WorksheetsHonors Unit 8 Review
Total questions: 20
Worksheet time: 10mins
Which statement best describes how a debit card processes payments?
It delays payment until the billing cycle
It borrows funds and creates monthly debt
It withdraws money directly from your bank
It builds a credit line for future use
What is a similarity between debit cards and credit cards?
They both require a bank account to use
They both allow electronic payments for purchases
They both have no spending limits
They both always offer cashback rewards
Fill in the blank: On a check, the line labeled PAY TO THE ORDER OF is where you write the ______.
signature
amount in words
amount in numbers
Ida Fritz buys a sewing machine for $245.75 on September 15, 2020. She pays The Sewing Square by check. Which correctly writes the amount in words on the check?
Two hundred forty-five dollars and seventy-five cents
Two hundred forty five dollars and seventy five cents
Two hundred forty-five and 75/100 dollars
Two hundred and forty-five dollars, seventy-five cents
Which statement best describes a debit card transaction?
Funds are removed from your account immediately
You can spend beyond your current balance
Purchases accrue interest if not paid
Payments are posted only at month end
Which statement best describes a credit card transaction?
Money leaves your bank account at once
You borrow and repay later, possibly with fees
Transfers occur only between your own accounts
You can deposit cash at an ATM instantly
A deposit occurs when money is put into the account. Fill the blank: A (a) occurs when money is taken out of the account.
Which statement best describes how scholarships and grants help students pay for college?
Scholarships and grants both require repayment after graduation
Grants are only given to students with perfect grades
Scholarships are awarded based on financial need only
Both scholarships and grants provide financial aid that does not need to be paid back
Which financial aid program lets a student earn money while enrolled?
Work-study program
Student loan plan
Merit scholarship
Government grant
When updating a checkbook register, which entry increases the balance?
Payment to utility company
Deposit made at an ATM
ATM withdrawal for cash
Debit card purchase of groceries
Sarah’s checking account balance is $1,227.50. She withdraws 80.00 at an ATM, then deposits $50.00, then deposits $40.00, then buys running shoes for $120.01. What is her balance after these four transactions?
$1,117.49
$1,167.49
$1,197.50
$1,097.49
Which item is typically included in a credit report?
Employment history records
Payments made with cash
Religious affiliation details
Race or ethnicity data
Late payments can affect a credit score.
True, they can lower the score
False, they have no impact
True, they always raise the score
False, only cash payments matter
A credit score of 800 is generally considered good.
True, it is excellent quality
False, any score above 500 is perfect
True, it is barely acceptable
False, it is below average
Amanda’s annual tuition is $7,688. She receives a $3,000 grant and $1,500 from work‑study. How much does she pay each year?
(a)
Sheila earns $54,200 annually and Sam earns $51,490 annually. How much more will Sheila earn than Sam over 10 years, assuming salaries remain constant?
$2,710 total over ten years
$2,710 more each single year
$27,100 more each single year
$27,100 total over ten years
Bank A charges 1% of the balance; Bank B charges $6.00 flat. If the checking balance is $800, which bank has the higher monthly fee?
Neither bank charges any fee
Both banks charge the same fee
Bank B has the higher fee
Bank A has the higher fee
With a $500 checking balance, which bank's monthly fee is higher if Bank A chargest 1% of the balance and Bank B charges $6.00 flat?
Fees depend on interest
Fees are equal
Bank B fee is higher
Bank A fee is higher
Which educational qualification is reported to increase lifetime earnings by about 84% compared to just completing high school?
Master’s degree increases earnings by about eighty-four percent
Bachelor’s degree increases earnings by about eighty-four percent
High school diploma increases earnings by about eighty-four percent
Associate degree increases earnings by about eighty-four percent
Which degree earns approximately 30% more annually compared to only an undergraduate degree?
High school diploma earns about thirty percent more
Undergraduate degree earns about thirty percent more
Master’s degree earns about thirty percent more
Associate degree earns about thirty percent more
