Financial Literacy Trivia Quiz: How Much You Know?

24 Questions | Total Attempts: 7070

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Financial Literacy Trivia Quiz: How Much You Know?

How much do you understand about financial literacy? Financial literacy involves a certain kind of wisdom that comes along with practice. As far as this quiz goes, you must understand the more money you make, the amount of tax you pay goes up, the average social security a person makes per month, and the major problem with credit cards. This quiz will teach you more about finances. All the best.


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 fewer 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. 
    Health insurance is
    • 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. 
    If you can't afford renter's insurance, you
    • 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. 
    Which item below would certainly depreciate if you owned it?
    • 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. 
    What are the two main reasons to save money?
    • 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

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