Financial Literacy Unit Assessment Review Question Preview (ID: 53688)

a) Using an ATM to withdraw money using her debit card

b) Using a gift card she received for her birthday at her favorite store

c) Using her smartphone to deposit a check from her employer

d) Using an ATM to deposit a check from her employer

a) Susan didn't work as many hours as she promised she would.

b) Susan's boss wasn't pleased with her work and reduced her pay.

c) Susan's employer deducted taxes from her paycheck.

d) Susan spent some of the money before she even got her check.

a) Paying his portion of the electric bill

b) Paying $600 for his monthly rent

c) Making his cell phone payment on time so his service isn't shut off

d) Going out every Friday to celebrate Roommate Fun Night with his friends

a) A list of all the money you spent during the last month

b) A plan for how much income you expect to have and how you want to save and spend it

c) A statement from your bank that shows your ATM withdrawals

d) A list for which scholarship and grants you will use to pay for college

a) The Visa, because if he is charged interest for carrying a balance, it will be lower.

b) The Mastercard, because if he is charged interest for carrying a balance, it will be lower.

c) The Visa, because a low interest rate will lead to a high credit score.

d) The Mastercard, because a high interest rate will lead to a high credit score.

a) You have already paid that $1000, and you don't owe any additional money.

b) You need to make at least the minimum payment each month until the entire debt is paid off.

c) Your credit card company will take the entire $1000 from your savings account to pay that bill.

d) You will not need to repay that money until after you graduate from college.

a) $9

b) $45

c) $50

d) $90

a) Assigned to everyone when they first open a bank account

b) Used to tell future lenders how responsible you are with debt

c) A record that goes onto your high school transcript

d) The way you know if you are making a good investment

a) Every time you receive a paycheck, spend carefully and then save any money you have left over at the end of the month.

b) When you receive any income, either through gifts, allowance, or working, set a goal of saving at least half before you spend

c) Spend whatever you want during the first 2 years of high school, but then save everything you earn during the last 2 years of

d) Don't do anything fun during high school so you're not tempted to spend money.

a) The fund is used to pay for your health and car insurance, where emergencies are common.

b) The fund is used to pay for college so you don't have to take out student loans.

c) The fund is used to pay for unexpected expenses, so that you don't have to go into debt if there's an emergency.

d) The fund is used to make donations to charities, who need your help to do good work.

a) Compound interest is earning interest on the original amount you deposited.

b) Compound interest is earning interest on the original amount you deposited plus any interest earned.

c) Compound interest is the amount of interest you are charged on your bank account balance each month.

d) Compound interest is earning a specific dollar amount on your bank account balance each month.

a) Taxes and Debt

b) Income and Expenses

c) Investments and Insurance

d) Spending and Saving

a) Marbella should pick up her check first thing in the morning, right when banks open.

b) Marbella should make sure she buys everything she needs, personally, before shopping for others.

c) Marbella should save part of her paycheck first, before she buys anything with the money.

d) Marbella should ask her boss for a raise, so that her paycheck is higher.

a) 10 months

b) 12 months

c) 20 months

d) 30 months

a) You will have an easier time getting into a good college.

b) You will have more money in your checking and savings accounts.

c) You will qualify for better rates on loans or credit cards.

d) You will earn more money from your employer.

a) The money will come straight from Ronny's checking account and go to Audio Stop's account.

b) The money will come out of Ronny's savings account at the end of the month and be sent to Audio Stop.

c) Ronny will take the money out of an ATM and repay Audio Stop before they close for the day.

d) Ronny's credit card company will pay Audio Stop, and then Ronny will repay the credit card company later.

a) You want a low interest rate so the total you pay is less.

b) You want a high interest rate so the total you pay is less.

c) You want compound interest, so that the value of the car grows quickly.

d) You want a high interest rate so you can afford a fancier car.

a) Retirement savings

b) Insurance premiums

c) Taxes

d) You would be too young for deductions

a) A credit card

b) A checking account

c) A budget

d) An insurance policy

a) Everyone over the age of 18

b) Any individual or company that earns income

c) Only people over the age of 18 that make at least $50,000 a year

d) Only people over the age of 21, regardless of earned income