WorksheetsLesson 1 Content Quiz Financial Literacy
Total questions: 15
Worksheet time: 8mins
Financial literacy means:
Knowing how to grow crops
Knowing how money works, including earning, spending, saving, and following money rules/laws
Understanding only how to save money
Memorizing bank names
Which of these is an example of budgeting?
Returning a broken product to the store
Planning how much money to spend on needs, wants, and savings
Buying a used phone advertised as new
Borrowing money from a friend
The FDIC protects:
Stocks and bonds
Bank deposits up to $250,000
Lottery winnings
Cryptocurrency wallets
The Truth in Lending Act requires lenders to:
Give free gifts to customers
Clearly explain the cost of borrowing money, including interest rates and fees
Keep your credit report private
Give loans without paperwork
On a paycheck, “gross pay” is:
Your pay after deductions
The total you earn before deductions
Only your overtime pay
The amount after taxes and bills
If your gross pay is $600 and you have $30 in local taxes, your net pay is:
$630
$570
$600
$30
Which of these is a risk in a financial decision?
The chance of losing money or having a bad outcome
A guaranteed profit
Saving money in a bank account
Buying something on sale
8. Local taxes pay for which two of the following services?
Schools and roads
Movie theaters and restaurants
Shopping malls and amusement parks
Gyms and coffee shops
9. One example of a consumer protection law in action is:
A customer receives a refund after a faulty product is recalled by the manufacturer.
A company increases the price of its products during a sale.
A business advertises a product without listing its ingredients.
A store refuses to accept returns for any reason.
A job offers $11/hour for 35 hours a week. How much would you earn before deductions in one week?
$385
$350
$315
$400
You buy a chair that is worth $100 and pay $25/month for 4 months. What is the total cost? Did you pay extra?
The total cost is 100 . No, you did not pay extra.
The total cost is 125 . Yes, you paid extra.
The total cost is 100 . Yes, you paid extra.
The total cost is 125 . No, you did not pay extra.
12. The difference between saving and budgeting is:
Saving is setting aside money for future use, while budgeting is planning how to spend and save money.
Saving is planning how to spend money, while budgeting is setting aside money for future use.
Saving and budgeting both mean spending all your money.
Saving and budgeting are the same thing.
You have two job offers:
Job A: $14/hour × 20 hours/week
Job B: $12/hour × 20 hours/week + $50 bonus each week
Which job pays more in one week?
Job A pays more in one week.
Job B pays more in one week.
Both jobs pay the same in one week.
Neither job pays more in one week.
What is the total cost if you choose to pay $150 per month for 4 months to buy a phone?
$600
$550
$650
$700
Imagine your paycheck shows: Gross pay: $480 City tax: $12 County tax: $8 School district tax: $10 What is your total local taxes and your net pay?
Total local taxes: $30; Net pay: $450
Total local taxes: $28; Net pay: $452
Total local taxes: $32; Net pay: $448
Total local taxes: $25; Net pay: $455
