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The exam further evaluates interpretation of education-related earnings differences, strategies for managing college loans, job application rules for minors, opportunity cost reasoning, discretionary income creation, and appropriate first steps when dissatisfied with product quality.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/financial-literacy-exam-1/461012/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/financial-literacy-exam-1/461012.png","ImageObject",300,407,{"name":92,"@type":93},"Guten tag","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-21","2026-09-30",true,{"@type":102,"interactionType":103,"userInteractionCount":29},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What topics does the Personal Financial Literacy exam test?","Question",{"text":112,"@type":113},"It tests personal finance knowledge including earned vs. unearned income, income and tax-related terms, saving and investing for education costs, wage factors, and definitions of job versus career.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How are college costs addressed in the exam questions?",{"text":117,"@type":113},"The exam includes questions about strategies to build adequate financial resources for college tuition, such as using a 529 College Savings Plan.",{"name":119,"@type":110,"acceptedAnswer":120},"What does the opportunity cost question focus on?",{"text":121,"@type":113},"It asks about what is lost when selling stocks and bonds to fund a winter vacation, specifically the missed chance for money to grow in value.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},461012,1791478046,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":29,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145},687212321768,"https://ap-avatar.wpscdn.com/avatar/a0010bdbe886d2fe77?x-image-process=image/resize,m_fixed,w_180,h_180&k=1789897067658708522","SAMPLE EXAM  \nPERSONAL FINANCIAL LITERACY  \nTHE PERSONAL FINANCIAL LITERACY EXAM IS USED FOR THE FOLLOWING EVENT:  \nPERSONAL FINANCIAL LITERACY PFL  \nThese test questions were developed by Working in Support of Education (w!se) . A descriptive test key, including answer rationale, has been provided.  \nCopyright © 2016 by Working in Support of Education (w!se), New York, New York. Each individual test item contained herein is the exclusive property of w!se. Items are licensed only for use as configured within this exam, in its entirety. Use of individual items for any purpose other thanas specifically authorized in writing by w!se is prohibited.  \nPosted online July 2016 by DECA Inc.  \nFINANCIAL LITERACY EXAM 1  \n1. One way that leads a person to earn additional income is for the person to  \nA. discuss financial goals with her supervisor.  \nB. increase budgeted monthly expenses.  \nC. increase her knowledge or improve skills.  \nD. volunteer at a successful corporation.  \n2. Entrepreneurs who start a new business with the hope of making a profit are  \nA. working fewer hours than people who have an employer.  \nB. earning higher wages than most people.  \nC. taking advantage of government protection against financial loss.  \nD. accepting the risk of financial loss if unsuccessful.  \n3. Income can be earned or unearned. Which of the following is an example of unearned income?  \nA. Money from a part-time second job.  \nB. Tips from customers.  \nC. Interest from bank accounts.  \nD. Paid vacation days from work.  \n4. Which of the following terms is correctly matched?  \nA. Capital Gains – Scholarships.  \nB. Rent – Tax free income.  \nC. Gross Income – Salary before taxes.  \nD. Deductions – Earned Income.  \n5. What strategy is an effective way to build adequate financial resources for a family to pay for college tuition?  \nA. Opening a 529 College Savings Plan in the first year of a child’s birth.  \nB. Taking a greater risk by purchasing speculative stocks until a child is age 16.  \nC. Reducing taxes by investing money in mutual funds.  \nD. Increasing contributions to Social Security.  \n6. Which of the following factors, other than job performance, will result in higher wages being given to many workers?  \nA. An increase in the number of vacation days per year.  \nB. A decrease in corporate borrowing.  \nC. A higher number of college graduates who have the same major.  \nD. A low number of available qualified workers looking for a job.  \n7. Read the information below about the profiles of individuals regarding their federal income tax  \nMr. Chu – Married with two children, contributes to a retirement plan  \nMr. Ortiz – Single, age 35, rents an apartment Ms. Lalio – Single, age 58, contributes to a Roth IRA Ms. Feldman – Married, no children, rents a house.  \nWhich person listed above is likely to have the greatest number of payroll tax exemptions which lowers taxable income?  \nA. Mr. Chu.  \nB. Mr. Ortiz.  \nC. Ms. Lalio.  \nFINANCIAL LITERACY EXAM 2  \nD. Ms. Feldman.  \n8. The terms “job”and“career” are often used interchangeably. However, there is a major difference in the meaning of the terms. A career is characterized as  \nA. responsibilities without risk because it involves different tasks.  \nB. responsibilities that result in earning income from an hourly wage.  \nC. a profession or vocation requiring special education or training.  \nD. work that includes the benefit of short hours or little responsibility.  \nReview the information in the graph below before answering Question 9.  \n9. Which of the following explains why a person with an Associate’s Degree from a two-year community college earns $10,700 more than someone with a high school (HS) diploma?  \nA. They are more productive because they have better writing, reading, and thinking skills.  \nB. Community colleges place graduates in jobs with higher salaries.  \nC. They have less student debt as a result of their higher income.  \nD. The income gains shown are only during the first five year","cbCaiv5K7nVfnhvW","https://ap.wps.com/l/cbCaiv5K7nVfnhvW","pdf",314700,35,"English","# Financial Literacy Exam 1\n## Questions 1-7\n# Financial Literacy Exam 2\n## Question 8-10\n# Financial Literacy Exam 3\n## Questions 11-15","[{\"question\":\"What topics does the Personal Financial Literacy exam test?\",\"answer\":\"It tests personal finance knowledge including earned vs. unearned income, income and tax-related terms, saving and investing for education costs, wage factors, and definitions of job versus career.\"},{\"question\":\"How are college costs addressed in the exam questions?\",\"answer\":\"The exam includes questions about strategies to build adequate financial resources for college tuition, such as using a 529 College Savings Plan.\"},{\"question\":\"What does the opportunity cost question focus on?\",\"answer\":\"It asks about what is lost when selling stocks and bonds to fund a winter vacation, specifically the missed chance for money to grow in value.\"}]","FINANCIAL LITERACY EXAM 1 | PDF",1790760326,88]