D&E UB Financial Literacy Pre-Test 2023

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Please complete each question by selecting the correct multiple choice answer.

First Name *

Last Name *

Grade *

Rising Junior

Rising Senior

Personal finance is 20% head knowledge about money. What is the other 80%? *

1 point

Cash in the bank

Behavior

Experience

Relationships

What will tracking expenses help you do? *

1 point

Stick to a budget

Catch errors

Make adjustments

All of these

3. What two elements do you need to build wealth through compound growth? *

1 point

An inheritance and a lawyer

Money invested and time

Money invested and good stocks

Time and wealthy relative

4. Which of the following questions helps you determine if something is actually an emergency expense? *

1 point

Is it urgent?

Is it unexpected?

Is it necessary?

All of these

Which of these isn't a marketing tactic to get you to use credit? *

1 point

0% interest

Introductory offer

1.5% cash back

50% off sale

Which bank service would typically offer the highest interest rate? *

1 point

Checking account

Basic savings account

Money market account

Certificate of deposit

Which form is used to calculate how much income tax is withheld from your pay? *

1 point

Form W-2

Form W-4

Form 1098

Form 1099

What is a benefit of choosing to lease a car rather than buy? *

1 point

Monthly payment is less than buying a car

There are maximum mileage limitations

Your payments are not going towards any equity ownership

All of the above

The process of paying taxes for self-employed individuals is more complicated than W2 wage-based individuals due to: *

1 point

Taxes are not automatically deducted from their earnings

Self-employed individuals must consider income tax AND self-employment tax

There are additional deductions for self-employed individuals that are not cash transactions from their bank account, further complicating overall calculations

All of the above

What is a key rule for your emergency savings? *

1 point

Never rely on investments as a part of your emergency savings

Maintain 3-6 months of cash required for your most basic budget items (rent, food, etc)

Both A & B

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