When talking about insurance the word premium would be described as..

the amount you pay each month to keep your insurance coverage

the amount you pay when you get in a wreck

the amount that you could pay if you need to go to the hospital

the amount you pay to agent who finds you your insurance plan

Why is it important to have insurance?

To protect others from your mistakes

To protect your assets from claims by others

Guard against financial loss that can not be predicted

The relationship between risk and return can be stated as

Higher risk indicates the higher possible return

Higher risk always indicates a lower return

There is no relationship between risk and return

There are no risks in investing

Cruz had $672.13 in his checking account, and a check that he wrote to his landlord for $650.00 was just deposited. This will result in which of the following fees?

No fees will occur at this time

Who insures bank deposits up to $250,000?

The FDIC (Federal Deposit Insurance Corporation)

The NCUA (National Credit Union Administration)

______________________________ form used to apply for federally funded financial aid; also used by some states and colleges to determine eligibility for for state- and college-funded aid; includes questions concerning income, financial situation and demographic date

Free Application for Federal Student Aid (FAFSA)

Expected Family Contribution (EFC)

Training that is focused on hands-on work that prepares you for jobs, like plumbing, cosmetology or car repair.

Vocational Training (Trade School)

Which of the following best describes wants?

Things that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.

Expenses that equal all the fixed and variable expenses added together

Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances

Income from all possible sources

Which of the following best describes needs?

Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances

Expenses that equal all the fixed and variable expenses added together

Things that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.

Income from all possible sources

Which of the following would best describe a budget?

Is a spending plan for managing your money that includes income and expenses

Anything that you might incur an expense for

All expenses deducted from income before net pay can result.

Income after all deductions have been paid.

Hard or electronic copy of earnings that show all deductions and results in net pay

Expenses that increase/decrease monthly or yearly EX: TV provider, internet, food, entertainment, utilities

Federal or State tax on your gross income

Income left over after paying all expenses for the month or year.

Final Review Personal Finance Quiz

40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

You are an education major, and part of your financial aid money is the money you earn as a tutor. This type of financial aid would be called...

Scholarship

Loan

Grant

Work Study

2.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

How can you improve your credit score?

Open a large amount of credit cards in a short time

Monitor your credit

Keep your utilization low (carry little debt)

A & B

B & C

3.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

To ensure that your credit report is accurate, you should:

Request your free credit report from each of the main credit bureaus

Review your personal information and make sure that it's up to date

Report any unauthorized activity to the issuing credit bureau

All of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

A credit score of 300 is considered

Excellent

Good

Fair

Poor

5.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Interest is the COST of using

Credit

Debit

Money

ATMs

6.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

I am received in January. There is one of me for every job you work. By reading me you can tell how much you earned and how much you paid in taxes.

W-4

1040

W-2

1099

7.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

When people refer to "Tax Day" they mean...

April 15, the typical deadline to file your taxes

January 1, the first day of the calendar year

Whatever day your tax refund comes in the mail

December 31, the last day to earn income and have it count toward that tax year

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Final Review Personal Finance

You are an education major, and part of your financial aid money is the money you earn as a tutor. This type of financial aid would be called...

How can you improve your credit score?

To ensure that your credit report is accurate, you should:

A credit score of 300 is considered

Interest is the COST of using

I am received in January. There is one of me for every job you work. By reading me you can tell how much you earned and how much you paid in taxes.

When people refer to "Tax Day" they mean...

Which of the following would NOT be a typical tax deducted from your pay check?

An employee's earnings before deductions is called

Rolando earns $395. His net pay is $356. What taxes were used to get his net pay?

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