Effects of Technology 1

Effect of Technology Use in a Personal Finance Classroom

Amy McCutchen
University of Wisconsin-La Crosse
Online Learning Community 3

Effects of Technology 2

Abstract

K-12 school districts spend billions of dollars each year on technology. Many districts
believe that putting technology in students hands will increase test scores and help students
learn 21st century skills needed to succeed in todays workforce and post-secondary schools.
This study asked the following question, Does technology, and the money used to put it in
students hands, really help students learn? This study examined the effect of integrating
technology into a high school Personal Finance classroom. Data collection methods included
student surveys, teacher observations, and examining student pre- and post-test scores. Results of
the study indicated that using technology was equal to a traditional paper and pencil method of
instruction, but technology didnt have a significant increase in student learning.

Effects of Technology 3
Effects of Using Technology in a Personal Finance Classroom
In my training to become a high school business education teacher I was encouraged to
use, embrace, and master technology. In my current position as a high school business teacher in
Western Wisconsin, I am responsible for teaching my freshmen Computer Applications students
the basics of using technology so they can properly use it in other subject areas. While I feel
technology is important and usually fun for students to use, Im regularly left wondering if it
truly helps students learn.
During the 2013-2014 school year I was awarded a grant to go towards purchasing a
classroom set of Chromebooks to be used primarily in my Personal Finance classes. These
Chromebooks served as a medium for students to complete work, turn in assignments, interact
with other students and me, and hopefully become more comfortable with using technology on a
regular basis. In my past Personal Finance classes, students used computers on a weekly to biweekly basis. With the availability of the Chromebooks, students used technology on an almost
daily basis. This, again, got me thinking about how increasing the use of technology in my
classroom might affect student learning.
According to Boser (2013), GSV Advisors, a Chicago consulting firm, estimates that
investment money to both public and private schools jumped more than 150 percent from 2010
to 2012 and now stands at around $334 million (para. 10). He adds federal agencies spend
more than $3 trillion on STEM investments annually (para. 10). With all this money spent on
technology, I was left wondering if districts are truly getting their bang for their buck.
With districts spending considerably more money on technology, technology becoming
more readily available to students, and because of my curiosity and interest in technology, I

Effects of Technology 4
decided to consult literature to guide my research into the effect technology has on learning.
With budgets already tight, I suspected most districts had done their homework to ensure the
money they put towards technology was leading to increased learning and higher test scores for
students. My research question was what effect does technology have in the Personal Finance
classroom?
Review of Literature
The effect technology has on learning is complex and still widely unknown. In my
research I found two primary schools of thought. The first believes technology is an irreplaceable
and powerful teaching tool. The other school believes technology is just another medium used to
reach students with little or no effect on actual student learning. Both viewpoints are discussed
below.
Technology is a powerful teaching tool.
In Why Magic Bullets Dont Work, Feldon discusses how technology creates
meaningful chances for learning (2010). He believes that when technology offers opportunities
to observe or manipulate information and phenomena in meaningful ways, they can facilitate
learning (p. 17). He also mentions that technology provides tools for teachers, students, and
curriculum that would otherwise be too expensive.
Saxena (2013) explains the importance of real-life scenarios in learning. Technology
allows students to learn through valuable realistic settings which would otherwise be
unattainable without the use of technology. Authentic learnings value is not constrained to reallife locations and practices and its benefits can be realized through carefully designed Web-based
environments (2013 p. 1). Saxena explains that these environments provide students access to

Effects of Technology 5
the same resources and tools commonly used in self-directed research, an important skill for
students to learn before entering the real world.
The Horizon Report (2014), a report compiled by the New Media Consortium group,
examined technology through the lens of action research. In a study done by the Rand
Corporation, students in a math classroom were split into two groups. One group received
computer-based instruction and textbook-based activities. The other group received traditional
instruction through textbook only. The students in the first group experienced an eightpercentile improvement over the control group in math scores in the second year of
implementation (Johnson, Adams Becker, Estrada, & Freeman, 2014, p. 13). While more
studies will have to be conducted in the future to further prove the results, on the surface it
appears technology made a difference in learning. (Johnson et al., 2014)
Morones (2014) and Bartholet (2013) argue that technology should be used to expand
learning beyond the traditional classroom setting. Morones reports in some Midwestern states the
weather forces school districts to close for sometimes days at a time. Instead of losing school
days, some school districts have implemented e-learning days. In these cases, technology allows
curriculum to continue without physically meeting in the school building. Teachers can post
lessons, sample problems, assignments, and more for their students to view from the comfort of
their home on a laptop, iPad, or smartphone. Bartholet contends that this mentality can be
extended to all school days regardless of weather (2013). He states, If a lecture is available
online, class time can be freed for discussion, peer tutoring or professor-led exploration
Students can progress at their own pace and continue to prove their knowledge long after the
formal course is over (Bartholet, p. 2).

