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WorksheetsPersonal Financial Literacy Final 2025
Total questions: 85
Worksheet time: 2hrs 42mins
The 50/30/20 rule describes how much a person should be budgeting for their needs, wants, and savings.
Which of the following expenses is a need according to the 50/30/20 rule?
gym membership
travel fund
rent or mortgage
cable TV subscription
What should 30% of your income go towards, if you are following the 50/30/20 rule?
Needs
According to the 50/30/20 rule, what percentage of your income should you allocate to
savings?
You have a monthly income of $2,500. You plan to follow the 50/30/20 rule for budgeting.
How much of your monthly income can you spend on wants?
(a)
You have a monthly income of $4,000. You plan to follow the 50/30/20 rule for budgeting.
How much of your monthly income can you spend on needs?
(a)
You have a monthly income of $4,000. You plan to follow the 50/30/20 rule for budgeting.
How much of your monthly income should you save?
(a)
The 50/30/20 rule describes how much a person should be budgeting for their needs, wants, and savings.
Which of the following expenses is a savings according to the 50/30/20 rule?
Why should you pay attention to the per unit pricing when grocery shopping?
The 50/30/20 rule describes how much a person should be budgeting for their needs, wants, and savings.
Which of the following expenses is a want according to the 50/30/20 rule?
health insurance premium
cable TV subscription
car loan payment
internet service
The 50/30/20 rule describes how much a person should be budgeting for their needs, wants, and savings.
Which of the following expenses is a want according to the 50/30/20 rule?
car insurance or maintenance
groceries or household items
dining out or ordering takeout
savings or investments
Your goal is to have four months worth of expenses in the emergency fund.
How much money should you have in your emergency fund to meet your goal?
(a)
How much should you save in your emergency fund savings, according to most financial experts?
You are building your emergency fund and are writing down your monthly expenses:
Your goal is to have four months worth of expenses in the emergency fund.
How much do you need to have in your emergency fund?
(a)
At his recent car inspection, Jarrett was told that his tires are getting worn and should be replaced in the near future. A set of new tires for Jarrett's truck cost $1,800 and Jarrett plans on saving equal amounts each month for six months.
How much does Jarrett need to save each month?
(a)
What does "paying yourself first" mean in personal finance?
Isaac's car insurance costs $2,400 per year. He pays it in one lump sum every January. He has 12 months until his next payment. This year, he wants to start setting aside equal amounts every month to save for the bill.
How much money will Isaac need to save each month?
(a)
Organize these into Needs, Wants, & Savings
Rent
Electricity Bill
Car Payment
Hobbies
Eating out
Shopping
Travel
Entertainment
College Fund 529b
Emergency Fund
401K
IRA
403b
Groceries
Insurance
Which of these boxes of cereal has the LOWEST unit price?
Cereal A, which costs $3.20 for a 24 oz. box
Which description is most accurate for a Zero-Based Budget?
Match the following:
Better interest rates, lower fees, more personal customer service. Limited membership
credit union
Real buildings where you can get help face-to-face, friendly and local atmosphere.
traditional bank
Lots of branches and ATMs, full range of banking services.
commercial bank
Higher interest rates on savings, lower fees, no in person service
online banking
Match the following:
Easy access to your money; usually no limit on transactions.
Low or no interest, which means your money doesn't grow much.
checking/debit
Higher interest rates help your money grow; great for saving for goals. Limited number of withdrawals.
savings
Higher interest rates;
Higher minimum balance requirements; limited transactions compared to checking accounts.
money market
Higher interest rates compared to other accounts; fixed interest rates no matter change in economy. Penalty for early withdrawal.
certificate of deposit
Banks offer many types of accounts, each with a different use and purpose.
Which type of bank account would you typically use for everyday transactions?
checking account
money market account
savings account
certificate of deposit (CD)
Certificate of deposit (CD) accounts offer a wide range of benefits, but also have some drawbacks.
Which one of these is a drawback of CDs?
lower interest rates than most other bank accounts
limited number of free withdrawals
can decrease in value if stock market drops
no access to your funds for a period of time
Identify the sections of the check.
It’s important to know your routing and account numbers because you will need them to set up automatic payments.
Look at the check below and match each label with its correct section.
Your bank statement shows a transaction labeled "ACH".
What does this acronym mean?
Looking at the statement, and identify any debits.
Looking at the statement, and identify any credits.
You see a “pending” label beside a transaction you made yesterday.
What does that mean?
Which of these is an automatic payment?
Match the following terms to their definition:
A valid, government-issued ID such as a driver’s license, state ID, or passport.
Identification
An nine-digit number that tracks wages and benefits to the government, and for other identification purposes
Social Security Number
This can be a utility bill, lease agreement, or a recent statement with your current address.
Proof of Address
Some banks require you to have an initial deposit. This could be as little as $5 or up to several hundred dollars depending on the bank.
