QEP Financial Literacy Associate-Level Pre-Test

This is a Financial Literacy pre-test. A pre-test is simply a way to record what you already know. There is no special preparation for this – no studying required! Answer each question to the best of your ability, but don’t stress over it if you don’t know an answer – just make your best guess or leave it blank. If you want to, you may use a calculator to help answer some of these questions. This is not a test of anything you’ve learned, and you will not be graded on whether you’ve answered any question correctly or not – so relax. There are 91 questions in this pre-test, so settle in, get comfortable, and let’s check out your Financial Literacy.

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* 1. Please enter your Student ID:

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* 2. What are goals?

Something you think about but don't accomplish.

Things that are nice to have and gratify some desire or urge.

Desires and plans to achieve a specific outcome.

Necessities for your everyday living, such as food, housing and books for school.

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* 3. Which of the following is an example of a SMART goal?

I will earn a $100,000 salary in my first job following graduation.

I will study at the library three hours per class, each week, during the upcoming term.

I will limit my monthly expenses to $900.

I will earn a 4.0 GPA in all of my classes while studying just one hour per week.

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* 4. What are needs?

Things that are nice to have and gratify some desire or urge.

Things for your everyday living and goal attainment.

Desires and plans to achieve a specific outcome.

Something you think about but don't accomplish.

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* 5. Which of the following is an example of a need?

Jewelry.

Theater tickets.

Designer jeans.

Food.

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* 6. What are wants?

Desires and plans to achieve a specific outcome.

Things that are nice to have and gratify some desire or urge.

Something you think about but don't accomplish.

Necessities for your everyday living.

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* 7. Which of the following is an example of a want?

Video games.

Books for school.

Housing.

Medicine.

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* 8. When Elaine entered college as a freshman, she met with her academic adviser to establish her school and career goals. Elaine continued to meet with her adviser each semester to ensure she was enrolled in the appropriate classes. Her adviser also helped her focus on action steps to meet her goals. Because of her hard work, Elaine graduated in four years. What did Elaine do right?

Check ALL that apply:

Elaine set school and career goals.

Elaine took the classes that she needed in order to graduate in four years.

Elaine focused on action steps to meet her goals.

Elaine regularly met with her academic adviser.

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* 9. Jason is unhappy with his math class grades and realizes that he needs to study more. What steps would be helpful for him to take?

Check ALL that apply:

Find a tutor at the school's resource center.

Meet with a study group.

Schedule time each day to study.

Realize that math isn't his best subject and it's ok to have a low grade.

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* 10. Michael wants to upgrade his phone, even though his current phone is only a year old. You know Michael has been neglecting some of his monthly debt payments because he is unable to afford them. In fact, he borrowed money from you last month to make his rent payment.

How would you advise Michael regarding purchase of a new phone?

Tell him that he deserves to splurge on a new phone.

Offer to add the new phone to your account and let him pay you back.

Agree that he should update to the newest technology.

Suggest that he stick with his current phone and not purchase a new one until he can truly afford it.

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* 11. Dianne just started her new job and noticed most of her co-workers dress conservatively. Having just graduated college, most of her wardrobe is casual. You know that Dianne has a tight budget.

How would you advise Dianne regarding her work wardrobe?

She should make do with her current wardrobe -- the company should understand that a recent college graduate needs to wear jeans to work.

She should shop the sales rack or at second-hand clothing stores, buying only enough clothes for a work week.

The two of you should go on a shopping spree so you can help her pick out a whole new wardrobe.

She should apply for a department store credit card so that she can save 10 percent on her purchase.

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* 1. Please enter your Student ID:

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* 2. What are goals?

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* 3. Which of the following is an example of a SMART goal?

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* 4. What are needs?

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* 5. Which of the following is an example of a need?

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* 6. What are wants?

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* 7. Which of the following is an example of a want?

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* 9. Jason is unhappy with his math class grades and realizes that he needs to study more. What steps would be helpful for him to take?Check ALL that apply:

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* 11. Dianne just started her new job and noticed most of her co-workers dress conservatively. Having just graduated college, most of her wardrobe is casual. You know that Dianne has a tight budget.How would you advise Dianne regarding her work wardrobe?

* 9. Jason is unhappy with his math class grades and realizes that he needs to study more. What steps would be helpful for him to take?

Check ALL that apply:

* 11. Dianne just started her new job and noticed most of her co-workers dress conservatively. Having just graduated college, most of her wardrobe is casual. You know that Dianne has a tight budget.

How would you advise Dianne regarding her work wardrobe?