Effects of Technology 6
Tucker (2012) takes this concept one step further by discussing the concept of a flipped
classroom. The flipped classroom happens when teacher-created videos and interactive lessons
are accessed at home, in advance of class. Class time is then used to work through problems,
advance concepts, and collaboratively learn. It allows teachers to give more one-on-one
instruction because theyve in essence created more time.
For Personal Finance curriculum specifically, Pannoni (2014) suggests using technology
to help engage high school students. Game-based learning, budget simulations, and smartphone
apps are technology-based ways to help students understand complicated financial topics.
Pannoni believes using technology will not only engage students, but also pique students interest
in the subject matter they are studying.

Technology is just a different medium.

Cox (2013) recognizes school districts and policymakers realize the importance of elearning but may not have a good handle on the realistic benefits that technology may bring to
students. Cox states, there are still widespread misconceptions about its potential to enhance
student learning (p. 17). He is leery of the fact that schools believe districts and teachers believe
technology will make students infinitely smarter without actually looking at the facts. If you are
working in IT settings, we must be especially conscious of the fact that IT is not the only
independent variable (Cox, p.11). While technology is certainly a factor to consider in a
particular learning setting, it may not be the only variable contributing toward achievement.

Effects of Technology 7
Feldon (2010) builds on Coxs ideas by adding that technology must be created in a userfriendly way or technology could cause students to become more frustrated with a task and
potentially make them achieve less than their potential. With any software, there is a learning
curve for mastering the interface used to interact with it, adds Feldon (p. 17). Feldon goes on to
discuss the idea that technology and digital learning environments are simply another form of
delivery. He believes if a lesson is developed according to the principles of effective instruction
it will achieve positive results regardless of the delivery mode. He adds, (Technology) does not
yield better results than less sophisticated instructional designs. Why? Because the active
ingredients that affect students learning are the same in both cases (p. 17). If a lesson is
designed effectively, it should not matter if the lesson is delivered with chalk and blackboard or
the most sophisticated technology on the market. Hui-Chun (2014) agrees that technology
environments are already a complex learning situation. Without the proper simplification process
for users, technology could get in the way of learning. He says, it is a challenging issue to
propose new learning strategies or rethink the existing approaches such that the students can
learn with reasonable cognitive loads (p. 341). Both authors agree much work must be
completed by the teacher ahead of time to assure students will succeed in using technology.
Clark (1983) questioned the effects of technology and media over 30 years ago. He used
an analogy to illustrate his point of view:
(Technology) are the mere vehicles that deliver instruction but do not influence student
achievement any more than the truck that delivers our groceries causes changes in our
nutrition. Basically, the choice of vehicle might influence the cost or extent of
distributing instruction, but only the content of the vehicle can influence achievement.
(p. 445).

Effects of Technology 8
Like Feldon, he believes a lesson is quality because of its construction, not because of its
medium.
After reading the viewpoints of a variety of authors, it is obvious the jury is still out on
the effectiveness of using technology in the classroom. I believe it is safe to say that districts will
continue spending money on technology in hopes that it will better their students by improving
scores on standardized tests and preparing them with 21st century skills. While using technology
may not be the best in all teaching and learning circumstances, I think putting technology in the
hands of students will help them become better prepared for their future. Technology may not
increase test scores, but it seems that students will increase their 21st century skills to better
prepare them for the world of work or post-secondary education. I was interested to see if
introducing more technology into my Personal Finance class would truly make a difference in
my students learning. While I had always assumed that it did, after reading some of the research
Im not so sure. I decided to engage in action research to determine how the use of technology
affects learning in my Personal Finance classroom.

