Quiz about Financial Literacy

Question 1

Which statement is best supported by the information in the table?

Accepted Answer

C

Answer

A

Answer

B

Answer

D

Question 2

Which statement is true for a credit card but NOT true for a debit card?

Accepted Answer

H

Answer

F

Answer

G

Answer

J

Question 3

Which of these is NOT an option for Mr. Lloyd?

Accepted Answer

H

Answer

F

Answer

G

Answer

J

Question 4

Which statement best describes purchases made with a debit card?

Accepted Answer

C

Answer

A

Answer

B

Answer

D

Question 5

Which of these is the most likely number of years that negative information will remain on a credit report?

Accepted Answer

B

Answer

A

Answer

C

Answer

D

Question 6

Which of these describes information that can appear in a consumer's credit report?

Accepted Answer

B

Answer

A

Answer

C

Answer

D

Question 7

Which statement best describes the importance of Ms. Versini's credit report to the bank?

Accepted Answer

F

Answer

G

Answer

H

Answer

J

Question 8

Which kind of financial assistance did Riley receive?

Accepted Answer

F

Answer

G

Answer

H

Answer

J

Question 9

Based on the information in the table, how much more money would a marketing manager earn than a financial analyst over 10 years?

Accepted Answer

H

Answer

F

Answer

G

Answer

J

Question 10

Based on the data in the table, how much more money would a person with a master's degree earn than a person with a bachelor's degree over a 35-year career?

Accepted Answer

A

Answer

B

Answer

C

Answer

D

Question 11

Based on the data in the table, how much more does a person with an associate's degree earn than a person with only a high school diploma over 10 years?

Accepted Answer

D

Answer

A

Answer

B

Answer

C

Question 12

Based on this information, how much more will an elevator technician make than a librarian over 10 years?

Accepted Answer

A

Answer

B

Answer

C

Answer

D

Question 13

Josh put his paycheck in the bank. This transaction is considered a ________.

Accepted Answer

deposit

Answer

transfer

Answer

withdrawl

Question 14

Josue took money out of his savings account and put it into his checking account. This type of transaction is called a ________.

Accepted Answer

transfer

Answer

deposit

Answer

withdrawl

Question 15

Paying a bill with bill pay is what type of transaction?

Accepted Answer

withdrawl

Answer

transfer

Answer

deposit

Question 16

Withdrawls are _________ from your account balance.

Accepted Answer

subtracted

Answer

added

Answer

transferred

Answer

doubled

Question 17

Lenders would look at your credit report if you wanted to borrow money for a new car.

Accepted Answer

true

Answer

false

Question 18

A credit report would be required to pay cash for your groceries.

Accepted Answer

false

Answer

true

Question 19

A small plastic card used to make purchases that you pay back later over time is a debit card.

Accepted Answer

false

Answer

true

Question 20

Interest is charged on unpaid balances when you use a credit card.

Accepted Answer

true

Answer

false

Question 21

A grant is an amount of money that is given to a student with financial need. That student would not have to pay the money back.

Accepted Answer

true

Answer

false

Question 22

(6.14B) Julio paid $35.92 for gasoline with his debit card. Which of the following is an accurate description of Julio's transaction?

Accepted Answer

Julio's linked account will immediately have #35.92 removed.

Answer

Julio's payment will affect his credit rating.

Answer

Julio might be charged interest for his purchase.

Answer

Julio will make payment for his purchase when he receives his monthly statement.

Question 23

(6.14D) Why is it important to establish positive credit history?

Accepted Answer

All of the above.

Answer

Higher credit scores result in lower interest rates on loans.

Answer

Positive credit history results in higher credit scores.

Answer

You are more likely to be offered a loan by a bank.

Question 24

(6.14F) Which of the following accurately describes one benefit gained by financial institutions from a credit report?

Accepted Answer

Provides a detailed report of a borrower's financial history.

Answer

Determines the grade of the lending institution.

Answer

Increases the likelihood the lender can borrow money.

Answer

Comparatively ranks lending institutions.

Question 25

(6.14G) Which list contains methods to pay for college that do not require students to make payments back to lenders?

Accepted Answer

savings, scholarships, and grants

Answer

student loans and work-study

Answer

scholarships, student loans, and savings

Answer

grants, scholarships, and student loans

Question 26

(6.14C) Carlos had an original balance of $418.77 in his checking account. He then wrote one check for $199.81. Which check amount below would cause an overdraft of his account after writing the check for $199.81?

Accepted Answer

$219.75

Answer

$199.81

Answer

$218.96

Answer

$209.91

Question 27

Which of the following can be damaging to a person's credit history?

Accepted Answer

Having 15 accounts open with high balances

Answer

Making minimum monthly payments on due date

Answer

Having one hard inquiry on a credit report

Answer

Having multiple addresses listed in personal information

Question 28

Wendy wants to improve her credit score. Which of the following actions will help Wendy improve her score?

Accepted Answer

Make all monthly payments on or before due date.

Answer

Pay the minimum amount due on credit cards and loans.

Answer

Close any accounts that have a zero balance.

Answer

Take out additional loans to pay off current debt.

Question 29

What is one advantage of using a credit card over a debit card?

Accepted Answer

Using a credit card responsibly can build positive credit history.

Answer

Using a credit card never has an advantage over using a debit card.

Answer

Colleges may look at a person's credit history before accepting them into school.

Answer

Apartment managers or landlords may look at a person's credit history before renting.

Question 30

Credit cards take money directly out of your bank account.

Accepted Answer

False

Answer

True

Question 31

One of the main features of a debit card is

Accepted Answer

The money comes directly from your checking account

Answer

You have to pay interest on purchases

Answer

You get to make payments over time

Answer

You have to apply for one

Question 32

All of the following can appear on your credit report, EXCEPT

Accepted Answer

Money you borrowed from your aunt

Answer

Salary

Answer

If you've been arrested

Answer

The number of credit accounts you have open

Question 33

____________________ will negatively affect your credit score.

Accepted Answer

Paying late on your car loan

Answer

Moving to an apartment

Answer

Forgetting your sisters birthday

Answer

Forgetting to pay mom back for the lmoney you borrowed.

Question 34

Mr. Irons is planning to take out a loan to buy a car. At the car dealership he must sign a statement giving permission to check his credit report. Which statement best describes why the car dealership wants to check his credit?

Accepted Answer

To determine the likelihood of Mr. Irons paying back the loan on the car.

Answer

To determine if Mr. Irons is a safe driver

Answer

To decide how much money Mr. Irons earns

Answer

To determine if Mr. Irons can afford the car

Question 35

At a career fair various positions were being advertised with their average annual salary. Over a 30 year career, how much more will the electrical engineer make than the electrician?

Accepted Answer

$1,302,000

Answer

$1,582,800

Answer

$282,300

Answer

$638,450

Question 36

Marty forgot to record his paycheck on 4/16. If the balance is $820.00, then how much did he deposit for his paycheck?

Accepted Answer

$480

Answer

$1,160

Answer

$1,380

Answer

$260

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Mathematics