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Personal Financial Literacy Unit Test Name _____________________________________ Date ____________________________ Pd ______ Unit: Personal Financial Literacy Test Personal Financial Literacy Unit Test Solve the problems below. Be sure to show your thinking. 1. Lucas is planning to attend a state university and qualifies for financial aid. Which of the sets below can Lucas apply for solely based on his financial need? A. scholarship, grant, student loan B. work-study, student loan, grant C. grant, work-study D. student loan, work-study 2. Which of the following would be found on a consumer’s credit report? A. a savings account balance B. whether or not the consumer has made any late payments C. the number of children the consumer has D. whether or not the consumer is approved for a loan 3. Jose is looking for a job that he can support himself with while taking part-time college classes. How much more will he earn as a veterinary tech than a barista for the four years he is in school? A. $41,040 B. $10,260 C. $12,860 D. $51,440 4. Which of the following situations does NOT describe the use of a debit card? A. Margie purchases a coffee in the drive thru. She swipes her card and the funds are immediately withdrawn from her account. B. Ralph purchases a book at the bookstore. He types in a secure code at checkout. C. Finley purchases a present by swiping her card. She doesn’t have the money for the present now, but she will before the bill is due. 5. Joley is opening her first checking account as a teenager. She doesn’t have a job, so most of the income will be presents from birthdays and holidays. Bank A has a $8 monthly charge. Bank B charges 2% of the balance. Which account balance below will result in bank B being a better financial choice? A. $300 B. $450 C. $800 D. $900 6. Ms. Brentfield is planning to take out a loan to buy a home. When applying she must sign a statement giving permission to check her credit report. Which statement best describes why the mortgage company is requesting to check her credit? A. to determine if Ms. Brentfield will take good care of her home B. to decide how much money Ms. Brentfield earns C. to determine if Ms. Brentfield can afford the home D. to determine the likelihood of Ms. Brentfield paying back the loan BARISTA $19,630 ANIMAL GROOMER $22,230 VETERINARY TECH $32,490 ©Maneuvering the Middle LLC, 2017

? Solve the problems below. Be sure to show your thinking. 7. Mr. Boxer has organized the features of a credit card and a debit card into a table below. Which description is the best representation for the missing detail? A. purchases are unlimited in funds B. purchases are paid back over time C. purchases must in a one-time payment D. purchases are subject to a credit limit 8. Which of the following students bellow will qualify for a grant? Jack: will play baseball for the college, does not meet the qualifications for financial need Ruby: valedictorian of senior class, meets the qualification for a financial need Quinton: plans to work to put himself through school, does not meet the qualification for financial need A. Ruby only B. Ruby and Jack only C. All three D. Jack and Quinton only Fiona is taking some time to balance her check register at the end of the month. Use the check register to answer questions 9-10. 9. Based on the transactions, what was the balance in Fiona’s account after she deposited her birthday gift on 6/4? A. $780 B. $690 C. $340 D. $430 10. Fiona forgot to record the cost of the dry cleaner on 6/7. How much did she spend at the dry cleaner? A. $16.75 B. $15.75 C. $763.25 D. $30.50 11. Mr. Hernandez is searching for a new checking account. He compares the fees associated with two different banks in his town. Which of the following statements best supports the information? A. Mr. Hernandez should choose Star Bank because it has no fees. B. Mr. Hernandez should choose First Bank because the fees are the same. C. Mr. Hernandez should choose Star Bank if he normally has $800 in his bank account D. Mr. Hernandez should choose First Bank because the fee is just $10. CREDIT CARD DEBIT CARD ? purchases are withdrawn immediately from bank account may not spend more than your credit limit may not spend more than the balance of the account purchases are subject to interest no interest charged on purchases DATE DESCRIPTION OF TRANSACTION DEPOSITS WITHDRAWALS BALANCE 6/1 Account Balance $755.75 6/3 Movie Theater $25.75 6/4 Birthday Gift $50.00 6/6 Eating Out $28.25 6/7 Dry Cleaner $735.00 FIRST BANK STAR BANK FEES $10 per month no fee if account has more than $500 ©Maneuvering the Middle LLC, 2017

OCCUPATION MEDIAN SALARY 12. Which of the following best represents a withdrawal in a checking account? A. You take your paycheck to the bank and put it in your account B. You go to the ATM and get cash C. You receive a check for your birthday and go to the account to cash the check D. You move money from your checking account to your savings account 13. Piper is deciding whether she should pursue an education in engineering or in public communications. She has researched that a public communications director will make $13,560 less than an engineer each year. If the median salary of an engineer is $73,400, then how much will a public communications director make over a period of 20 years? _______________ 14. The average salaries of three different positions are shown in the table below. Based on the information, how much more will the accountant earn than the paralegal over a 15-year career? A. $18,650 B. $279,750 C. $742,500 D. $1,022,250 15. Which of the following does NOT describe the benefits of establishing a positive credit history? A. It allows you to borrow money at lower rates and fees. B. You are more likely to be approved to rent a house or apartment. C. Lenders are more likely to approve you to borrow money. D. You will receive a discount when you purchase items. 16. What is the difference between a grant and a scholarship? A. A grant must be paid back, while a scholarship does not need to be paid back. B. A scholarship must be paid back, while a grant does not need to be paid back. C. A grant is solely based on financial need, while a scholarship is based on a variety of factors. D. A scholarship is solely based on financial need, while a grant is based on a variety of factors. OCCUPATION MEDIAN SALARY Physician $118,160 Accountant $68,150 Paralegal $49,500 ©Maneuvering the Middle LLC, 2017