Financial Literacy For Teens Test- 2nd Semester
A test on the book Financial Literacy for Teens.
- 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 by what 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 for the elderly and disabled 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.One common thing 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.
- 6.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
- 7.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.
- 8.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
- 9.A ___________ is a plan for how you will spend your money.
- A.
Paycheck
- B.
Cash journal
- C.
Credit card
- D.
Budget
- 10.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.
- 11.Renter's insurance is very important to have because they will replace all of your belongings in case of a...
- A.
Fire, robbery, or if your little brother damanges something
- B.
Flood, robbery, or a car accident
- C.
Robbery, fire, or if you brake something
- D.
Fire, flood, or robbery
- 12.Which item below would certainly depreciate if you owned it?
- A.
A house
- B.
A car
- C.
Gold
- D.
All of the above
- 13.Chain mails involving money are?
- A.
Usually legal and ethical.
- B.
Legal if you are 21.
- C.
Completely illegal.
- D.
Partly legal and ethical.
- 14.How did Doodles (the waitress) have almost 2 million dollars?
- A.
Her parents gave her the money.
- B.
The banker gave her someone else's money.
- C.
She saved most of her money.
- D.
She won the lottery.
- 15.What are the two main reasons to save money?
- A.
For emergencies and to buy everything you want
- B.
For emergencies and major purchases
- C.
To pay off your credit cards and for major purchases
- D.
So you can invest it and donate it
- 16.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
- 17.You won't be able to move out if you have...
- A.
Too many friends
- B.
Pets
- C.
Protective parents
- D.
Bad credit
- 18.What are the four main things you have to pay for every month when having a car?
- A.
Car payment, gas, maintenance/repairs, and tires
- B.
Car payment, insurance, gas, and maintenance/repairs
- C.
Gas, insurance, credit cards, and oil changes
- D.
Insurance, maintenance/repairs, car payment, and car washes
- 19.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
- 20.You should choose a career based on...
- A.
How much money you want to make.
- B.
What you like to do and have a passion for.
- C.
What will make your parents happy.
- D.
What your friends tell you to do.
- 21.You will likely earn over how much money before you retire?
- A.
One hundred thousand dollars
- B.
One million dollars
- C.
Five billion dollars
- D.
Fifty thousand dollars
- 22.Which of the following is a true statement about credit cards?
- A.
You should never get a credit card.
- B.
If you get a credit card, you will go into debt.
- C.
You should get a credit card and use it responsibly in order to build good credit.
- D.
The credit card companies don't charge you anything to borrow money from them.
- 23.Which of the following is NOT an example of an investment?
- A.
Stocks
- B.
Mutual Fund
- C.
Real Estate
- D.
Automobiles
- 24.What is the most important reason to invest?
- A.
To get rich quick.
- B.
So you can buy a new car.
- C.
So you will have money to live off of when you retire.
- D.
To help other businesses.
- 25.Why should you donate your money?
- A.
Because there is always someone less fortunate than you that needs it.
- B.
Because you don't need all of your money.
- C.
To get a tax break.
- D.
So your parents will be proud of you.
Questions: 24 | Attempts: 8609 | Last updated: Mar 22, 2022
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