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- 1. Multiple Choice
Which of the following is NOT a benefit of putting money in a savings account?
a. You can make frequent withdrawals
b. You can earn interest
c. It is harder to spend the money
d. The money is safe and secure
- 2. Multiple Choice
Aaron wants to open a savings account. Which account will grow his money the
most?
a. Account 1 - Interest rate 2%, Interest compounded daily
b. Account 2 - Interest rate 1%, Interest compounded daily
c. Account 3 - Interest rate 2%, Interest compounded semi-annually
d. Account 4 - Interest rate 1%, Interest compounded annually
- 3. Multiple Choice
Revenue is:
a. The amount of money a company pays its employees
b. The amount of money a company has left after paying bills
c. The amount of money a company makes from sales
d. The amount of taxes a company has to pay
- 4. Multiple Choice
The average price of a gallon of milk increased from $3.00 last year to $3.50 this
year. This is most likely due to ______________________.
a. inflation
b. the stock market
c. deflation
d. the market basket
- 5. Multiple Choice
Which interest-bearing account is best for people who won’t need access to their
money for more than a year?
a. Savings Account
b. Checking Account
c. Certificate of Deposit
d. Credit Card
- 6. Multiple Choice
What is the first step you should take when you want to open a savings account?
a. Go to the bank and fill out an application
b. Review the different account options that your bank offers
c. Present your photo ID to the bank representative
d. Make your initial deposit
- 7. Multiple Choice
Aaron wants to open a savings account. Which account will grow his money the
most?
a. Account 1 - Interest rate 2%, Interest compounded daily
b. Account 2 - Interest rate 1%, Interest compounded daily
c. Account 3 - Interest rate 2%, Interest compounded semi-annually
d. Account 4 - Interest rate 1%, Interest compounded annually
- 8. Multiple Choice
A loss is when:
a. Revenue is greater than expenses
b. Revenue is less than expenses
c. Revenue is equal to expenses
d. None of the above
- 9. Multiple Choice
You sister is looking for a way to increase the amount of interest she is earning on
her savings account. What should she do?
a. Use the money from her savings account to open a checking account
instead
b. Make monthly withdrawals from her savings account
c. Switch to a savings account with a lower interest rate
d. Deposit money into her savings account each month
- 10. Multiple Choice
What is required when opening a checking account?
a. An Initial Deposit
b. A Salary
c. A Credit Card
d. A copy of your last paycheck
- 11. Multiple Choice
Which of the following best describes deflation?
a. A decrease in the cost of goods and services
b. An increase in the cost of goods and services
c. A decrease in purchases of a good or service
d. An increase in purchases of a good or service
- 12. Multiple Choice
Which of the following statements is an example of a personal skill:
a. I volunteer in my community
b. I’m a really good cook
c. I like being outside
d. I love learning new things
- 13. Multiple Choice
The more ____________________ you receive; the more money you will likely
earn in your career.
a. Benefits
b. Education and training
c. Internships
d. Scholarships and grants
- 14. Multiple Choice
Which of the following is the most effective strategy for reducing the cost of
college?
a. Attending an in-state public university
b. Attending a private college
c. Purchasing used books
d. Living in an off-campus apartment
- 15. Multiple Choice
What is the first thing you should do when career planning?
a. Apply for as many jobs as possible
b. Have a mock interview with a family member or friend
c. Make a list of your job preferences and skills
d. Sign-up for an internship
- 16. Multiple Choice
Which career is least likely to be impacted by poor economic conditions?
a. Real Estate Agent
b. Pilot
c. Construction Worker
d. High School Principal
- 17. Multiple Choice
Which of the following is NOT an example of a job skill?
a. Attending work every day
b. Working well in groups
c. Being good with computers
d. Being creative
- 18. Multiple Choice
The most direct way for Jonathan to gain on-the-job experience and earn money
while attending school is to apply for:
a. Federal financial aid
b. Scholarships
c. A work-study program
d. A private loan
- 19. Multiple Choice
Cynthia writes computer programs for mobile phones and has received five job
offers in the last week. This is most likely because:
a. Demand for computer programmers is high
b. Supply of computer programmers is high
c. Demand for computer programmers is low
d. Demand and supply for computer programmers are equal
- 20. Multiple Choice
Which career is least likely to be impacted by poor economic conditions?
