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Financial Literacy Pre-test
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Things you own:
5 points
Gross Pay
Net Pay
Assets
Simple Interest
The amount you have left after you have paid all taxes:
5 points
Net Pay
Assets
Negative Net Worth
Positive Net Worth
The value of your assets is greater than the value of your liabilities:
5 points
Liabilities
Compound Interest
Negative Net Worth
Positive Net Worth
Debts you owe:
5 points
Assets
Liabilities
Gross Pay
Simple Interest
The amount you are paid before taxes are taken away:
5 points
Compound Interest
Net Worth
Net Pay
Gross Pay
Earnings are calculated on the original amount plus accumulated interest. The principal increases each year based on the interest earned.
5 points
Simple Interest
Negative Net Worth
Compound Interest
Net Pay
The value of your liabilities is greater than the value of your assets.
5 points
Negative Net Worth
Positive Net Woth
Gross Pay
Simple Interest
The value of assets minus liabilities.
5 points
Assets
Liabilities
Net Pay
Net Worth
Earnings are paid on a fixed amount of money, or principal.
5 points
Compound Interset
Negative Net Worth
Simple Interest
Gross Pay
Katie's gross monthly salary is $3,800. 22% of her income is set aside for income taxes. Katie saves 8% of her salary. After taxes and savings, how much does Katie have to spend each month?
5 points
Jill's annual salary us $39,600. She has learned that rent should be at most a third of her income. What is the maximum amount Jill should pay for her rent each month?
5 points
Ginnie's net monthly income is $4,200. 10% of her income goes to savings. She spends $1,200 per month on rent, $280 per month on groceries, $250 for her car payment, and $210 per month on gasoline and car maintenance. What percent of her budget does she spend on gasoline and car maintenance?
5 points
15%
50%
5%
20%
Houston's annual salary is $89,616. He falls in the 35% tax bracket. what is his net monthly salary?
5 points
Beckett owns a car worth $5,900 and owes $2,800 on the car loan. He has $1,600 in his bank account and $5,120 in a savings account. He has a balance of $11,400 on his credit card. What is his net worth?
5 points
Sarah's total assets are $8,794. Her liabilities are $2,670 in credit card debt and $3,622 for a student loan. Vicki's assets are $6,255.85. Her total liabilities are $2,970.63. Who has the greater net worth and what is it?
5 points
$6,124
$2,670
$2,970.63
$3,285.22
Courtney deposited $300 in her savings account that earns 2% interest compound annually. She makes no additional deposits and no withdrawals. How much money will be in the account after 2 years?
5 points
The Braxdale Family has the family net worth statement. What is the family's net worth?
*
5 points
$98,550
$335,500
$276,950
$12,400
Carmelo puts $2,200 into a savings bonds that pay a simple interest rate of 3%. How much money will the bonds be worth at the end of 6 years?
5 points
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