Methodology
Participants
This study took place in a mid-sized suburban high school located in western Wisconsin.
The high school has a student population of 1077 students, with 28.9% of the student population
qualifying for free and reduced lunch. The 27 students in the study ranged in age from 16 to 18
years old, 14 of them male and 13 of them female. These students were selected for this study

Effects of Technology 9
because they were enrolled in one of my two Personal Finance classes during third quarter of the
2013-2014 school year. One of the students was recognized as a Talented and Gifted Student.
Two of the students were English Language Learners. Two of the students were recognized as at
risk of academic failure. Two of the students received special education services, both for
learning disabilities. Two of the students were of Asian descent, and 25 of the students were
white.
Procedure
This study was conducted in my classroom to study the effects of technology on financial
literacy scores. At the beginning of the term I explained my research to my students and asked
them to take part. I went on to explain to my students that I had received a classroom set of
Chromebooks and we would be accessing them almost daily. I would study their test scores and
surveys and reflect on my observations to determine if the increased use of technology had any
effect on their learning.
I began my research by instructing my students to complete the JumpStart Financial
Literacy test (Mandell, 2009) as a pretest at the beginning of the term. I would later use the same
test as a posttest at the end of the term. Throughout the term I adjusted many of my old pencil
and paper activities so they could be completed using the Chromebooks. I directed my students
to use the internet in their research or to find the solution to a problem. I converted all of my
summative assessments so that at least part of the assessment was taken online. I also converted
some of my formative assessments to be completed and graded online. I compared both the
JumpStart test and the Credit/Debt Unit test with historical data.

Effects of Technology 10
Throughout my study I made observations and considered what effects the use of
technology had on my students, the classroom environment, and overall learning. I also surveyed
my students at the end of the term to assess their attitudes about the change.
Research Design
I used several types of data collection throughout my study to assess the effects
technology had on my students. Both qualitative and quantitative data was collected. The data
collection tools included were (a) JumpStart financial literacy test pre and post scores compared
with historical data, (b) student surveys, (c) teacher observations and notes, and (d) credit/debt
unit test scores compared with historical data.
JumpStart financial literacy test pre and post scores compared with historical data.
Students enrolled in Personal Finance at my school take the JumpStart financial literacy test at
the beginning and end of each term. This test consists of 31 multiple choice questions about a
variety of financial topics. This test has been conducted not only at my high school for multiple
years, but its also been conducted in high schools nationwide. This test is the most widely used
financial literacy test used in the United States. I compared each students pre and post test scores
to assess individual growth. I also compared the class average with past class averages to help
put a value of the gains my students made throughout the term.
Student surveys. At the end of the term, I conducted a survey with all students to gain a
better perspective of their attitudes and perspectives towards using technology in Personal
Finance. I asked the students about their least and most enjoyable moments in the class and also
what could be changed in the future. This gave me a better idea of what activities should be

Effects of Technology 11
altered for continued use and what activities students recognized as working well in my
classroom.
Teacher observations and notes. Throughout the term I made multiple notations while
observing my students interact with technology. I made note of problems, questions, and also
changes that could be made in the future that may make certain activities go smoother. I also
noted student attitudes, particularly frustrations, throughout the course so I could consider ways
to make my students lives easier when conducting similar activities later.
Credit/Debt Test Scores compared with Banking/Checking Test Scores. For my study I
wanted to hone in particularly on the Credit/Debt unit to assess student learning and compare
with a past unit. I was easily able to compare the class averages and growth to see if the use of
technology had any effect on student achievement in regards to credit and debt topics.

Results
JumpStart financial literacy test pre and post scores compared with historical data.
At the beginning of the term, 27 students took the JumpStart financial literacy test (see
Appendix A). I used this test as a baseline to measure my students knowledge of financial
literacy before they were taught any of the Personal Finance curriculum. Students averaged
54.8% on the pre-test.
At the end of the term all 27 students also took the JumpStart financial literacy test again,
this time as a post-test. Not only did this help me assess individual progress, but it also helped

