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Financial Literacy June 2026

Total questions: 100

Worksheet time: 1hrs 28mins

Name
Class
Date
1.
Which type of account is best for everyday spending?
a)
Checking account
b)
Savings account
c)
Money market account
d)
Certificate of deposit
2.
Which account typically earns interest?
a)
Savings account
b)
Checking account
c)
Debit account
d)
Prepaid card
3.
Which financial institution is member-owned and often offers lower fees?
a)
Credit union
b)
Commercial bank
c)
Investment firm
d)
Payday lender
4.
The FDIC protects deposits in banks up to:
a)
$250,000 per depositor
b)
$25,000 per depositor
c)
$500,000 per depositor
d)
Unlimited
5.
Which term describes money kept in an account to cover transactions?
a)
Balance
b)
Loan
c)
Bill
d)
Credit
6.
Which term describes money put into an account?
a)
Deposit
b)
Withdrawal
c)
Transfer
d)
Loan
7.
Which term describes money taken out of an account?
a)
Withdrawal
b)
Deposit
c)
Transfer
d)
Interest
8.
Which card pulls money directly from your checking account?
a)
Debit card
b)
Credit card
c)
Gift card
d)
Prepaid phone card
9.
Which card allows you to borrow money up to a limit?
a)
Credit card
b)
Debit card
c)
ATM card
d)
Transit card
10.
Which type of financial institution offers insured, federally regulated accounts?
a)
Commercial bank
b)
Title loan store
c)
Check casher
d)
Pawn shop
11.
Which type of financial service is considered high-risk and high-fee?
a)
Payday lender
b)
Credit union
c)
Commercial bank
d)
Brokerage
12.
Which fee occurs when a transaction exceeds available balance?
a)
Overdraft fee
b)
Maintenance fee
c)
ATM fee
d)
Transfer fee
13.
Which of the following is a benefit of online banking?
a)
Access to account info anytime
b)
Higher loan interest
c)
Higher overdraft fees
d)
Limited transaction history
14.
Which of the following is a disadvantage of not having a bank account?
a)
Paying more to cash checks
b)
Higher interest earnings on deposits
c)
Free financial services
d)
Automatic bill pay
15.
Emergency funds should typically cover how long of expenses?
a)
3–6 months
b)
1 week
c)
1 year
d)
10 years
16.
Alana wants to build a $3,000 emergency fund and can save $500 per month. How long will it take her?
a)
6 months
b)
3 months
c)
12 months
d)
9 months
17.
Direct deposit provides which benefit?
a)
Paychecks go directly into your account
b)
Paychecks arrive by mail
c)
Paychecks must be cashed manually
d)
Paychecks arrive once per year
18.
Which method moves money between accounts at the same bank?
a)
Transfer
b)
Withdrawal
c)
Deposit
d)
Loan
19.
Which method moves money electronically to someone else?
a)
Payment
b)
Deposit
c)
Loan
d)
Withdrawal
20.
A person who spends more than they earn will likely see what result?
a)
Negative cash flow
b)
Positive cash flow
c)
No change
d)
Guaranteed savings
21.
Keon receives a $1,000 paycheck and follows the 50/30/20 rule. How much goes to savings?
a)
200
b)
100
c)
300
d)
500
22.
Which budgeting category includes essentials like rent and groceries under the 50/30/20 rule?
a)
Needs
b)
Wants
c)
Savings
d)
Investments
23.
Which budgeting category includes entertainment and dining out?
a)
Wants
b)
Needs
c)
Savings
d)
Taxes
24.
Paying yourself first helps you:
a)
Build savings automatically
b)
Spend more on wants
c)
Avoid paying bills
d)
Increase debt
25.
Which savings strategy transfers money to savings on payday automatically?
a)
Automatic transfer
b)
Manual deposit
c)
Cash withdrawal
d)
Loan repayment
26.
Investing means:
a)
Putting money into assets to grow over time
b)
Spending money on wants
c)
Saving cash in a piggy bank
d)
Taking out a loan
27.
Which asset class typically offers the highest long-term return?
a)
Stocks
b)
Savings accounts
c)
CDs
d)
Cash
28.
Which asset class has the lowest long-term risk?
a)
Savings accounts
b)
Stocks
c)
Cryptocurrency
d)
Real estate
29.
Investing always carries:
a)
Risk of loss
b)
Guaranteed profit
c)
No uncertainty
d)
No price changes
30.
Diversification means:
a)
Spreading investments to reduce risk
b)
Putting all money into one stock
c)
Avoiding investments completely
d)
Only buying real estate
31.
A share of stock represents:
a)
Partial ownership in a company
b)
A loan to a company
c)
A government IOU
d)
A lottery ticket
32.
A bond represents:
a)
A loan to a company or government
b)
Ownership in a company
c)
A credit card
d)
A bank account
33.
Which type of investment pools money from many investors?
a)
Mutual fund
b)
Savings account
c)
Credit union
d)
Payday loan
34.
Which type of investment tracks a specific market index?
a)
Index fund
b)
Cryptocurrency
c)
Checking account
d)
Gift card
35.
Which term describes profit earned from selling an investment for more than you paid?
a)
Capital gain
b)
Liquidation
c)
Interest
d)
Dividend
36.
Dividends are payments from:
a)
Company profits
b)
Bank overdraft fees
c)
Student loans
d)
Government taxes
37.
The stock market tends to grow over the long term because of:
a)
Economic expansion
b)
Guaranteed government support
c)
Fixed interest rates
d)
No business failures
38.
Which age group typically has the highest ability to take investment risk?
a)
Younger investors
b)
Older retirees
c)
Babies
d)
Unemployed workers
39.