a. Salesperson
b. Restaurant Manager
c. Construction Worker
d. Nurse
- 21. Multiple Choice
Shannon has been a member of her school’s newspaper club for 2 years and
attends writing workshops in her free time. Which career choice should she
explore?
a. Web Content Developer
b. Museum Curator
c. Graphic Designer
d. Business manager
- 22. Multiple Choice
Which career is likely to earn the highest salary?
a. Hairdresser
b. Dentist
c. News Anchor
d. Flight attendant
- 23. Multiple Choice
Over their whole lifetime, about how much can someone with a professional
degree expect to earn compared to someone with a high school diploma who
didn’t attend college?
e. The same amount
f. Twice as much
g. Three times as much
h. Four times as much
- 24. Multiple Choice
The opportunity cost of earning an advanced college degree is that:
a. You will earn more income during your career
b. You will earn less money during the years that you are in college
c. Some fields require a professional degree before you can begin working
d. There may be a low supply of jobs in your professional field
- 25. Multiple Choice
Select the answer that best describes opportunity cost:
a. The amount of money you put into savings every year.
b. What you give up as a result of choosing one option versus another; a
trade-off.
c. The amount of money a business makes every year from sales.
d. What you gain as a result of choosing one option versus another; a benefit.
- 26. Multiple Choice
Before buying a new computer, you want to do some research to help you select
the best model for your needs. Where should you look for the most objective and
unbiased information?
a. The most popular computer company's website
b. Paid advertisements in a technology magazine
c. A salesperson at an electronics store who earns commission on sales
d. An independent consumer education website that reviews and rates
technology products
- 27. Multiple Choice
Which of the following expenses should be included in a typical budget?
a. Taxes
b. Charitable Giving
c. Savings
d. All of the above
- 28. Multiple Choice
Which of the following would be considered a want for most people?
a. A brand-name jacket
b. Transportation to get to work
c. A place to live
d. Nutritious food
- 29. Multiple Choice
If you know the unit price of an item, you are better able to:
a. Compare prices of two brands
b. Estimate how much you will need
c. Determine the total cost of the purchase
d. Figure out the discount during a sale
- 30. Multiple Choice
Which of the following would be considered a want rather than a need for most
people?
a. Warm clothes in the winter
b. A place to live
c. A smartphone
d. Nutritious Food
- 31. Multiple Choice
Select the answer that best describes what an opportunity cost is:
a. The amount of money you put into savings each year
b. The trade-off of making one choice and giving up a different choice
c. The amount of money a business makes every year from sales
d. The benefit you gain by choosing one option versus another
- 32. Multiple Choice
You are going to buy a computer, but first you want to do some research to help
you select the best model for your needs. Where should you look for the fairest
and most reliable information?
a. The website of a popular computer company
b. Advertisements that a computer company puts in a computer magazine
c. An independent consumer education website that reviews and rates
computers
d. Advice from a salesperson in a computer store who earns commissions on
sales.
- 33. Multiple Choice
You are creating a budget for your new business. What should you include?
a. All income and expenses
b. Fixed expenses but not income
c. Income but not variable expenses
d. Fixed and variable expenses but not taxes
- 34. Multiple Choice
Which of the following is a variable expense for many adults?
a. Their monthly cost of eating out at restaurants
b. Their monthly rent payment
c. The monthly payment on their car loan
d. Their monthly payment for health insurance
- 35. Multiple Choice
Your friend’s parents are worried about going over their budget for the month.
