How much more will he earn as a veterinary tech than a barista for the four years he is in school?
$41,040
$10,260
$12,860
$51,440