Opening Deposit
A recent bank statement showing your account balance.
Account Statement
Match the agency to its correct responsibility.
If you write too many checks and end up with a negative bank balance, you have (a) your account.
Checks that you have written but have not yet been paid by your bank are called (a) checks.
Real interest rate: The true measure of growth Your real interest rate is what tells you if your money is genuinely growing after factoring in inflation. It's simple:
(a) − (b) = (c)
You have a savings account that earns an annual interest of 3%. You hear on the news that the current inflation rate is 2%.
What is the estimated real interest rate of your savings account?
-1%
1%
2%
3%
Match the following
Fully Banked
Individuals with access to a full range of financial services
Underbanked
Individuals with limited access to financial services
Unbanked
Individuals without any access to financial services
Brick-and-Mortar Bank
Traditional banks with physical locations
Digital Bank
Online-only financial institutions
If your returns (or interest rate) are 8% a year, approximately
how many years does it take for your principal investment to double using the rule of 72.
(a)
Using the rule of 72, you would need an interest rate of (a) % to double $3500 in 10 years.
It will take (a) years for $4000 to double with a 4% interest rate.
Find the total amount after four years if the interest is compounded annually.
Principal = $7,000
Rate of Interest= 20% per year
Total Amount= ?
Round your answer to the nearest hundredth if needed.
You do not need to put a dollar sign next to your answer.
(a)
Find the total amount after five years if the interest is compounded semi-annually.
Principal = $6,000
Rate of Interest= 10% per year
Total Amount= ?
Round your answer to the nearest hundredth if needed.
You do not need to put a dollar sign next to your answer.
(a)
Find the total amount after five years if the interest is compounded quarterly.
Principal = $5,000
Rate of Interest= 8.5% per year
Total Amount= ?
Round your answer to the nearest hundredth if needed.
You do not need to put a dollar sign next to your answer.
(a)
Find the total amount after five years if the interest is compounded quarterly.
Principal = $6,000
Rate of Interest= 8.5% per year
Monthly Deposit=$100
Total Amount= ?
Round your answer to the nearest hundredth if needed.
You do not need to put a dollar sign next to your answer.
(a)
Use the word problem to match the following:
Jackson invested $3000 in a mutual fund that earned 4.5% compounded quarterly. How much would Mark's total be if he left it in for 10 years?
B=p(1+nr)nt
B
$4689.24
p
$3000
r
.045
n
4
t
10
Categorize the following advantages and disadvantages:
Property value appreciates
Build equity
Property taxes
Regular maintenance
Ability to customize
Mortgage Interest
Deposits and fees
Limited maintenance
and upkeep
No property taxes
No risk of falling property values
Restrictions on activities, per
lease agreement
No income tax deductions
(a) is insurance a person purchases to protect the contents and structure of a home.
(a) is the difference between the appraisal and the balance of the mortgage loan.
Match the following:
The owner of property that is leased
or rented to another.
landlord
A person who rents property from a landlord.
tenant
A document outlining the terms of a rental agreement.
lease agreement
Insurance that protects a tenant's personal property.
renter's insurance
Alisyn's home was recently appraised for $300,000. She owes $200,000 on the her mortgage. How much equity does she currently have?
(a)
Financial experts recommend that when you rent, the amount of rent you pay should not be more than (a) of your take home pay.
Use the 30% Rule.
If a person makes about $4000/month, what is the most they should spend on rent?
(a)
Categorize the requirements for Owning vs. Renting
Getting pre-approval for loan
Down payment
Closing costs
Home Owner's Insurance
PMI
HOA Fees
Security Deposit
Application Fee
Pet Deposit
Property Taxes
Home Maintenance Costs
Occupancy Limits
Lease Agreement
Renter's Insurance
Maintenance Requests
Credit/Criminal Background Check
You have a 7/1 ARM mortgage.
How long before the interest rate can start changing?
ARM (Adjustable Rate Mortgage) loans typically have two numbers as part of their name. These numbers have a meaning.
In a 5/6 ARM loan, what does the 6 represent?
There are many mortgage types, but a 30-year fixed mortgage is the most popular one.
Which of the following is a drawback of a 30-year fixed mortgage?
When it comes to fixed loans, the 15-year and the 30-year mortgage are the most common choices.
What is a benefit of a 15-year fixed mortgage?
There are many adjustable rate mortgages. A few examples are 5/6, 7/1, 7/6, 10/1, and 10/6. In a 10/6 ARM the 10 means the mortgage is fixed for the first (a) (b) , and will eventually adjust after (c)
A typical down payment on a home is 20%. What would you have to save for a down payment if the home you wanted to buy was $250,000?
(a)
Match the following:
Closing Costs
Fees associated with finalizing a property purchase
Inspection Fees
Costs incurred for evaluating the condition of a property
Security Deposit
Amount paid upfront to secure a rental property
Application Fee
Fee charged for processing a rental application
First Month's Rent
Payment made for the initial month of tenancy
Use the chart to assist you in solving this question:
The Perez family found the perfect house for $200,000. They made a down payment of 20%. They will finance the rest over 30 years at an interest rate of 7.5%. What is their monthly payment?
