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WorksheetsPFL Review
Total questions: 15
Worksheet time: 12mins
Name
Class
Date
1.
Money you receive after taxes is called:
a)
gross income
b)
net income
c)
salary
d)
pay day
2.
Money you receive before taxes is called:
a)
gross income
b)
net income
c)
pay day
d)
bank loan
3.
What type of tax do you pay for Cheetos and soda?
a)
income tax
b)
sales tax
c)
property tax
d)
payroll tax
4.
Which type of tax do you pay once a year on any money you've earned (job, lottery, etc)?
a)
payroll tax
b)
income tax
c)
sales tax
d)
property tax
5.
Which of the following is considered a "need" when budgeting?
a)
money for eating out
b)
money for going to the movies
c)
money to pay for your house
d)
money for your dog's toys
6.
What is money borrowed that must be repaid, usually with interest?
a)
loan
b)
check
c)
checking account
d)
savings account
7.
What is an account that usually earns interest and is often used to hold money that is not needed right away?
a)
savings account
b)
checking account
c)
loan
d)
transaction
8.
What can give you a low credit score?
a)
Paying bills on time.
b)
Late payments, high credit card balances or owing a lot of money.
c)
Not giving your friend his dollar back.
d)
Using your debit card to much.
9.
What does WITHDRAWAL mean?
a)
put money into an account
b)
money taken out of an account?
c)
a way to pay for college
d)
a Bank Account.
10.
money paid for the use of money
a)
interest
b)
insurance
c)
collateral
d)
finance charges
11.
What protects your money if the bank fails
a)
AARP
b)
FDIC
c)
IRS
d)
IRA
12.
The Rule of 72 determines
a)
how many years you will live after retirment
b)
how many years you have to work
c)
how long it will take your $ to double
d)
how long your $ will last after you retire
13.
To secure a loan banks may require __ in case you do not pay the loan back
a)
Bond
b)
Premium
c)
Collateral
d)
Principal
14.
How can you avoid paying interest fees on your credit card?
a)
Only use it for groceries
b)
pay off the full balance, on time, each month
c)
you cannot avoid interest fees
d)
only use Discover
15.
Tiffany was recently involved in a vehicle accident. In order to get her car fixed, her insurance company is requiring her to pay the first $500 of the repair bill because
a)
She did not call her agent and report the accident quickly enough
b)
Her policy's deductible is $500
c)
She will be reimbursed by the insurance company later
d)
The cost of repairs is higher than her policy covers
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