Personal FInance Basics

The phrase “take-home pay” refers to which of the following?

• Money employers pay on behalf of employees for taxes

• Money paid to the employee after taxes

• Money paid to the employee before taxes

• Money paid by the employee to the IRS

If you have $350 income as your “take-home pay”, you have fixed and variable expenses of $275, and you pay $25 into your savings account, how much will you have as discretionary income?

• $100

• $25

• $0

• $50

Which of the following is the last step in developing your goals?

• Identify your personal goals

• Prioritize your personal goals

• Develop a plan of action

• Determin your personality

How often can you change your goals?

• Never

• As often as desired or as needed

• Only once in a lifetime

• Every six months

When you receive your paycheck through direct deposit, what does this mean?

• You mailed the check to the bank, along with a completed deposit slip

• Your money is used directly to pay bills

• Your employer deposited your check electronically into your account

• You took the check to the teller inside the bank

Which of the following services takes money out of your account at the time a purchase is made?

• Debit Card

• Credit Card

• Gift Card

• Rewards Card

Which of the following services is used to move money between a checking and a saving account?

• Automatic transfer

• Online bill pay

• Direct deposit

• Debit card

Which of the following is NOT one of the acceptable forms of initial deposit?

• Cash

• Cashier's Check

• Money order

• Check card

Checks or debit purchases you have made, but do not show up on your bank statement, are referred to as which of the following?

• Non- reconciled

• Outstanding

• Cleared

• Completed

Which of the following should you do after you reconcile your statement?

• Keep your receipts for five years

• Shred all receipts

• Throw away all receipts

• Make copies of all receipts