Round your answer to the nearest cent.
(a)
Use the chart to assist you in solving this question:
The Perez family found the perfect house for $200,000. They made a down payment of 20%. They will finance the rest over 30 years at an interest rate of 7.5%. How much did they pay over the lifetime of the loan?
Round your answer to the nearest whole dollar.
(a)
Use the chart to assist you in solving this question:
The Perez family found the perfect house for $200,000. They made a down payment of 20%. They will finance the rest over 30 years at an interest rate of 7.5%. How much did they pay in interest over the lifetime of the loan?
Round your answer to the nearest whole dollar.
(a)
Jaiden is purchasing her first home. She has offered $225,000 for the house, and it has been accepted. Her closing costs will total $5,000. She will make a down payment of $45,000 and finance the rest of the costs over 25 years at an interest rate of 7%. Find her monthly payment using the TVM Solver.
Round your answer to the nearest cent.
(a)
Match the following terms:
mortgage
a loan used to purchase a home
private mortgage insurance
insurance that protects lenders against default
home equity loan
a loan that allows homeowners to borrow against their equity
fixed-rate mortgage
a mortgage with a fixed interest rate
adjustable-rate mortgage
a mortgage with an interest rate that can change
A house is purchased for $250,000 including closing costs. A down payment of $25,000 is applied. The mortgage will be over 25 years at an interest rate of 6.5%. Use the TVM Solver to find the monthly payment.
Round your answer to the nearest cent.
(a)
Use the chart to match the following monthly payments to the mortgage terms:
$150,000
7%, 25 years
$1,060.50
$170,000
6%, 15 years
$1,434.80
$175,000
5%, 10 years
$1,856.75
$200,000
8%, 20 years
$1,672
$225,000
6.5%, 30 years
$1,422
The shorter your term length, the (a) your monthly payments, and the (b) the total interest you will pay.
A number assigned to a person that indicates to lenders their capacity to repay a loan is called a (a) .
The price the manufacturer is suggesting the vehicle
be sold for.
(a)
Commission
Book Value
Calculate the monthly payment for a $50,000 principal auto loan at 4.99% APR for 4 years (48 payments).
(hint: use the TVM Solver)
Round your answer to the nearest cent.
(a)
Calculate the monthly payment for a $20,000 principal auto loan at 8.99% APR for 5 years (60 payments).
(hint: use the TVM Solver)
Round your answer to the nearest cent.
(a)
Calculate the monthly payment for a $15,000 principal auto loan at 6.99% APR for 5 years (60 payments).
(hint: use the TVM Solver)
Round your answer to the nearest cent.
(a)
The Schumer box is a table that appears in credit card agreements.
What specific information is required to be displayed in the Schumer box?
Choose 1 answer:
Minimum score needed to qualify for the card
Rewards and points programs
APR, annual fees, grace period, and other penalties and fees
The Schumer box is a table that appears in credit card agreements.
Who is required to provide the Schumer box?
Choose 1 answer:
- All credit card issuers
- Anyone who is applying for a credit card
- The federal government
Match the following:
APR
the annual % of principal you pay
grace period
how long a person has to pay the balance
foreign transaction fee
fee charged for use in other countries
annual fee
fee paid for having the card
late fee
amount charged when you miss a payment
A Schumer box lists the main information about a credit card, such as its APR, grace period, and minimum payment.
What does the term minimum payment mean?
Choose 1 answer:
It is the smallest amount you can pay each month to keep your account in good standing.
It is the amount you need to fully pay off your balance each month.
It is the annual fee associated with your credit card.
Use the Schumer Box to answer the following question:
Carson decided to get a cash advance using his Capital One Card. How much would he be charged if he took out $200?
(a)
Use the Schumer Box to answer the following question:
Ryan decided to get a cash advance using his Capital One Card. How much would he be charged if he took out $500?
(a)
Use the Schumer Box to answer the following question:
Nan wanted to transfer some old debt over to her Capital One Card. She waited 100 days to do this after she opened her account. How much would she be charged if she transferred an additional $5,000 over to her Capital One Card?
(a)
Brayde has a balance of $4000 and was not able to pay it in full.
What was the monthly interest added to his debt if his APR is 22.99%?
Round your answer to the nearest hundredth.
(a)
Erika has a balance of $5000 because she went to the mall to get a brand new wardrobe and she put it on her credit card.
What monthly interest will be added to her debt if her APR is 28.24%?
Round your answer to the nearest hundredth.
(a)
Match the credit terms to their definition.
Penalty Fees
Transaction Fees
Minimum Finance Charge
Annual Fee
APR
Other APR
Variable Rate Information
Grace Period
