WorksheetsUNIT 2 (2.01-2.05)
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
common fees that may be charged by depository institution include all except :
a)
overdraft fee
b)
late fee
c)
ATM fee
d)
minimum balance fee
2.
to calculate her net worth jordyn should use the following formula :
a)
assets- liabilities = net worth
b)
assets x liabilities = net worth
c)
assets + liabilities = net worth
d)
assets / liabilities = net worth
3.
Brett is creating a statement of financial position and needs to list his assets. which of the following should he not list as an asset?
a)
money in his checking account
b)
money in the paycheck he will receive next weekend
c)
his hokey equipment
d)
the market value of his car
4.
which of the following would most likely be considered a contractual expense?
a)
cell phone
b)
food
c)
entertainment
d)
clothing
5.
if expenses were to exceed income on a spending plan ,what would be a financially smart solution?
a)
decrease expenses
b)
use a credit card more often
c)
earn less income
d)
increase purchases
6.
when is your spending plan compete?
a)
when you have allocated all your income into categories for the month
b)
when you have all of your current income and expenses recorder
c)
spending plans are always under revision so they are never complete
d)
spending plans are complete each December 31st as one year ends and another year begins
7.
a key differnce between commercial banks and credit unions is that :
a)
commercial banks are "for profit" and credit unions are not"for profit"
b)
commercial banks typically pay higher interest rates than credit unions.
c)
credit unions are more commonly located in rural area while commercial banks are more commonly located in urban areas
d)
commercial banks offer more services, such debit cards, and online banking, than credit unions
8.
to increase his net worth, Jackson could:
a)
increase his liabilities
b)
decrease his assets
c)
increase his market value
d)
increase his assets
9.
jonah is writing down his liablilities to complete his statement of financial position. The item he could include would be:
a)
the market value of his car
b)
the value of his retirement account
c)
the combined total of his savings and checking accounts
d)
the balance on his credit card
10.
savings tools offered by depository institutions may earn interest. which of the following statements is not true about interest?
a)
interest is the price paid for using someone else money.
b)
when earning interest, look for low rates
c)
when paying interest, look for low rates.
d)
the amount of interest earned or paid is determined by the interest rate.
11.
Diana and Aaron have decided to develop a spending plan to help them gain control over their finances. which of the following statements is not true about spending plans?
a)
spending plans are used to record planned income.
b)
spending plans are used to record planned expenses
c)
a spending plan includes items not usually included when creating a budget
d)
when creating a pending plan, it is recommended that you examine your trade-offs and opportunity costs.
12.
which statement is not true about property tax?
a)
property tax is often charges by states or local gov to pay for local schools.
b)
the property tax rate is set by the federal gov to be equal in every state.
c)
the fee paid to license a vehicle is an example of property tax
d)
property taxes are most often paid only once or twice each year.
13.
Maggie earns $62,000 per year and has a net worth of $20,000. Samantha earns $96,000 and has a net worth of $15,000. who is wealthier?
a)
Maggie, because her income minus her net worth is a smaller amount than samanthas
b)
samantha, because her income minus her net worth is a larger amount than maggies
c)
Maggie, because her net worth is higher than samantha
d)
Samantha, because her annual income is higher than maggie's
14.
as maria was looking over her sales receipt for the shirt she bought at a retail store, she discovered that she was charged 6% more than the price tag showed for the item. what is this extra 6% charge most likely to be?
a)
an excise tax on the shirt she purchased.
b)
property tax on the shirt she purchased.
c)
income tax on the shirt she purchased.
d)
sales tax on the shirt she purchased.
15.
taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called which kind of taxes?
a)
sales
b)
excise
c)
federal use
d)
property
100 %
