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Financial Literacy Quiz
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Financial Literacy Quiz
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25 Questions

1. Retirement income paid by a company is called:
2. Which of the following best describes the primary sources of income for most people aged 20-35?
3. Which of the following credit card users is likely to pay the greatest dollar amount in finance charges per year if they all charge the same amount per year on their cards?
4. Mike has saved $6,000 for his college expenses by working part-time. He plans to start college next year and needs all of the money he saved. Which of the following is the safest place for his college money?
5. Your take-home pay from your job is less than the total amount you earn. Which of the following best describes what is taken out of your total pay?
6. If you have caused an accident, which type of automobile insurance would cover damage to your own car?
7. Walter must borrow $10,000 to complete his college education. Which of the following would not be likely to reduce the finance charges rate?
8. Which of the following is true about sales taxes?
9. If your credit card is stolen and the thief runs up a total of $1,000 but you notify the issuer of the card as soon as you discover it is missing, how much will you be responsible to pay?
10. Len just applied for a credit card. He is an 18 year-old high school graduate with few valuable possessions and no credit history. If Len is granted a credit card, which of the following is the most likely way the credit card company will reduce its risk?
11. Which of the following instruments is not typically associated with spending?
12. Which of the following statements best describes your right to check your credit history for accuracy?
13. Tim and Rebecca just had a baby. They received money as baby gifts and want to put it away for the baby's education. Which of the following is likely to have the highest growth over the next 18 years?
14. Jerry has a good job on the production line of a factory in his hometown. During the past year or two, the state in which Jerry lives has been raising taxes on its businesses to the point where they are much higher than in neighboring states. What effect is this likely to have on Jerry's job?
15. Wendy worked her way through college earning $15,000 per year. After graduation her first job pays $30,000. The total dollar amount Wendy will have to pay in Federal income taxes in her new job will:
16. If each of the following persons had the same amount of take-home pay, who would need the greatest amount of life insurance?
17. Bob and Cindy are the same age. At age 25, Cindy began saving $2,000 a year while Bob saved nothing. At age 50, Bob realized that he needed money for retirement and started saving about $4,000 per year while Cindy kept saving her $2,000. Now they are both 75 years old. Who has the most money in his or her retirement account?
18. Heather and Alexis are employed by the same company and earn the same pay. Heather spends her free time taking work-related classes to improve her computers skills, while Alexis spends her free time socializing with friends and working out at a fitness center. After five years, what is likely to be true?
19. Which of the following statements is not correct about most ATM cards?
20. If you had a savings account at a bank, which of the following would be correct concerning the interest you would earn on this account?
21. Jack and Ron are young men. Each has a good credit history. They work at the same company and make approximately the same salary. Jack has borrowed $2,500 to buy a car. Ron has borrowed $2,500 to take a foreign vacation. Who is likely to pay the lowest finance charge?
22. Which of the following types of investments would best protect the purchasing power of a family's savings in the event of a sudden increase in inflation?
23. If you went to college and earned a four-year degree, how much more money could you expect to earn than if you only had a high school diploma?
24. Many savings programs are protected by the Federal government against loss. Which of the following is not?
25. Jim found a job with a take-home pay of $950 per month. He must pay $400 for rent and $100 for groceries each month. He also spends $100 per month on transportation. If he budgets $50 each month for clothing, $100 for restaurants and $50 for everything else, how long will it take him to accumulate savings of $750?

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