WorksheetsPersonal Financial Literacy Q
Total questions: 25
Worksheet time: 6hrs 15mins
Maverick is planning to attend a state university and qualifies for financial aid. Which of the methods below can Maverick apply for solely based on his financial need?
scholarship, grant, student loan
work-study, student loan, grant
grant, work-study
student loan, work-study
Which of the following would be found on a consumer’s credit report?
A. A savings account balance
B. Whether or not the consumer has made any late payments
C. The number of children the consumer has
D. Whether or not the consumer is approved for a loan
Charlie is looking for a job while he takes part-time college classes. The annual salaries for three jobs he is interested in are shown. 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
Which of the following situations does NOT describe the use of a debit card?
Adalyn purchases a coffee in the drive thru. She swipes her card and the funds are immediately withdrawn from her account.
Addison purchases a book at the bookstore. She types in a secure code at checkout.
June purchases a present by swiping her card. She doesn’t have the money for the present now, but she will before the bill is due.
Montgomery is opening her first checking account this year. Since she does not have a job, most of her income comes from gifts and allowance. Bank A has an $8 monthly fee. Bank B charges 2% of the balance. Which account balance below will result in Bank B being a better financial choice?
$300
$450
$800
$900
Ms. Shular is planning to take out a loan to buy a home. When applying, she must sign a statement giving permission to check her credit report. Which statement best describes why the mortgage company is requesting to check her credit?
To determine if Ms. Shular will take good care of her home
To decide how much money Ms. Shular earns
To determine if Ms. Shular can afford the home
To determine the likelihood of Ms. Shular paying back the loan
Mr. Greenacre has organized the features of credit and debit cards into the table. Which description is the best representation for the missing detail?
Purchases are unlimited in funds
Purchases are paid back over time or at a later date.
Purchases must be paid in a one-time payment
Purchases are subject to a credit limit
Which of the following students below will qualify for a grant?
Ruby only
Ruby and Jack only
All three
Jack and Quinton only
Based on the transactions, what was the balance in Berlin’s account after she deposited her birthday gift on 6/4?
$780
$690
$340
$430
Berlin forgot to record the cost of the dry cleaning on 6/7. How much did she spend at the dry cleaner?
$16.75
$15.75
$763.25
$30.50
Mr. Villarreal is searching for a new checking account. He compares the fees associated with two different banks in his town. Which of the following statements best supports the information?
Mr. Villarreal should choose Star Bank because it has no fees.
Mr. Villarreal should choose First Bank because the fees are the same.
Mr. Villarreal should choose Star Bank if he normally has $800 in his bank account
Mr. Villarreal should choose First Bank because the fee is just $10.
Which of the following best represents a withdrawal from a checking account?
You take your paycheck to the bank and put it in your account
You go to the ATM and get cash
You receive a check for your birthday and go to the bank to cash the check
You move money from your checking account to your savings account
Ellie is deciding whether she should pursue an education in engineering or in public communications. She has researched that a public communications director will make $13,560 less than an engineer each year. If the median salary of an engineer is $73,400, then how much will a public communications director make over a period of 5 years?
approximately $299,000
approximately $435,000
approximately $272,000
approximately $418,000
The average salaries of three different positions are shown in the table below. Based on the information, how much more will the accountant earn than the paralegal over a 15-year career?
$18,650
$279,750
$742,500
$1,022,250
Which of the following does NOT describe the benefits of establishing a positive credit history on your credit report?
It allows you to borrow money at lower rates and fees.
You are more likely to be approved to rent a house or apartment.
Lenders are more likely to approve you to borrow money.
You will receive a discount when you purchase items.
What is the difference between a grant and a scholarship?
A. A grant must be paid back, while a scholarship does not need to be paid back.
B. A scholarship must be paid back, while a grant does not need to be paid back.
C. A grant is solely based on financial need, while a scholarship is based on a variety of factors.
D. A scholarship is solely based on financial need, while a grant is based on a variety of factors.
Which information is NOT included in a credit report? (STAAR 2024 test question)
Late payments
Number of credit cards
High school grades
Previous employers
Kai's financial aid package from college included funds from the government. After graduation, Kai will start to repay these funds along with the accrued interest on the money. What type of funds did Kai receive from the government? (STAAR 2024 test question)
Work-Study
Student Loans
Scholarships
Grants
The table shows the checking account fees at two banks. Cooper has a checking account for 5 months and writes 3 checks for amounts greater than the checking account balance. Which statement correctly compares the fees that Bank Q and Bank R will charge the customer? (STAAR 2023 test question)
The total fees charged by Bank Q will be $10 less than those charged by Bank R
The total fees charged by Bank Q will be $22 less than those charged by Bank R
The total fees charged by Bank Q will be $4 less than those charged by Bank R
The total fees charged by Bank Q will be the same as those charged by Bank R
Which statement about debit and credit cards is NOT true? (STAAR 2023 test question)
Interest is charged on debit card purchases
When a debit card is used for purchases, money is withdrawn from a banking account
The total amount someone can spend on credit card purchases depends on a customer's credit limit
When a credit card is used, money is borrowed from a bank
Which statement is true for a credit card but NOT true for a debit card? (STAAR 2022 test question)
A cardholder must use a personal identification number (PIN) when making purchases.
A cardholder will have money withdrawn from an associated checking account when making purchases.
A cardholder will be charged interest on a purchase unless the balance on the card is paid in full at the end of the billing period.
A cardholder can use an automated teller machine (ATM) to withdraw money.
The table shows the median annual salaries for two different jobs. Based on the information in the table, how much more money would a marketing manager earn than a financial analyst over 10 years? (STAAR 2022 test question)
$38,800
$1,927,000
$388,000
$192,700
A portion of Taquan’s check register is shown. Before Taquan made his utility payment on March 24, the balance of his account was $1,094.80. Based on the information in the check register, what was the balance of Taquan’s checking account in dollars and cents after the transaction on March 29? (STAAR 2021 test question)
$301.14
$641.61
$1,045.71
$1,143.89
Ms. Chesnut applied for a car loan from a bank. Which statement best describes the importance of Ms. Chesnut’s credit report to the bank? (STAAR 2021 test question)
The report shows the likelihood that Ms. Chesnut will pay back the entire loan on time.
The report shows the highest level of education that Ms. Chesnut has reached.
The bank gives higher interest rates to people with higher credit scores.
The bank gives partial loans to people with strong credit.
Rory plans to pay for college by using his savings along with scholarships, grants, and work-study programs. Which source of funding does Rory have the greatest amount of personal control over? (STAAR 2023 practice test question)
Savings
Scholarships
Grants
Work-study programs
