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WorksheetsPFR-Final Review
Total questions: 36
Worksheet time: 20mins
Name
Class
Date
1.
The amount of income left after taxes and other deductions are taken out.
a)
Gross Pay
b)
Surplus
c)
Deficit
d)
Net Pay
2.
Restaurant Bill
a)
Fixed Expense
b)
Variable Expense
3.
Car Repair
a)
Fixed Expense
b)
Variable Expense
4.
Rent Payment
a)
Fixed Expense
b)
Variable Expense
5.
Which type of tax comes directly out of your paycheck?
a)
Property Tax
b)
Sales Tax
c)
Income Tax
d)
Ad Valorem Tax
6.
Kevin sees two amounts on his paycheck.
Gross Pay: $3500.00
Net Pay: $2800.00
Which one will actually be deposited into his bank account?
Gross Pay: $3500.00
Net Pay: $2800.00
Which one will actually be deposited into his bank account?
a)
Gross Pay
b)
Net Pay
c)
Deductions
7.
All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc is:
a)
financial literacy
b)
compound interest
c)
interest rate
d)
personal finance
8.
An obligation of repayment owed by one party (the debtor/borrower) to a second party (the creditor/lender), in most cases this includes repayment of the original loan amount plus interest.
a)
credit
b)
ecomony
c)
loan
d)
debt
9.
Money spent
a)
Income
b)
Bills
c)
Expense
d)
Price
10.
The amount you could realistically sell an asset for today
a)
Original value
b)
economy
c)
Market Value
d)
Investment value
11.
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
12.
Jonah is writing down his liabilities to complete his Statement of Financial Position. The item he should 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
13.
Sanjay is concerned about the safety of the money in his savings account. Which type of depository institution should he choose?
a)
A commercial bank, since his deposits would be insured by the Federal Deposit Insurance Corporation (FDIC)
b)
A credit union, since his deposits would be insured by the National Credit Union Association (NCUA)
c)
He could safely choose either a commercial bank or a credit union, as long as his savings account balance meets the insurance requirements.
d)
Neither a commercial bank nor a credit union. Money is most safely kept at home in a personal safe or vault.
14.
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’s 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.
15.
David made a mistake in his checking account record keeping and spent $10 more than he had deposited in his account. As a result, he can expect to be charged a(n):
a)
ATM fee
b)
contact fee
c)
safe deposit fee
d)
overdraft fee
16.
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 week
c)
His hockey equipment
d)
The market value of his car
17.
Work that you do mainly to earn money.
a)
Job
b)
Career
c)
Volunteering
d)
Getting an Education
18.
This term stands for what is given up when making one choice instead of another.
a)
Present Value
b)
Budget Variance
c)
Opportunity Cost
d)
Income
19.
Beliefs that you consider important are called
a)
Values
b)
Things
c)
Goals
d)
Ideas
20.
The ability to easily convert financial assets to cash.
a)
Opportunity Cost
b)
Checking Account
c)
Budget
d)
Liquidity
21.
A commitment to work in a field that you find fulfilling.
a)
Education
b)
Part-Time Work
c)
Job
d)
Career
22.
A loan which the borrower must repay the amount in a specified number of equal payments
a)
Pawn Loan
b)
Open-end credit
c)
Closed-end credit
d)
Payday Loan
23.
Which of the following is not a reason a person should shop around with different lenders?
a)
To obtain the highest interest rate
b)
To compare no or low fees
c)
To obtain the lowest interest rate
d)
To find a lender he/she is comfortable with
24.
Tangible items leased with the condition that the item will be owned by the renter if the term of rent (contract) is completed.
a)
Refund Anticipation Loan
b)
Rent-to-own Loan
c)
Pawn Loan
d)
Title Loan
25.
Whether you are dealing with a loan or a credit card,the percentage used to calculate the amount of interest you owe is known as what?
a)
Annual percentage rate(APR)
b)
Finance charge
c)
Principal
d)
Minimum payment
26.
When dealing with a credit card,the amount of money you must pay each month is known as what?
a)
Finance charge
b)
Annual percentage rate(APR)
c)
Principal
d)
Minimum payment
27.
Which of the following is the term for a fee a cardholder pays each year for the priviledge of using a specific company’s credit card?
a)
Annual fee
b)
Finance charges
c)
Grace period
d)
Minimum payment
28.
Which of the following is the term for the fee charged if a payment is late?
a)
Late fee
b)
Over the limit fee
c)
Cash advance fee
d)
Minimum payment fee
29.
All of the following are dangers of credit, EXCEPT:
a)
Overspending
b)
Can be dangerous in tough economic times
c)
Can increase your financial options
d)
Can be expensive
30.
The money that you take in or receive from a job/career.
a)
Income
b)
Expense
c)
Interest
d)
Supply
31.
TV/Internet Bill
a)
Fixed Expense
b)
Variable Expense
32.
Items of monetary value a person or household owns
a)
Value
b)
Asset
c)
liability
d)
Income
33.
A measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to others
a)
Net pay
b)
Net income
c)
Net worth
d)
Net amount
34.
Having good interpersonal communication skills is an example of a :
a)
transferable skill
b)
human capital
35.
Going to a monthly workshop related to your career means you are :
a)
good at transferable skills
b)
not bright
c)
investing in your human capital
d)
need help
36.
The amount of income you have before taxes and other deductions are taken out.
a)
Paycheck
b)
Net Pay
c)
Gross Pay
d)
Minimum Wage
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