WorksheetsPF Review Game
Total questions: 25
Worksheet time: 25mins
Name
Class
Date
1.
Michael wants to develop a spending plan for himself to use during his final year of high school. What will he need to do as his first step?
a)
Decide what income and spending categories would reflect his values, needs, and wants.
b)
Decide how much money he can spend for each of the bills he pays each month.
c)
Develop a control system that will work with his life style.
d)
Track his current income and expenses—if he has already created an Income and Expense Statement then he has completed this step.
2.
Erin and her mother are putting together an Income and Expense Statement for Erin to use as she applies for a college scholarship. Which income source does she not need to include for this statement?
a)
Interest earned on her savings account
b)
Money she received from her grandparents for her birthday
c)
Social Security income her mother is receiving for her since her father died of cancer last year
d)
Taxes she paid based on her income last year
3.
Erin has been in college for 2 years and has decided that the major she has been studying is not for her. Changing her major and/or her college could result in:
a)
a well-rounded college degree.
b)
the need for backward planning.
c)
losing credits for classes she has already taken.
d)
remediation courses to make up for the change in majors.
4.
The equity that one builds by making mortgage payments is:
a)
purchasing a housing unit as rental property.
b)
the value of the home after the mortgage debt is subtracted.
c)
the amount of money paid on the home at the time of purchase.
d)
a home loan where the real estate is collateral.
5.
When Rob graduated from college, he considered two different job offers before accepting his job as an accountant in the IT department of a local manufacturing plant. He loves that he can walk or ride his bike to work each day. He also loves to travel and his job will require him to travel several times each year to conduct audits in manufacturing plants throughout the U.S., Europe, and Asia. He receives a monthly salary and his employer pays his health insurance. His employer also matches the funds he saves in his personal retirement account. Rob has always been very healthy, but he appreciates knowing that he has several days of paid sick leave each year if he needs them, along with 1 week of paid vacation. His company is encouraging him to complete the classes he needs to earn his CPA by paying for half of the tuition for the classes he needs to take. Rob’s parents asked him what employee benefits his employer was providing. Which would be considered an employee benefit?
a)
Monthly salary
b)
Location within walking distance of his apartment
c)
Paid sick leave
d)
Travel opportunities
6.
Erica wants her class project to reflect her values. Which items would be best to include?
a)
Things that reflect her fundamental beliefs about what is worthwhile and important to her
b)
Things that she intends to acquire, do, reach, or accomplish in the near or distant future
c)
Things that are necessary or essential for life and survival
d)
Things that are unnecessary but desired which increase the quality of her life
7.
Mallory has set a career goal of becoming a veterinarian but does not have the money to complete this goal without taking out very large student loans. She decides to attend a 2‐year program to become a veterinary technician, and then work for 3 years in that field while she saves money for her remaining 2 years of college and veterinary school. Mallory’s plan is known as a/an:
a)
SMART goal
b)
debt-to-income ratio
c)
career pathway
d)
opportunity cost
8.
Paxten is purchasing a new phone online. What is the best tip he should consider to do so safely and maximize his satisfaction?
a)
Review shipping and return policies in advance
b)
Always use the seller offering the lowest price
c)
Use a debit card
d)
Purchase a warranty
9.
Direct Subsidized Stafford Loans offer some features that are different when compared to borrowing money from a bank to pay for college. Which is not a difference between a Direct Subsidized Stafford Loan and a typical bank loan?
a)
Stafford loans have deferment options.
b)
Interest rates for Stafford loans tend to be higher because the loans are held for a relatively long period of time.
c)
Stafford loans typically have a grace period.
d)
Student families must complete a FAFSA (Free Application For Federal Student Aid) in order to apply for a Stafford loan.
10.
Which is not considered part of the steps of estate planning?
a)
Family information
b)
Goal setting
c)
Legal and tax analysis
d)
Selling off assets
11.
Eric is writing a paper on the importance of investing in yourself and he is looking for a sentence to use as the thesis statement for his paper. Which sentence below would be the best choice?
a)
Human capital and transferable skills result from formal training.
b)
Completing your college degree is the best way to prepare for a career.
c)
Education pays in higher earnings and lower unemployment rates.
d)
Investing in yourself too early can lead to a lower standard of living.
