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Financial Literacy Pre-Test Exam Questions with Correct Answers
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Which of the payment methods does NOT take money immediately from your checking account? A. Debit Card Purchase B. Overdraft fee C. ATM withdrawal D. Writing a check - Answer-D. Writing a check When you make a purchase with a credit card, you are ____ money from _____ . A. Taking; your savi...

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

Subjects

  • financial literacy pre test exam questions with co
  • which of the payment methods does not take money i

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  • Financial Literacy
  • Financial Literacy

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Financial Literacy Pre-Test Exam
Questions with Correct Answers
Which of the payment methods does NOT take money immediately from your checking
account?
A. Debit Card Purchase
B. Overdraft fee
C. ATM withdrawal
D. Writing a check - Answer-D. Writing a check

When you make a purchase with a credit card, you are ____ money from _____ .
A. Taking; your savings account
B. Borrowing; your loan
C. Taking; your credit account
D. Borrowing; the bank - Answer-D. Borrowing; the bank

Which of the following activities will result in a banking fee?
A. Overdrawing the account
B. Meeting with the bank's manager
C. Cashing a large check at your bank
D. Getting a cashiers check - Answer-A. Overdrawing your account
D. Getting a cashiers check

Why would someone get a joint checking account?
A. To double the money in the bank
B. To avoid monthly service charges
C. To share the account with someone else
D. Because there are "no frills" - Answer-C. To share the account with someone else

Jenny just graduated from college and will not qualify for health insurance at her new
job for 90 days. Which of Jenny's options has the least financial risk?
A. Getting without health insurance
B. Buying interim insurance
C. Going back to college
D. Quitting her job - Answer-B. Buying interim insurance

Which of the following is the most likely to produce the most money over the course of
your career?
A. Get a Bachelor's degree and go to work
B. Get an Associate's degree in a technical field
C. Drop out of high school and start working as soon as possible
D. Finish high school and start investing your earnings - Answer-A. Get a Bachelor's
degree and go to work

, Which of the following actions might TEMPORARILY negatively affect your credit
cards?
A. Opening another credit card account
B. Getting a loan
C. Paying a credit card bill after the due date
D. Paying the total balance each month
E. Missing a credit card payment - Answer-A. Opening another credit card account
B. Getting a loan
C. Paying a credit card bill after the due date
E. Missing a credit card payment

Which of the following should NOT be a consideration when planning for your
retirement?
A. The number of years until you retire
B. The future value of present savings
C. Your future needs
D. Your Social Security Account
E. The value of your possessions - Answer-D. The value of your possessions

Why is it important to establish good credit history and become "credit-worthy"?
A. To show lenders that you are likely to repay any money they may lend you
B. To raise the limit on your credit cards
C. So more lenders will compete to offer you money
D. To get a lower interest rate when you borrow money - Answer-D. To get a lower
interest rate when you borrow money

Which of the following is TRUE about SALES TAX?
A. You don't have to pay the tax if your income is very low
B. You fill out a form once a year to pay it
C. The federal government deducts it from your paycheck
D. It makes things more expensive for you to buy - Answer-D. It makes things more
expensive for you to buy

Shauna wants to estimate what her net worth will be 5 years from now. Which of the
following tasks is/are involved in calculating Shauna's future net worth?
A. Estimate the difference between her investments and bank accounts
B. Estimate her projected total liabilities, including all debts and loans
C. Estimate her projected total assets including all bank accounts, property, and
investments
D. Subtract her projected liabilities from her projected assets - Answer-B. Estimate her
projected total liabilities, including all debts and loans
C. Estimate her projected total assets including all bank accounts, property, and
investments
D. Subtract her projected liabilities from her projected assets

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