Personal Finance Course Review - Part 1

Front

What is the second step in the path to financial literacy?

Back

learning the different representations of money

Front

Which of the options shows a long-term financial goal? Options: paying monthly rent, buying a train ticket for spring break, paying for tuition to learn a new skill, replacing brakes to make the car safer

Back

paying for tuition to learn a new skill

Front

Select the statement that is not true: A balanced budget provides a sense of security because of knowledge that end-of-month bills can be paid. Budget planning creates awareness about how income is spent and may create better spending habits. Budgets should be re-evaluated regularly especially when financial situations change. Budget planning is not a component of financial planning.

Back

Budget planning is not a component of financial planning.

Front

Jocelyn worked 30 hours this week, earning $22.00 per hour. Her paycheck stub included the following withholdings:
• Social Security: $40.92
• Medicare: $9.57
• federal income tax: $50.00
Calculate her net pay.

Back

$559.51

Front

Which of the following is an advantage of leasing your car over buying? You can take a tax deduction on a car you are leasing., You can keep the car as long as you want or get a new one whenever you want., Many repairs are covered under the warranty or terms of the lease., There are restrictions on where you can drive the car.

Back

Many repairs are covered under the warranty or terms of the lease.

Front

Which of the following is true of debit cards?
Options:
Your bank may charge you a large fee each time you use one.
When you buy something from a store, you may be offered a discount if you get one.
They usually charge a lower interest rate than credit cards.
They can be used to make online purchases.

Back

They can be used to make online purchases.

Front

Of brick-and-mortar retailers, online retailers, and warehouse clubs, which collect sales tax on your purchase?

Back

All of these sellers collect sales tax.

Front

Which of the following is true about children whose families moved to neighborhoods with lower poverty rates?
Options:
They soon moved away.
They performed better on tests and went further in school.
They were less likely to delay or skip taking medication.
They were more likely to be diagnosed with a chronic disease.

Back

They performed better on tests and went further in school.

Front

Which of the following is recurring expense? Buying Starbucks every week. Paying your health insurance every month. Buying the new Madden game every year. Eating out twice a month.

Back

Paying your health insurance every month.