b. Revenue is less than expenses

a. Revenue is greater than expenses

c. Revenue is equal to expenses

You sister is looking for a way to increase the amount of interest she is earning on her savings account. What should she do?

d. Deposit money into her savings account each month

a. Use the money from her savings account to open a checking account instead

b. Make monthly withdrawals from her savings account

c. Switch to a savings account with a lower interest rate

What is required when opening a checking account?

d. A copy of your last paycheck

Which of the following best describes deflation?

a. A decrease in the cost of goods and services

b. An increase in the cost of goods and services

c. A decrease in purchases of a good or service

d. An increase in purchases of a good or service

Which of the following is the most effective strategy for reducing the cost of college?

a. Attending an in-state public university

d. Living in an off-campus apartment

What is the first thing you should do when career planning?

c. Make a list of your job preferences and skills

a. Apply for as many jobs as possible

b. Have a mock interview with a family member or friend

Cynthia writes computer programs for mobile phones and has received five job offers in the last week. This is most likely because:

a. Demand for computer programmers is high

b. Supply of computer programmers is high

c. Demand for computer programmers is low

d. Demand and supply for computer programmers are equal

The opportunity cost of earning an advanced college degree is that:

b. You will earn less money during the years that you are in college

a. You will earn more income during your career

c. Some fields require a professional degree before you can begin working

d. There may be a low supply of jobs in your professional field

Select the answer that best describes opportunity cost:

b. What you give up as a result of choosing one option versus another; a trade-off.

a. The amount of money you put into savings every year.

c. The amount of money a business makes every year from sales.

d. What you gain as a result of choosing one option versus another; a benefit.

Before buying a new computer, you want to do some research to help you select the best model for your needs. Where should you look for the most objective and unbiased information?

d. An independent consumer education website that reviews and rates technology products

a. The most popular computer company's website

b. Paid advertisements in a technology magazine

c. A salesperson at an electronics store who earns commission on sales

Which of the following would be considered a want for most people?

b. Transportation to get to work

If you know the unit price of an item, you are better able to:

a. Compare prices of two brands

b. Estimate how much you will need

c. Determine the total cost of the purchase

d. Figure out the discount during a sale

Select the answer that best describes what an opportunity cost is:

b. The trade-off of making one choice and giving up a different choice

a. The amount of money you put into savings each year

c. The amount of money a business makes every year from sales

d. The benefit you gain by choosing one option versus another

You are going to buy a computer, but first you want to do some research to help you select the best model for your needs. Where should you look for the fairest and most reliable information?

c. An independent consumer education website that reviews and rates computers

a. The website of a popular computer company

b. Advertisements that a computer company puts in a computer magazine

d. Advice from a salesperson in a computer store who earns commissions on sales.

You are creating a budget for your new business. What should you include?

b. Fixed expenses but not income

c. Income but not variable expenses

d. Fixed and variable expenses but not taxes

Which of the following is a variable expense for many adults?

a. Their monthly cost of eating out at restaurants

c. The monthly payment on their car loan

d. Their monthly payment for health insurance

If you know the unit prices of two different brands of an item, you are better able to:

a. Compare the prices of the two brands

b. Estimate how much of the item you will need

c. Determine which of the two brands is higher quality

d. Figure out the discount during a sale on the two items

You received $50 as a birthday gift and chose to spend it on new wallpaper for your room. The opportunity cost of this decision is:

b. The other items you could have purchased with your $50

a. The price of the wallpaper you bought

c. The time you could have spent doing other things

Which of the following is NOT true of a budget? [note capitalization of “NOT”]

b. Once a budget is set, it should not be revisited

a. Budgets help you plan how to spend money you earn or receive

c. A budget can include charitable giving

d. Budgets include both income and expenses

Which of the following is NOT a successful budgeting strategy?

b. Pay with a credit card if you have a hard time sticking to a budget

a. Keep some extra money in your budget for emergencies

c. Think about which items are your most important needs

d. Revisit your budget regularly and make adjustments

What is the best strategy for avoiding credit card interest?

a. Pay the full balance each month

Which of the following is the best reason to use cash for purchases?

b. Keeping track of how much you have spent is simple

a. Getting more from the ATM is easy to do

c. Splitting bills with friends is easier

d. Losing it won’t be a big deal

What factor has the biggest impact on a credit score?

c. Your history of making payments on time

a. Having a variety of types of credit

b. The amount of money you owe on your credit cards

d. The number of years that you have used credit responsibly

What is the best strategy to avoid paying interest on your credit cards?

b. Pay the full balance each month

a. Pay the minimum balance each month

c. Have credit cards from two different banks

Which of the following is not a source of income?

b. Your monthly student loan payment

a. Your annual salary for doing your job

c. The stipend you receive for doing an internship

d. The wages you receive after a work shift

Which of the following statements is TRUE:

c. The longer you use credit responsibly, the higher your credit score.

a. Applying for several lines of credit in a short period of time can help boost a person’s credit score.

b. Paying off a credit card balance in full can have a negative impact on someone’s credit score.

d. Low risk borrowers tend to have low credit scores.

Which of the following statements is TRUE about payday loans?

b. They are harder to pay back because of high fees and high interest rates

a. They are harder to pay back because of low fees and high interest rates

c. They are easier to pay back because of lower fees and higher interest rates

d. They are easier to pay back because of lower fees and lower interest rates

Final Exam- Study Material (Everfi)

7th - 12th Grade

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54 Qs

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Final Exam- Study Material (Everfi)

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7th - 12th Grade

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Practice Problem

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Adiyah L

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c. Account 3 - Interest rate 2%, Interest compounded semi-annually

d. Account 4 - Interest rate 1%, Interest compounded annually

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Final Exam- Study Material (Everfi)

54 questions

Which of the following is NOT a benefit of putting money in a savings account?

Aaron wants to open a savings account. Which account will grow his money themost?

Revenue is:

The average price of a gallon of milk increased from $3.00 last year to $3.50 thisyear. This is most likely due to ______________________.

Which interest-bearing account is best for people who won’t need access to theirmoney for more than a year?

What is the first step you should take when you want to open a savings account?

Aaron wants to open a savings account. Which account will grow his money themost?

A loss is when:

You sister is looking for a way to increase the amount of interest she is earning onher savings account. What should she do?

What is required when opening a checking account?

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Aaron wants to open a savings account. Which account will grow his money the
most?

The average price of a gallon of milk increased from $3.00 last year to $3.50 this
year. This is most likely due to ______________________.

Which interest-bearing account is best for people who won’t need access to their
money for more than a year?

Aaron wants to open a savings account. Which account will grow his money the
most?

You sister is looking for a way to increase the amount of interest she is earning on
her savings account. What should she do?