Time in the market refers to:
a)
Staying invested for long periods
b)
Buying at the perfect moment
c)
Day-trading constantly
d)
Selling frequently
40.
Which of the following is a benefit of retirement accounts?
a)
Tax advantages
b)
Guaranteed profits
c)
Unlimited withdrawals
d)
No contribution limits
41.
Maya invests $200 per month for 30 years. This wealth growth is mainly due to:
a)
Compound interest
b)
High lottery winnings
c)
Guaranteed raises
d)
Bank fees
42.
Cryptocurrency is best described as:
a)
Digital currency with high volatility
b)
Guaranteed safe investment
c)
Physical government money
d)
A checking account
43.
Real estate investing includes:
a)
Buying property to rent or sell
b)
Purchasing groceries
c)
Borrowing student loans
d)
Buying gift cards
44.
If returns are higher, risk is usually:
a)
Higher
b)
Lower
c)
Zero
d)
Fixed
45.
Liquidity refers to how quickly an asset can be:
a)
Converted to cash
b)
Bought in bulk
c)
Sold at a loss
d)
Taxed
46.
Which investment is least liquid?
a)
Real estate
b)
Cash
c)
Stocks
d)
Savings account
47.
$1,000 invested at 8% for many years grows mainly because of:
a)
Compound interest
b)
ATM fees
c)
Fixed taxes
d)
Loan payments
48.
Which tool reduces risk while investing?
a)
Diversification
b)
Concentration
c)
Day trading
d)
Borrowing loans
49.
Which investing strategy focuses on long-term growth and staying invested?
a)
Buy and hold
b)
Day trading
c)
Gambling
d)
Impulse buying
50.
A major difference between saving and investing is that investing:
a)
Has higher risk and higher return
b)
Has no risk
c)
Always loses money
d)
Is less useful for long-term goals
51.
Credit is:
a)
Borrowing money now with a promise to repay later
b)
Saving money over time
c)
Earning interest on deposits
d)
Buying items only with cash
52.
A credit score represents:
a)
How risky you are to lenders
b)
Your annual salary
c)
Your bank account balance
d)
Your grades in school
53.
Which is an example of revolving credit?
a)
Credit card
b)
Auto loan
c)
Mortgage
d)
Student loan
54.
Which is an example of installment credit?
a)
Auto loan
b)
Credit card
c)
Buy-now-pay-later
d)
Gift card
55.
The amount you borrow on a loan is called the:
a)
Principal
b)
Term
c)
Grace period
d)
Minimum payment
56.
APR stands for:
a)
Annual Percentage Rate
b)
Accrued Payment Rate
c)
Available Payback Ratio
d)
Annual Payback Requirement
57.
A benefit of paying a credit card in full each month is:
a)
Avoiding interest charges
b)
Earning higher interest on savings
c)
Increasing monthly fees
d)
Paying more over time
58.
Which action will most likely increase your credit score?
a)
Making on-time payments
b)
Using 100% of your credit
c)
Opening multiple cards quickly
d)
Not using credit at all
59.
Which action could hurt your credit score?
a)
Missing payments
b)
On-time payments
c)
Low credit utilization
d)
Paying in full
60.
Credit utilization measures:
a)
How much of available credit you use
b)
Income versus credit score
c)
Age versus debt
d)
Number of loans you have
61.
Which of these is considered unsecured credit?
a)
Credit card
b)
Auto loan
c)
Mortgage
d)
Home equity loan
62.
Which of these is considered secured credit?
a)
Auto loan
b)
Credit card
c)
Student loan
d)
Payday loan
63.
A cosigner is:
a)
Someone who agrees to repay if you don’t
b)
An employer providing benefits
c)
A credit card company
d)
A financial advisor
64.
A grace period on a credit card allows you to:
a)
Pay no interest if paid in full
b)
Earn rewards points automatically
c)
Skip monthly statements
d)
Refinance your credit limit
65.
The minimum payment on a credit card is:
a)
The smallest amount required to avoid late fees
b)
The full balance
c)
The amount that avoids interest
d)
The APR charge
66.
If you only pay the minimum payment each month:
a)
You pay more in interest
b)
You pay no interest
c)
Your debt is forgiven
d)
Your score automatically rises
67.
Which loan type is typically the most expensive?
a)
Payday loan
b)
Mortgage
c)
Auto loan
d)
Student loan
68.
Which factor does NOT directly affect your credit score?
a)
Income
b)
Payment history
c)
Credit utilization
d)
Length of credit history
69.
Prequalification for a loan means:
a)
A lender estimates what you may be approved for
b)
You are guaranteed financing
c)
Your monthly payments are fixed
d)
You have officially signed the loan
70.
A credit report shows:
a)
Your history of borrowing and repayment
b)
Your monthly grocery spending
c)
Your bank account passwords
d)
Your tax refund amount
71.
Under the FCRA, consumers can receive:
a)
One free credit report per year from each bureau
b)
Free credit cards for life
c)
A free credit score every month
d)
A guaranteed mortgage
72.
Which behavior shows responsible credit use?
a)
Keeping utilization under 30%
b)
Maxing out cards often
c)
Applying for many cards at once
d)
Paying late occasionally
73.
Why might someone need a cosigner?
a)
They lack credit history
b)
They have too much income
c)
They prefer higher interest rates
d)
They already own a home
74.
A late payment can stay on your credit report for up to:
a)
Seven years
b)
One year
c)
Twelve months
d)
Two months
75.
Which type of credit is used for everyday purchases?
a)
Credit card
b)
Mortgage
c)
Auto loan
d)
Payday loan
76.

