WorksheetsPF Final Review
Total questions: 54
Worksheet time: 3hrs 45mins
Name
Class
Date
1.
Spending money on luxury items while basic needs are not being met is an example of financial irresponsibility.
a)
True
b)
False
2.
Service credit is often provided by utility companies and doctors.
a)
True
b)
False
3.
Which of the following is not one of the five steps of creating a buying plan?
a)
choose a payment method
b)
define criteria
c)
define your spending goal
d)
set a spending limit
4.
Which of the following is not a right of a landlord?
a)
to hire a property manager
b)
to inspect the property without notice
c)
to receive rent in a timely manner
d)
to retain security deposits for damages caused by the tenant
5.
Which of the following is not a reward of being financially responsible?
a)
an easy life
b)
financial freedom
c)
independence
d)
satifaction
6.
Because most people do not have enough resources to meet all their needs and wants, they must make choices.
a)
true
b)
false
7.
A utility bill is an example of
a)
a cash inflow
b)
a fixed expense
c)
a variable expense
d)
an asset
8.
Which of the following would not be included in a person’s listing of assets?
a)
$1,000 in savings account
b)
$13,000 car loan
c)
$300 cash on hand
d)
$5,000 dinette set
9.
If Pat earns $120 each paycheck and receives four paychecks per month, how much should she include as earnings in her yearly budget?
a)
$6240
b)
$6230
c)
$5840
d)
$5760
10.
Your checkbook register balance is $1,413. You have outstanding checks of $100. You have deposits in transit of $500. You have service fees of $15. You earned interest on the account in the amount of $2. What should be your adjusted checkbook register balance?
a)
$1815
b)
$1813
c)
$1415
d)
$1400
11.
An obligation of repayment by one party to a second party is called ________.
a)
ownership
b)
obligatory repayment
c)
debt
d)
credit
12.
The purpose of calculating the Rule of 72.
a)
Calculates for discretionary income out of a paycheck
b)
Calculates the number of months you would pay back for a desired loan.
c)
Calculates how much you should save out of each paycheck to the age of 72.
d)
Explains 72 methods of saving money.
13.
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
14.
Describes the type of coverage in an insurance agreement
a)
Claim
b)
Liability
c)
Premium
d)
Policy
15.
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
16.
The possibility of a loss is called
a)
Risk
b)
Liability
c)
Insurance
d)
Hazard
17.
You should ask permission before listing someone as a reference.
a)
true
b)
false
18.
All of the following are examples of hard skills except
a)
preparing a PowerPoint
b)
operating a forklift
c)
leading a team
d)
installing a furnace
19.
The following are examples of pay without work except
a)
personal leave
b)
sick pay
c)
profit sharing
d)
vacation pay
20.
Bud worked 42 hours last week. His regular pay is $10.00 per hour. He is paid 1 1/2 times his regular pay for overtime hours (in excess of 40 hours). What was his gross pay?
a)
$420
b)
$440
c)
$425
d)
$430
21.
Overtime pay is typically _____times the regular pay rate.
a)
2
b)
3
c)
1 1/2
d)
2 1/2
22.
____________ credit is the ability to receive services and pay for them later.
a)
charge
b)
installment
c)
revolving
d)
service
23.
To be legally binding, a contract requires ____________ , which is something of value exchanged for something else of value.
a)
service
b)
collateral
c)
consideration
d)
installment
24.
Following graduation, you may want to __________ your student loans so that you will have only one student loan payment to make each month.
a)
install
b)
consolidate
c)
charge
d)
breach
25.
The ____________ is a concept that says a dollar you receive in the future will be worth less than a dollar you receive today.
a)
tradeoff
b)
time value of money
c)
buyers' remorse
26.
A(n) _____________ is a lengthy paid TV ad that usually includes testimonials, demonstrations, and introductory prices.
a)
infomercial
b)
banner
c)
ad
27.
A check marked “NSF” and returned to the payee’s bank unpaid is said to have ___________________ .
a)
fulfilled
b)
bounced
c)
reversed
28.
_____________ interest is earned on both principal and previously earned interest.
a)
compound
b)
simple
c)
revolving
29.
