Quiz about Personal Financial Literacy Q

Question 1

Maverick is planning to attend a state university and qualifies for financial aid. Which of the methods below can Maverick apply for solely based on his financial need?

Accepted Answer

grant, work-study

Answer

scholarship, grant, student loan

Answer

work-study, student loan, grant

Answer

student loan, work-study

Question 2

Charlie is looking for a job while he takes part-time college classes. The annual salaries for three jobs he is interested in are shown. How much more will he earn as a veterinary tech than a barista for the four years he is in school?

Accepted Answer

$51,440

Answer

$41,040

Answer

$10,260

Answer

$12,860

Question 3

Montgomery is opening her first checking account this year. Since she does not have a job, most of her income comes from gifts and allowance. Bank A has an $8 monthly fee. Bank B charges 2% of the balance. Which account balance below will result in Bank B being a better financial choice?

Accepted Answer

$300

Answer

$450

Answer

$800

Answer

$900

Question 4

Ms. Shular is planning to take out a loan to buy a home. When applying, she must sign a statement giving permission to check her credit report. Which statement best describes why the mortgage company is requesting to check her credit?

Accepted Answer

To determine the likelihood of Ms. Shular paying back the loan

Answer

To determine if Ms. Shular will take good care of her home

Answer

To decide how much money Ms. Shular earns

Answer

To determine if Ms. Shular can afford the home

Question 5

Mr. Greenacre has organized the features of credit and debit cards into the table. Which description is the best representation for the missing detail?

Accepted Answer

Purchases are paid back over time or at a later date.

Answer

Purchases are unlimited in funds

Answer

Purchases must be paid in a one-time payment

Answer

Purchases are subject to a credit limit

Question 6

Which of the following students below will qualify for a grant?

Accepted Answer

Ruby only

Answer

Ruby and Jack only

Answer

All three

Answer

Jack and Quinton only

Question 7

Berlin forgot to record the cost of the dry cleaning on 6/7. How much did she spend at the dry cleaner?

Accepted Answer

$16.75

Answer

$15.75

Answer

$763.25

Answer

$30.50

Question 8

Mr. Villarreal is searching for a new checking account. He compares the fees associated with two different banks in his town. Which of the following statements best supports the information?

Accepted Answer

Mr. Villarreal should choose Star Bank if he normally has $800 in his bank account

Answer

Mr. Villarreal should choose Star Bank because it has no fees.

Answer

Mr. Villarreal should choose First Bank because the fees are the same.

Answer

Mr. Villarreal should choose First Bank because the fee is just $10.

Question 9

Which of the following best represents a withdrawal from a checking account?

Accepted Answer

You go to the ATM and get cash

Answer

You take your paycheck to the bank and put it in your account

Answer

You receive a check for your birthday and go to the bank to cash the check

Answer

You move money from your checking account to your savings account

Question 10

Ellie is deciding whether she should pursue an education in engineering or in public communications. She has researched that a public communications director will make $13,560 less than an engineer each year. If the median salary of an engineer is $73,400, then how much will a public communications director make over a period of 5 years?

Accepted Answer

approximately $299,000

Answer

approximately $435,000

Answer

approximately $272,000

Answer

approximately $418,000

Question 11

The average salaries of three different positions are shown in the table below. Based on the information, how much more will the accountant earn than the paralegal over a 15-year career?

Accepted Answer

$279,750

Answer

$18,650

Answer

$742,500

Answer

$1,022,250

Question 12

Which of the following does NOT describe the benefits of establishing a positive credit history on your credit report?

Accepted Answer

You will receive a discount when you purchase items.

Answer

It allows you to borrow money at lower rates and fees.

Answer

You are more likely to be approved to rent a house or apartment.

Answer

Lenders are more likely to approve you to borrow money.

Question 13

What is the difference between a grant and a scholarship?

Accepted Answer

C. A grant is solely based on financial need, while a scholarship is based on a variety of factors.

Answer

A. A grant must be paid back, while a scholarship does not need to be paid back.

Answer

B. A scholarship must be paid back, while a grant does not need to be paid back.

Answer

D. A scholarship is solely based on financial need, while a grant is based on a variety of factors.

Question 14

Which information is NOT included in a credit report? (STAAR 2024 test question)

Accepted Answer

High school grades

Answer

Late payments

Answer

Number of credit cards

Answer

Previous employers

Question 15

Kai's financial aid package from college included funds from the government. After graduation, Kai will start to repay these funds along with the accrued interest on the money. What type of funds did Kai receive from the government? (STAAR 2024 test question)

Accepted Answer

Student Loans

Answer

Work-Study

Answer

Scholarships

Answer

Grants

Question 16

The table shows the checking account fees at two banks. Cooper has a checking account for 5 months and writes 3 checks for amounts greater than the checking account balance. Which statement correctly compares the fees that Bank Q and Bank R will charge the customer? (STAAR 2023 test question)

Accepted Answer

The total fees charged by Bank Q will be $10 less than those charged by Bank R

Answer

The total fees charged by Bank Q will be $22 less than those charged by Bank R

Answer

The total fees charged by Bank Q will be $4 less than those charged by Bank R

Answer

The total fees charged by Bank Q will be the same as those charged by Bank R

Question 17

Which statement about debit and credit cards is NOT true? (STAAR 2023 test question)

Accepted Answer

Interest is charged on debit card purchases

Answer

When a debit card is used for purchases, money is withdrawn from a banking account

Answer

The total amount someone can spend on credit card purchases depends on a customer's credit limit

Answer

When a credit card is used, money is borrowed from a bank

Question 18

Which statement is true for a credit card but NOT true for a debit card? (STAAR 2022 test question)

Accepted Answer

A cardholder will be charged interest on a purchase unless the balance on the card is paid in full at the end of the billing period.

Answer

A cardholder must use a personal identification number (PIN) when making purchases.

Answer

A cardholder will have money withdrawn from an associated checking account when making purchases.

Answer

A cardholder can use an automated teller machine (ATM) to withdraw money.

Question 19

The table shows the median annual salaries for two different jobs. Based on the information in the table, how much more money would a marketing manager earn than a financial analyst over 10 years? (STAAR 2022 test question)

Accepted Answer

$388,000

Answer

$38,800

Answer

$1,927,000

Answer

$192,700

Question 20

Rory plans to pay for college by using his savings along with scholarships, grants, and work-study programs. Which source of funding does Rory have the greatest amount of personal control over? (STAAR 2023 practice test question)

Accepted Answer

Savings

Answer

Scholarships

Answer

Grants

Answer

Work-study programs

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