Effects of Technology 12
me realize gaps in my instruction and ways I could improve. Students averaged 65.4% on the
post-test, a 10.6% increase.
Students in Personal Finance during the previous school year also took the same test at
the beginning and end of the semester. Students averaged 52.5% on the pre-test and 63.4% on
the post-test, a 9.9% increase.
Student surveys.
At the end of the term I conducted a survey to evaluate students feelings toward the
increased use of technology in the classroom (see Appendix B).
The first question asked students how comfortable they were with using technology for
activities and in-class assignments on a scale from 1 to 5 with a response of 1 representing
completely uncomfortable and a response of 5 representing completely comfortable. Most
students rated themselves as a 5 (48%). The remaining results fell as follows: 4 (36%), 3 (12%),
2 (3%), 1 (0%).
The next question asked students if they used their school-issued Google Drive and
Gmail account in other classes. Students were first introduced to their school-issued Google
Drive and Gmail account in Personal Finance class. 18% of students had used the Google Drive
and Gmail account in other classes.
The third question asked students if they had used their school-issued Google Drive and
Gmail account for personal use outside of school. 24% of students had used their Google Drive
and Gmail account outside of school.

Effects of Technology 13
The fourth question asked students, If you had the choice, how would you rather
complete a worksheet? The two possible responses were using paper and pencil or typing
your assignment and sharing the document using Google Drive. Seventy six percent of students
preferred typing an assignment and sharing the document rather to using a paper and pencil to
complete an assignment.
The last multiple choice response question asked students if they thought technology
helped them learn. Fifty two percent of students thought technology helped them learn. Forty
eight percent thought it made no difference. Zero percent thought technology did not help.
The remainder of the survey consisted of open ended questions in which students could
freely respond. The questions were, What did you most enjoy about using technology? What
did you least enjoy about using technology? and What suggestions do you have for using
technology in class in the future? The responses to these questions widely varied. Some
suggestions included sharing notes online for student access, providing computer mouses for use
with the Chromebooks, and giving clear instructions.

Teacher observations and notes.

Throughout the term I kept a log of my observations, student comments, issues that arose,
and notes that may help me in the future. Some of these notes reflected the responses in the
student survey. I split my notes into three categories: (a) positives, (b) negatives, and (c)
suggestions for next time. Some positives included the increase in student focus when they had
technology in their hands and the ability to give feedback and collect data more quickly. Some
negatives included the increased possibility for cheating and the amount of class time it took for

Effects of Technology 14
students to retrieve their Chromebook, log-in, and put their Chromebook away. Some
suggestions for the future include giving clear and concise directions before the Chromebooks
are in the students hands and instructing students about file management at the beginning of the
term.
Credit/Debt Test Scores compared with Banking/Checking Test Scores.
Students completed the unit test after I finished teaching the Credit/Debt curriculum.
Students during my study averaged 83.4% on this test. Students during the Banking/Checking
unit, without the technology implementation, averaged 86.2% (35.3 out of 41 questions) on the
unit test.
Discussion
The purpose of my research was to determine the effects of technology on a Personal
Finance classroom, and I found that technology has no considerable effect on student
achievement. With that, students did equally as well using technology as they did not using the
technology. Through student surveys and observations, though, I found that students did enjoy
using the Chromebooks and many, if given the choice, would choose to use technology to
complete assignments using technology rather than paper and pencil.
JumpStart financial literacy test pre and post scores compared with historical data.
The increase of 10.6% from pre-test to post-test is not a significant change when
compared with historical data. This data seems to be comparable with past classes that did not
use as much technology. While this does not show increased student achievement, it also does

Effects of Technology 15
not show that the increased technology caused students to achieve less. In this study using
technology was equal to using a traditional paper and pencil method of instruction.
Student surveys.
While student achievement did not improve with increased technology, the students
seemed to like using technology while in class. Given the choice, 76% of students preferred to
use technology rather than paper and pencil to complete an assignment. Also, 48% of students
responded they were completely comfortable with technology. These results make me believe
that had the same students taken the course without technology and then with technology, they
would prefer the increased technology format. This also makes me wonder if offering more
student choice would make a difference. Instead of asking the students to complete an
assignment using the Chromebook, I could give the students the option of typing or writing the
assignment.
Teacher observations and notes.
The observations and notes I made throughout the term will be extremely helpful for me
in the future of teaching this class. Students offered many good suggestions in our time together
which would be good for me to consider going forward. While it did not directly increase
achievement, my students did enjoy the quick feedback they received when using technology
compared to turning papers in and waiting for feedback. Also, student seemed to be more
focused while using technology compared to when they were not.
Credit/Debt Test Scores compared with Banking/Checking Test Scores.