Which expense would you suggest is NOT a need?
a. Rent payment
b. Car insurance
c. Cable service
d. Groceries
- 36. Multiple Choice
If you know the unit prices of two different brands of an item, you are better able
to:
a. Compare the prices of the two brands
b. Estimate how much of the item you will need
c. Determine which of the two brands is higher quality
d. Figure out the discount during a sale on the two items
- 37. Multiple Choice
You received $50 as a birthday gift and chose to spend it on new wallpaper for your
room. The opportunity cost of this decision is:
a. The price of the wallpaper you bought
b. The other items you could have purchased with your $50
c. The time you could have spent doing other things
d. All of the above
- 38. Multiple Choice
Which of the following is NOT true of a budget? [note capitalization of “NOT”]
a. Budgets help you plan how to spend money you earn or receive
b. Once a budget is set, it should not be revisited
c. A budget can include charitable giving
d. Budgets include both income and expenses
- 39. Multiple Choice
Which of the following is NOT a successful budgeting strategy?
a. Keep some extra money in your budget for emergencies
b. Pay with a credit card if you have a hard time sticking to a budget
c. Think about which items are your most important needs
d. Revisit your budget regularly and make adjustments
- 40. Multiple Choice
Income earned on an hourly basis is called a:
a. Salary
b. Stipend
c. Wage
d. Benefit
- 41. Multiple Choice
Which factor has the biggest impact on a credit score?
a. Payment History
b. Type of credit
c. Amount owed
d. Length of credit
- 42. Multiple Choice
Ashley wants to use money from her checking account to make a purchase. Which
payment method should she use?
a. Credit card
b. Debit card
c. Direct Deposit
d. Prepaid Card
- 43. Multiple Choice
What is the best strategy for avoiding credit card interest?
a. Pay the full balance each month
b. Skip payments
c. Pay the minimum balance
d. Make payments online
- 44. Multiple Choice
___________________ is withheld from a paycheck and is used to fund
government services such as health care, national defense, and scientific programs.
a. Federal Income Tax
b. Medicare
c. Social Security
d. State Income Tax
- 45. Multiple Choice
A ________________ is usually paid on a biweekly or monthly basis for
professional employment.
a. Salary
b. Stipend
c. Wage
d. Benefit
- 46. Multiple Choice
Which of the following is the best reason to use cash for purchases?
a. Getting more from the ATM is easy to do
b. Keeping track of how much you have spent is simple
c. Splitting bills with friends is easier
d. Losing it won’t be a big deal
- 47. Multiple Choice
What factor has the biggest impact on a credit score?
a. Having a variety of types of credit
b. The amount of money you owe on your credit cards
c. Your history of making payments on time
d. The number of years that you have used credit responsibly
- 48. Multiple Choice
What is the best strategy to avoid paying interest on your credit cards?
a. Pay the minimum balance each month
b. Pay the full balance each month
c. Have credit cards from two different banks
d. Make payments online
- 49. Multiple Choice
Which of the following is not a source of income?
a. Your annual salary for doing your job
b. Your monthly student loan payment
c. The stipend you receive for doing an internship
d. The wages you receive after a work shift
- 50. Multiple Choice
Which of the following statements is TRUE:
a. Applying for several lines of credit in a short period of time can help boost a person’s credit score.
b. Paying off a credit card balance in full can have a negative impact on someone’s credit score.
c. The longer you use credit responsibly, the higher your credit score.
d. Low risk borrowers tend to have low credit scores.
- 51. Multiple Choice
Which of the following statements is TRUE about payday loans?
a. They are harder to pay back because of low fees and high interest rates
b. They are harder to pay back because of high fees and high interest rates
c. They are easier to pay back because of lower fees and higher interest rates
d. They are easier to pay back because of lower fees and lower interest rates
- 52. Multiple Choice
Amy's new summer job at the pool will pay her $9 per hour. Which term describes
this type of hourly income?
a. Salary
b. Stipend
c. Wage
d. Benefit
- 53. Multiple Choice
Ashley wants to make a purchase using the money in her checking account. What
method of payment should she use to access these funds immediately and
directly?
a. Credit card
b. Debit card
c. Direct Deposit
d. Prepaid Card
- 54. Multiple Choice
What is the problem with paying only your minimum credit card balance each
month?
a. It lowers your credit score
b. You have to pay interest
c. The bank will cancel your credit card
d. All of the above
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