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Financial Literacy
Test Description: Financial Literacy
Instructions: Answer all questions to get your test result.
1) A reasonable plan for donating would be...
A
not donating
B
give half of paycheck as a donation and worry about bills next month
C
donate whole paycheck without thinking about bills
D
pay bills, put some in savings, give the rest as a donation
2) What would be a good plan to save for a college fund?
A
just don't go to college
B
buy a Nintendo switch
C
Put $20 a week into a savings account until you are out of high school
D
go out to eat every night
3) If you want to buy a TV that costs $299 but you only have $50 in savings, what could you do to buy the TV?
A
Spend all the money you have
B
Never have a TV
C
Tell the store to just give you the TV
D
Save your birthday money and maybe get a job
4) If you don't have a Nintendo Switch but you want one, what would be a reasonable decision you could make about purchasing one?
A
Write a check even though you don't have enough money
B
Pay for it when you save enough cash
C
Use a credit card because you won't have to pay it back
D
Use a debit card since it doesn't matter if you have any money in the bank or not
5) Why would using a credit card NOT be a good idea?
A
most places don't accept credit cards
B
you can use your mom's money whenever you want
C
you would eventually have to pay the money back, plus interest
D
the credit card company is too far
6) If Mrs. Skipper's strawberry farm lost several crops of strawberries from a fire. What effect would the destroyed strawberries have on the price they will be sold for?
A
The price will stay the same because there will be more strawberries available.
B
The price will decrease because the strawberries are scarce.
C
The price will decrease because they won't taste good.
D
The price will increase because the strawberries are scarce.
7) If you use a credit card to make a purchase. What is the most likely reason your credit card balance is more than the cost of your purchase?
A
You need to make more purchases so they went ahead and charged you for them.
B
You have to pay interest to the money you charged.
C
The credit card company made a mistake.
D
The price went up after you made your purchase
8) Why would it be best to buy fruit that is in season?
A
The price is low because more fruit is available.
B
None of the above
C
The price is usually less because people don't want it.
D
The price is less because the fruit will spoil quickly.
9) Out of the following, who would be most likely to get the best job?
A
Someone that applies first
B
A man, because the company may only hire men.
C
Someone with the most years of experience/training
D
Someone with the fewest years of experience/training.
10) If you have more years of experience than someone else, you will....
A
get paid more than them.
B
get paid the same as them.
C
not get the job
D
get paid less than them.
*select an answer for all questions
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