______________ is the act of signing another person’s name on a check.
a)
forgery
b)
breach
c)
grace
d)
penalty
30.
The Form ____________ is a short tax return form designed for single and joint filers with no dependents or itemized deductions.
a)
1040EZ
b)
W-4
c)
1040
d)
W-2
31.
When you are saving money, the most important consideration is safety of principal.
a)
true
b)
false
32.
When tenants decide to move out voluntarily, they generally must give a
a)
10-day notice
b)
30-day notice
c)
60-day notice
d)
two-week notice
33.
Margaret Ward is buying a house for $169,900. Her mortgage company will only finance 80 percent of the value of the home. What is Margaret’s required down payment?
a)
$33,980
b)
$32,598
c)
$69,900
d)
$135,920
34.
Late credit card payments can
a)
hurt your credit score
b)
increase your interest rate
c)
incur penalties and additional fees
d)
all of these
35.
You may be charged fees for a lack of activity in your bank account.
a)
true
b)
false
36.
A(n) _______________ is a spending and saving plan based on expected income and expenses.
a)
budget
b)
finance
c)
savings
37.
Checks written that have not yet been processed by the bank are called ___________ checks.
a)
in-transit
b)
outstanding
c)
rebate
d)
revolving
38.
A person who takes the risks of being self-employed and owning a business is called a(n) __________ .
a)
venture businessman
b)
self-employer
c)
entrepreneur
d)
creditor
39.
A(n)______________ is a person who depends on you for more than half of his or her support.
a)
creditor
b)
dependent
c)
debtor
d)
loser
40.
Federal income taxes, state income taxes, and Social Security withholdings are all ____.
a)
payroll taxes
b)
sales taxes
c)
real estate taxes
d)
capital taxes
41.
Carson's wallet with his driver's license, debit card and his credit card has been stolen. Which of the following is NOT something an identity thief might realistically do with this information?
a)
Rent an apartment under Carson's name
b)
Make purchases with Carson's credit card
c)
Use Carson's name during an arrest
d)
Take a college admissions exam in Carson's name
42.
You have an insurance policy with a $500 deductible. You cause an accident and have $2000 of damage to your car and $1500 damage to the other car. How much do you need to pay for repairs?
a)
$500
b)
$2000
c)
$1500
d)
$3500
43.
Which type of insurance protects against loss due to death?
a)
Life
b)
Health
c)
Disability
d)
Long-Term Care
44.
A tax on one's earnings
a)
Property Tax
b)
Income Tax
c)
Payroll Tax
d)
Budget
45.
A tax on goods and services
a)
Property Tax
b)
Sales Tax
c)
Income Tax
d)
Payroll tax
46.
Income before taxes are deducted
a)
Net Income
b)
Payroll tax
c)
Gross Income
d)
Check
47.
A written form of payment connected with a bank
a)
Cash
b)
Debit Card
c)
Check
d)
Credit Card
48.
What is a co-signer:
a)
A person who shares their account with another individual
b)
An individual needed to sign important financial documents
c)
An alliance between two friends
d)
None of the above
49.
This is a loan to purchase a home or other real estate
a)
Home loan
b)
Sub-prime loan
c)
Predatory lending
d)
Mortgage
50.
This is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services
a)
Credit card
b)
Debit Card
c)
Charge card
d)
Gift card
51.
When input costs, such as wages or the cost of new equipment, are more than offset by higher output, such as larger quantities of a product, ___________________ rises.
a)
cost
b)
price
c)
productivity
52.
The ideal length for a submitted resume is two full pages.
a)
True
b)
False
53.
Investing is
a)
sometimes explained as using money to make more money
b)
also referred to as deferred spending
c)
a "pay-yourself-first" strategy
d)
none of these
54.
You are sharing a rental home with two roommates. The roommates have agreed that the person occupying the master bedroom with the private bathroom should pay 40 percent of the rent and utilities while the other two should each pay 30 percent. The rent and the utility bill due this month are: Rent ($900) and Utilities ($189) You occupy the master bedroom. What is your share of these expenses?
a)
$326.70
b)
$333.25
c)
$363.00
d)
$435.60
100 %
