WorksheetsFreshman Financial Management
Total questions: 52
Worksheet time: 26mins
Name
Class
Date
1.
Less Liquid
a)
Investment
b)
Savings
2.
Provides the foundation for financial security
a)
Investment
b)
Savings
3.
Used to pay for emergencies
a)
Investment
b)
Savings
4.
Builds wealth
a)
Investments
b)
Savings
5.
Income not spent on current consumption
a)
Savings
b)
Investment
6.
Used to pay for long-term goals, such as retirement
a)
Investment
b)
Savings
7.
Also known as liquid assests
a)
Investment
b)
Savings
8.
A common financial service used by many consumers. They can help to manage money and make paying bills more conveniently.
a)
Debit Card
b)
Savings Account
c)
Checking Account
d)
PIN
9.
A legal document that functions like cash.
a)
Debit Card
b)
Credit Card
c)
ATM
d)
Check
10.
Used to withdraw cash or make deposits.
a)
ATM
b)
Debit Card
c)
Credit Card
d)
Deposit Slip
11.
Sign the back of this card in the authorized signature box.
a)
Debit Card
b)
Check
c)
Deposit Slip
d)
Check Register
12.
Contains the account holder's account number and allows money (cash or check) to be deposited into the correct account.
a)
Debit card
b)
Deposit Slip
c)
Check Regisger
d)
Check
13.
Debit cards require using this to access the account to perform transactions.
a)
Check
b)
Credit Card
c)
ATM
d)
PIN
14.
All transactions including deposits, checks, debit card purchases, additional fees, and ATM use should be recorded here immediately after completion.
a)
Deposit Slip
b)
Check Register
c)
Reconciling
d)
Checking Account
15.
Bank statements are compared to the check register when _________ this account.
a)
depositing slip
b)
reconciling
c)
check registering
d)
checking
16.
A form W-4 allows tax payers to claim certain allowances to determine what?
a)
The amount of children you have
b)
The status of your citizenship
c)
The amount of federal taxes with held from your paycheck.
d)
The eligibility of an employee
17.
Which form verifies the eligibility of an individual for employment.
a)
W-2
b)
401(k)
401(k)
401(k)
c)
I-9
d)
W-4
18.
This tax includes two separate taxes: Social Security and Medicare
a)
State Withholding Tax
b)
FICA
c)
Federeal Withholding Tax
d)
Medical
19.
Totals all of the deductions that have been withheld from an individual's paycheck from January 1 to the last day of the pay period indicated on the paycheck stub.
a)
Retirement Plan
b)
Year-To-Date
c)
Paycheck-To-Paycheck
d)
Month-To-Date
20.
The amount of money left after all deductions have been taken from the gross pay earned in pay period.
a)
Gross Pay
b)
Pay Period
c)
Net Pay
d)
Retirement Pay
21.
The amount an employee contributes each pay period to a retirement plan.
a)
Gross pay
b)
Retirement Plan
c)
Net pay
d)
FICA
22.
The amount required by law for employers to withhold from earned wages to play taxes.
a)
State Withholding Tax
b)
Federal Withholding Tax
c)
FICA
d)
OSHA
23.
The employees full name, address, and Social Security number.
a)
I-9
b)
W-4
c)
Personal Information
d)
Paystub Record
24.
The total amount taken from the employee's paycheck for medical benefits.
a)
FICA
b)
Medicare
c)
Medicaid
d)
Medical
25.
The total amount of money earned during the pay period before deductions.
a)
Net Pay
b)
Take Home Pay
c)
Gross Pay
d)
Working Pay
26.
The amount of money subtracted or deducted from the gross pay earned in a pay period.
a)
Credit
b)
Debit
c)
Deduction
d)
Witholding Taxes
27.
The length of time for which an employee's wages are calculated.
a)
Year-To-Date
b)
Pay Period
c)
Work Period
d)
Salary
28.
The percentage deducted from an individual's paycheck to assist in funding government agencies within the state.
a)
Federal Withholding Tax
b)
Debits
c)
State Withholding Tax
d)
Interest
29.
The charge for borrowing money.
a)
Introductory rate
b)
Annual Fee
c)
Interest
d)
Variable-rate APR
30.
Transferring debt from one credit card to another.
a)
Late-payment fee
b)
Introductory rate
c)
Balance transfers
d)
Credit Limit
31.
Charged if the account balance goes over the set credit limit
a)
Over-the-limit fee
b)
Penalty APR
c)
Annual fee
d)
Late-payment fee
32.
The maximum amount of charges allwoed to an account.
a)
Annual fee
b)
Credit limit
c)
Variable-rate APR
d)
Annual Percentage Rate (APR)
33.
The cost of credit expressed as a yearly interest rate.
a)
Variable APR
b)
Penalty APR
c)
Fixed APR
d)
Annual Percentage Rate (APR)
34.
The interest rate that may be charged after a credit card account is opened.
a)
Introductory rate
b)
Annual fee
c)
Variable-rate APR
d)
Penalty APR
35.
An interest rate that may change depending on other factors, such as the prime rate.
a)
Fixed-rate APR
b)
Introductory APR
c)
Interest
d)
Variable-rate APR
36.
A yearly fee that may be charged for having a credit card.
a)
Credit limit
b)
Annual fee
c)
Late-payment fee
d)
Balance transfer
37.
Charged when a cardholder does not make the minimum monthly payment by the due date.
a)
Late-payment fee
b)
Annual fee
c)
Over-the-limit fee
d)
You are so forgetful fee
38.
The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered.
a)
Over-the-limit fee
b)
Penalty APR
c)
APR
d)
Introductory rate
39.
Steve works the same amount of hours each month. Steve worked 100 hours in the last pay period. He earns $22 per hour. What is Steve's gross pay?
a)
$1200
b)
$1250
c)
$2100
d)
$2200
40.
This government agency enforces tax laws.
a)
PBS
b)
IRS
c)
DEA
d)
OSHA
41.
Leaving money in your savings account without withdrawing any for several years to make more money describes which factor.
a)
Time
b)
Money
c)
Interest Rate
42.
This card is used to buy the item or service now and pay for it later.
a)
Debit card
b)
Prepaid card
c)
Credit Card
d)
Payroll card
43.
The more principle (money) you invest the more you will make over the long-term, this is describing the following investment factor:
a)
Money
b)
Time
c)
Interest Rate
44.
The higher the interest rate affects the time value rate of an investment by increasing the amount you will make. This describes which factor.
a)
Money
b)
Time
c)
Interest rate
45.
This plastic card allows you to buy a good or service and pay for it now from a bank account that it is linked to.
a)
Credit card
b)
Prepaid card
c)
Gift card
d)
Debit card
46.
The time value of money concept means money paid out or received in the future is not equivalent to money paid or received today.
a)
True
b)
False
47.
The power of time helps people earn more money.
a)
True
b)
False
48.
Factors that make time value of money possible are
a)
Time, Money, Security
b)
Time, Money, Investments
c)
Time, Interest, Investments
d)
Time, Money, Interest
49.
Open-end credit is
a)
revolving credit.
b)
one time only credit.
50.
Credit used to buy a house or car is known as
a)
open credit
b)
quick credit
c)
closed credit
d)
bad credit
51.
An example of open credit is
a)
a student loan
b)
an auto loan
c)
a credit card
d)
a debit card
52.
Closed credit is
a)
a one time loan
b)
a plan with a changing credit limit
c)
a credit card
d)
doesn't go on your credit report
100 %
