Quiz about Intro to Financial Literacy

Question 1

You should tell everyone your PIN number.

Accepted Answer

False

Answer

True

Question 2

The bank will record your purchases on your transaction register when you use a debit card.

Accepted Answer

False

Answer

True

Question 3

If you spend more money than is in your account, your bank will charge you a fee.

Accepted Answer

True

Answer

False

Question 4

When using a credit card, you will be charged interest if the balance is not paid within 30 days.

Accepted Answer

True

Answer

False

Question 5

A debit card is basically an electronic check.

Accepted Answer

True

Answer

False

Question 6

Which of the following are financial institutions?

Accepted Answer

bank

Accepted Answer

credit union

Answer

museum

Answer

library

Question 7

Which services is a bank likely to offer?

Accepted Answer

online banking

Accepted Answer

savings account

Answer

balance

Answer

net deposit

Question 8

Which is required when depositing money into an account?

Accepted Answer

include your account number

Answer

swipe your credit card

Answer

thank the teller

Answer

sign your deposit ticket

Question 9

The amount left over from your paycheck after taxes and deductions are withheld is called ______________.

Accepted Answer

net pay

Answer

balance

Answer

transaction

Answer

gross balance

Question 10

You can continue to write checks as long as you have checks in your checkbook.

Accepted Answer

False

Answer

True

Question 11

All bank transactions should be recorded in the register.

Accepted Answer

True

Answer

False

Question 12

A direct deposit is when you take your paycheck directly to the bank after you receive it.

Accepted Answer

False

Answer

True

Question 13

What is the machine called that is used to withdraw money and that is found in shopping centers, in convenience stores, and outside financial institutions?

Accepted Answer

ATM (Automatic Teller Machine)

Answer

GWB (Great Wonderful Bank)

Answer

EBT (Easy Bank Teller)

Answer

AMM (Awesome Money Maker)

Question 14

When do you need to sign a deposit ticket?

Accepted Answer

When you want cash back

Answer

Always

Answer

If the tell asks you to

Answer

On Fridays

Question 15

Which accounts usually pay interest?

Accepted Answer

savings

Answer

checking

Answer

banking

Answer

credit

Question 16

What is a transaction register?

Accepted Answer

A booklet for recording money deposited or withdrawn from an account.

Answer

a booklet that the school gives you for recording your grades

Answer

a book with money in it

Answer

a booklet for writing down memories

Question 17

What does deposit mean?

Accepted Answer

put into

Answer

remove

Answer

take away

Answer

spilled

Question 18

What does withdraw mean?

Accepted Answer

remove

Answer

put into

Answer

transaction

Answer

write a check

Question 19

Which of the following is true about banks and credit unions?

Accepted Answer

All of the above.

Answer

They are the safest place to save money.

Answer

Money can be withdrawn from banks online.

Answer

Banks are a business and loan money to others to make money.

Question 20

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

Accepted Answer

fixed expense

Answer

profit

Answer

variable expense

Question 21

Sawyer is selling bracelets. She pays $2.00 for the beads and $2.50 for the string. She sells her bracelets for $1.00.
How much are her expenses?

Accepted Answer

$4.50

Answer

$2.00

Answer

$2.50

Answer

$5.50

Question 22

Car payment

Accepted Answer

Fixed

Answer

Variable

Question 23

New pair of shoes

Accepted Answer

variable

Answer

fixed

Question 24

Movie ticket

Accepted Answer

variable

Answer

fixed

Question 25

Which of these is NOT offered by a financial institution?

Accepted Answer

Telling customers how to spend their money.

Answer

Informing customers about their money and accounts.

Answer

Letting customers make withdrawals.

Answer

Providing loans to customers.

Question 26

Banks, savings and loans, and credit unions are known as...

Accepted Answer

financial institutions

Answer

withdrawal

Answer

expenses

Question 27

An expense that varies over time is called...

Accepted Answer

variable expenses

Answer

fixed expense

Answer

profit

Question 28

When you put money into a bank account for safe keeping, you are making a ...

Accepted Answer

deposit

Answer

withdrawal

Answer

expenses

Question 29

The amount of money that you have in your bank account is known as a ...

Accepted Answer

balance

Answer

deposit

Answer

withdrawal

Question 30

An expense that does not change from month to month is called ...

