Financial Literacy Exam 2025

Which of the following is the form employers use to determine how much tax to deduct from a paycheck?  

Which of the following purchasing cards removes funds from one’s checking account almost instantly a purchase?

When one is seeking to purchase a product at a store, what additional cost must be paid in addition to the listed price.

If one spends more money than they have in their bank account, they are charged an Overdraft fee

1.The phrase “balancing a checkbook” refers to which practice? 

A certificate of deposit (CD) differs from a traditional savings account in what way?

When one party to a contract does not do what the contract requires, the individual has committed a Breach of contract

Which of the following types of mortgage loan helps individuals with a low credit score, and little or no down payment

Which of the following is the form an employer provides to an employee to inform them of how was deducted from salary

When seeking to open a bank account, which of the following is needed?

Which of the following is an advantage of maintaining a good credit score?

The total money one gets to “take home” from a paycheck after taxes and deductions are taken out is known as what?

All the following are examples of installment loans EXCEPT:

Which of the following will be paid for as part of the escrow funds included in a mortgage loan?

What is the term used to describe interest earned on interest gained?

When eating at a restaurant, you consider the following additional costs to the price of your meal and sales tax?

1.When comparing a bank and credit union, which of the following is a characteristic of credit unions and not a bank

Which of the following best describes the concept of APR?

When one invests in a commodity, they are investing in a Natural resource

Which of the following is the term for a person who relies on someone else financially?  

Payday Loan Companies receive criticism for targeting people in poverty and who have other financial problems .

Rent-to-own agreements can negatively impact consumers because: 

Which of the following is the typical amount of time in which a borrower must pay off a mortgage loan?

Which of the following practices could negatively affect one’s credit score?

If the value of one’s house increases, all the following will most likely rise EXCEPT:

Which of the following statements best describes gross pay?

Which of the following is a financial institution that handles money, including keeping it safe ?

The Rule of 72 is used to calculate what? 

A Notary public can confirm signatures to a contract.