Financial Literacy Final Exam

Front

Heather wants to pay off her debt quickly. Which strategy is NOT beneficial?

Back

Applying for another credit card to use in case she runs out of cash paying off her debt

Front

How can your credit score impact your financial well-being?

Back

Your credit score can determine whether you are approved for a loan and what the interest rate on that loan will be.

Front

Potential consequence of neglecting to pay federal student loans?

Back

Wages or tax refunds can be garnished

Front

What will NOT be deducted from Laura's paycheck? Options: Medicare, Federal taxes, Overdraft fees, Social Security

Back

Overdraft fees

Front

What would NOT show up on a credit report?

Back

Salary of your current job

Front

Which of the following statements about the W2 is true? Options: James had $565.01 taken out for Federal Income Tax, James had $4,768.50 taken out for Federal Income Tax, Total wages and tips were $42,567.85, James didn't pay any state income tax

Back

James had $4,768.50 taken out for Federal Income Tax

Front

As a realtor, you sell a house for $300,000 and receive $9000. The $9000 is your ___?__

Back

Commission

Front

Healthcare, vacation time and retirement plans are examples of __?__

Back

Benefits

Front

How much state income tax did James have taken out in 2023? Options: 1,189.90, 1189.90, $1,189.90, $1189.90

Back

1,189.90, 1189.90, $1,189.90, $1189.90

Front

Which of the following statements comparing credit and debit cards is TRUE?

Back

With debit cards, you are spending your own money, but with credit cards you're getting a loan that you need to pay back later