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WorksheetsPersonal Finance 1st 9 Weeks Review
Total questions: 45
Worksheet time: 23mins
Name
Class
Date
1.
A payment type that is paid for upfront and guaranteed by the bank not to bounce is called...
a)
Personal Check
b)
Cashier’s Check
c)
Travelers Check
d)
Certified Check
2.
This describes incoming students who has the knowledge and skills necessary to qualify and succeed in entry-level, credit-bearing college courses without the need for remedial coursework is called...
a)
Remediation student
b)
Prepared
c)
College Ready
d)
Well-Rounded
3.
What is a perfect debt to income ratio?
a)
10-20%
b)
15-20%
c)
10-15%
d)
5-10%
4.
What are the major deductions taken out of your paycheck?
a)
Federal taxes and state taxes
b)
Federal taxes, state taxes, and Medicare
c)
Medicare and Social Security
d)
Federal taxes, state taxes, Medicare, and Social Security
5.
One of the most common types of federal student loan, awarded based on limits that are set for any individual loan as well as on financial need is called...
a)
Subsidized Loan
b)
Stafford Loan
c)
Personal Loan
d)
Perkins Loan
6.
A card that allows you to put a specific amount of money onto them. Usually come with additional fees and charges.
a)
Prepaid card
b)
Credit Card
c)
Debit Card
d)
Gift Card
7.
The first range of numbers in the series of numbers at the bottom of a check that indicates which Federal Reserve district the bank issuing the check belongs to.
a)
Bank Account Number
b)
Routing Number
c)
Federal Reserve Number
d)
FDIC Number
8.
Loans that are financed by private companies rather than the government. Since interest rates and fees for these loans aren't capped by the government, they cost more than federal loans.
a)
Subsidized Loan
b)
Private Student Loans
c)
Pell Grant
d)
Academic Scholarship
9.
A type of savings vehicle in which you earn interest on the principal, usually without minimum balance requirements but lower interest rates.
a)
Money Market Account
b)
Checking Account
c)
IRA Account
d)
Savings Account
10.
Which choice is NOT and example of a savings tool?
a)
Checking account
b)
Savings account
c)
Investment Account
d)
Money market account
11.
A tax that pays for the retirement benefits for people who are currently retired and for the future retired population.
a)
Social Security
b)
Medicaid
c)
State Taxes
d)
Federal taxes
12.
Brackets that determine, based on how much income an individual makes, what percentage of that income will be owed in taxes
a)
Income Brackets
b)
Tax Brackets
c)
Savings Brackets
d)
Federal Reserve Brackets
13.
This is a type of federal student loan on which the government does not pay the interest that accrues while a student is in school.
a)
Federal Student Loans
b)
Subsidized Student Loan
c)
Pell Grant
d)
Unsubsidized Student Loan
14.
An interest rate set by the Federal Reserve Bank in any given year that regulates interest rates on government loans.
a)
Federal Income Tax Bracket
b)
Federal Income Tax
c)
Federal Funds Interest Rate
d)
Federal Reserve
15.
This is the main form students use to apply for federal education grants and loans.
a)
FDIC
b)
FAFSA
c)
Federal Student Loans Form
d)
FICO
16.
A number identifies each personal check, found at the top right of a personal check that identifies that specific check.
a)
Routing Number
b)
Checking Account Number
c)
FDIC Number
d)
Check Number
17.
A tax form filled out by an individual and filed with the IRS that determines the amount of income tax owed in a single year.
a)
W-2
b)
403(b)
c)
1040
d)
W-4
18.
A tax form an employee fills out that tells the IRS how much money to take out of each of their paychecks.
a)
W-4
b)
W-2
c)
403(b)
d)
401(k)
19.
A standard by which something can be measured of judged is called.....
a)
Accrediation
b)
Benchmark
c)
Remediation
d)
Admissions Test Standards
20.
What is the formula to determine your Debt-to-Income Ratio?
a)
Monthly Starting Wages / Monthly Loan Payment
b)
Monthly Loan Payment x Monthly Salary Wages
c)
Monthly Salary Wages x Monthly loan Payment
d)
Monthly Loan Payment / Monthly Starting Wages
21.
Provides part-time jobs to students with financial need
a)
Scholarships
b)
Financial Need Program
c)
Work Study Program
d)
Work Programs
22.
