Financial Literacy Test

1.

1 point

Select the correct answer.

What is applied when a borrower does not pay their full credit card balance?

debt

money

lollipops

interest

2.

1 point

Choose the word that belongs in the space.

Counterfeiting is the _________________ reproduction of money for circulation.

3.

1 point

Select the word that matches the definition

This corporation protects a depositor's money

FDIC

denominations

banks

legal tender

consumers

store of value

deposits

producers

4.

1 point

Select the correct answer.

The job of the Department of the Treasury is

to oversee the production of coins and currency notes

to manufacture the currency

to control the amount of money that is circulated

to stamp the currency

5.

1 point

Choose the word that belongs in the space.

Before we had a system/method of currency, people used to ____________ for the items that they needed or wanted with items that they already had.

6.

1 point

Select the word that matches the definition

Amounts of money are called...

producers

deposits

banks

consumers

Legal Tender

FDIC

denominations

store of value

7.

1 point

Inflation causes the price of items to decrease.

True

False

8.

1 point

Select the word that matches the definition

The concept that money can be stored for future purchases is called...

store of value

FDIC

denominations

legal tender

deposits

producers

banks

consumers

9.

1 point

Select the word that matches the definition

People who buy and use goods and services are called...

FDIC

producers

Legal tender

store of value

banks

deposits

consumers

denominations

10.

1 point

Select the word that matches the definition

These provide people with a safe place to store their money.

producers

legal tender

deposits

consumers

denominations

FDIC

store of value

banks

11.

1 point

Select the correct answer.

Surplus is a(n)

study of how things are bought and sold

means that we can never have all we want of every good or service

item that can be bought or sold

overabundance of products

12.

1 point

Select the word that matches the definition

Money stored at banks/money that people put into a bank.

FDIC

deposits

banks

store of value

consumers

producers

legal tender

denominations

13.

1 point

Select the word that matches the definition

People and businesses that provide goods and services.

deposits

consumers

banks

store of value

producers

legal tender

denominations

FDIC

14.

1 point

Select the correct answer.

What are goods?

money owed to other people

any actions that one person or group does for another in exchange for payment

any items that can be bought or sold

money stored at banks

15.

1 point

Choose the word that belongs in the space.

People who combine labor, land and capital resources to start a business are called ___________________.

16.

1 point

Select the word that matches the definition

the official money of the United States.

producers

legal tender

deposits

store of value

banks

FDIC

consumers

denominations

17.

1 point

Choose the word that belongs in the space.

The three functions of money are ________________ of

________________, _________________ of __________________ and

___________________ of ___________________.

18.

1 point

Choose the word that belongs in the space.

A credit card does not function as ______________.

19.

1 point

Taxes provide money or revenue to governments.

True

False

20.

1 point

Select the correct answer.

What is economics?

the economic system that the United States uses

the study of money

the system of money going back and forth

the study of how things are bought and sold