Personal Financial Literacy Exam
questions and answers
make career decisions - correct answer ✔✔ Use the PACED decision-making process to
lease - correct answer ✔✔ William carefully looked over a ____ before he signed it & moved
into his new apartment
$2,000 - correct answer ✔✔ Doug's printing business had a revenue of $6,000 & operating costs
of $4,000. How much profit did his business make?
a list she found online that was last updated in 1998 - correct answer ✔✔ Patti would like more
information about product recalls. Which of the following would not be reliable & relevant?
I will work one extra shift per week, and set aside $150 per paycheck to buy a plane ticket to
Puerto Rico. - correct answer ✔✔ Evelyn would like to take a trip to Puerto Rico to visit her
cousin. Which of the following is a good goal for her?
education, career choice, and skills - correct answer ✔✔ Some of the factors that affect how
much income a person makes are ___
loan payments on a small business loan - correct answer ✔✔ One cost of starting your own
business is ____
income - correct answer ✔✔ Interest deposited into your savings account is an example of ____
, $45 - correct answer ✔✔ Karina looked at her paycheck stub. Her gross pay was $245 & her net
pay was $200. How much did she have in deductions?
banking - correct answer ✔✔ Each of the following is a tax that adults pay, except _____
1040EZ tax form. it's used to file a tax return & figure out if you paid too much or too little over
the past year in taxes - correct answer ✔✔ this tax form is _____
net worth statment, financial goals, budget, insurance plan, and a saving and investing plan -
correct answer ✔✔ A personal financial plan should have ____
create a budget by listing and totaling his income and expenses, and then subtracting his
expenses from his income - correct answer ✔✔ Brian would like to get a new cell phone plan.
He would like to know what monthly payments he can afford. He should ______
Erin makes a purchase online using a credit card. She knows that she can pay the entire bill
when it arrives. - correct answer ✔✔ Who followed the guidelines for spending wisely?
a spreadsheet - correct answer ✔✔ Kevin wants to create a graph to show how his investments
& savings accounts have increased over the past year. What tool should he use?
False - correct answer ✔✔ A financial institution formed by a large organization for its members
is a savings and loan
PMI - correct answer ✔✔ Morgan is moving to a new city. She should consider each of these
factors when selecting a new financial institution except ___
money order - correct answer ✔✔ Alex needs to pay a bill, but he does not have a checking
account. what banking service can he benefit from?
questions and answers
make career decisions - correct answer ✔✔ Use the PACED decision-making process to
lease - correct answer ✔✔ William carefully looked over a ____ before he signed it & moved
into his new apartment
$2,000 - correct answer ✔✔ Doug's printing business had a revenue of $6,000 & operating costs
of $4,000. How much profit did his business make?
a list she found online that was last updated in 1998 - correct answer ✔✔ Patti would like more
information about product recalls. Which of the following would not be reliable & relevant?
I will work one extra shift per week, and set aside $150 per paycheck to buy a plane ticket to
Puerto Rico. - correct answer ✔✔ Evelyn would like to take a trip to Puerto Rico to visit her
cousin. Which of the following is a good goal for her?
education, career choice, and skills - correct answer ✔✔ Some of the factors that affect how
much income a person makes are ___
loan payments on a small business loan - correct answer ✔✔ One cost of starting your own
business is ____
income - correct answer ✔✔ Interest deposited into your savings account is an example of ____
, $45 - correct answer ✔✔ Karina looked at her paycheck stub. Her gross pay was $245 & her net
pay was $200. How much did she have in deductions?
banking - correct answer ✔✔ Each of the following is a tax that adults pay, except _____
1040EZ tax form. it's used to file a tax return & figure out if you paid too much or too little over
the past year in taxes - correct answer ✔✔ this tax form is _____
net worth statment, financial goals, budget, insurance plan, and a saving and investing plan -
correct answer ✔✔ A personal financial plan should have ____
create a budget by listing and totaling his income and expenses, and then subtracting his
expenses from his income - correct answer ✔✔ Brian would like to get a new cell phone plan.
He would like to know what monthly payments he can afford. He should ______
Erin makes a purchase online using a credit card. She knows that she can pay the entire bill
when it arrives. - correct answer ✔✔ Who followed the guidelines for spending wisely?
a spreadsheet - correct answer ✔✔ Kevin wants to create a graph to show how his investments
& savings accounts have increased over the past year. What tool should he use?
False - correct answer ✔✔ A financial institution formed by a large organization for its members
is a savings and loan
PMI - correct answer ✔✔ Morgan is moving to a new city. She should consider each of these
factors when selecting a new financial institution except ___
money order - correct answer ✔✔ Alex needs to pay a bill, but he does not have a checking
account. what banking service can he benefit from?
