Which of the following statements about the W-2 form is TRUE? A W-2 lists all the money you earned in cash over the last year, The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form, You need a separate W-2 form from EACH of your employers in order to file your taxes, The W-2 includes information about the interest you earned from your investments

You need a separate W-2 form from EACH of your employers in order to file your taxes

What will happen if Marquis doesn't file taxes in April?

Nothing will happen, but Marquis will miss out on his potential refund.

Where does the money for a purchase come from when using a debit card at the supermarket?

It is deducted directly from your checking account.

Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do.

Contact your bank immediately as it appears that your account may have been hacked

Which of the following is a way to access the money in your checking account? Options: Taking out cash using your credit card at an ATM machine, Using your debit card to pay for groceries at the checkout, Depositing a paycheck at an ATM, Receiving a person-to-person payment from your friend

Using your debit card to pay for groceries at the checkout

Which of the following transactions will REDUCE your checking account balance immediately? Writing your monthly rent check which you will mail tomorrow., Using your debit card to pay for groceries at the supermarket, Using your credit card to pay for your school books, Depositing a check at a local bank branch

Using your debit card to pay for groceries at the supermarket

Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business.

When signing up for a new checking account, you answer "Yes" to receive overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?

You will likely be charged an overdraft fee for one or more of the transactions and also will need to repay the bank for the amount overdrawn ($29).

Which of the following transactions may be missing when you go online to review your checking account balance? ATM cash withdrawal from yesterday, Automatic payment for your car loan paid two days ago, Debit card transaction from purchasing snacks at a local convenience store today.

Check that you mailed to your cousin for his birthday today

Which of these is an example of "FOMO?" Buying new sneakers the day they come out, because you know others in your class will have them, too, Applying to the top colleges, to see if you'll get accepted & what financial aid packages they'll offer, Saving for retirement as soon as you graduate college, to take advantage of compounding interest, Buying plane tickets for vacation well in advance so that you'll benefit from cheaper prices

Buying new sneakers the day they come out, because you know others in your class will have them, too

If you are trying to protect your checking account information, it is dangerous to…

Carry the PIN number for your debit card with you in your purse, wallet, or backpack.

Which of the following is an effective strategy for personal saving? Options: Wait until the end of the month and save whatever is left in your checking account, Save a certain percentage of each paycheck and deposit it directly into a savings account, Cover all of your wants and needs and save whatever is left over, Take out a payday loan so you can save before you receive your paycheck

Save a certain percentage of each paycheck and deposit it directly into a savings account

Which of these account types allow you to write checks from the account? Options: Checking accounts only, Checking accounts and online savings accounts, Checking accounts and money market accounts, Checking accounts, online savings accounts, and money market accounts

Checking accounts and money market accounts

Which statement best describes the difference between saving and investing? Options: Saving is done with small amounts of money, and investing is done with large amounts of money, Saving protects your money from inflation while investing does not protect your money from inflation, Saving is for low-income people, while investing is for rich people, Saving goes into an FDIC insured bank while investing typically goes into stock or bond markets

Saving goes into an FDIC insured bank while investing typically goes into stock or bond markets

Which represents the best time to start saving for your retirement? Options: As soon as you graduate and have your first full-time job, Right after you pay off your student loans, Once you are debt-free, including paying off all credit cards, auto loans, and your mortgage, At age 45, so you have exactly 20 years until retirement

As soon as you graduate and have your first full-time job

Which of the following statements is TRUE? Options: The majority of Americans have an adequate emergency fund., The majority of Americans have sufficient amounts of money saved for retirement., The majority of Americans have an adequate emergency fund, but do NOT have sufficient amounts of money saved for retirement., The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement.

The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement.

Why is investing a better option than saving when it comes to planning for retirement?

The stock market historically has returns higher than the rate of inflation, so your money can actually grow.

What is meant by the term “impulse shopping?”

Buying an item without giving it much thought, maybe because it’s on sale or you see it and simply love it.

Which of the following statements below is TRUE? Options: The cardholder is carrying a balance over from the last period., The cardholder was charged interest on her balances for the last period because she made her payment on time., If the cardholder makes her minimum payment of $35.00 by the due date, she will NOT be charged interest on her balances., If the cardholder pays $523.20 by the due date on the bill, she will pay NO interest to the credit card company.

If the cardholder pays $523.20 by the due date on the bill, she will pay NO interest to the credit card company.

