Financial Literacy For Teens Test

25 Questions
Financial Literacy Quizzes & Trivia
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Questions and Answers
  • 1. 
    An average career will last approximately how many hours if you work for 43 years?
    • A. 

      86,000 hours

    • B. 

      1 million hours

    • C. 

      8,600 hours

    • D. 

      860 hours

  • 2. 
    Sometimes the U.S. government is known affectionately by the nickname?
    • A. 

      Uncle Fred.

    • B. 

      Aunt Sally.

    • C. 

      Uncle Sam.

    • D. 

      Cousin Kathy.

  • 3. 
    When paying taxes in the U.S., the more money you make, ____________________.
    • A. 

      The less taxes you pay

    • B. 

      The more taxes you pay

    • C. 

      Doesn't make a difference because everyone pays the same amount in taxes

    • D. 

      The more you hate paying taxes

  • 4. 
    A health insurance program that is funded by some of your taxes and run by the federal government is known as?
    • A. 

      FICA.

    • B. 

      State tax.

    • C. 

      Unemployment tax.

    • D. 

      Medicare.

  • 5. 
    The average Social Security payment a person receives today per month is
    • A. 

      Over $5,000.

    • B. 

      Less than $1,000.

    • C. 

      More money than the person use to earn each month when they were working.

    • D. 

      More than enough to cover a person's monthly bills.

  • 6. 
    One common denominator of most financially successful people is that they?
    • A. 

      Quit school before they were 18.

    • B. 

      Always keep $500 in their pocket.

    • C. 

      Started a business early in life.

    • D. 

      Worked part-time when they were teenagers.

  • 7. 
    People who do not understand the difference between ______________ usually struggle with financial problems.
    • A. 

      Taxes and insurance

    • B. 

      Needs and wants

    • C. 

      Buying and renting

    • D. 

      Food and shelter

  • 8. 
    One major problem with using credit cards is that people
    • A. 

      Lose them a lot.

    • B. 

      Buy things they can't afford.

    • C. 

      Have to pay to use them.

    • D. 

      Forget to use them.

  • 9. 
    If you use a credit card, you should
    • A. 

      Pay the full balance of the credit card every month

    • B. 

      Pay the minimum payment each month

    • C. 

      Never pay the bill

    • D. 

      Be able to buy anything you want

  • 10. 
    A ___________ is a plan for how you will spend your money.
    • A. 

      Paycheck

    • B. 

      Cash journal

    • C. 

      Credit card

    • D. 

      Budget

  • 11. 
    • A. 

      Only for those who get sick.

    • B. 

      An unnecessary expense because you may not need it.

    • C. 

      A must buy item for your budget.

    • D. 

      More important for women than for men.

  • 12. 
    • A. 

      Need to take out a loan for it.

    • B. 

      Need to charge it on your credit card.

    • C. 

      Can't afford the place you want to rent.

    • D. 

      Need to look around for another type of insurance.

  • 13. 
    • A. 

      A house

    • B. 

      A car

    • C. 

      Gold

    • D. 

      All of the above

  • 14. 
    Credit card debt and _________________ are the two most common causes of financial disasters for young people in the U.S.
    • A. 

      Automobile costs

    • B. 

      Food costs

    • C. 

      Stingy parents

    • D. 

      Computer viruses

  • 15. 
    Chain mails involving money are?
    • A. 

      Usually legal and ethical.

    • B. 

      Legal if you are 21.

    • C. 

      Completely illegal.

    • D. 

      Partly legal and ethical.

  • 16. 
    Around how much money did Doodles (the waitress) save?
    • A. 

      $200

    • B. 

      $200,000

    • C. 

      2 million

    • D. 

      20 billion

  • 17. 
    • A. 

      For rainy days and to buy all the things you want

    • B. 

      For rainy days and major purchases

    • C. 

      To pay off your credit cards and for major purchases

    • D. 

      So you can invest it and donate it

  • 18. 
    How can you make money while you sleep?
    • A. 

      Put your money under your pillow for the tooth fairy

    • B. 

      Dream about money

    • C. 

      Invest your money

    • D. 

      Donate your money

  • 19. 
    What caused Jessica's $100,000 mistake?
    • A. 

      Using 17 different credit cards

    • B. 

      Not buying renters insurance

    • C. 

      Falling for an internet scam

    • D. 

      Not buying health insurance

  • 20. 
    You won't be able to move out if you have
    • A. 

      Too many friends

    • B. 

      Pets

    • C. 

      Protective parents

    • D. 

      Bad credit

  • 21. 
    Why should you buy renter's insurance?
    • A. 

      In case of a fire

    • B. 

      In case you get robbed

    • C. 

      In case of a flood

    • D. 

      All of the above

  • 22. 
    What are three main things you have to pay for every month when having a car?
    • A. 

      Car payment, gas, and tires

    • B. 

      Car payment, gas, and insurance

    • C. 

      Gas, insurance, and oil changes

    • D. 

      Insurance, car payment, and car washes

  • 23. 
    What happened to 9 year old Shilo Puckett?
    • A. 

      She was a victim of identity theft

    • B. 

      She made $71,000 through a chain e-mail

    • C. 

      She lost $50,000 worth of her stuff when her apartment burned down

    • D. 

      She lost her toy

  • 24. 
    Developing a financial lifestyle that fits the amount of money you will earn in your career and is the secret to financial success is called
    • A. 

      A money management program

    • B. 

      A journey driven lifestyle

    • C. 

      A lifestyle driven journey

    • D. 

      None of the above

  • 25. 
    What are the four main things you can do with your money?