Which account type is best for earning interest while keeping funds accessible?

a)

Savings account

b)

Checking account

c)

Certificate of deposit

d)

Credit card

77.

What does a high credit score usually indicate?

a)

High monthly spending

b)

Responsible borrowing and repayment

c)

Frequent overdrafts

d)

Low savings balance

78.

Which financial product is designed to help you save for retirement?

a)

Personal loan

b)

Debit card

c)

401(k)

d)

Money order

79.

Which of the following is an example of a fixed expense?

a)

Dining out

b)

Movie tickets

c)

Grocery shopping

d)

Monthly rent payment

80.

What does an overdraft fee typically result from?

a)

Spending more than your account balance

b)

Depositing a check

c)

Paying your credit card in full

d)

Transferring money between your own accounts

81.

Which account is best for everyday purchases and bill payments?

a)

Brokerage account

b)

Certificate of deposit

c)

Retirement account

d)

Checking account

82.

Which of the following is an example of revolving credit?

a)

Student loan

b)

Mortgage

c)

Car lease

d)

Credit card

83.

What is the main purpose of diversification in investing?

a)

To avoid taxes

b)

To reduce risk

c)

To increase fees

d)

To guarantee profits

84.

Which financial tool helps track your income and expenses?

a)

Credit report

b)

Budget

c)

Loan application

d)

Stock certificate

85.

Which of the following can help you build a positive credit history?

a)

Making payments on time

b)

Maxing out credit cards

c)

Ignoring bills

d)

Applying for many loans at once

86.

What is a common benefit of having a savings account?

a)

Unlimited free withdrawals

b)

Earning interest on deposits

c)

No need to budget

d)

Guaranteed high returns

87.

Which type of loan is typically used to purchase a home?

a)

Auto loan

b)

Mortgage

c)

Credit card

d)

Personal loan

88.

Which of the following is a consequence of missing a credit card payment?

a)

Late fees and possible credit score drop

b)

Higher interest earned

c)

Automatic loan approval

d)

Increased credit limit

89.

Which type of account is best for everyday spending and bill payments?

a)

Checking account

b)

Savings account

c)

Retirement account

d)

Certificate of deposit

90.

What does the term 'APR' stand for in credit products?

a)

Account Protection Rule

b)

Automatic Payment Record

c)

Asset Portfolio Ratio

d)

Annual Percentage Rate

91.

Which account is most suitable for saving money over a long period?

a)

Payday loan

b)

Certificate of deposit

c)

Credit card

d)

Checking account

92.

What is the main purpose of a budget?

a)

To avoid paying bills

b)

To spend money freely

c)

To increase credit card debt

d)

To track income and expenses

93.

Which of the following is an example of a variable expense?

a)

Mortgage payment

b)

Dining out

c)

Car insurance premium

d)

Monthly rent

94.

Which of the following is an example of a fixed expense?

a)

Monthly rent

b)

Entertainment

c)

Groceries

d)

Dining out

95.

What is the main purpose of a budget?

a)

To track income and expenses

b)

To increase debt

c)

To earn interest

d)

To avoid paying bills

96.

Which account typically earns the most interest over time?

a)

Cash wallet

b)

Checking account

c)

Transit card

d)

Savings account

97.

Which account is most suitable for saving money you don't plan to spend soon?

a)

Money market account

b)

Savings account

c)

Checking account

d)

Credit card

98.

What is the main benefit of having a diversified investment portfolio?

a)

Faster transactions

b)

Higher fees

c)

Guaranteed returns

d)

Reduced risk

99.

Which financial product allows you to borrow money and pay it back over time with interest?

a)

Credit card

b)

Debit card

c)

Certificate of deposit

d)

Savings account

100.

Which type of loan is typically secured by collateral?

a)

Auto loan

b)

Credit card

c)

Personal line of credit

d)

Student loan

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