Financial Literacy Quiz
Quiz
•
English
•
9th - 12th Grade
•
Medium
+16
Standards-aligned
Kimberly Fahrion
Used 3+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Jessica is trying to decide between getting a debit card, a prepaid debit card, and a credit card. Which statement is true?
All 3 cards are completely different
Debit cards and prepaid debit cards are the same
Debit cards and credit cards are the same
All 3 cards are completely the same
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The average APR for a payday loan is closest to ...
4%
14%
40%
400%
Tags
CCSS.6.RP.A.3C
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following statements comparing credit and debit cards is TRUE?
Far more businesses accept credit cards than debit cards
Credit cards pull money directly from your bank account, while debit cards get their money from Visa or Mastercard
Credit card companies provide you with a monthly statement, while debit cards do not
With debit cards, you're spending your own money at point of sale, but with credit cards, you're getting a loan that you need to pay back later
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of these credit payback strategies would lead to the HIGHEST overall cost?
Paying off your credit card bill in full every month
Paying 20% of your credit card balance every month on time
Making the minimum payment (3% of your credit card balance) every month on time
Making the minimum payment (3% of your credit card balance) every month with an occasional late payment
Tags
CCSS.7.RP.A.3
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is an advantage of using a credit card?
It will not affect your credit score or credit history
Since it is tied directly to your checking account, it prevents you from spending money you do not have
If you need to carry a balance, the interest rates are generally quite low (less than 5%)
You can make an emergency purchase that you otherwise don’t have the money to pay for right now
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Select the statement below that accurately describes a characteristic of a credit card.
You owe the same payment every month
You must have money deposited into a checking account to use the credit card for purchases
Making full payments on-time every month is the only way to avoid interest charges
They do not charge interest
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
As a young adult, all of the following are good strategies for building credit, EXCEPT:
Open a credit card, with your parent or guardian as a cosigner
Take out a payday loan
Become an authorized user on a credit card used by your parent or guardian
Open and use a secured credit card
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