Which type of federal loan is only offered to graduate students?
a)
Direct Unsubsidized Stafford Loan
b)
Direct Subsidized Stafford Loan
c)
Federal Perkins Loan
d)
PLUS Loan
23.
Which choice below will cause you to NOT Receive Federal Student Aid?
a)
Confirm that you will only use the money for educational purposes
b)
Be a high school graduate or have a GED
c)
Males 18-25 are not required to be registered with the Selective Service
d)
Confirm that you are not in default on a federal student loan
24.
Money received such as wages earned from working for pay is called...
a)
Net Worth
b)
Asset
c)
Income
d)
Wealth
25.
Everything a person owns with monetary value
a)
Income
b)
Net Worth
c)
Wealth
d)
Asset
26.
A retirement account offered through an employer, where an employee can contribute money from his or her paycheck before or after taxes.
a)
1040EZ
b)
401(k)
c)
403(b
d)
1040
27.
Describes how much more money your investment is worth compared to the price you paid for it is called...
a)
Capital Investment
b)
Capital Gains
c)
Net Worth
d)
Investment Gains
28.
A sum of money demanded by a government to support the government itself as well as specific facilities or services is called...
a)
Payroll Tax
b)
Income Tax
c)
Taxes
d)
Corporate Taxes
29.
A tax charged on the profits made on the sale of something that was purchased at a lower price.
a)
Capital Gains Tax
b)
Corporate Tax
c)
Unearned Tax
d)
Profit Tax
30.
People with profound disability, children who have lost a parent, a person with children who has experienced the death of a spouse can apply for this...
a)
Medicare
b)
Medicaid
c)
Unearned income tax credit
d)
Social Security
31.
What are the components of an Income and Expense Statement?
a)
Income, Expenses, and Net Worth
b)
Income, Expenses, and Net Gain/Net loss
c)
Assets and Liabilities
d)
Income and Expenses
32.
Given to students to help pay for their education that does not have to be paid back, but can be used to pay for other interest
a)
Scholarship
b)
Grant
c)
Student Grant
d)
Government Scholarship
33.
Company that collects payment on a loan is called...
a)
Student aid reporter
b)
Loan office
c)
Loan advisor
d)
Loan servicer
34.
Failure to pay a loan according to the agreed upon terms.
a)
Bankrupt
b)
Loan Default
c)
Subsidized Loan
d)
Breech of Contract
35.
To stop or reduce loan payments for a short period of time while interest is still accruing is called....
a)
Bankruptcy
b)
Forebearance
c)
Deferment
d)
Interest Payment
36.
To combine a number of financial accounts or funds into a single account or set of accounts is called...
a)
Consolidate
b)
Grant
c)
Merge
d)
Forbearance
37.
Total amount that it will cost you to go to school is called...
a)
Tuition
b)
Net Price
c)
Expected Family Contribution (EFC)
d)
Cost of Attendance (COA)
38.
The regular schedule that employers pay their employees is called:
a)
Workers compensation
b)
Pay period
c)
Pay schedule
d)
Work Schedule
39.
The average cost of basic necessities, such as housing and food in a particular city is called:
a)
Lifestyle
b)
Cost of Living
c)
Economy of Living
d)
Standard of Living
40.
Which of the following deductions are taken from your paycheck?
a)
Social Security, Medicare, & Health Insurance
b)
Federal & State Income tax, Life Insurance, & Workers Comp.
c)
Federal & State Income Tax, Social Security, & medicare
d)
Social Security, Workers Comp., & Life Insurance
41.
Which is NOT a mandatory income and payroll tax deductions below?
a)
Social Security
b)
Federal Taxes
c)
Medicare
d)
Workers Comp.
42.
What determines the percentage of pay that will be deducted for federal income taxes?
a)
W4 Form
b)
W2 Form
c)
How much you make
d)
1090 Form
43.
What is NOT considered standard employee information on a pay stub?
a)
Address
b)
Type of work you do
c)
Tax Identification #
d)
Name
44.
According to a cost of living index anything over _______ is considered expensive.
a)
25
b)
50
c)
75
d)
100
45.
Which statement is NOT true if an employer pays his employee in cash.
a)
Responsible for tracking amount of money made for taxes
b)
You are not managing your tax liability
c)
Probably not getting workers comp. & unemployment insurance
d)
The employer is required not to pay in cash at all
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