Effects of Technology 16
Like my other data collection tools, the Credit/Debt Test Scores showed no significant
academic change in comparison with another unit test. Students dropped from 86.2% on the
Banking/Checking test to 83.4% during the study with technology implementation. Since the use
of technology didnt significantly negatively affect the scores, I feel like it was still a worthwhile
endeavor.
Limitations
There were a couple definite limitations to my study. The first limitation was that not
only were students experiencing an increased use of technology in the classroom, but it was a
new type of technology. Most students had never used a Chromebook before my class, so this
could have caused more anxiety about trying something new and increased frustration toward the
change. On a couple of occasions students commented about wishing they were using a laptop
rather than a Chromebook. My students had a lot of new information introduced to them
throughout the term so the test results and survey answers could have reflected the change to
Chromebooks rather than the increased use of technology.
Another limitation to my study was the student survey I conducted. While the results of
the student survey were helpful, I should have probably done a similar survey at the beginning of
the term to compare the data. In particular, it would have been beneficial to compare how
comfortable students were with technology at the beginning of the term compared to the end of
term.
Another limitation was the use of the JumpStart survey. Comparing past student data
with my current student data isnt the best way to show growth, or lack thereof.

Effects of Technology 17
Another limitation to my study is the small sample size. A larger sample size could have
produced different results.

Conclusion
The use of technology in a Personal Finance classroom on student achievement was equal
to using a paper and pencil method. Students showed more enjoyment in using technology.
Student motivation is a huge obstacle for me and all teachers, so if using technology helps
students stay engaged it seems worth implementing. As Clark (1983) mentioned in his research,
it seems technology truly is just a different medium to get instruction and information to
students.
My research has directly impacted the way I teach Personal Finance. I still feel it is
important to put technology in the hands of students when appropriate even if it does not
significantly increase student scores. Students will be faced with new technology no matter their
path after high school. Its my goal to help students feel comfortable and unafraid to experiment
with technology. In contrast, my research has helped me realize that while its nice to use
technology when possible, it doesnt always make sense to use it in every situation. I do not put
as much pressure on myself to use technology for every single assignment, pre-test, and post-test
because I know it is not going to impede on my students success. Also, I have taken many
suggestions from my student surveys and teacher observations and tried to implement better
practices in my classroom.
It would be interesting for other educators and school districts to see the results of this
study. School districts are continually putting budget money toward technology and many

Effects of Technology 18
districts are putting a device in the hands of every student. It makes me wonder what mentality is
driving districts to do this: to help students become comfortable with technology or because
district truly believe student test scores will improve.
Action Plan
While the results of my study were not significant, through student feedback I feel the use
of technology in the classroom is still important. Most students enjoy using technology and when
students enjoy something in education it makes sense to continue the practice. I will continue to
use technology in my classroom on a regular basis when it fits with the lesson.

Effects of Technology 19
References
Bartholet, J. (2013). Hype and hope. Scientific American, 309(2), 53-61.
Boser, U. (2013, June 14). Are schools getting enough bang for their education technology
buck?. Retrieved July 22, 2014, from http://cdn.americanprogress.org/wpcontent/uploads/2013/06/UlrichEducationTech-brief-3.pdf
Christensen, R. (2002). Effects of technology integration education on the attitudes of teachers
and students. Journal of Research on technology in Education, 34(4), 411-433.
Clark, R. E. (1983). Reconsidering research on learning from media. Review of educational
research, 53(4), 445-459.
Cox, M. J. (2013). Formal to informal learning with IT: research challenges and issues for elearning. Journal Of Computer Assisted Learning, 29(1), 85-105. doi:10.1111/j.13652729.2012.00483.x
Feldon, D. F. (2010). Why Magic Bullets Don't Work. Change, 42(2), 15-21.
Hayden, K., Ouyang, Y., Scinski, L., Olszewski, B., & Bielefeldt, T. (2011). Increasing student
interest and attitudes in STEM: Professional development and activities to engage and
inspire learners. Contemporary Issues in Technology and Teacher Education, 11(1), 4769.
Hui-Chun, C. (2014). Potential Negative Effects of Mobile Learning on Students' Learning
Achievement and Cognitive Load--A Format Assessment Perspective. Journal Of
Educational Technology & Society, 17(1), 332-344.

