Quiz about Financial Literacy Final Exam Review

Question 1

Which of the following is an advantage of using a credit card?

Accepted Answer

Consumers can purchase things now, and pay for them later in the event of an emergency.

Answer

Interest is charged for the use of a credit card.

Answer

You could be a victim of identity theft.

Question 2

Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?

Accepted Answer

Net Income

Answer

Gross Income

Answer

Both Gross and Net Income

Answer

None of the above

Question 3

Jonathan's new clothes cost a total of $572.50 before tax. What type of tax does Jonathan have to pay for his new clothes?

Accepted Answer

Sales Tax

Answer

Income Tax

Answer

Property Tax

Answer

Payroll Tax

Question 4

Anthony has a new job. He is paid twice a month. He wants to save $720 a year to put toward college. How much money does Anthony need to save from each paycheck?

Accepted Answer

Anthony should save $30 from each paycheck.

Answer

Anthony should save $20 from each paycheck.

Answer

Anthony should save $10 from each paycheck.

Answer

Anthony should save $5 from each paycheck.

Question 5

Which of the following is considered an advantage to using a debit card to make purchases?

Accepted Answer

All of the above.

Answer

Debit cards are convenient and easy to carry around.

Answer

Purchases can be made quickly and easily.

Answer

You can use many ATMs to get cash.

Question 6

Amanda has to pay taxes on her annual salary and investments. Which type of tax is Kimberly paying?

Accepted Answer

Income Tax

Answer

Sales Tax

Answer

Property Tax

Answer

Payroll Tac

Question 7

_____________ is the money earned for work people do.

Accepted Answer

income

Answer

resources

Answer

interest

Answer

unplanned spending

Question 8

When you buy something on ___________ you pay for it later.

Accepted Answer

credit

Answer

interest

Answer

income

Answer

saving

Question 9

When you put money aside to use in the future you are ________________ it.

Accepted Answer

saiving

Answer

planned spending

Answer

credit

Answer

charity

Question 10

Money you pay when you borrow money, or money you receive for lending money

Accepted Answer

interest

Answer

income

Answer

resources

Answer

charity

Question 11

Giving money to help others

Accepted Answer

charity

Answer

credit

Answer

saving

Answer

spending

Question 12

The actions of depositing and withdrawing money.

Accepted Answer

Transactions

Answer

Microtransactions

Answer

Saving Money

Answer

Shoe Laces

Question 13

To put money into an account.

Accepted Answer

Deposit

Answer

Withdraw

Answer

Savings for a chicken

Answer

Interest for a cow

Question 14

Amount charged if your payment is received after the billing date

Accepted Answer

late payment fee

Answer

overdue fee

Answer

withdrawal fee

Answer

loser fee

Question 15

Benefits of credit cards include:

Accepted Answer

all of these

Answer

safe and convenient, bonuses are offered

Answer

allows you to build a positive credit report

Answer

needed for reservations and online shopping

Question 16

Your credit score is not configured off of which of the following:

Accepted Answer

GPA

Answer

Payment history

Answer

Amount owed

Answer

Length of credit history

Question 17

What is the starting balance on this check register?

Accepted Answer

4500.75

Answer

4720.33

Answer

4500.00

Answer

4320.00

Question 18

What was the balance of the account at the end of the day on 7/24?

Accepted Answer

4320.03

Answer

4720.33

Answer

5091.15

Answer

4500.75

Question 19

Besides tuition, most colleges also charge their students for...

Accepted Answer

all of the above

Answer

room & board

Answer

extra fees

Answer

books

Question 20

Scholarships and grants are available for many college students, and they...

Accepted Answer

don't have to be paid back

Answer

have deferred payment

Answer

give students a job to help pay

Answer

have a low interest rate

Question 21

What degree provides the highest earning potential in pay?

Accepted Answer

Master's Degree

Answer

High School  Diploma

Answer

Associate's Degree

Answer

Undergraduate Degree

Question 22

Bisbirudolfo bought some clothes at a department store and paid $157.95 for his new clothes. What type of tax does he have to pay for his clothes?

Accepted Answer

Sales tax

Answer

Property tax

Answer

Payroll tax

Answer

Income tax

Question 23

What is an advantage to use a debit or a credit card?

Accepted Answer

They are both accepted in most places as a form of payment

Answer

They are both linked to an individual's credit score

Answer

There are usually no limits on the amount of money available for purchase

Answer

There are usually no fees assessed for using these cards

Question 24

What defines income tax?

Accepted Answer

A tax charged on a person's annual income

Answer

A government tax required on goods and services

Answer

A local government tax for real estate based on the value of a property

Answer

A tax based on an employee's salary

Question 25

Tax collected by the federal government.

Accepted Answer

Income tax

Answer

Payroll tax

Answer

Sales tax

Answer

Property tax

Question 26

Homeowners must pay ________ based on the value of their homes.

Accepted Answer

Property tax

Answer

Payroll tax

Answer

Sales tax

Answer

Income tax

Question 27

What statement defines gross income?

Accepted Answer

Gross income is the amount of income before taxes are paid

Answer

Gross income is the amount of income after taxes are paid.

Answer

Gross income is the amount of taxes paid.

Answer

Gross income is the amount of income of buying goods and services

Question 28

Clodomiro received a paycheck for $685 after taxes and deductions. What type ofincome did Clodomiro receive?

Accepted Answer

Net income

Answer

Gross income

Answer

Payroll income

Answer

None of the above

Question 29

What is the name of the summary of transactions made into your bank account?