Which of the following statements comparing credit and debit cards is TRUE? Options: Far more businesses accept credit cards than debit cards, Credit cards pull money directly from your bank account, while debit cards get their money from Visa or Mastercard, Credit card companies provide you with a monthly statement, while debit cards do not, With debit cards, you're spending your own money at point of sale, while with credit cards, you're promising to pay back the money eventually

With debit cards, you're spending your own money at point of sale, while with credit cards, you're promising to pay back the money eventually

Which of these statements best explains why it's often a good idea to pay more than the monthly amount due on an amortized loan? Options: Every time you pay extra, the lender will reduce the interest rate they're charging by a small amount, The extra payment will be applied to the principal amount you owe, which will pay down your debt more quickly, The extra payment will be applied to the interest you owe, which will reduce the overall cost of your loan, Amortized loans typically have much higher interest rates than credit cards, so they're the best place to put your extra cash

The extra payment will be applied to the principal amount you owe, which will pay down your debt more quickly.

Amy and Chuck each buy a house in the same neighborhood for $250,000. Amy's monthly mortgage payment is $400 more per month than Chuck's. Which one of the following statements could explain this difference? Options: Amy chose a shorter term for her mortgage, so her monthly payments are higher., Chuck has a lower credit score, so his interest payments are also lower., Amy made a larger down payment, so her monthly payments are also larger., Chuck made a larger down payment, so his monthly payments are larger.

Amy chose a shorter term for her mortgage, so her monthly payments are higher.

Which of the following statements is CORRECT about secured loans? Options: They are an example of a credit card, They require collateral, in the form of assets like a car or a home, to be exchanged for the loan, In the event of default, the borrower loses nothing except for the down payment, They usually have higher interest rates as compared with unsecured loans

They require collateral, in the form of assets like a car or a home, to be exchanged for the loan

As a young adult, all of the following are good strategies for building credit, EXCEPT: Open a credit card, with your parent or guardian as a cosigner, Become an authorized user on a credit card used by your parent or guardian, Open and use a secured credit card

Open a checking account, and start using a debit card

What are the two most important factors in calculating your credit score?

Payment history and amounts owed

Frank and Jasmere are both shopping for a new car. They are looking for a $20,000 loan to pay for the new car that they will pay back over a five year period. Frank has a credit score of 730 and Jasmere has a score of 600. Which of the following statements is TRUE?

Jasmere's monthly payment on the loan will be about $100 more than Frank's payment.

Who tracks all of your credit information?

Companies named Equifax, Experian and TransUnion

What is the best advice to prevent identity theft?

Be careful with your credit and bank account numbers, create strong passwords, and beware of phishing emails.

How can your credit score impact your financial situation?

Your credit score can determine whether you are approved for a loan and what the interest rate on that loan will be.

How does investing in the stock market differ from putting money in a savings account at a bank?

Investing allows you to accumulate wealth for retirement while saving is best for short-term purchases or emergencies.

Personal Finance Final

Flashcard

•

Other

•

11th Grade

•

Practice Problem

•

Hard

Wayground Content

FREE Resource

Student preview

64 questions

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FLASHCARD QUESTION

Front

Which of the following are the three largest categories of federal government spending? Options: Infrastructure, Defense, and Science, Health, Military, and Interest on Debt, Veterans, Infrastructure, and Education, Education, Defense, and Food/Agriculture

Back

Health, Military, and Interest on Debt

FLASHCARD QUESTION

Front

What does the term "withholding" mean in reference to your paycheck?

Back

It is how much is being taken out of your paycheck in taxes.

FLASHCARD QUESTION

Front

Which form determines how much money is withheld from your paycheck for federal and state income taxes? Options: W-2, W-4, I-9, 1040

Back

W-4

FLASHCARD QUESTION

Front

When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT… How much income did you earn this year?, What type of income did you earn this year?, What state do you live in?, Are you claimed as a dependent on anyone else's tax return?

Back

What state do you live in?

FLASHCARD QUESTION

Front

Which of the following statements about this W-2 is true? Avia Consulting will use this W-2 to file their 1040 form, Lily paid state income taxes of $1,189.90, Lily earned about $117,000 over the year based on the total of her Wages, Social Security wages, and Medicare wages, Lily works in the same city that Avia Consulting is based in

Back

Lily paid state income taxes of $1,189.90

FLASHCARD QUESTION

Front

What was the net (or take-home) pay for this employee for this pay period? Options: $250.35, $1,102.98, $1,353.33, $1,502.10

Back

$1,102.98

FLASHCARD QUESTION

Front

How much did this person pay towards Medicare in this pay period only? Options: $19.62, $40.82, $117.72, $244.92

Back

$19.62

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