Personal Financial Literacy Practice Test Questions
with Answers Rated 100% Pass
1. Choose the best answer.
In June, Abby spent $300 on a television, earned $3,500 from a paycheck, received $80 from
investments, and paid $3,020 in expenses. What was her income for the month? - Answer $3,580
2. Choose the best answer.
How much would a consumer save by paying a cash price of $1,199 for a furniture set rather than
making 96 rent-to-own payments of $19? - Answer $625
3. Choose the best answer.
A photo ID, ___, and initial deposit are necessary to open a bank account. - Answer SSN or ITIN number
4. Match the descriptions to the words.
The biggest advantage of buying a home over renting one is the ability to build ____.
A bank, company, or person who lends money for a purchase is a(n) ____.
Most ____ cover defects or manufacturing problems but do not cover damage caused by accidents.
____ insurance is a benefit that helps an employee who misses work for an extended period of time due
to illness or injury.
A(n) ____ is a real estate loan in which the property serves as the collateral.
A(n) ____ is wages withheld from an employee's paycheck to cover taxes.
____ is calculated by subtracting all of one's liabilities from one's assets. - Answer Equity
with Answers Rated 100% Pass
1. Choose the best answer.
In June, Abby spent $300 on a television, earned $3,500 from a paycheck, received $80 from
investments, and paid $3,020 in expenses. What was her income for the month? - Answer $3,580
2. Choose the best answer.
How much would a consumer save by paying a cash price of $1,199 for a furniture set rather than
making 96 rent-to-own payments of $19? - Answer $625
3. Choose the best answer.
A photo ID, ___, and initial deposit are necessary to open a bank account. - Answer SSN or ITIN number
4. Match the descriptions to the words.
The biggest advantage of buying a home over renting one is the ability to build ____.
A bank, company, or person who lends money for a purchase is a(n) ____.
Most ____ cover defects or manufacturing problems but do not cover damage caused by accidents.
____ insurance is a benefit that helps an employee who misses work for an extended period of time due
to illness or injury.
A(n) ____ is a real estate loan in which the property serves as the collateral.
A(n) ____ is wages withheld from an employee's paycheck to cover taxes.
____ is calculated by subtracting all of one's liabilities from one's assets. - Answer Equity
