WorksheetsMidterm Review - Spring 2016
Total questions: 30
Worksheet time: 15mins
Name
Class
Date
1.
Jason wanted to open a checking account at a local financial institution. He would be able to go to all of the following financial institutions except for...
a)
Commercial Banks
b)
Savings & Loan Associations
c)
Credit Unions
d)
Brokerage Firms
2.
Which of the following banking products will allow you to EARN interest on your account?
a)
Checking account
b)
Savings account
c)
Certificate of Deposit
d)
Checking account AND Certificate of Deposit
3.
If you use an ATM outside of your bank’s network, you will be charged a fee by the ATM company and by your bank.
a)
TRUE
b)
FALSE
4.
Which of the following is NOT considered a credit services?
a)
Credit Cards
b)
Home Equity Loans
c)
IRAs
d)
Mortgages
5.
Getting a payday loan would be a good idea if you wanted to borrow money to purchase goods.
a)
TRUE
b)
FALSE
6.
When a deposit slip is filled out, a signature is REQUIRED to deposit cash/checks into the account.
a)
TRUE
b)
FALSE
7.
Which of the following is NOT a type of checking account?
a)
Special account
b)
Standard account
c)
Holiday account
8.
What is another name for a checking account?
a)
Savings account
b)
Demand deposit account
c)
Mutual fund
d)
Automatic teller machine
9.
Which of the following is NOT a step you need to take to open a checking account?
a)
Complete a signature card
b)
Make an opening deposit
c)
Showing I.D. to the bank officer
d)
Bringing in proof of address
10.
Which of the following transactions can you perform at an ATM?
a)
Deposit cash and checks
b)
Withdraw cash
c)
Transfer Funds
d)
All of the above
11.
Using a Debit Card CANNOT help increase my credit score.
a)
TRUE
b)
FALSE
12.
Credit card fraud CAN'T happen to people who are careful about their passwords and maintain their bank accounts on a regular basis.
a)
TRUE
b)
FALSE
13.
What is the first step in determining a budget?
a)
Know your income
b)
Calculate expenses
c)
Spend the money first
d)
Put it in a bank
14.
How would you manage your cashflow and savings?
a)
Ask Mr. Chu
b)
Reduce your debt
c)
Pay yourself first
d)
Track your spending
15.
Using a debit card allows you to...
a)
Borrow money
b)
Accept deposits from your job
c)
Authorize the bank to transfer money out of your account
d)
Write a check
16.
The purpose of reconciling your account is to...
a)
Verify your account complies with federal laws
b)
Verify that you agree with your bank on the balance
c)
Get overdraft protection
d)
Convert simple interest to compound interest
17.
If the price of a cup of coffee goes up, what will go down?
a)
Supply
b)
Cup size
c)
Demand
d)
Store hours
18.
The phrase "The more you make, the more they take" is an example of what term?
a)
Flat tax
b)
Progressive tax
c)
No tax
d)
Sales tax
19.
When would you receive a W-2 form?
a)
January
b)
April
c)
September
d)
December
20.
Equilibrium price is when...
a)
Everyone pays the same price
b)
You don't pay tax on an item
c)
The price where quantity supplied and quantity demanded is the same
d)
Money is represented by "=" instead of "$"
21.
The government is NOT responsible for...
a)
Providing schools
b)
Fixing roads
c)
Providing utlities
d)
Hiring employees
22.
When is the best time to start saving?
a)
Don't save
b)
When you turn 50 years old
c)
Right now
d)
When you are in debt
23.
Can you withdraw money from an ATM that isn't in your bank's network?
a)
Yes
b)
No
c)
Yes, but you will incur fees
d)
No, you must go to a branch location
24.
Which step in the 5-step decision making model asks "What is important to you?"
a)
Problem
b)
Alternatives
c)
Criteria
d)
Evaluate
25.
Which of the following is the name of the federal income tax return?
a)
Form 1040
b)
W-2 Form
c)
W-4 Form
d)
1099-INT
26.
How do you cancel a check?
a)
Throw it away
b)
Write "void" then deface the account info
c)
Don't sign the check
d)
Scribble on the check until it is unreadable
27.
Which is an optional paycheck withholding?
a)
FICA
b)
State tax
c)
Federal tax
d)
401k
28.
Which resource do people possess by going to school and getting an education?
a)
Capital resource
b)
Natural resource
c)
Human resource
d)
Learning resource
29.
Taking what you OWN minus what you OWE is an example of...
a)
Net Income
b)
Net Worth
c)
Assets
d)
Liabilities
30.
What is your favorite class in school?
a)
Recess
b)
Financial Literacy
c)
Lunch
d)
Student Development
100 %
