WorksheetsFinance Summer Camp Pre & Post Test
Total questions: 12
Worksheet time: 6mins
What does it mean to cash a check?
Take it to a financial institution and exchange it for cash.
Deposit it into your account at a financial institution.
Use a check instead of cash to pay for something.
To tell someone to pay you with a check instead of cash.
An insurance premium is...
The list of things that the insurance will cover.
The amount you have to pay when you use the insurance (ex: to fix or replace something, when you go to the doctor, etc.)
The regular payment you make toward insurance, whether you use it or not.
A standard type of plan that you can choose from an insurance provider.
What information is typically not included on a paycheck?
Hours worked
Total pay
Hourly rate
Task list
How does interest on credit work?
If you don’t pay back what you borrowed by the agreed due date, you will owe interest.
You’ll owe interest on everything you borrow, and that interest compounds at regular intervals.
You owe interest only on the agreed upon interest rate. (ex: if you have a 10% interest rate, you’ll owe interest on 10% of the borrowed amount)
If you don’t pay it all off by the deadline, the interest you owe goes up every month (ex: 10% the first month, 15% the next month, etc.)
Which of the following would count as income?
Money you get from selling a product
Money you get in exchange for work
All of these
None of these
You’ll typically get a bill for things like...
Utilities, doctor’s visits, and insurance payments.
Basic expenses like food, decor, and cleaning costs.
Only “wants” like games or concert tickets.
Only “needs” like food and clothing.
An expense is...
Anything you buy with cash.
Anything you buy with credit.
A payment you make after buying something.
Anything that you spend money on.
You rent an apartment for $400 a month. When would you typically be required to pay the rent for April?
At the beginning of April.
At the end of April.
At the beginning of the year (you pay for the whole year at once).
At the beginning of the year (you pay for every 6 months at once).
How does insurance help protect your finances?
It pays you a set amount that you can use as an emergency fund.
It pays for expenses caused by covered events.
It helps prevent bad things from happening to you.
It pays you a set amount when covered events happen.
True or false: If you’re trying to save money, you should only buy the most inexpensive things.
True, because that way you can save the most money.
False, it depends on the item. Sometimes the most inexpensive option will end up costing you more in the long run.
False, you should always buy the item in the middle, rather than the most or least expensive.
False, you should always buy the most expensive item because it will last longer and be an overall better product.
If you owe money to someone else, you’re in...
Debt
A budget crisis
Inflation
Recession
What does it mean when you buy something with credit?
You pay less than someone else because your credit score is better.
The money was automatically taken from your checking account.
You give the store a credit check, which they take to a financial institution, and the money is transferred from your account.
You borrow the money to pay for something now, but have to pay it back later, often with interest.
