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Consumer Skills
Budgeting
Credit
Saving
Random
100

  1. Which statement best describes how to comparison shop?

  2. A. Buy many brands of the same item, see which you like best, and return all the rest
    B. Set a budget, decide what features you want, and see which stores/brands best fit your needs


  3. C. Visit many stores and ask the salespeople to lower the price until one offers something you can afford
    D.Start your own website that compares the current store prices of items you shop for regularly

B. Set a budget, decide what features you want, and see which stores/brands best fit your needs

100

Creating a budget can make you feel powerful! Why?

A. People who budget earn more money, so they can live a better life

B. A budget puts you in control of your spending and saving, so you make good decisions and feel more confident

C. You can't really budget unless you have an important job, which means that other people look up to you

D. Budgeting is extremely easy, so once you set it up, you are done for good and can spend time on other things

B. A budget puts you in control of your spending and saving, so you make good decisions and feel more confident

100

Which statement about credit card interest rates is TRUE? 

  1. The more money you spend on purchases, the higher your interest rate will be
  2. A high interest rate means you'll pay MORE money total
  3. A high interest rate means you'll pay LESS money total
  4. Most credit cards do not charge any interest rate

2. A high interest rate means you'll pay MORE money total

100

When you open your first savings account, you will need to bring each of these things EXCEPT...

  1. An adult if you're under 18
  2. Proof of your mailing address
  3. A letter from your employer
  4. Some form of identification (ID)

3. A letter from your employer

100

Brandon receives his paycheck, and it says his gross pay is $250 and his net pay is $200. How much money did he have in deductions this pay period?

A. $50

B. $200

C. $250

D. $450

A. $50

200

You're going to buy a new bicycle. What should be one of your first steps in comparison shopping?

A. Decide what bicycle features you care most about

B. Visit the store that sells the least expensive bicycles

C. Locate a coupon for bicycles

D. Sell your old bicycle

A. Decide what bicycle features you care most about

200

The two main portions of a budget are...

A. the money coming in (income) and the money you're spending (expenses)

B. the money coming in (expenses) and the money you're spending (income)

C. the cash you are spending in stores and the bills you are paying online

D. the items you want to buy and the money you need to save for retirement

A. the money coming in (income) and the money you're spending (expenses)

200

What is the best way to avoid going into large debt on your credit card? 

  1. Avoid paying the bill every month so your bank account stays high
  2. Pay the minimum monthly payment on time every month
  3. Pay half your balance every month
  4. Pay your full balance every month

4. Pay your full balance every month

200

As a teenager opening a savings account, which two features are MOST important for you to have in your account?

  1. No interest rate and no monthly fees
  2. No interest rate and no minimum balance requirement
  3. No monthly fees and no minimum balance requirement
  4. No monthly fee and no FDIC insurance

3. No monthly fees and no minimum balance requirement

200

Which age group tends to have the most credit card debt? 

  1. Young adults
  2. Middle-aged people
  3. Senior citizens
  4. Credit card debt is evenly distributed among all age groups

2. Middle-aged people

300

What do you need in order to open a checking account?

A. A form of ID and proof of address

B. At least $50 saved up

C. A report card showing you've passed all your classes

D. Two letters of recommendation

A. A form of ID and proof of address

300

Why is it important to be able to decide if an item is a NEED or a WANT?

A. Needs are worth spending money on, but you should never spend on a want

B. Needs can be very expensive, but wants are usually far less expensive so you don't need to keep track of them

C. You cannot create a budget that has both needs and wants included -- you need them each in a separate budget

D. When you budget, you should make sure all your needs are met first, then you can decide to spend on wants

D. When you budget, you should make sure all your needs are met first, then you can decide to spend on wants

300

Katherine has been using her credit card very responsibly in hopes of raising her credit score. Which score would indicate that Katherine now has a prime score?

A. 350

B. 550

C. 750

D. 950

C. 750

300

What is one DOWNSIDE of using a savings account instead of a checking account?

