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Personal Financial Literacy Final Exam Questions and Answers
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  • Financial Literacy

William carefully looked over a _____ before he signed it, and then moved into his new apartment. - Answer-lease Doug's printing business had a revenue of $6,000 and operating costs of $4,000. How much profit did his business make? - Answer-$6,000 - $4,000 = $2,000 What is FALSE about financi...

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  • October 13, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • personal financial literacy final exam questions a
  • william carefully looked over a before he si

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  • Financial Literacy

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Personal Financial Literacy Final Exam
Questions and Answers
William carefully looked over a _____ before he signed it, and then moved into his new
apartment. - Answer-lease

Doug's printing business had a revenue of $6,000 and operating costs of $4,000. How
much profit did his business make? - Answer-$6,000 - $4,000 = $2,000

What is FALSE about financial literacy?
A. Help you make smart financial decisions.
B. To make you rich.
C. Financial literacy is knowledge about money and what you do with money. - Answer-
B. To make you rich

What are NOT the costs or consequences of being financially irresponsible?
(2 choices)
A. paying higher interest rates for loans
B. having more opportunities
C. paying higher interest rates on credit cards
D. gaining independence - Answer-B. having more opportunities & D. gaining
independence

Patti would like more information about product recalls. Which of the following resources
would not be reliable and relevant? - Answer-a list she found online that was last
updated in 1998

Evelyn would like to take a trip to Puerto Rico to visit her cousin. Which of the following
is a good goal for her? - Answer-I will work one extra shift per week, and I will set aside
$150 per paycheck to purchase a plane ticket to Puerto Rico.

What factors should you consider when making a career choice? (5 choices)
A. God's direction for your life
B. education necessary
C. skills necessary
D. supply and demand
E. level of satisfaction
F. boss - Answer-A-E

One cost of starting your own business is _____. - Answer-loan payments on a small
business loan

Interest deposited into your savings account is an example of _____. - Answer-income

, Karina looked at her paycheck stub. Her gross pay was $245 and her net pay was
$200. How much did she have in deductions? - Answer-$245 - $200 = $45

The company Sabrina works for paid her tuition for a college course she took. This is an
example of _____. - Answer-an employee benefit

Each of the following is a tax that adults pay, except _____. - Answer-banking

A 1040 EZ tax form is _____. - Answer-used to file a tax return and figure out if you paid
too much or too little over the past year in taxes.

A personal financial plan should have _____. - Answer-net worth statement, financial
goals, budget, insurance plan, and a saving and investing plan

Brian would like to get a new cell phone plan. He would like to know what monthly
payment he can afford. He should _____. - Answer-create a budget by listing and
totaling his income and expenses, and then subtracting his expenses from his income.

Who was a good steward and used God's resources wisely? - Answer-Erin makes a
purchase online using a credit card. She knows that she can pay the entire bill when it
arrives.

Kevin wants to create a graph to show how his investments and savings accounts have
increased over the past year. What tool should he use? - Answer-a spreadsheet

TRUE or FALSE: A financial institution formed by a large organization for its members is
called a savings and loan. - Answer-false

Morgan is moving to a new city. She should consider each of these factors when
selecting a new financial institution, except _____. - Answer-PMI

Alex needs to pay a bill, but he does not have a checking account. What banking
service can he benefit from? - Answer-money order

What is a deposit account that offers a low interest rate, does not come with a
checkbook, and has few restrictions on access to your money - Answer-basic bank
savings account

What is an account used to save money for a special reason, such as a holiday, a
vacation, or college - Answer-club account

What is a type of deposit account that makes it convenient to pay bills - Answer-
checking account

What is a saving plan for education designed to help set aside funds to pay for future
college costs - Answer-529 plan

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