11 Which statement best describes purchases made
with a credit card?
A Purchases made with this card are withdrawn
directly from a bank account.
B Purchases made with this card require a PIN
number.
C If you don’t record your purchases, you may
have to pay a overdraft fee.
D Purchases made with this card are subject to
interest.
12 Which is an advantage of using a credit card over
a debt card?
A You must have enough money in your account
to cover your purchases.
B You don’t have to carry cash.
C Used responsibly, it can help build a positive
credit history.
D You pay interest on the unpaid balance.
13 The choices I make today affect my future success.
Which choice would affect my ability negatively to
get a loan?
A Continuing my education after graduating
from high school.
B Getting a credit card that I pay off each month.
C Having a high debt ratio.
D Saving some of my earnings each month.
14 Which is a feature of both writing a check and
using a credit card?
A Make payments online
B Signature required
C Funds are transferred immediately
D Late fees
15 Which job is NOT a typical work-study job?
A working in your own business
B working at campus library or bookstore
C off-campus job related to your course study
D serving in the dining hall
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2017 Personal Financial Literacy TEST MA:6
16 If the surgeon and the pharmacist each worked 30 years, how much more money
does the surgeon make in lifetime income?
A $1,154,620
B $924,720
C $3,467,700
D $115,590
17 Which is an advantage of using a debit card?
A Maintaining a minimum balance
B Delaying payment on items
C Paying monthly maintenance fees
D Faster than writing a check
18 To build a credit history, a person could:
A Establish a steady employment record
B File his or her federal income taxes on time
C Use an ATM several times a month
D Request to view her or his credit file
19 A credit report maintains negative financial
information for how many years?
A 2 years for credit inquiries
B 7 years for late payments
C up to 10 years for bankruptcy
D All of the above
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2017 Personal Financial Literacy TEST MA:6
20 Patty has a checking account at a local bank.
· the monthly checking fee is $10
· $0.30 for each check she writes
· Nonbank ATM withdrawals cost $2.50
· her beginning balance was $2,740.50
· she deposited $1,325.00
· withdrew $475.00 in cash from a nonbank ATM
· she wrote a check for $125.00
· transferred $500.00 to her savings account
What is her checking account balance at the end of the month?
A $2,422.30
B $2,952.70
C $3,401.20
D $3,520.50