Effects of Technology 20
Johnson, L., Adams Becker, S., Estrada, V., and Freeman, A. (2014). NMC Horizon Report:
2014 K-12 Edition. Austin, Texas: The New Media Consortium.
Lee, Y. H., Waxman, H., Wu, J. Y., Michko, G., & Lin, G. (2013). Revisit the Effect of
Teaching and Learning with Technology. Educational Technology & Society, 16(1), 133146.
Mandell, L. (2009, January 1). The Financial LIteracy of Young American Adults. . Retrieved
July 23, 2014, from http://www.jumpstart.org/assets/files/2008SurveyBook.pdf
Morones, A. (2014). Snow Days Turn Into E-Learning Days for Some Schools. Education
Week, 33(20), 6-7.
Pannoni, A. (2014). 3 Ways to Engage High Schoolers in Personal Finance. U.S. News Digital
Weekly, 6(10), 13.
Saxena, S. (2013). How Technology Can Support Authentic Learning. EdTechReview. Retrieved
July 15, 2014, from http://edtechreview.in/news/865-how-technology-can-supportauthentic-learning
Tamim, R. M., Bernard, R. M., Borokhovski, E., Abrami, P. C., & Schmid, R. F. (2011). What
forty years of research says about the impact of technology on learning a second-order
meta-analysis and validation study. Review of Educational Research, 81(1), 4-28.
Tucker, B. (2012). The flipped classroom. Education Next, 12(1), 82-83.

Effects of Technology 21
Appendix A
2008 JUMP$TART HIGH SCHOOL SENIOR QUESTIONNAIRE

Part 1 - 31 Jump$tart Questions

1. Inflation can cause difficulty in many ways. Which group would have the greatest problem
during periods of high inflation that last several years?
a) Older, working couples saving for retirement.
b) Older people living on fixed retirement income.
c) Young couples with no children who both work.
d) Young working couples with children.
2.
a)
b)
c)
d)

Which of the following is true about sales taxes?

The national sales tax percentage rate is 6%.
The federal government will deduct it from your paycheck.
You don't have to pay the tax if your income is very low.
It makes things more expensive for you to buy.

3. Rebecca has saved $12,000 for her college expenses by working part-time. Her plan is to
start college next year and she needs all of the money she saved. Which of the following is the
safest place for her college money?
a) Locked in her closet at home.
b) Stocks
c) Corporate bonds
d) A bank savings account
4. Which of the following types of investment would best protect the purchasing power of a
family's savings in the event of a sudden increase in inflation?
a) A 10-year bond issued by a corporation.
b) A certificate of deposit at a bank.
c) A twenty-five year corporate bond.
d) A house financed with a fixed-rate mortgage.
5. Under which of the following circumstances would it be financially beneficial to you to
borrow money to buy something now and repay it with future income?
a) When you need to buy a car to get a much better paying job.
b) When you really need a week vacation.
c) When some clothes you like go on sale.
d) When the interest on the loan is greater than the interest you get on your savings.
6. Which of the following statements best describes your right to check your credit history for
accuracy?
a) Your credit record can be checked once a year for free.
b) You cannot see your credit record.
c) All credit records are the property of the U.S. Government and access is only available to the
FBI and Lenders.

