Finance Pre-Test

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

• Internet banks

• Brick-and-mortar banks

• Credit unions

• Check cashing and payday loan companies 

Which type of bank account typically offers the least (if any) interest?

• Checking account 

• Savings account

• Money market account

• Certificate of deposit

Which type of bank account is best for everyday transactions? 

• Certificate of Deposit

• Money Market Account 

• Checking Account 

• Savings Account

What does it mean to reconcile your checking account?

• Check your bank statement once a month.

• Set up notifications for when your account balance is close to $0 

• Compare your own records of spending with your financial institution's records

Investing is best for ________.

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

• earning a little interest while keeping your money safe. 

• long-term financial goals, like paying for retirement.

• guaranteed fast growth on your money.

A stock is ________.

• A type of debt investment that acts like a loan. 

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

• 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 is called

• Gross Pay

• Net Pay

• Total Pay

• Year-to-date Pay

What is the purpose of the W-4 form? 

• To help determine how much federal income tax to withhold from your paychecks

• To verify how much you have already paid in Federal Taxes

• To determine how much your gross pay should be

• The form used to file your Federal Taxes

Your employer sends you a _______ form that tells you how much you've made and how much you've paid in  taxes in the last year. 

• 1040

• W-4

• W-2

• I-9

The ___________ is a flexible market that allows you to work short-term, independent jobs. 

• gig economy 

• labor market 

• employee workforce

• sharing economy