Take On Money
This 31 question assessment, prepared by Jump$tart Coalition, will tell you your level of financial literacy. This has been taken by thousands of students nation-wide. We request that you complete it as quickly as possible. This means that you shouldn't look up answers or spend more than a couple of minutes thinking about each answer. If you have any questions, please write us. Good Luck!
Which of the following is true about sales taxes?
Rebecca has saved $12,000 for her college expenses by working part-time. Her plan is to start college next year and she needs all of the money she saved. Which of the following is the safest place for her college money?
Which of the following types of investment would best protect the purchasing power of a family’s savings in the event of a sudden increase in inflation?
Under which of the following circumstances would it be financially beneficial to you to borrow money to buy something now and repay it with future income?
Which of the following statements best describes your right to check your credit history for accuracy?
Your take home pay from your job is less than the total amount you earn. Which of the following best describes what is taken out of your total pay?
Retirement income paid by a company is called:
Many people put aside money to take care of unexpected expenses. If Juan and Farida have money put aside for emergencies, in which of the following forms would it be of LEAST benefit to them if they needed it right away?
Malik just found a job with a take-home pay of $2,000 per month. He must pay $900 for rent and $150 for groceries each month. He also spends $250 per month on transportation. If he budgets $100 each month for clothing, $200 for restaurants and $250 for everything else, how long will it take him to accumulate savings of $600.
Sara and Carlos just had a baby. They received money as baby gifts and want to put it away for the baby’s education. Which of the following tends to have the highest growth over long periods of time (10+ Years)?
Lola has just applied for a credit card. She is an 18-year-old high school graduate with few valuable possessions and no credit history. If Lola is granted a credit card, which of the following is the most likely way that the credit card company will reduce ITS risk?
Chelsea worked her way through college earning $15,000 per year. After graduation, her first job pays $45,000. The total dollar amount Chelsea will have to pay in federal income taxes in her new job will:
Which of the following best describes the primary sources of income for most people age 20-35?
If you are behind on your debt payments and go to a responsible credit counseling service such as the Consumer Credit Counseling Services, what help can they give you?
Peter and Mary are the same age. At age 25 Mary began saving $2,000 a year while Peter saved nothing. At age 50, Peter realized that he needed money for retirement and started saving $4,000 per year while Mary kept saving her $2,000. Now they are both 75 years old. Who has the most money in his or her retirement account?
Many young people receive health insurance benefits through their parents. Which of the following statements is true about health insurance coverage?
Don and Diego work together in the finance department of the same company and earn the same pay. Diego spends his free time taking work-related classes to improve his computer skills; while Don spends his free time socializing with friends and working out at a fitness center. After five years, what is likely to be true?
If your credit card is stolen and the thief runs up a total debt of $1,000, but you notify the issuer of the card as soon as you discover it is missing, what is the maximum amount that you can be forced to pay according to Federal law?
Which of the following statements is NOT correct about most ATM (Automated Teller Machine) cards?
Matt has a good job on the production line of a factory in his home town. During the past year or two, the state in which Matt lives has been raising taxes on its businesses to the point where they are much higher than in neighboring states. What effect is this likely to have on Matt’s job?
If you have caused an accident, which type of automobile insurance would cover damage to your own car?
Scott and Mario are young men. Each has a good credit history. They work at the same company and make approximately the same salary. Scott has borrowed $6,000 to take a foreign vacation. Mario has borrowed $6,000 to buy a car. Who is likely to pay the lowest finance charge?
If you went to college and earned a four-year degree, how much more money could you expect to earn than if you only had a high school diploma?
Many savings programs are protected by the Federal government against loss. Which of the following is not?
If each of the following persons had the same amount of take home pay, who would need the greatest amount of life insurance?
Which of the following instruments is NOT typically associated with spending?
Which of the following credit card users is likely to pay the GREATEST dollar amount in finance charges per year, if they all charge the same amount per year on their cards?
Which of the following statements is true?
Maria must borrow $12,000 to complete her college education. Which of the following would NOT be likely to reduce the finance charge rate?
If you had a savings account at a bank, which of the following would be correct concerning the interest that you would earn on this account?