  1. Your savings account has high fees attached to it, while your checking account does not
  2. Your savings account has a limit of 6 withdrawals per month, while your checking account does not
  3. Your parents need to help you open a savings account, but you can open a checking account without them
  4. Far fewer banks offer savings accounts, while far more banks offer checking accounts

2. Your savings account has a limit of 6 withdrawals per month, while your checking account does not

300

Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?

A. 50% needs, 30% wants, 20% savings

B. 50% budget, 30% needs, 20% wants

C. 50% saving, 30% needs, 20% wants

D. $50 needs, $30 wants, $20 savings

A. 50% needs, 30% wants, 20% savings

400

A popular promotion at stores is "Buy One, Get One Free." Why do stores offer this deal to their customers? 

A. Stores promote the deal but make you pay for the second item anyway once you're at the cash register

B. Stores make money because you still have to pay taxes on the second item

C. Most stores are not trying to make a profit, so it doesn't matter if they give away free items

D. Great deals convince customers to buy things they don't need and stay loyal to the store or brand

D. Great deals convince customers to buy things they don't need and stay loyal to the store or brand

400

Marshawn is trying to determine if an item at the mall is a NEED or a WANT. Which question will be most helpful?

A. Will something bad happen if I don't have this item?

B. Do any of my friends have this item?

C. How happy will this item make me?

D. Will my teachers be excited if I buy this item, or will they be disappointed?

A. Will something bad happen if I don't have this item?

400

Each of the following factors impacts your credit score EXCEPT... 

A. Payment history

B. Bank account balance

C. Mix of credit types

D. Length of credit history

B. Bank account balance

400

 What does it mean to "pay yourself first"?

  1. On payday, take some money out to reward yourself with some fun spending

  2. Save money when you are young so you can spend more money when you are older

  3. Any time you get paid, set aside some portion to save before you do any spending

  4. Spend money on yourself first, then your immediate family, then friends or other relatives

3. Any time you get paid, set aside some portion to save before you do any spending

400

Which of these is a common reason someone would use a peer-to-peer payment app? 

  1. To deposit a work paycheck into their checking account
  2. To buy groceries at the supermarket
  3. To repay a friend who covered their costs at a restaurant
  4. To keep track of their spending and saving

3. To repay a friend who covered their costs at a restaurant

500

Complete this sentence: A checking account statement... 

A. is the receipt you get from a store when you purchase something using a check

B. tells you the bank's policies on fees

C. lists all the purchases and deposits you've made in the previous month

D. allows you to take out a student loan for college

C. lists all the purchases and deposits you've made in the previous month

500

Why should you use your NET pay when creating a budget?

A. Your net pay will always be higher, so you'll have more money to spend

B. Your net pay is a more accurate picture of how much money you have available to spend or save

C. Your employer knows what your gross pay is, but you only know what your net pay is

D. Once you have your net pay, you can figure out how much to deduct in taxes, and then you can do your budget

B. Your net pay is a more accurate picture of how much money you have available to spend or save

500

When discussing a loan, such as a college loan or auto loan, what does the word "principal" mean? 

A. The total amount you borrowed

B. The amount of interest you pay over the whole length of the loan

C. The total amount of money you owe

D. The total number of months you will have to repay the loan

A. The total amount you borrowed

500

What is one BENEFIT of using a savings account instead of a checking account?

  1. Your savings account will charge lower ATM fees than your checking account
  2. Your savings account will earn interest, so the money in your account will grow without you doing anything
  3. Your savings account lets you write checks or pay bills easily, while it's more difficult to use your checking account
  4. Your savings account allows you to use online banking, while checking accounts require you to visit the bank branch

2. Your savings account will earn interest, so the money in your account will grow without you doing anything

500

What is the financial benefit of compound interest?

  1. The interest rates banks offer for compound accounts are always higher than for simple accounts
  2. When you earn compound interest, you earn interest on both the principal and any interest you've already earned
  3. When earning compound interest, you don't accumulate as many bank fees
  4. When you earn compound interest, you earn interest ONLY on the principal

2. When you earn compound interest, you earn interest on both the principal and any interest you've already earned