WorksheetsPersonal Finance 2.03 - 3.07
Total questions: 53
Worksheet time: 27mins
Name
Class
Date
1.
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?
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
2.
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
3.
Maggie earns $62,000 per year and has a net worth of $20,000. Samantha earns $96,000 and has a net worth of $15,000. Who is wealthier?
a)
Maggie, because her income minus her net worth is a smaller amount than Samantha’s
b)
Samantha, because her income minus her net worth is a larger amount than Maggie’s
c)
Maggie, because her net worth is higher than Samantha’s
d)
Samantha, because her annual income is higher than Maggie’s
4.
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
5.
To increase his net worth, Jackson could:
a)
Increase his liabilities.
b)
Decrease his assets.
c)
Increase his market value.
d)
Increase his assets.
6.
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?
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
year
d)
Taxes she paid based on her income last year
7.
Which of the following would most likely be considered a contractual expense?
a)
Cell Phone
b)
Food
c)
Entertainment
d)
Clothing
8.
Andy is developing an Income and Expense Statement. He has gathered all his receipts, bank
statements, paycheck stubs, and spending records. He needs to categorize them into income and expenses. He is unsure which of the following items should be recorded as expenses. Which should be recorded as expenses?
statements, paycheck stubs, and spending records. He needs to categorize them into income and expenses. He is unsure which of the following items should be recorded as expenses. Which should be recorded as expenses?
a)
Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and
his car insurance
his car insurance
b)
Money saved from his paycheck for emergencies, interest paid on his car loan, his tax refund from filing last year’s tax return
c)
The scholarship he receives for studying Chinese at the local community college, his car
insurance payment, and stock dividends he received from his grandmother
insurance payment, and stock dividends he received from his grandmother
d)
Clothing he purchased for a job interview, tuition for a class he is taking at the local community college, and interest from his savings account
9.
Amanda and Marcus just finished their Income and Expense Statement for last month. They
discovered that they have a net gain. What does this mean and what should they do?
discovered that they have a net gain. What does this mean and what should they do?
a)
Amanda and Marcus are spending more money than they are earning. They need find a
way to balance their income and expenses by spending less on non‐contractual expenses
way to balance their income and expenses by spending less on non‐contractual expenses
b)
Amanda and March are earning more money than they are spending. They could place
additional money in savings and/or spend it on other expenses
additional money in savings and/or spend it on other expenses
c)
Amanda and Marcus are spending more money than they are earning. One of them should
consider getting a second job for a time to help boost their income
consider getting a second job for a time to help boost their income
d)
Amanda and Marcus are earning more money than they are spending. They should increase
spending for non‐contractual items to bring their income into balance with the expenses
spending for non‐contractual items to bring their income into balance with the expenses
10.
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
a)
Decreases expenses
b)
Use a credit card more often
c)
Earn less income
d)
Increase purchases
11.
Diana and Aaron have decided to develop a spending plan to help them gain control over their
finances. Which of the following statements is NOT TRUE about spending plans?
finances. Which of the following statements is NOT TRUE about spending plans?
a)
Spending plans are used to record planned income
b)
Spending plans are used to record planned expenses
c)
A spending plan includes items NOT usually included when creating a budget
d)
When creating a pending plan, it is recommended that you examine your trade‐offs and
opportunity costs
opportunity costs
12.
When is your spending plan complete?
a)
When you have allocated all your income into categories for the month
b)
When you have all of your current income and expenses recorded
c)
Spending plans are always under revision so they are never complete
d)
Spending plans are complete each December 31st as one year ends and another year begins
13.
Chase has decided to work with a spending plan so he can build up an emergency fund for when he is in college. He learned in class that he could probably reduce his spending the most by looking at his non‐contractual expenses. Which of his expenses best fit that category?
a)
Cell phone bill, gasoline, and car payment
b)
Internet bill, entertainment, and clothing
c)
motorcycle payment, food, and cell phone bill
d)
Gasoline, food, and entertainment
14.
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?
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)
Track his current income and expenses. If he has already created an Income and Expense
Statement then he has completed this step
Statement then he has completed this step
d)
Develop a control system that will work with his life style
15.
Which of the following statements is NOT true?
a)
Most people have several careers throughout their lifetime
b)
Jobs are paid positions
c)
People can develop human capital in a variety of ways
d)
Transferable skills can be applied to many personal and professional roles
16.
Jose has been challenged by his academic advisor to ‘develop some human capital’ this school year. Which activity below would be the LEAST effective way to reach that goal?
a)
Spend additional time playing video games to further develop his eye‐hand coordination
b)
Volunteer to pick up trash along the roadsides
c)
Attend a workshop on a topic he has little knowledge of
d)
Ask his employer if there are any new tasks at work that he might be assigned
17.
One’s Lifestyle is to their Standard of Living as present is to __________?
a)
past
b)
recent
c)
future
d)
gift
18.
Miranda is working to develop a broad base of transferable skills. This means that she:
a)
needs to maintain at least a part time job during the school year.
b)
use her available hours outside of school for paid employment rather than volunteering.
c)
will not have as much time to develop her human capital.
d)
will have a set a versatile skill that she can apply to many personal and professional roles.
