Quiz about 6th Grade Financial Literacy

Question 1

What can impact the amount of money you have potential to earn most?

Accepted Answer

the amount of schooling or education you recieve

Answer

What family you come from

Answer

if you have a positive relationship with your teachers

Answer

having good ideas

Question 2

How many levels of education are there?

Accepted Answer

5

Answer

2

Answer

3

Answer

4

Question 3

________ is a four year secondary school, awarded with a high school diploma.

Accepted Answer

high school

Answer

elementary school

Answer

vocational school

Answer

professional degree

Question 4

_______ is a school in which you learn a trade or skill that is specific to a type of job.

Accepted Answer

vocational school

Answer

high school

Answer

bachelor's degree

Answer

associate's degree

Question 5

______ is a two year post secondary school, in which you can earn credit for the first two years of a four year university.

Accepted Answer

associate's degree

Answer

bachelor's degree

Answer

vocational school

Answer

high school

Question 6

________ is a four year post secondary school, in which you focus on a major of study.

Accepted Answer

bachelor's degree

Answer

associate's degree

Answer

vocational school

Answer

professional/master's degree

Question 7

_________ these degrees vary, but are all specific to a certain specialized occupation.

Accepted Answer

professional/master's degree

Answer

bachelor's degree

Answer

associate's degree

Answer

vocational school

Question 8

A nurse assistant can make $26, 590 a year, but if she goes to school to become a RN she can make $68, 450. How much more a year will she make if she becomes a RN?

Accepted Answer

$41, 680 a year

Answer

$31, 860 a year

Answer

$31, 680 a year

Question 9

Addison can make $6,780 more each year to complete her bachelor's degree. How much money could this degree earn her over a 12 year period?

Accepted Answer

$81,360 over 12 years

Answer

$8,136 over 12 years

Answer

$813,600 over 12 years

Answer

$83,160 over 12 years

Question 10

Checking accounts can offer various _______________ depending on the type of account and the bank you are with.

Accepted Answer

features

Answer

functions

Answer

jobs

Answer

water bottles

Question 11

What are some common features checking accounts offer?

Accepted Answer

bill pay, use of debit card, direct deposit, overdraft protection, online banking

Answer

free food, money discounts at stores, free checking

Answer

bill rejection, overdraft fee protection, free checking

Answer

banks are jerks and don't offer anything when you bank with them

Question 12

Features offered at a cost or charge by your bank when requirements are not met are called_______ and are automatically __________ from your account balance.

Accepted Answer

fees, withdrawn

Answer

penalties, deposited

Answer

withdrawn, fees

Answer

perks, depsosited

Question 13

A fee that is charged to your account when your account balance falls below $0.00 is called__________

Accepted Answer

overdraft fee

Answer

monthly fee

Answer

banking fee

Answer

hot check fee

Question 14

A transaction in which a sum of money is put into a bank account by the account owner.

Accepted Answer

deposit

Answer

withdrawal

Answer

transfer

Answer

gift money

Question 15

A transaction in which money is subtracted from a bank account by the account owner.

Accepted Answer

withdrawal

Answer

transfer

Answer

deposit

Answer

penalty

Question 16

A transaction where money is moved between accounts that are owned by the same account owner.

Accepted Answer

transfer

Answer

deposit

Answer

transaction

Answer

withdrawal

Question 17

Moving money from your savings to your checking account is an example of what type of transaction?

Accepted Answer

transfer

Answer

withdrawel

Answer

deposit

Answer

penalty

Question 18

Removing cash from an ATM is an example of what type of transaction?

Accepted Answer

withdrawal

Answer

deposit

Answer

transfer

Answer

payment

Question 19

What does ATM stand for?

Accepted Answer

Automated Teller Machine

Answer

Automatic Transfer of Money

Answer

Association of The Money

Answer

Automated Time and Money

Question 20

When a paycheck is electronically put into your bank account, it is an example of what type of transaction?

Accepted Answer

deposit

Answer

transfer

Answer

transaction

Answer

withdrawel

Question 21

Paying a bill with bill pay from your bank account is an example of what type of transaction?

Accepted Answer

withdrawal

Answer

deposit

Answer

transfer

Answer

penalty

Question 22

This keeps track of the deposits, withdrawals, and transfers within an account.

