Financial Literacy Test! - By Salma Charif, Asmaa Alsheblaq, Asmaa Alsebi and Ayan Ahmad

Question 1

Why is it that credit card interest rates are so high?

Accepted Answer

Because the credit card company will make more money off the card holder

Question 2

A tax you pay when you buy items at a store.

Accepted Answer

Sales Tax

Question 3

What is this called?

Accepted Answer

Check

Question 4

So what's the answer?

Accepted Answer

11,596.93

Question 5

Which of the following could you use to buy something now and pay for it later?

Accepted Answer

Credit Card

Question 6

What is the difference between Gross and Net Income?

Accepted Answer

Gross Income= before deductions Net Income= after deductions

Question 7

How many years will it take for the account to grow to $12,700, if she makes no withdrawals or deposits?

Accepted Answer

9 years

Question 8

How much will each girl have in their account at the end of 8 years if they make no withdrawals or deposits?

Accepted Answer

Ayan: $937.33 Alsebai: $928

Question 9

How much will Salma be paying in interest alone?

Accepted Answer

$5,003.60

Question 10

What is her initial deposit?

Accepted Answer

5,167.09

Question 11

and the final question- What Is Financial Literacy?

Accepted Answer

the understanding of money

Question 12

To put money into an account is...

Accepted Answer

Deposit

Question 13

Spongebob had 2 loans. He could choose $5,000 at 8% for a year, or he could choose $4,000 at 12% for 2 years.

Accepted Answer

$4,000 with 12% for 2 years

Question 14

Which payment would be the best to use to buy this item: a new t-shirt

Accepted Answer

Debit Card, Cash

Question 15

What will be the amount of interest earned after 15 years?

Accepted Answer

$270.75

Question 16

What's one similarity between credit and debit cards?

Accepted Answer

Both are dangerous to lose, Both are for purchases that you pay back at a later date

Question 17

Salma works at Shoppers, Najma works at Walmart, Alsebi volunteers at Red Cross. Who is earning income?

Accepted Answer

Salma and Najma only

Questions 17