Effects of Technology 22
d) You can only check your record for free if you are turned down for credit based on a credit
report.
7. Your take home pay from your job is less than the total amount you earn. Which of the
following best describes what is taken out of your total pay?
a) Social security and Medicare contributions.
b) Federal income tax, property tax, and Medicare and social security contributions.
c) Federal income tax, social security and Medicare contributions.
d) Federal income tax, sales tax, and social security contribution.
8. Retirement income paid by a company is called:
a) 401 (k).
b) Pension.
c) Rents and profits.
d) Social Security.
9. Many people put aside money to take care of unexpected expenses. If Juan and Elva have
money put aside for emergencies, in which of the following forms would it be of LEAST benefit
to them if they needed it right away?
a) Invested in a down payment on the house.
b) Checking account.
c) Stocks.
d) Savings account.
10. David just found a job with a take-home pay of $2,000 per month. He must pay $900 for
rent and $150 for groceries each month. He also spends $250 per month on transportation. If he
budgets $100 each month for clothing, $200 for restaurants and $250 for everything else, how
long will it take him to accumulate savings of $600.
a) 3 months.
b) 4 months.
c) 1 month.
d) 2 months.
11. Sara and Joshua just had a baby. They received money as baby gifts and want to put it away
for the baby's education. Which of the following tends to have the highest growth over periods of
time as long as 18 years?
a) A checking account.
b) Stocks.
c) A U.S. Govt. savings bond.
d) A savings account.
12. Barbara has just applied for a credit card. She is an 18-year-old high school graduate with
few valuable possessions and no credit history. If Barbara is granted a credit card, which of the
following is the most likely way that the credit card company will reduce ITS risk?
a) It will make Barbaras parents pledge their home to repay Karen's credit card debt.
b) It will require Barbara to have both parents co-sign for the card.

Effects of Technology 23
c) It will charge Barbara twice the finance charge rate it charges older cardholders.
d) It will start Barbara out with a small line of credit to see how she handles the account.
13. Chelsea worked her way through college earning $15,000 per year. After graduation, her
first job pays $30,000. The total dollar amount Chelsea will have to pay in Federal Income taxes
in her new job will:
a) Double, at least, from when she was in college
b) Go up a little from when she was in college.
c) Stay the same as when she was in college.
d) Be lower than when she was in college.
14. Which of the following best describes the primary sources of income for most people age
20-35?
a) Dividends and interest.
b) Salaries, wages, tips.
c) Profits from business.
d) Rents.
15. If you are behind on your debt payments and go to a responsible credit counseling service
such as the Consumer Credit Counseling Services, what help can they give you?
a) They can cancel and cut up all of your credit cards without your permission.
b) They can get the federal government to apply your income taxes to pay off your
debts.
c) They can work with those who loaned you money to set up a payment schedule that you can
meet.
d) They can force those who loaned you money to forgive all your debts.
16. Rob and Mary are the same age. At age 25 Mary began saving $2,000 a year while Rob
saved nothing. At age 50, Rob realized that he needed money for retirement and started saving
$4,000 per year while Mary kept saving her $2,000. Now they are both 75 years old. Who has
the most money in his or her retirement account?
a) They would each have the same amount because they put away exactly the same
b) Rob, because he saved more each year
c) Mary, because she has put away more money
d) Mary, because her money has grown for a longer time at compound interest
17. Many young people receive health insurance benefits through their parents. Which of the
following statements is true about health insurance coverage?
a) You are covered by your parents' insurance until you marry, regardless of your age.
b) If your parents become unemployed, your insurance coverage may stop, regardless of your
age.
c) Young people don't need health insurance because they are so healthy.
d) You continue to be covered by your parents' insurance as long as you live at home, regardless
of your age.

Effects of Technology 24
18. Don and Bill work together in the finance department of the same company and earn the
same pay. Bill spends his free time taking work-related classes to improve his computer skills;
while Don spends his free time socializing with friends and working out at a fitness center. After
five years, what is likely to be true?
a) Don will make more because he is more social.
b) Don will make more because Bill is likely to be laid off.
c) Bill will make more money because he is more valuable to his company.
d) Don and Bill will continue to make the same money.
19. If your credit card is stolen and the thief runs up a total debt of $1,000, but you notify the
issuer of the card as soon as you discover it is missing, what is the maximum amount that you
can be forced to pay according to Federal law?
a) $500
b) $1000
c) Nothing.
d) $50
20. Which of the following statements is NOT correct about most ATM (Automated Teller
Machine) cards?
a) You can generally get cash 24 hours-a-day.
b) You can generally obtain information concerning your bank balance at an ATM machine.
c) You can get cash anywhere in the world with no fee.
d) You must have a bank account to have an ATM Card.
21. Matt has a good job on the production line of a factory in his home town. During the past
year or two, the state in which Matt lives has been raising taxes on its businesses to the point
where they are much higher than in neighboring states. What effect is this likely to have on
Matts job?
a) Higher business taxes will cause more businesses to move into Matts state, raising wages.
b) Higher business taxes cant have any effect on Matts job.
c) Matts company may consider moving to a lower-tax state, threatening Matts job.
d) He is likely to get a large raise to offset the effect of higher taxes.
22. If you have caused an accident, which type of automobile insurance would cover damage to
your own car?
a) Comprehensive.
b) Liability.
c) Term.
d) Collision.
23. Scott and Eric are young men. Each has a good credit history. They work at the same
company and make approximately the same salary. Scott has borrowed $6,000 to take a foreign
vacation. Eric has borrowed $6,000 to buy a car. Who is likely to pay the lowest finance charge?
a) Eric will pay less because the car is collateral for the loan.
b) They will both pay the same because the rate is set by law.
c) Scott will pay less because people who travel overseas are better risks.

