Financial Literacy Comprehensive Exam

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Directions: Please read each question and its answers carefully. Some questions will have more than one answer that sounds correct; pick the best possible answer. You must complete the exam in one session, so please ensure you have enough time to complete the entire test. Feel free to use scrap paper.

Email *

First Name *

Last Name *

Grade *

Freshman

Sophomore

Junior

Senior

The word "finances" refers to? *

1 point

Anything in your life that relates to the money you make or spend.

Anything in your life that relates to the job you have.

Anything in your life that relates to the vacations you go on.

All of the above.

The word "literacy" means? *

1 point

Language Arts

Knowledge and skills related to a topic.

The ability to describe something to someone else.

How well you can read a book.

Financial Literacy could relate to? *

1 point

Your job

Your bank account

How much you spend

All of the above

Which card pulls money out of your checking account? *

1 point

Credit card

Debit card

Gift card

Birthday card

Which card borrows money directly from a bank? *

1 point

Credit card

Debit card

Insurance card

Bank card

Why might it be better to use a debit card over a credit card?

1 point

With a debit card, you borrow money from a bank so you can keep some money now.

With a debit card, someone has already given you money to use, so you don't have to use your own.

With a debit card you only use the money you have.

A debit card is not better.

Clear selection

If our government decided to print more money, what do you think that would do to it's value? *

1 point

It would definitely go up

It would go so far down

It would stay the same

They would make it rain!

Credit basically means... *

1 point

You give me some money now, I pay you back a little more later.

You give me some money now, I pay you back the same amount later.

You give me some money now, the government pays you back.

I give you money now, you let me have it later.

A mortgage is? *

1 point

A loan you buy a car with.

A loan you buy land with.

A loan you buy a house with.

A loan you buy anything you want with.

If I pay all my bills on time, over time, what happens? *

1 point

My bank sends me gifts.

I make more money.

My credit goes up.

My debit goes up.

The average American household earns how much? *

1 point

$50,000-$60,000

$75,000-$85,000

$100,000-$110,000

$150,000

The best passwords... *

1 point

Contain a symbol.

Use capital and lowercase letters.

Are biometric.

Use birthdays.

Choose the best password from the list below... *

1 point

01122019

Penn5vi11e

PennsvilleEagles

Spot

True or false: Your credit history is a record that starts around college and tracks all your credit card payments, loans, mortgages, car loans, etc. *

1 point

True

False

Other:

Your credit score goes down when you miss a payment on a credit card. *

1 point

True

False

What money do they use in Europe? *

1 point

the US dollar

the Canadian dollar

the Euro

the European dollar

What is currency? *

1 point

a term that describe the stock market

Loans

Credit cards

The money we use to buy and sell things

What best describes the stock market? *

1 point

I can give money to the government and they help my money grow.

I can buy small shares of companies like Apple and make money when they do well.

I donate to organizations that do good for others but I don't get money back.

I invest in small businesses and they give me money when they make it.

What best demonstrates a long term investment? *

1 point

The stock market

Retirement

Health Insurance

Having a family

What does insurance do? *

1 point

I give money now and they help me pay when something happens.

I give money now and get all that money back later.

I give money now and can take it as I please.

I give money now and don't get any money back, but I feel good about spending it.

Investing means? *

1 point

I make smart money decisions now so that my money grows.

I make risky money decisions now so that I'm a millionaire by the time I'm 30.

I give money so that others can have some.

I give money because the government tells me to.

Cost of Living includes? *

1 point

Mortgage

Electric

Water

All of the above

Which best describes a savings account? *

1 point

I put money in whenever I want, the bank invests it, and I make a little money.

I put money in once a year and I take it out once a year.

I put money in whenever I want, the bank invests it, and I make a lot of money.

I put money in once a year, the bank invests it, and then they donate it.

Investing in risky stocks always makes you a boatload of cash? *

1 point

True

False

What does high yield mean? *

1 point

Big risk, big reward

Small risk, big reward

Big risk, low reward

Low risk, low reward

What is interest? *

1 point

A large percentage of what I borrow so that the bank makes money.

A small percentage of what I make so that the government makes money.

A large percentage of what I make so that I make more money later.

A small percentage of what I borrow so that the bank makes money.

You should track the money you make and the money you spend so you can anticipate how much you'll have at the end of the month? *

1 point

True

False

If you have a bill that is $235.25, what is the best way to pay? *

1 point

Swipe your credit card

Write a check

Give them cash

Use quarters

The smarter I am with money now, the better my future will be.

1 point

True

False

Clear selection

Financial Literacy will give me knowledge now to help me be successful later.

1 point

True

False

Clear selection

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