12.
Joanna has arranged to complete a job shadow with a physical therapist to decide if this is a career she wants to pursue. Which of her concerns is she most likely to have answered as a result of her job shadow?
a)
Common tasks and typical daily activities
b)
The amount of money physical therapists earn
c)
The future outlook for physical therapy jobs
d)
Opportunities for advancement in the career
13.
Which correctly describes the security level of savings tools?
a)
Savings tools are very secure because there are not risks involved with saving or investing.
b)
Savings tools are secure because they are protected by the U.S. government against loss.
c)
Savings tools are not secure because they have a high risk of losing money.
d)
None of the above is true. It would be safer to keep the money at home in a shoe box.
14.
Alisa is looking for an investment that is structured to have tax benefits. She should look for information on:
a)
tax-rated bonds.
b)
speculative investments.
c)
tax-advantaged investments.
d)
index funds
15.
Due to unexpected circumstances, Ariel is temporarily receiving income from a government assistance program. The funds she receives through the government program are most likely funded by:
a)
fees that are charged to some, but not all, clients using the programs.
b)
small fees proportional to the income of clients.
c)
taxes at the county, local, state, and federal levels.
d)
taxes at the local, state, and federal levels.
16.
In relation to other options, how liquid is a savings account?
a)
More liquid than cash
b)
More liquid than a certificate of deposit
c)
Less liquid than mutual funds
d)
Less liquid than mutual funds
17.
Sally is researching a new tablet and conducting research using a variety of sources. What is an example of an unbiased source?
a)
A product review that is five years old
b)
Product review from an individual making money from the sale
c)
A product review from an independent company
d)
Product review from a seller
18.
Dylan is preparing a presentation about saving and the presentation rubric says that he must include an explanation of compounding interest. Which concept would be the best one to include in his presentation to show that he understands compounding interest?
a)
Interest earned on the principal investment
b)
Any form of interest earned from saving or investing
c)
The effect interest has on the total return on investment
d)
Earning interest on interest
19.
Conner wants to purchase stocks with the money he received from his tax return. Who would he contact to make the transaction?
a)
A brokerage firm
b)
The New York Stock Exchange
c)
A real estate agent
d)
Conner should complete this transaction on his own.
20.
Amber’s academic adviser has asked her to set 3 academic goals for this semester. These goals are most likely to be accomplished if:
a)
Amber thinks about her goals weekly.
b)
Amber discusses her goals with her parents.
c)
Amber lets her friends set her goals.
d)
Amber writes her goals down.
21.
Brett borrowed money to purchase a vehicle without making a down payment and now he owes more on the vehicle than it is worth. This situation is referred to as:
a)
depreciation.
b)
being upside down on the loan.
c)
leasing.
d)
a hidden cost.
22.
The average cost of basic necessities, such as housing and food for a particular city is called the:
a)
cost of living
b)
lifestyle
c)
standard living
d)
economy of living
23.
Which statement is true regarding college-level expectations for studying and completing projects?
a)
It is best to study alone in a quiet environment.
b)
Multitasking during study time develops the important skill of working while being distracted, so it is okay to message with friends or watch TV while studying.
c)
Plan backward from major deadlines.
d)
The busier your schedule gets, the more important it is to write down only the most critical tasks to be done. Wasting time writing down smaller details is not recommended.
24.
What is the difference between property and liability insurance?
a)
The difference between property and liability insurance depends on whether automobile, homeowners, or renters insurance is purchased.
b)
The difference between property and liability insurance depends on the specific insurance policy purchased.
c)
Property insurance pays for loss to other people whereas liability insurance pays for loss to the insured person.
d)
Property insurance pays for loss to the insured person whereas liability insurance pays for loss to other people.
25.
Medicare is provided by the federal government for individuals in specified circumstances. In which of the situations below would the individual most likely be receiving Medicare funds?
a)
Rachel is a seventeen-year-old high school student who is pregnant and needs assistance with her medical expenses.
b)
Rosie is 67 years old and in need of a health insurance program.
c)
Jim is a 37-year-old man who lost his job and is unable to afford health insurance for himself or his children.
d)
Ivan is 60 years old and was injured at work. His employer needs to provide temporary income for him.
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