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Personal Financial Literacy Fall Semester Assessment Review

Total questions: 40

Worksheet time: 13mins

Name
Class
Date
1.

The basic economic condition that exists when unlimited wants exceed limited productive resources is called

a)
capital
b)
scarcity
c)
hyper inflation
d)
opportunity cost
2.
SSPF1c: When a person agrees to a regular, fixed payment of wages over a period of time, he/she agrees to earn a
a)
wage
b)
salary
c)
bonus
d)
benefit
3.
SSPF1c: What might all people be able to do to BEST manage their money?
a)
get a high-paying job
b)
create a personal budget
c)
avoid paying their bills
d)
put money in a savings account
4.
SSF2c: Which statement BEST describes the benefit of creating a personal budget?
a)
It can decrease your savings
b)
It can increase your spending
c)
It can help you make more money
d)
It can help you use money more wisely
5.
SSPF2d: Janice is checking out at the grocery store and is using a card to pay for her groceries. This card will withdrawal money directly from her checking account once she swipes it. Which payment method is Janice using?
a)
debit
b)
credit
c)
money order
d)
pre-paid credit
6.
SSPF2d: Unlike a "debit card," a "prepaid card"
a)
can actually run out of funds
b)
has a fixed dollar amount associated with it
c)
is connected directly to a person's bank account
d)
usually has a very low Annual Percentage Rate (APR)
7.
SSPF2e: What is the best way to avoid credit card fees associated with using a credit card?
a)
Never use the card except for emergencies
b)
Pay off the total balance on time each month
c)
Make sure that you use the card at least once a month
d)
Make sure that you are never late more than 7 days past the grace period
8.
SSPF3a: What does the acronym FAFSA mean?
a)
Free Application for Free Student Aid
b)
Federal Application for Free Student Aid
c)
Free Application for Federal Student Aid
d)
Free Application for Financial Student Aid
9.
SSPFL3a: The increased popularity of credit and debit cards has made the use of ________ to buy goods and services less popular
a)
loans
b)
checks
c)
money orders
d)
wire transfers
10.
SSPFL3b: Think about similarities and differences between debit and credit cards. Which of these statements CORRECTLY contrasts debit and credit cards?
a)
When used, credit cards have monthly bills, and debit cards have none.
b)
Credit cards deduct from bank account balances, while debit cards do not.
c)
Credit cards deduct from savings accounts; debit cards deduct from checking
d)
All checking account holders are given credit cards; debit cards are optional.
11.
SSPFL3b: How might APR affect a consumer's choice of which credit card to choose?
a)
A consumer would not worry about the card's APR.
b)
Consumers would look for a card with a lower APR.
c)
Consumers would look for a card with a higher APR
d)
APR would determine how much credit the consumer received.
12.
SSPFL3c: Which of these is a disadvantage to only using credit cards to make purchases?
a)
There is less consumer protection when using credit cards.
b)
Credit cards are only useful when making online purchases
c)
Few stores accept credit cards as payment for goods and services
d)
Using credit cards when making purchases often involves paying APR fees
13.
SSPF3a: What would be the effect of low interest rates on credit cards?
a)
More people would use credit cards
b)
Fewer people would use credit cards
c)
More people would pay cash for purchases
d)
People would stop spending money in the economy
14.
SSPFL6a: If you use direct deposit
a)
your bank will automatically pay your bills each month
b)
your paycheck will be deposited directly in your bank account
c)
you must go to your bank to directly deposit your paycheck
d)
you run a greater risk of having funds lost or stolen
15.
SSFL5b: The three C's of credit are
a)
creditworthiness, charges, and courage
b)
capacity, character, and creditworthiness
c)
character, career success, and charisma
d)
capital, credit history, and core values
16.
SSPFL5d: What do lenders use to determine whether to grant credit to an applicant?
a)
credit report
b)
references
c)
personal statement
d)
confidential application
17.
SSPFL5c: What is the MOST important factor in determining a consumer's credit score?
a)
amounts owed
b)
types of credit used
c)
payment history
d)
length of credit history
18.
SSPFL5h: Bankruptcy should be considered a last resort because it makes it harder to
a)
budget your money wisely
b)
make payments on time
c)
hire a credit counselor
d)
get credit in the future
19.
SSPFL6b: Banks and other financial institutions use savings deposits to help borrowers by
a)
using deposits to make loans
b)
keeping deposits to earn interest
c)
saving deposits in a secure vault
d)
spending deposits to improve the bank's safety
20.
SSPFL8a: When opening a savings account consider
a)
the period of time.
b)
whether the bank if FDIC insured.
c)
your 401K
d)
the penalty for withdrawal
21.
SSPFL7d: Compound interest is
a)
interest only on the amount saved
b)
interest only on interest earned
c)
interest on savings and earned interest
d)
interest on wages and tips
22.
SSPFL7a: What is the name of the "central bank" of the United States?
a)
Bank of the U.S.
b)
U.S. Congressional Bank
c)
The Federal Reserve
d)
The Federal Bank of America
23.
SSPFL8b: How do 401 (k) retirement plans allow workers to set aside money for retirement?
a)
by lowering their income tax
b)
by using part of their Social Security tax
c)
by not taxing them on the amount saved
d)
by not taxing them on the amount spent
24.
SSPFL8a: For investments, how are risk and return related?
a)
When the risk is low, the return is high
b)
When the risk is high, the return is low
c)
When the risk is high, the return is high
d)
When the risk is low, the return cannot be calculated
25.
SSFL7b: Kim is deciding between two loan offers. To make the BEST decision, Kim should
a)
research the beacon score of each loan
b)
analyze each loan's debt-to-credit ratio
c)
compare each loan's annual percentage rate
d)
investigate the average prime rate of both loans
26.