Accepted Answer

check register

Answer

debit card

Answer

credit card

Answer

bank account

Question 23

After each transaction the account___________ is calculated to show the amount of money that is in the account.

Accepted Answer

balance

Answer

register

Answer

fees

Answer

type

Question 24

In your check register, what are the two types of transactions will all your interactions fall under?

Accepted Answer

deposits, withdrawals

Answer

penalties, fees

Answer

deposits, fees

Answer

withdrawals, fees

Question 25

A small plastic card issued by a financial company to borrow money that you can repay later is....

Accepted Answer

credit card

Answer

debit card

Answer

gift card

Answer

phone card

Question 26

A small plastic card issued by a bank or financial institution to immediately transfer your own money out of your account is......

Accepted Answer

debit card

Answer

gift card

Answer

credit card

Answer

phone card

Question 27

I have $10 in my bank and $10 available on my credit card. I want to purchase batteries for my xbox controller for $8.50., but will not be getting any more money earned for over a month. What is my BEST option to use here ?

Accepted Answer

debit card

Answer

credit card

Answer

neither

Question 28

I have a flat tire and also need to buy gas to get home. I only have $20 in my bank account and just paid off my credit card with a $200 line. What option would be best if my flat tire and gas will cost me $15 for each?

Accepted Answer

credit card

Answer

debit card

Answer

neither

Question 29

You apply for this and the financial company approves you for a specific limit. What is it?

Accepted Answer

credit card

Answer

debit card

Question 30

You open this and it is tied to your checking account. What is it?

Accepted Answer

debit card

Answer

credit card

Question 31

You can only spend the amount of money that is in your checking account with this option.

Accepted Answer

debit card

Answer

credit card

Question 32

You charge the cost of a purchase and a bill is sent to you to pay at a later date is which option?

Accepted Answer

credit card

Answer

debit card

Question 33

You are charged interest if you do not pay the amount you spent in full with this option.

Accepted Answer

credit card

Answer

debit card

Question 34

WHAT DID BILLY USE?

Billy bought a new backpack online. He'll actually pay the balance at the end of the month.

Accepted Answer

credit card

Answer

debit card

Question 35

WHAT DID BILLY USE?

Billy stopped for a coffee on his way to work and paid by swiping his card. The cost of his coffee was immediately taken out of his checking account.

Accepted Answer

debit card

Answer

credit card

Question 36

WHAT DID BILLY USE?

Billy is saving his money to buy an engagement ring. He swipes his card and decides that he will pay the cost of the engagement ring over time.

Accepted Answer

credit card

Answer

debit card

Question 37

WHAT DID BILLY USE?

Billed attempts to buy a new wallet by swiping his card. However, the transaction is denied because he does not have enough in his account for the cost of the wallet.

Accepted Answer

debit card

Answer

credit card

Question 38

WHAT DID BILLY USE?

Billy checks out at the grocery store by swiping his card and also receives $40 cash back from the clerk.

Accepted Answer

debit card

Answer

credit card

Question 39

A _________ take a loan from a bank and agrees to pay the loan bak over time.

Accepted Answer

borrower

Answer

consumer

Answer

lender

Answer

credit report

Question 40

The borrower pays_______ on the loan.

Accepted Answer

interest

Answer

nothing

Answer

taxes

Answer

pennies

Question 41

A lender is a person or _______________ that lends money.

Accepted Answer

financial institution

Answer

interest

Answer

family member

Answer

business

Question 42

In return for lending the money, the lender charges _________ in order to earn money from the loan.

Accepted Answer

interest

Answer

fees

Answer

overdraft fees

Answer

deposits

Question 43

This displays an individual's history of borrowing and paying back money.

Accepted Answer

credit report

Answer

interst

Answer

check register

Answer

IOU

Question 44

Lenders use credit reports to determine if the borrower is......

Accepted Answer

financially responsible

Answer

loaded

Answer

broke

Answer

jobless

Question 45

Lender's also access how much risk there is in the borrower not paying them back from this.

Accepted Answer

credit report

Answer

credit cards

Answer

debit card

Answer

bank statement

Question 46

Negative credit reports remain on the report up to ____ years.

Accepted Answer

7

Answer

8

Answer

6

Answer

5

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