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Financial Literacy Final Exam

Total questions: 25

Worksheet time: 18mins

Name
Class
Date
1.

What does this situation describe? Megan and her friends have had a long week and decided to treat themselves to an expensive meal. Unfortunately, the food isn’t very good, but Jada feels like she needs to finish it because she already paid for it.

a)
FOMO
b)
Sunk Cost Fallacy
c)
Hedonic Adaptation
2.

What does this situation describe? Jamal finds himself scrolling on TikTok and making small, frequent purchases for things he doesn’t really need. He likes the feeling of ordering something and getting it delivered within a few days, but then finds that he keeps coming back for more.

a)
Overconfidence
b)
FOMO
c)
Hedonic Adaptation
3.

What does this situation describe? Ryan is learning about investing in their economics class. After learning the basics of stocks and bonds, they feel confident they can pick winning stocks and want to invest half of their savings in stocks they select.

a)
Overconfidence
b)
Herd Mentality
c)
Sunk Cost Fallacy
4.

What does this situation describe? Victoria is considering taking a gap year after graduating high school to travel and do a cheerleading bootcamp. However, she’s doubting her decision because most people from her high school plan to go to a 4-year university after graduating.

a)
Herd Mentality
b)
FOMO
c)
Hedonic Adaptation
5.

What does this situation describe? Crystal’s friends are all going to the Beyoncé concert. Crystal hasn’t saved up enough money to buy the expensive tickets, but they are afraid they’ll miss out on the experience if they don’t go. They’re tempted to take out a personal loan to buy the tickets.

a)
FOMO
b)
Overconfidence
c)
Sunk Cost Fallacy
6.
A checking account is described as
a)
An account that allows you to deposit money and withdraw it easily using checks or a debit card
b)
A type of account used only for investments in stocks and bonds
c)
An account that requires a large minimum balance to open and maintain
7.
What is a savings account?
a)
A type of investment where your money grows by buying stocks.
b)
An account where you store money and earn interest, but can easily access it.
c)
A loan given by a bank for purchasing a home.
8.
What is one step you can take to protect yourself from identity theft?
a)
Check your bank statements each month to verify that all transactions are accurate
b)
Throw away expired bank account cards and documents without shredding them
c)
Use websites that start with "http" instead of "https"
9.

Michele asks her friends for advice: "Should I start doing mobile banking now that I've got my new smart phone?" Which friend is correct in their statement on the benefits of mobile banking?

a)
It's so convenient, because you can deposit your check using your phone's camera and the bank's app
b)
One inconvenience is that once you set up mobile banking on your phone, you can't use online banking on your computer any more
c)
A con of mobile banking is that typically banks charge you a $10-15 set-up fee in addition to a small monthly fee (~$3) for mobile banking privileges
10.
All of the following are characteristics of a secured credit card EXCEPT… (Which is NOT a characteristic of a secured credit card?)
a)
Your credit limit is dependent on the amount of your security deposit
b)
They help you build a credit history and improve your credit score
c)
They don’t have a spending limit, so you have to be very mindful of how much you buy with them
11.

Three students bought $20,000 worth of things for college using a credit card. They all have the same credit card rules. Who will pay the least extra money (interest) on their credit card?

a)

Theresa saved $20,000 before buying and pays all the money back as soon as the bill comes.

b)

Lauren makes small payments each month until she pays back all the money.

c)

Corey pays $300 each month until he pays back all the money

12.
Which person from this list is saving rather than investing?
a)
Yvonne, who puts $750 per month into her bank account earning 1% interest
b)
Danielle, who contributes 2% of her pay to her company's 401(k) plan
c)
Alexis, who buys $100 worth of shares in an S&P 500 index fund every month
13.
In this savings account, the owner has to keep their money in for a prolonged (long) period of time or they will have a fee.
a)
Checking account
b)
Certificate of desposit
c)
Traditional savings account
14.
This savings account has interest that matches the current interest rate.
a)
Money market account
b)
Online Savings Account
c)
Traditional Checking Account
15.

Lynn buys three new lipsticks at the mall. Which way of paying will take money out of her checking account?

a)
Pays with a prepaid card she loaded earlier in the month
b)
Uses her debit card and says, "Credit" when the cashier asks, "Credit or debit?"
c)
Pays with cash she had in her purse
16.
What information is typically included in a resume?
a)
Personal statement and career goals
b)
Education, experience, and work skills
c)
Introduction and personal story
17.
What is the purpose of a cover letter?
a)
To explain why you're interested in a job and how your skills match the position.
b)
To list your references and contact information for the employer.
c)
To make sure you know how to write a letter
18.
Why is sending a personalized thank you after a job interview important?
a)
It shows that you want the job even if you don’t really like the company
b)
It gives you the opportunity to leave a good impression by expanding on an answer you gave or a topic you discussed
c)
It allows you to boast about your accomplishments one last time
19.
You have $3,000 each month to pay for everything. Here are your costs each month: Rent: $1,200 Car expenses: $700 Utilities (electric, water, etc.): $200 Insurance: $300 Food: $400 Student loans: $800 Fun with friends: $200 Now, let's add up your costs: $1,200 + $700 + $200 + $300 + $400 + $800 + $200 = What is the end result?
a)
A budget negative $800
b)
A total budget of $6800
c)
$0
20.

Shannon is creating a budget for the first time and doesn’t know which to use - NET PAY or GROSS PAY. What do you tell her?

a)
“Use net pay, because it’s the total amount you’ve earned minus taxes and other deductions.”
b)
“Use net pay, because it’s the total amount you’ve earned for the month.”
c)
“Use gross pay, because that is the amount that is reported to the government for taxes.”
21.

Beth is a high school student who has a part-time job at a pet store. All of the following options will be deducted from her paycheck EXCEPT... (Which will NOT be deducted (taken out) of her paycheck?

a)
Medicare
b)
Federal taxes
c)
Overdraft fees
22.
Provide two tips to a teenager opening his first checking account on how to avoid paying bank fees.
4 lines
23.
Describe one budgeting strategy and explain why it is effective for managing money. (Ex/ zero-based budgeting, pay yourself first, 50/20/30)
4 lines
24.
If you don’t pay off all the money you owe on your credit card, what happens to the amount you owe? (How does interest work?)
4 lines
25.
How should Selena use the extra $300 each month? Write a plan with how she will spend it and why.
4 lines

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