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Personal Financial Literacy
Unit Test: A
1. Which situation describes the use of a debit card?
A Nina bought an item and paid for it at the end of the month.
B Nina mailed payment for an item and the store deposited the payment into its checking account.
C After entering a PIN to complete a purchase, the amount was deducted from Nina’s account.
D Nina deposited money into her savings account.
2. Seth’s bank charges $5 a month to maintain a checking account and $0.50 for each check Seth writes. Last month, Seth paid a total of $6.50 in checking account fees. How many checks did he write?
A 1 C 3
B 2 D 4
3. Patty has a checking account at a local bank. The monthly checking fee is $10, including any checks she writes. Nonbank ATM withdrawals cost $2.
At the beginning of the month, Patty’s checking account balance is $700. She deposited $300 from her job and withdrew $20 in cash from a nonbank ATM. She wrote a check for $100 to a local charity. What is her checking account balance at the end of the month?
A $958 C $728
B $868 D $658
4. Which of the following can have a negative effect on your credit score?
A getting a new job
B making late payments
C paying credit card balances on time
D having low debts
5. Myra has been at her job for 3 months. She earns $2,500 per month. She has made 3 late payments on her student loan and 2 late payments on her credit card. Which of the following is most likely her credit score?
A 800 C 690
B 750 D 580
6. Joaquin is going to a college where the cost for one year is $11,000. He has a scholarship worth $5,000. He earns $200 a week at his job. How many weeks does he need to work to pay for 50% of the remaining amount?
A 15 C 25
B 20 D 30
7. Michelle is attending a university where tuition for one year costs $17,000. She has a scholarship worth $5,000 per year. She earns $2,000 per year at her part-time job. She plans to take out a loan to cover the remaining tuition costs. If she completes college in 4 years, how much money will Michelle need to borrow?
A $20,000 C $40,000
B $30,000 D $50,000
8. Henry has an annual salary of $35,000. He works 35 hours a week, 50 weeks a year. How much does Henry earn per hour?
A $10 C $17
B $15 D $20
9. The annual median income for a registered nurse is $65,000. The annual median income for a registered dietitian is $54,000. Over 20 years, how much more than a registered dietitian can a registered nurse earn?
A $11,000 C $220,000
B $44,000 D $350,000
Personal Financial Literacy
10. Dennis bought a new sweater. He paid for the purchase at the end of the month, after receiving a monthly bill. Did he use a debit card or a credit card?
11. Bianca’s bank charges $2 for nonbank ATM withdrawals and a fee of $3 per month for a debit card. Last month, Bianca paid $9 in ATM and debit card fees. How many nonbank ATM withdrawals did she make?
12. Max has a checking account at a local bank. The monthly checking fee is $10, including any checks he writes. Nonbank ATM withdrawals cost $1.50. At the beginning of the month, Max’s account has a balance of $1,300.00. He withdrew $100 using a nonbank ATM. He wrote a check for $500. What is Max’s balance at the end of the month?
13. Tara spends more than 30% of her income on debt repayment. Is that likely to have a positive or negative effect on her credit score?
14. Oliver has an annual salary of $40,000. He works 40 hours a week, 50 weeks a year. How much money does Oliver earn per hour?
15. Allison earns $5,000 per month. She has been at her job for 5 years. She has never missed a payment on her credit card. Chris earns $1,500 per month. He has made 5 late payments on his credit card. He has car and student loan debts totaling $500 per month. Who is more likely to have a credit score of 750?
16. David is attending a university where the tuition for one year is $12,000. He has a $2,000 grant and earns $250 a week at a work-study job. How many weeks does David need to work to pay for 25% of the remaining costs?
17. Lucia is going to a college where one year of tuition costs $9,000. She received a one-time grant of $2,000. She earns $1,000 per year at her job. She plans to take out a loan to cover the remaining tuition costs. If she completes college in
5 years, how much money will Lucia need to borrow to pay for college?
18. The annual median income for an electrical engineer is $90,000. The annual median income for a civil engineer is $82,000. Over 30 years, how much more than a civil engineer can an electrical engineer earn?
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