Effects of Technology 25
d) They will both pay the same because they have almost identical financial backgrounds.
24. If you went to college and earned a four-year degree, how much more money could you
expect to earn than if you only had a high school diploma?
a) About 10 times as much.
b) No more; I would make about the same either way.
c) A little more; about 20% more.
d) A lot more; about 70% more.
25. Many savings programs are protected by the Federal government against loss. Which of the
following is not?
a) A U. S. Savings Bond.
b) A certificate of deposit at the bank.
c) A bond issued by one of the 50 States.
d) A U. S. Treasury Bond.
26. If each of the following persons had the same amount of take home pay, who would need the
greatest amount of life insurance?
a) An elderly retired man, with a wife who is also retired.
b) A young married man without children.
c) A young single woman with two young children.
d) A young single woman without children.
27. Which of the following instruments is NOT typically associated with spending?
a) Debit card.
b) Certificate of deposit.
c) Cash.
d) Credit card.
28. Which of the following credit card users is likely to pay the GREATEST dollar amount in
finance charges per year, if they all charge the same amount per year on their cards?
a) Jessica, who pays at least the minimum amount each month and more, when she has the
money.
b) Vera, who generally pays off her credit card in full but, occasionally, will pay the minimum
when she is short of cash
c) Megan, who always pays off her credit card bill in full shortly after she receives it
d) Erin, who only pays the minimum amount each month.*
29. Which of the following statements is true?
a) Banks and other lenders share the credit history of their borrowers with each other and are
likely to know of any loan payments that you have missed
b) People have so many loans it is very unlikely that one bank will know your history with
another bank
c) Your bad loan payment record with one bank will not be considered if you apply to another
bank for a loan.
d) If you missed a payment more than 2 years ago, it cannot be considered in a loan decision.

Effects of Technology 26

30. Dan must borrow $12,000 to complete his college education. Which of the following would
NOT be likely to reduce the finance charge rate?
a) If he went to a state college rather than a private college.
b) If his parents cosigned the loan.
c) If his parents took out an additional mortgage on their house for the loan.
d) If the loan was insured by the Federal Government.
31. If you had a savings account at a bank, which of the following would be correct concerning
the interest that you would earn on this account?
a) Earnings from savings account interest may not be taxed.
b) Income tax may be charged on the interest if your income is high enough.
c) Sales tax may be charged on the interest that you earn.
d) You cannot earn interest until you pass your 18th birthday.

Appendix B
1.
On a scale from 1-5, rate your comfort level with using technology in the completion of
assignments and in-class activities. (1=completely uncomfortable, 5=completely comfortable)
1
2
3
4
5
2.
Have you used your school (@students.holmen.k12.wi.us) Google Drive account for any
other classes since learning about it in Personal Finance?
Yes No
3.
Have you used your school (@students.holmen.k12.wi.us) Google Drive account for your
own personal use since learning about it in Personal Finance?
Yes No
4.
If you had the choice, how would you rather complete a worksheet?
a. using paper and pencil (example: the way you completed the Stock Market worksheet)
b. typing your assignment and sharing the document using Google Drive (example: the way you
completed the Choosing a Credit Card assignment)
5. In your opinion, does using technology in the classroom help you learn?
Yes No
It makes no difference to me.
6.
What did you most enjoy about using technology in the Credit/Debt unit?
(Free response)
7.
What did you least enjoy about using technology in the Credit/Debt unit?
(Free response)
8.
What suggestions do you have for using technology in this class in the future?
(Free response)