Semester One Final Review

Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?

• Dining out at local restaurants

• Loan payment on a new car

• Expenses for new clothes

• Postponing a purchase for a big-screen TV

You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You then set a goal of creating  a $16,000 emergency fund. How long will it take for you to achieve your goal?

• 6 months

• 1 year

• 2 years

• 3 years

Tags

CCSS.6.EE.B.7

Which of these boxes of cereal has the LOWEST unit price?

• Cereal A, which costs $3.20 for a 16 oz. box.

• Cereal B, which costs $5.00 for a 32 oz. box.

• Cereal C, which costs $2.50 for a 10 oz. box.

• Cereal D, which costs $4.50 for an 8 oz box.

Tags

CCSS.6.RP.A.3B

You are interested in renting an apartment after graduating college. You meet with the landlord, complete the application and after checking your credit background and references, the landlord approves your application. In most cases, you will need to provide the landlord with ___________________ at the time you sign the lease in order to get the apartment.

• First month's rent

• First and last month's rent

• $1,000 security deposit to cover any damages to the apartment  

• First and last month's rent + a security deposit to cover any damages to the apartment

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

CCSS.RI.8.3

 You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college. Mark which of YOUR expenses would likely decrease by having roommates.

• Groceries and eating out

• Rent

• Cell phone bill

• Bedroom furniture

Which statement accurately describes how the 50/20/30 Rule would break down your take-home pay?

• 50% on flexible expenses, 20% on financial goals, and 30% on living expenses and essentials

• 50% on financial goals, 20% on living expenses and essentials, and 30% on flexible expenses

• 50% on living expenses and essentials, 20% on financial goals, and 30% on flexible spending

• 50% on financial goals, 20% on flexible expenses, and 30% on living expenses and essentials

Tags

CCSS.6.RP.A.3B

You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?

• Your credit card company covers the cost

• It is deducted directly from your checking account

• Your credit card company provides you with a cash advance to cover the cost

• It is deducted from your credit card account

FDIC Insurance is...

• Optional coverage consumers can purchase so that their bank deposits remain safe.

• Insurance bank branches can buy to protect their business against fraud and scams.

• Required if you want to do online or mobile banking.

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

How often do customers typically receive a bank statement for their checking account?

• Daily

• Weekly

• Monthly

• Annually

Which of the following is TRUE about checking accounts?

• They must pay an interest rate of at least 1% annually

• Banks cannot change the fee policies on your account while it is open

• Banks can only change the fee policies on your account once per year, between Jan 1 and Jan 31st

• Banks can change the fee policies as long as they put the changes in writing and notify you