11 which statement best describes purchases made
with a credit card?
a purchases made with this card are withdrawn
directly from a bank account.
b purchases made with this card require a pin
number.
c if you don’t record your purchases, you may
have to pay a overdraft fee.
d purchases made with this card are subject to
interest.
12 which is an advantage of using a credit card over
a debt card?
a you must have enough money in your account
to cover your purchases.
b you don’t have to carry cash.
c used responsibly, it can build a positive
credit history.
d you pay interest on the unpaid balance.
13 the choices i make today affect my future success.
which choice would affect my ability negatively to
get a loan?
a continuing my education after graduating
from high school.
b getting a credit card that i pay off each month.
c having a high debt ratio.
d saving some of my earnings each month.
14 which is a feature of both writing a check and
using a credit card?
a make payments online
b signature required
c funds are transferred immediately
d late fees
15 which job is not a typical work-study job?
a working in your own business
b working at campus library or bookstore
c off-campus job related to your course study
d serving in the dining hall
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2017 personal financial literacy test ma: 6
16 if the surgeon and the pharmacist each worked 30 years, how much more money
does the surgeon make in lifetime income?
a $1,154,620
b $924,720
c $3,467,700
d $115,590
17 which is an advantage of using a debit card?
a maintaining a minimum balance
b delaying payment on items
c paying monthly maintenance fees
d faster than writing a check
18 to build a credit history, a person could:
a establish a steady employment record
b file his or her federal income taxes on time
c use an atm several times a month
d request to view her or his credit file
19 a credit report maintains negative financial
information for how many years?
a 2 years for credit inquiries
b 7 years for late payments
c up to 10 years for bankruptcy
d all of the above
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2017 personal financial literacy test ma: 6
20 patty has a checking account at a local bank.
· the monthly checking fee is $10
· $0.30 for each check she writes
· nonbank atm withdrawals cost $2.50
· her beginning balance was $2,740.50
· she deposited $1,325.00
· withdrew $475.00 in cash from a nonbank atm
· she wrote a check for $125.00
· transferred $500.00 to her savings account
what is her checking account balance at the end of the month?
a $2,422.30
b $2,952.70
c $3,401.20
d $3,520.50