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WorksheetsPersonal Finance
Total questions: 39
Worksheet time: 21mins
Name
Class
Date
1.
Which of the following investments is considered moderate risk for above average growth?
a)
Single Stocks
b)
Real Estate
c)
Bonds
d)
Mutual Funds
2.
What type of expense is rent?
a)
Fixed
b)
Variable
c)
Intermittent
d)
Discretionary
3.
What is the difference between gross and net pay?
a)
Net pay describes your pay after deductions, gross pay is before.
b)
Gross and net pay are the same.
c)
Gross pay describes your pay after deductions, net pay is before.
d)
I don't know because I don't have a job.
4.
The purpose of insurance is to:
a)
Provide and investment opportunity
b)
Transfer financial risk
c)
Develop a savings plan
d)
Open a health savings account (HSA)
5.
When it comes to managing money, success is about ___% knowledge and ___% behavior.
a)
20, 80
b)
60, 40
c)
50, 50
d)
80, 20
6.
An obligation of repayment by one party to a second party is called ________.
a)
ownership
b)
obligatory repayment
c)
debt
d)
credit
7.
A debt evidences by a "note" which specifies the principal amount, interest rate, and date of repayment is called a _________.
a)
bank fee
b)
loan
c)
debit
d)
credit
8.
A written financial plan can also be called _____.
a)
Personal Finance
b)
Budget
c)
Envelope System
d)
reconcile
9.
Specific amount of money that you pay when insurance only covers a portion of costs
a)
Out of Pocket Expense
b)
Policy
c)
Claim
d)
Premium
10.
Paperwork filed with an insurance company in order to get them to cover a loss for someone they insure
a)
Policy
b)
Claim
c)
Coverage
d)
Liability
11.
Describes the type of coverage in an insurance agreement
a)
Claim
b)
Liability
c)
Premium
d)
Policy
12.
Amount you pay monthly, quarterly, semiannually or annually to purchase different types of insurance
a)
Premium
b)
Deductible
c)
Out-Of-Pocket Expenses
d)
Liability
13.
Applies to the amount of protection you have through an insurance company in the event of a loss
a)
Coverage
b)
Policy
c)
Claim
d)
Liability
14.
Amount you must pay before you begin receiving any benefits from your insurance company.
a)
Out of Pocket Expense
b)
Premium
c)
Liability
d)
Deductible
15.
The possibility of a loss is called
a)
Risk
b)
Liability
c)
Insurance
d)
Hazard
16.
Which coverage pays for injuries and damages to others only?
a)
Comprehensive
b)
Collision
c)
Personal Injury Protection
d)
Liability
17.
Insurance coverage to protect you from damage to your car other than by collision or vehicle overturning
a)
Floater
b)
Collision
c)
Comprehensive
d)
Liability
18.
Which type of insurance rates is determined by the type of work you do?
a)
Life
b)
Health
c)
Automobile
d)
Disability
19.
Which type of insurance protects against loss due to death?
a)
Life
b)
Health
c)
Disability
d)
Long-Term Care
20.
Which type of insurance should you purchase at the age of 60?
a)
Health
b)
Life
c)
Disability
d)
Long-Term Care
21.
Insurance policy that covers the "real" costs associated with replacing personal belongings, structures, and vehicles.
a)
Property
b)
Liability
c)
Life
d)
None of the Above
22.
A tax on one's earnings
a)
Property Tax
b)
Income Tax
c)
Payroll Tax
d)
Budget
23.
Typically expenses that are the same month to month or week to week
a)
Variable Expense
b)
Fixed Expense
c)
Net Income
d)
Real Expense
24.
A tax on goods and services
a)
Property Tax
b)
Sales Tax
c)
Income Tax
d)
Payroll tax
25.
Income before taxes are deducted
a)
Net Income
b)
Payroll tax
c)
Gross Income
d)
Check
26.
When income and expenses are equal
a)
Budget
b)
Income
c)
Balanced Budget
d)
Check
27.
Income after taxes are deducted
a)
Net Income
b)
Gross Income
c)
Variable Expense
d)
Budget
28.
A legal proceeding a creditor can use when a borrower does not make mortgage payments is called?
a)
Repossession
b)
Credit Card Fraud
c)
Garnishment
d)
Foreclosure
29.
A proceeding in which a creditor may legally take possession of money or goods held by a third party in payment of a borrower's debt is called?
a)
Repossession
b)
Delinquency
c)
Garnishment
d)
Foreclosure
30.
Which is a nonprofit financial depository?
a)
bank
b)
casino
c)
credit union
d)
commerical banks
31.
Which one is TRUE about Credit Unions?
a)
same as commerical banks
b)
for profit
c)
owned by members
d)
largest depositories
32.
The amount of one's money covered per account by the FDIC and the NCUA is?
a)
1000,000
b)
250,000
c)
100
d)
2500
33.
Which are you NOT able to do at an ATM Machine?
a)
transfer money
b)
pay bills
c)
check balance
d)
withdraw money
34.
When you "bounce a check" that means you...
a)
had too much money in your account
b)
not enough funds in your checking account
c)
the check is bouncing like a ball
d)
write a check to pay for a bill
35.
Is the most common depository institution that offers financial services to both consumers and businesses
a)
commercial bank
b)
credit union
c)
post office
36.
Money taken out of an account.
a)
deposit
b)
withdraw
c)
transfer
d)
none of these
37.
Money must remain in this tool for a specific period of time or pay a penalty fee.
a)
savings accout
b)
debit card
c)
checking account
d)
Money Market Deposit Account
38.
Which one is NOT a savings tool?
a)
Money Market Account
b)
savings account
c)
Certificate of Deposit
d)
checking account
39.
What is the difference between a credit card and a debit card?
a)
A debit card is subtracted from your checking account. A credit card is not attached to your checking account.
b)
A credit card is subtracted from your checking account. A debit card has a credit limit.
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