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Financial Literacy Summative Assessment MC

VS-6-FL-S-1/2/3/4

I CAN
 answer questions about Financial Literacy.

6th Grade FLSAMC

Save the FLSA document from YOUR online classroom. Type the letter to represent your answer.
PLEASE DO NOT USE PERIODS WITH NUMBERS THIS TIME! Just type the number and your answer.   Ex.    1 A
 Copy & paste into Mrs. Grant's Blog Post.

Financial Literacy Summative Assessment

Multiple Choice

1. Paying bills on time, only spending on what you need, and saving as much money as you can
    are all examples of what?
 
   A.  Income
   B.  Expenses
   C.  Goals
   D.  Savings

2. Which one is not a type of savings?

    A.  Piggy Bank
    B.  Checking Account
    C.  Savings Bonds
    D.  Savings Account

3. What are the three components (parts) of a budget?

    A.  Income, Expenses, Outcome
    B.  Income, Outcome, Savings
    C.  Savings, Income, Expenses
    D.  Expenses, Savings, Outcome

4. Which is an example of FIXED income?
    
     A.  Birthday money
     B.  Income tax refund
     C. Money found in a parking lot
     D. Paycheck

5. Which is an example of a FIXED expense?

     A. Birthday gift
     B. House payment
     C. Replacing windshield wipers
     D. Wedding Shower gift

6. What is your income called before taxes?
     
     A. Gross
     B. Net

7. What is your income called after taxes?

     A. Gross
     B. Net

8. Which is not an example of variable income?

    A. Pay check
    B. Yard sale money
    C. Birthday check
    D. Money found in a parking lot

9. Which is an example of variable expense?

    A. House Payment
    B. Car Payment
    C. Windshield wiper blades
    D. Rent
 
10.  When should you use a credit card?

     A. When you can't pay for something you want
     B. In case of emergency
     C. Christmas presents
     D. Any time

11. What things does a budget compare?
 
     A. Savings and interest
     B. Income and investments
     C.Income and expenses
   
D. Expenses and expenditures

12. People in debt are often said to have a budget deficit. What does that mean?
    
     
A. They never set up a budget, which directly led to their debt
     B. Their expenses exceeded their income
    
 C. They had no income
     D. They only set up one budget for the year, when they should have set up more than one

13. Your income is $30 per month. How much money should you spend each month to stay on 
      budget. Choose the best answer.
   
     A. Exactly $30
     B. Between $20 and $30
     C. $30 or less
     D. Nothing

14. What is the difference between a credit card and a debit card?

 
   
A. Debit card users must pay interest to banks; credit card users collect interest from banks
    B. A debit card is issued by a bank; a credit card is not
   
 C. A debit card can only be used at an ATM, while a credit card can be used to buy things at 
        stores or online
    D. A debit card takes money directly from your checking account, while using a credit card is a
        form of borrowing

15. When you borrow money from a bank, where does that money come from?
    
 
    A. A credit card company
     B. The federal government
 
    C. The accounts of the bank's customers
     D. The bank's own business checking account