Financial Literacy Pre-Test: HIGH SCHOOL - Infusionomics

8. In the context of renting an apartment, what is a “security deposit”?9. Name two (2) benefits of using a budget.1.2.10. Which of the following are fixed expenses? Circle all that apply.a. rentb. foodc. car paymentd. electric bille. credit card bill11. Pretend it is April 25, 2011. Using the blank check image below, write out a check to theABC Property Management Company for $850. This is for your May 2011 rent.12. Which of the following factors affect the amount of rent that will be charged for anapartment?a. The apartment’s size and number of bathrooms2

. The apartment’s locationc. Whether or not the apartment has a washer & dryerd. All of the above13. Why do some people use paycheck‐cashing stores? (list at least one common reason)You’re reading through newspaper ads looking for an apartment to rent. What do the followingabbreviations mean? Write in your answers.14. w/d __________________15. furn ___________________________16. Name two strategies a person can take to avoid indebtedness.Strategy 1Strategy 2Match the following terms to their correct definitions from the list at the right. For each term,indicate the letter (a, b, c, d, etc.) corresponding to the definition and write that letter in theblank next to the term.17. WITHDRAWAL ____ a. 30% of your gross income18. “AFFORDABLE” HOUSING COST ____ b. another word for a “bounced”check19. OVER THE LIMIT FEE ___c. To take money out of a bankaccount20. OVERDRAFT ___d. Fee imposed when you charge21. LIQUIDITY ___ more on your credit card than yourallowable credit linee. the ease with which aninvestment can be turned into cash3

22. If someone gave you $50 right now, how likely is it that you would save at least 25% of it(i.e. at least $ 12.50)? Circle only one response.a. highly likelyb. a little bit likelyc. not very likely23. Imagine yourself at age 25, with a job and an apartment. How likely it is that you will goahead and start saving for retirement? Circle only one response.a. I highly doubt I will start saving for retirement when I’m 25.b. I may start saving that early; I’m not sure. Maybe a 50‐50 chance.c. I definitely will start saving money toward retirement when I’m 25.24. How important do you think it is for you to learn about managing money?a. not very importantb. a little bit importantc. very important25. How much would you say you already know about banks, credit cards, and budgeting?a. I don’t know hardly anything about these topicsb. I know a little bit about these topicsc. I know a good bit about these topicsd. I know a lot about these topics4