A plan for how money will be used

What are some methods to consider when discovering your career? Select all that apply

Think about what you are good at

Talk to people in the career you are interested in

Go on job shadows and do internships

How big should your emergency fund be?

1-2 months of your annual salary

3-6 years of your annual salary

A way to start saving money is to open a basic savings account and

A High Interest Checking Account

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?

It is deducted directly from your checking account

Your credit card company covers the cost

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

It is deducted from your credit card account

Laura 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. What would you recommend?

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

Wait until your monthly statement arrives so you can check to see if those withdrawals are still there

Wait a week as it is fairly common for the bank to catch mistakes like this

Check your wallet to be sure your debit card has not been stolen. If you still have it, then you should not worry.

Which of the following is a way to access the money in your checking account?

Using your debit card to pay for groceries at a Point-of-Sale (POS) terminal

Taking out cash using your credit card at an ATM machine

Depositing a paycheck at an ATM

Receiving a person-to-person payment from your friend

You deposit a birthday check by using the bank app that you have on your smartphone. What is the standard amount of time that you will need to wait in order to get access to these funds?

Usually 1-7 business days later

Which of the following transactions will REDUCE your checking account balance immediately?

Using your debit card to pay for groceries at the supermarket

Writing your monthly rent check which you will mail tomorrow

Using your credit card to pay for your school books

Depositing a check at a local bank branch

Which checking account is best for you if you expect to have an average balance of $1,000?

Annual interest rate earned of 1.0% and no monthly maintenance fee

Annual interest rate earned of 1.5% and monthly maintenance fee of $10/month

Annual interest rate earned of 0% and monthly maintenance fee of $2.50/month

Annual interest rate earned of 2.0% and monthly maintenance fee of $5/month

Which checking account is best for you if you expect to have an average balance of $1,000?

Annual interest rate earned of 1.0% and no monthly maintenance fee

Annual interest rate earned of 1.5% and monthly maintenance fee of $10/month

Annual interest rate earned of 0% and monthly maintenance fee of $2.50/month

Annual interest rate earned of 2.0% and monthly maintenance fee of $5/month

If your only income is salary paid by your employer, which of these statements about filing your taxes is true?

You must file your tax return by the deadline (typically April 15th of the following year) or request an extension by that date

You need to file your tax return by the end of the calendar year (typically December 31st)

If your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return

You do not need to pay any income taxes until April 15th, so you should ask your company to wait until after that date to withhold any money

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?

Are you claimed as a dependent on anyone else's tax return?

Personal Finance Final Review #1

Authored by Amber Miller

Business

9th - 12th Grade

141 Questions

Used 3+ times

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MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Why do we have to make choices when spending money?

We have too much money to spend.

We cannot have everything we want.

We do not want to miss out on anything.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A plan for how to manage your money is called a ?

income

budget

investment

MULTIPLE CHOICE QUESTION

5 sec • 5 pts

What is income?

the amount you spent

the amount you don't save

money that you earn

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

money earned is called

income

purchase

spend

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

paying for something with money that is borrowed and must be paid back, usually with interest

credit

income

salary

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A card that borrows money but it has to be paid back

Debit Card

Credit Card

Baseball Card

Pokemon Card

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A card that uses money directly from your bank account

Debit Card

Credit Card

Pokemon Card

Baseball Card

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Personal Finance Final Review #1

Why do we have to make choices when spending money?

A plan for how to manage your money is called a ?

What is income?

money earned is called

paying for something with money that is borrowed and must be paid back, usually with interest

A card that borrows money but it has to be paid back

A card that uses money directly from your bank account

An account attached to a debit card

Which best describes an investor’s primary goal?

Interest is the additional charge you get for borrowing money

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