1 Which of the following situations describes the use
of an ATM?
A Abby purchased an item and paid for it when
the bill came in the mail.
B Abby wrote out an amount for an item and gave
it to a cashier.
C Abby entered a PIN to begin a transaction and
received an amount of cash.
D Abby balanced her checkbook.

2 Which of the following would have a negative
effect on your credit score?
A getting a promotion at work
B making late payments on a car loan
C paying credit card balances in full
D having a low debt-to-income ratio
3 Which of the following can have a positive effect
on your credit score?
A owing more money than you earn
B losing your job
C paying your bills on time
D having a high debt-to-income ratio

4 The annual median income for a veterinarian
is $82,040. The annual median income for a
veterinarian assistant is $22,040. Over 10 years,
how much more than a veterinarian assistant can a
veterinarian earn?
A $20,000
B $60,000
C $500,000
D $600,000

5 Eddie has an annual salary of $47,300. He works
40 hours a week, 52 weeks a year. How much
money does Eddie earn per hour?
A $22.74
B $27.15
C $31.46
D $48.91

6 Which statement would have a positive effect on a
credit score?
A “I made six late car payments last year”
B “I borrowed more than I can repay.”
C “I make all of my student loan payments on
time.”
D all of the above

7 The table shows the monthly fees for the checking
accounts at two banks.
Which statement is best supported by the information
in the table?
A The fee at Bank Fargo will always be more than
the fee at Bank Citizens.
B The fee at Bank Fargo will always be less than
the fee at Bank Citizens.
C The fee at Bank Fargo will be more than the
fee at Bank Citizens only when the checking
account balance is less than $200.
D The fee at Bank Fargo will be more than the
fee at Bank Citizens only when a customer’s
balance is more than $200.
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2017 Personal Financial Literacy TEST MA:6

8 Devin’s bank charges $1.75 for nonbank ATM
withdrawals and $0.30 for each debit card transaction.
Last month, Devin paid $8.25 in ATM
and debit card fees. He made 3 nonbank ATM
withdrawals. How many times did Devin use his
debit card last month?
A 2
B 5
C 7
D 10

9 Which statement about a credit report is true?
A My credit report cannot affect my future ability
to obtain a loan.
B A credit report is always correct and doesn’t
contain any errors.
C Negative actions on a credit report generally
remain for 7-10 years.
D College grades are used in credit reports.

10 Which method of paying for college needs to be
paid back?
A Grants
B Loans
C Scholarships
D Work-study programs