Which of the following is a benefit of maintaining a good credit score?

a)

Limited access to credit cards

b)

Increased minimum payments

c)

Easier approval for rental housing

d)

Higher interest rates on loans

27.

What is the primary purpose of a savings account?

a)

To earn interest on deposited money

b)

To apply for credit cards

c)

To pay monthly bills

d)

To make large purchases

28.

Which payment method allows you to borrow money up to a certain limit and pay it back later, often with interest?

a)

Debit card

b)

Credit card

c)

Checking account

d)

Money order

29.

Which factor should you consider first when choosing a savings account?

a)

The color of the bank's logo

b)

The interest rate offered

c)

The number of branches in your city

d)

The bank's advertising budget

30.

What is one consequence of missing multiple credit card payments?

a)

Improved credit score

b)

Lower interest rates

c)

Automatic increase in credit limit

d)

Possible late fees and damage to credit history

31.

Which of the following is a reason to create a personal budget?

a)

To track spending and save money

b)

To increase monthly bills

c)

To spend without limits

d)

To avoid earning interest

32.

What is a budget?

a)

A type of savings account

b)

A way to invest for retirement

c)

A fund for emergencies

d)

A financial plan that defines expenses for a period of time.

33.

What is a budget?

a)

A plan for how money will not be used

b)

A plan for how money will be used

c)

The amount you spend

d)

The amount you save

34.

How does the 50-20-30 rule distribute your income?

a)

50% for needs, 20% for savings, 30% for wants

b)

50% for savings, 20% for needs, 30% for wants

c)

50% for wants, 20% for savings, 30% for needs

d)

50% for needs, 20% for wants, 30% for savings

35.

What is an expense?

a)

Money you save

b)

Money you earn

c)

Money you spend

d)

Money you find

36.

What is the main goal of financial planning?

a)

To become wealthy in a short period of time

b)

To ensure that one's financial goals are met through the proper management of financial resources

c)

To spend all of one's income without saving

d)

To invest in the stock market only

37.

What is a credit report?

a)

A document that lists all your financial assets

b)

A monthly statement of your credit card spending

c)

A record of a borrower's credit history from several sources, including banks, credit card companies, collection agencies, and governments

d)

A legal document that outlines the terms of a loan

38.
To build a good credit history, you should
a)
open as much credit as possible quickly
b)
use the maximum credit allowed on all your credit cards
c)
pay on time and as much of your balance as possible
d)
all of these
39.

What is debt?

a)

Money you have borrowed and need to pay back

b)

Money you make from working at a job

c)

Money you make from the government

d)

Taxes that you pay when you buy something

40.

What is a credit score?

a)

a number between 300 and 850 representing your creditworthiness

b)

a statistical number that evaluates a consumer's creditworthiness and is based on credit history.

c)

Often referred to as a FICO score

d)

All of the above

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