Accepted Answer

Bank statement

Answer

Bank transaction

Answer

Bank account

Answer

Bank balance

Question 30

A disadvantage of paying with a debit card is:

Accepted Answer

A thief can steal the card

Answer

Don't have to carry cash

Answer

It's a quick form of payment

Answer

It has no disadvantages

Question 31

Uses money you have in the bank.

Accepted Answer

Debit Card

Answer

Cash

Answer

Credit Card

Answer

Check

Question 32

Cannot be used online

Accepted Answer

Cash

Answer

Debit Card

Answer

Credit Card

Answer

Check

Question 33

Requires a PIN.

Accepted Answer

Debit Card

Answer

Cash

Answer

Credit Card

Answer

Check

Question 34

Charges an overdraft fee if you try to spend more than you have.

Accepted Answer

Debit Card

Answer

Cash

Answer

Credit Card

Answer

Check

Question 35

Can charge interest, late fees, and/or annual fees.

Accepted Answer

Credit Card

Answer

Cash

Answer

Debit Card

Answer

Check

Question 36

Has the risk of fraud.

Accepted Answer

All of them

Answer

Cash

Answer

Debit/Credit Card

Answer

Online Banking

Question 37

Question 37.

Accepted Answer

C: Cash

Answer

A: Personal Check

Answer

B: Debit Card

Answer

D: Credit Card

Question 38

Question 38.

Accepted Answer

B: Debit Card

Answer

A: Personal Check

Answer

C: Cash

Answer

D: Credit Card

Question 39

payment for goods and services, what you spend

Accepted Answer

expenses

Answer

Income

Answer

taxes

Answer

credit card

Question 40

when your expenses and Income are equal

Accepted Answer

balanced budget

Answer

net income

Answer

gross income

Answer

great

Question 41

A bill you pay that is always the same amount is called...

Accepted Answer

fixed expense

Answer

fixed income

Answer

variable income

Answer

variable expense

Question 42

A bill you pay that isn't always the same amount, isn't always a necessity, or changes amount based on usage is a...

Accepted Answer

variable expense

Answer

savings account

Answer

fixed expense

Answer

payroll tax

Question 43

My house payment is the same every single month.  This is an an example of a....

Accepted Answer

fixed expense

Answer

fixed income

Answer

variable expense

Answer

profit

Question 44

Each month I pay around $40 for gas, but it depends on how much I travel and what the gas prices are.  This is an example of a...

Accepted Answer

variable expense

Answer

variable income

Answer

savings account

Answer

fixed expense

Question 45

Something that you pay is called....

Accepted Answer

an expense

Answer

income

Answer

a profit

Answer

savings

Question 46

Will spends $8.00 on what he needs to make hot dogs.  If he sells 20 hot dogs for $1.00 each, how much is his profit?

Accepted Answer

$12.00

Answer

$20.00

Answer

$10.00

Answer

$11.00

Question 47

When you take the amount of money earned and subtract your expenses you are finding the...

Accepted Answer

profit

Answer

fixed income

Answer

savings

Answer

taxes

Question 48

A checking account is:

Accepted Answer

An account where money can easily be deposited and withdrawn by means of checks, debit cards and ATM transactions.

Answer

An interest bearing account where your deposit remains for a set period of time.

Answer

A computer program that checks your email account.

Answer

Ownership in a company.

Question 49

Reasons for making a budget include:

Accepted Answer

All of the above choices are correct.

Answer

To keep track of your income and expenses.

Answer

To achieve your long term goals.

Answer

To have a spending plan.

Question 50

The lowest amount of money shown on your credit card bill that must be paid every month is called the:

Accepted Answer

minimum payment

Answer

late fee

Answer

credit limit

Answer

previous balance

Question 51

How can a cardholder avoid paying interest on a credit card?

Accepted Answer

Pay the balance in full every month.

Answer

. Do not pay anything.

Answer

Pay the minimum balance every month.

Answer

Pay the minimum payment after the due date

Question 52

Which situation shows a financially responsible citizen?

Accepted Answer

Only buying items that you CAN afford

Answer

Purchasing an expensive automobile you CANNOT afford.

Answer

Throwing money out the window.

Answer

Hiding your money under your mattress.

Question 53

Who has the better credit score?

Accepted Answer

Monthly Income: $3,300
Credit Care Balance: Pays Full Balance
Student Loan Payment: $100

Answer

Monthly income: $1900
Credit Card Payment: $48
Credit Card Balance: 3857
Car Loan Payment: $218
Two late car loan payments

Question 54

What is money borrowed that must be repaid, usually with interest?

Accepted Answer

Loan

Answer

Check

Answer

Checking account

Answer

Debit card

Question 55

a written record of checks, debits, fees, withdrawals, and deposits for a checking account; it keeps track of money going in and out of a checking account

Accepted Answer

check register

Answer

transaction

Answer

debit card

Answer

overdraft protection

Question 56

What is a machine that allows bank customers to deposit or withdraw money without visiting their bank?

Accepted Answer

ATM (automated teller machine)

Answer

Safe deposit box

Answer

Credit card

Answer

Certificate of deposit (CD)

Question 57

Car Repair

Accepted Answer

Variable Expense

Answer

Fixed Expense

Question 58

A fixed expense is something

Accepted Answer

that will stay the same from month to month.

Answer

that will vary month to month.

Question 59

Savings Account

Accepted Answer

Asset

Answer

Liability

Question 60

Car (paid off)

Accepted Answer

Asset

Answer

Liability

Question 61

Credit Card Debt

Accepted Answer

Liability

Answer

Asset

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