Financial Literacy For Teens Test - Elliott

30 Questions
Financial Literacy Quizzes & Trivia

A test on the book Financial Literacy for Teens.

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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 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.

  • 26. 
    If you don't have health insurance and you must have an emergency surgery...
    • A. 

      They will tell you to leave the hospital.

    • B. 

      You will have to pay for all the medical bills yourself.

    • C. 

      The government will pay for all of your medical bills.

    • D. 

      The hospital will do the surgery for free.

  • 27. 
    Its extremely important to do what before buying a car?
    • A. 

      Pay off all your credit cards

    • B. 

      Do car buying research/homework

    • C. 

      Get a driver's license

    • D. 

      Ask your parents for permission

  • 28. 
    • A. 

      It is a legal document.

    • B. 

      You are agreeing to pay rent every month on time for the length of the lease.

    • C. 

      If you have a roommate move in later, they don't need to sign the lease.

    • D. 

      You are agreeing to take care of the place you are renting.

  • 29. 
    Which of the following is NOT an example of a scam?
    • A. 

      Identity theft

    • B. 

      Phishing e-mails

    • C. 

      Chain-mail involving money

    • D. 

      People selling their things on Ebay

  • 30. 
    If you make $40,000 per year, Uncle Sam is going to take how much from you for taxes?
    • A. 

      $1,000 (2.5%)

    • B. 

      $20,000 (50%)

    • C. 

      $10,000 (25%)

    • D. 

      $200 (.5%)