Personal Financial Literacy-Semester Exam

What is a typical overdraft fee?

• $5
• $15
• $25
• $35

Sarah is buying a new bedroom set for $1599. She made a down payment of $400 and financed the remainder. What amount did she finance?

• $1199

• $1999

• $1301

• $877

You must have insurance on your vehicle?

• true
• false

When getting a car loan you will want to get the highest or the lowest interest rate?

• lowest
• highest

A(n) _________ is the amount of money you must pay each year before your insurance company starts paying

• life

• beneficiary

• deductible

• health

Payment made by the insured to the insurer

• premium

• deductible

• liability

• coverage

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year

Which of these is the money you earn BEFORE taxes?

• Gross Pay

• Net Pay

the amount of money you are paid after all the deductions are subtracted

• Gross pay
• Net pay
• Overtime pay

When should you fill out a W-4?

• When you quit a job
• When you have 401K benefits 
• When you start a new job
• Whenever you feel like it