What should you do before you withdraw money from the ATM?

Inspect the ATM to make sure it wasn't tampered with.

Ask someone nearby for help using the ATM.

Find a hidden ATM so no one will see you withdraw money.

Share your pin number with trusted friends so you don't forget it.

Which of the following statements about savings accounts is FALSE?

Savings accounts allow an unlimited amount of withdrawals each month.

Savings accounts pay interest on the money you deposit.

Savings accounts may require you to maintain a minimum balance to avoid paying a fee.

Savings accounts are best used to store money for longer-term goals.

If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?

No one, you can't resolve the issue

Investing is best for ________.

long-term financial goals, like paying for retirement.

short-term financial goals, like building an emergency fund.

earning a little interest while keeping your money safe.

guaranteed fast growth on your money.

A mutual fund is _________.

A type of investment that invests in a mix of different types of investments.

A type of debt investment that acts like a loan.

A share of ownership in a company.

A type of savings account that pays interest based on current interest rates in the money market.

The amount of money you're paid after all taxes and deductions are taken out of your paycheck.

The amount of pay earned for the total number of hours worked.

The amount of money you're paid before all taxes and deductions are taken out of your paycheck

Your gross pay plus any bonuses.

Net pay is NOT ________.

Your gross pay plus any bonuses.

The money that you take home on your paycheck.

The amount of money you're paid after all taxes and deductions are taken out of your paycheck.

Which of the following is NOT a possible tax or deduction that could show up on your paycheck?

Contributions to retirement savings

Which of the following is NOT a possible tax or deduction that could come out of your paycheck?

Contributions to retirement savings

The W-4 tax form is used to ___________.

tell your employer how much federal income tax to withhold from your paychecks to send to the IRS.

determine how much your gross pay should be.

avoid paying income taxes on your paychecks.

How does the government pay for roads, schools, and emergency services?

They are funded through non-profits.

They are funded through charitable donations.

What do you need in order to fill out your 1040?

Your employer benefits documentation

Which of the following is a benefit of using a budget?

Helps to keep track of the money you receive

Helps to prioritize your spending

Helps reach short- and long-term financial goals

Why is using a budget beneficial?

Helps to keep track of the money you receive

Helps to prioritize your spending

Helps reach short- and long-term financial goals

In addition to needs, what should you plan for first when creating a budget?

In your budgeting process, when should you look at recurring expenses?

After considering entertainment expenses

After your wants but before you needs

The envelope method, notebook and pencil, and online software are all methods of ______.

understanding your current expenses

estimating your unexpected expenses

Which choice or choices best describes the purpose of an emergency fund?

All of the above are good reasons to have an emergency fund.

An emergency fund prepares you for unexpected expenses.

An emergency fund keeps you from borrowing money from friends and family.

An emergency fund removes the worry about expenses not in the budget.

Which of the following is NOT true about emergency funds?

They are used for anything listed on the budget.

They can keep you from borrowing money from friends and family.

They help you prepare for unexpected expenses.

They help remove the worry about expenses not in the budget.

When setting a budget, you should consider...

financial goals, current expenses, and income.

creative ways to spend your money.

Unexpected expenses...

can make it hard to stick to your budget.

may cause you to be unable to pay necessary bills.

What is NOT true about unexpected expenses?

They do not occur if you have a budget.

They could impact your budget in a negative way.

They could interfere with your ability to pay your bills.

They should be planned for so that you can keep within your budget.

Which of the following expenses would be a good reason to spend money from an emergency fund?

Repair your laptop that you use for homework.

Upgrade your phone to the latest model.

Buy new track shoes because they’re in style.

Purchase concert tickets to see your favorite artist.

An emergency fund should NOT be used for...

fixing a blown tire on your car that you use to get to work.

repairing your laptop that you use for homework.

a sudden health issue that needs care.

An unanticipated expense that will make it difficult to get by day-to-day would be a candidate for...

spending money from your “rent” envelope.

tracking all of the money you spent in a month.

getting an extra job so you can have money to cover that expense.

What is NOT a good way to prevent unnecessary spending?

Buy all of your wants at one time.

Cancel any unused recurring expenses like subscription boxes

Use and app to find the cheapest gas station

How can you ensure you don't go over your budget?

Round up your expense estimates to add a buffer

Find a friend that enjoys going shopping

Buy all of your wants at one time.

What budgeting tip(s) would help you to stay on track financially?

Find a friend with similar goals and hold each other accountable

Put aside fun money in your budget so you're not missing out

Only use your closest gas station to fill up gas

New Personal Finance Final

Authored by Linda Phillips

Life Skills

10th Grade

Used 56+ times

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150 questions

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MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is NOT a common feature of a financial institution?

Access to ATMs

Investment trading

Direct deposit

Debit cards

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following statements about check cashing companies is TRUE?

They have limited operating hours during the day.

They sometimes offer free services.

They charge high fees.

They delay when you can access your cash.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following financial institutions typically have the highest fees?

Check cashing and payday loan companies

Credit unions

Brick-and-mortar banks

Internet banks

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Savings accounts typically offer more interest than what type of account?

Retirement account

Money market account

Checking account

Certificate of deposit

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A savings account that compounds interest daily will earn a higher return than a savings account that pays
simple interest daily.

TRUE

FALSE

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which savings account will earn you the least money?

One that compounds interest daily.

One that earns simple interest monthly.

One that earns simple interest daily.

One that compounds interest monthly.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which savings account will earn you the most money?

One that compounds interest daily.

One that compounds interest monthly.

One that earns simple interest daily.

One that earns simple interest monthly.

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New Personal Finance Final

Which of the following is NOT a common feature of a financial institution?

Which of the following statements about check cashing companies is TRUE?

Which of the following financial institutions typically have the highest fees?

Savings accounts typically offer more interest than what type of account?

A savings account that compounds interest daily will earn a higher return than a savings account that payssimple interest daily.

Which savings account will earn you the least money?

Which savings account will earn you the most money?

What should you do before you withdraw money from the ATM?

Which of the following statements about savings accounts is FALSE?

If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?

Access all questions and much more by creating a free account

Popular Resources on Wayground

Discover more resources for Life Skills

A savings account that compounds interest daily will earn a higher return than a savings account that pays
simple interest daily.