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- 1. Multiple Choice
A ______ is usually paid on a biweekly or monthly basis for professional employment.
salary
stipend
wage
benefit
- 2. Multiple Choice
Which of the following is the best reason to use cash for purchases?
getting more from the ATM is easy to do
keeping track of how much you have spent is simple
splitting bills with friends is easier
losing it won't be a big deal
- 3. Multiple Choice
What factor has the biggest impact on a credit score?
having a variety of credit
the amount of money you owe on your credit cards
your history of making payments on time
the number of years that you have used credit responsibly
- 4. Multiple Choice
What is the best strategy to avoid paying interest on your credit cards?
pay the minimum balance each month
pay the full balance each month
have credit cards from two different banks
make payments online
- 5. Multiple Choice
Which of the following is not a source of income?
your annual salary for doing your job
your monthly student loan payment
the stipend you receive for doing an internship
the wages you receive for a work shift
- 6. Multiple Choice
Which of the following statements is TRUE?
Applying for several lines of credit in a short period of time can help boost a person's credit score.
Paying off a credit card balance in full can have a negative impact on someone's credit score.
The longer you use credit responsibly, the higher your credit score.
Low risk borrowers tend to have low credit scores.
- 7. Multiple Choice
Which of the following statements is TRUE about payday loans.
they are harder to pay back because of low fees and high interest rates
they are harder to pay back because of high fees and high interests rates
they are easier to pay back because of lower fees and higher interest rates
they are easier to pay back because of lower fees and lower interest rates
- 8. Multiple Choice
Amy's new summer job at the pool will pay her $9 hour. Which term describes this type of hourly income?
salary
stipend
wage
benefit
- 9. 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?
credit card
debit card
direct deposit
prepaid card
- 10. Multiple Choice
What is the problem with paying only your minimum credit card balance each month?
it lowers your credit score
you have to pay interest
the bank will cancel your credit card
all of the above
- 11. Multiple Choice
Income earned on an hourly basis is called a:
salary
stipend
wage
benefit
- 12. Multiple Choice
Which factor has the biggest impact on a credit score?
Payment history
type of credit
amount owed
length of credit
- 13. Multiple Choice
Ashley wants to use money from her checking account to make a purchase. Which payment method should she use?
credit card
debit card
direct deposit
prepaid card
- 14. Multiple Choice
What is the best strategy for avoiding credit card interest?
Pay the full balance each month
skip payments
pay the minimum balance
make payments online
- 15. Multiple Choice
___________________ is withheld from a paycheck and is used to fund government services such as health care, national defense, and scientific programs.
Federal Income Tax
Medicare
Social Security
State Income Tax
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