Personal Finance Review

You need a checking account to open a savings account.

• True

• False

How does the 50-20-30 rule distribute your income?

• 50% expenses, 20% flexible spending, 30% saving

• 50% flexible spending, 20% saving, 30% expenses

• 50% expenses, 20% saving, 30% flexible spending

• 50% saving, 20% flexible spending, 30% expenses

How much should you save in an emergency fund?

• 1-3 months of living expenses

• 3-6 months of living expenses

• 6-9 months of living expenses

• 9-12 months of living expenses

Which card takes the money out of your account immediately?

• Credit

• Debit

Which financial institutions charge the most for interest by providing quick cash options?

• Credit Union

• Bank

• Savings and Loans

• Pay Day Loan Companies

What information is NOT found on a consumer credit report?

• Criminal

• Medical

• Current and Past Addresses

• Employment History

If a consumer is a victim of identity theft, what should they do?

• Do not call the police; only the credit bureaus

• Leave all fraudulent accounts open as proof for the investigation.

• Call all major credit bureaus to request a fraud alert to be put on file.

• Wait at least two weeks before taking action to be sure of the problem.

When starting a job, what form/s will you need to fill out?

• W-2

• W-2 and I-9

• W-4 and I-9

• W-4 and W-2

What two things will happen if you do not pay a credit card bill on time?

• Use your debit card

• Declare bankruptcy

• You will be charged a fee

• Pay interest

Who pays interest on a loan?

• The borrower

• The bank