Accepted Answer

fixed expense

Answer

variable expense

Answer

profit

Question 31

The money that you keep after all costs and expenses are paid is called ...

Accepted Answer

profit

Answer

balance

Answer

financial institution

Question 32

Electricity, gifts, and bike repairs are variable expenses.

Accepted Answer

True

Answer

False

Question 33

The act of taking money out of a bank account is known as a ...

Accepted Answer

withdrawal

Answer

deposit

Answer

expenses

Question 34

Amount of money spent on items needed is called an ...

Accepted Answer

expenses

Answer

variable expense

Answer

profit

Question 35

Rent, insurance, car payment, and Netflix subscriptions are fixed expenses.

Accepted Answer

True

Answer

False

Question 36

True or False: Negative information stays on your credit report for 7-10 years.

Accepted Answer

True

Answer

False

Question 37

A plastic payment card linked to a financial account and is used for transactions.

Accepted Answer

Debit Card

Answer

Credit Card

Answer

Checking Account

Answer

Savings Account

Question 38

The actions of depositing and withdrawing money.

Accepted Answer

Transactions

Answer

Microtransactions

Answer

Saving Money

Answer

Shoe Laces

Question 39

To put money into an account.

Accepted Answer

Deposit

Answer

Withdraw

Answer

Savings for a chicken

Answer

Interest for a cow

Question 40

Which bank is better for me? I pay for lunch 20 times a month with my debit card. I do not write checks or use the ATM.

Accepted Answer

State Bank

Answer

Bank of Texas

Question 41

What would be my monthly costs if I chose to bank at Bank of Texas and use my debit card 20 times to pay for lunch?

Accepted Answer

$10.00

Answer

$2.00

Answer

$20.00

Answer

$4.00

Question 42

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 43

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 44

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 45

What is the starting balance on this check register?

Accepted Answer

4500.75

Answer

4720.33

Answer

4500.00

Answer

4320.00

Question 46

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 47

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

Accepted Answer

all of the above

Answer

room & board

Answer

extra fees

Answer

books

Question 48

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 49

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 50

If a person with a master's degree earns 30% more than someone with an undergrad degree, what would Susie make if she got her master's and she makes $50,000 now?

Accepted Answer

$65,000

Answer

$166,666

Answer

$50,030

Question 51

True or False: The number of times a DEBIT card is used is on a credit report.

Accepted Answer

False

Answer

True

Question 52

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 53

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 54

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 55

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 56

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 57

Jenny just received her first paycheck. She noticed that after they deducted $30 for payroll taxes and $60 for medical insurance. Her net pay was $320. How much did Jenny make before the deductions were removed from her gross pay?

Accepted Answer

$410

Answer

$230

Answer

$320

Answer

$140

Question 58

Damian has $585 in his bank account. His expenses consist of a $150 cell phone payment, $75 for food, and $90 for his internet bill. He also wants to buy his favorite video game and wants to save $65 for the game. Damian wants to be sure he is within his budget because he wants to buy his mother a birthday gift. How much money will Damian have left in his bank account to buy his mother a gift? Will he have enough?

Accepted Answer

$205; yes he has enough

Answer

$205; no he doesn't have anough

Answer

$335; no he doesn't have enough

Answer

$355; yes he has enough

Question 59

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 60

Going to work at a job is a way to....

Accepted Answer

earn money

Answer

get fired

Answer

make new friends

Answer

buy a motorcycle

Question 61

Monica has a store selling her special t shirts. Everyone wants her shirts. Because there is a great demand for the shirts, Monica can....

Accepted Answer

raise the price of the shirts

Answer

make more shirts

Answer

lower the price of the shirts

Answer

sell matching shoes

Question 62

What would happen if Monica has to sell her shirts for less that it cost her to make them?

Accepted Answer

She would make no profit

Answer

She would make great profit

Answer

Nothing will happen

Answer

She would have to take out a loan

Question 63

Monica ran out of shirts to sell. Amazon did not have them either. This is an example of

Accepted Answer

scarcity

Answer

supply

Answer

demand

Answer

overspending

Question 64

Scarcity is

Accepted Answer

when there is not enough of something

Answer

when there is too much of something

Answer

when there is too many of something

Answer

when you are afraid to lose all your money

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