19.
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)
Completing your college degree is the best way to prepare for a career
b)
Education pays in higher earnings and lower unemployment rates
c)
Human capital and transferable skills result from formal training
d)
Investing in yourself too early can lead to a lower standard of living
20.
An example of a transferable skill is a skill:
a)
used in your job that you acquired through past jobs, volunteering, hobbies, school sports,
or other life experiences.
or other life experiences.
b)
that can only be used in an individual’s job or career.
c)
that each employer requires you to learn.
d)
that is learned at one job and is required at other jobs as well.
21.
Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her:
education, Lora is investing in her:
education, Lora is investing in her:
a)
salary.
b)
human capital.
c)
family.
d)
interest inventory.
22.
Individuals with more formal educational training usually have:
a)
higher estimated lifetime earnings.
b)
lower personal satisfaction.
c)
greater amounts of leisure time.
d)
more comfortable work environments.
23.
Zoe has been assigned by her school counselor to complete a career assessment. Which statement BEST describes why her counselor has suggested she do this?
a)
Her counselor wants Zoe to find a career that will provide a high level of income to support Zoe’s lifestyle and well being
b)
Her counselor wants Zoe to match her skills, abilities, interests and values with a list of
specific occupations
specific occupations
c)
Her counselor wants Zoe to conduct interviews with people in her area of interest to
determine if she truly enjoys the career she wants to prepare for
determine if she truly enjoys the career she wants to prepare for
d)
Her counselor wants Zoe to search for a career that will allow occupational flexibility and provide for possible career advancement as she gains more experience working in her selected career
24.
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?
job shadow?
a)
The future outlook for physical therapy jobs
b)
The amount of money physical therapists earn
c)
Common tasks and typical daily activities
d)
Opportunities for advancement in the career
25.
Which statement WOULD NOT be true about the value of career research?
a)
Everyone values different aspects of an occupation. One person might value the flexible schedule a particular job offers and another might care more about the amount of training that career might require
b)
Current job availability and the outlook for future employment are as essential to consider
as whether you have the skills, interest and abilities to pursue a particular career
as whether you have the skills, interest and abilities to pursue a particular career
c)
Opinions from different people working in the occupation should be considered before
ruling out a particular career
ruling out a particular career
d)
There are many careers that would support your well‐being. Career exploration allows you
to find the one that pays the most so your well‐being is enhanced to the highest degree
to find the one that pays the most so your well‐being is enhanced to the highest degree
26.
Career assessments help to identify:
a)
the job an individual should have if he/she wants high well‐being.
b)
positions available in a particular occupation.
c)
fastest and slowest growing careers in a particular occupation.
d)
possible career areas related to one’s interests.
27.
In order to make an informed career decision, a high school student will want to:
a)
commit to a profession that requires a college degree.
b)
choose a career that offers the amount of money desired.
c)
develop personal goals, complete a career assessment, and research careers.
d)
choose a training program that will guarantee employment after the course work is
completed.
completed.
28.
When Charles received his college placement test results, he is informed that he will need
remediation in math. Which situation IS NOT TRUE of Charles’ situation?
remediation in math. Which situation IS NOT TRUE of Charles’ situation?
a)
Charles will need to take at least one course because he is not college‐ready
b)
Since the remedial courses Charles must take will not count toward his degree , he needs to take the courses but tuition is not charged
c)
Charles should have taken a placement test earlier in high school so he could strengthen his academic skills before heading for college
d)
Remediation courses do not count toward his degree program so he may need to take extra credits and his college degree may take longer to complete
29.
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)
Plan backwards from major deadlines
c)
Multi‐tasking 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
distracted, so it is okay to message with friends or watch TV while studying
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
tasks to be done. Wasting time writing down smaller details is not recommended
30.
Erin has been in college for 2 years and has decided that the major she has been studying isn’t for her. Changing her major and/or her college could result in:
a)
a well‐rounded college degree.
b)
the need for backwards planning.
c)
losing credits for classes she has already taken.
d)
remediation courses to make up for the change in majors.
31.
David plans to apply for college in 2 years. His guidance counselor suggested that he begin adding items to a ‘college/training application’ folder. Which items WOULD NOT be helpful as additions to
this folder?
this folder?
a)
Copies of awards and achievements he earns
b)
A list of all the extracurricular activities he gets involved in
c)
A resume of all community service and volunteer work he is actively involved in
d)
Copies of his elementary and middle school report cards
32.
As Jonah plans for his future, his family has challenged him to create a SMART goal for his career education and training. Which question is the LEAST IMPORTANT one to consider at this point?
a)
What kind of training and education do I need and how much will it cost?
b)
Is there a career pathway available if I continue my education and training?
c)
Can I get the education and training I need near where I currently live?
d)
Will a job be available and will I earn enough in my career to pay for the education and
training it requires?
training it requires?
33.
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 in 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:
her remaining 2 years of college and veterinary school. Mallory’s plan is known as a/an:
a)
career pathway.
b)
opportunity cost.
c)
debt-to-income ratio.
d)
SMART goal.
34.
The _________________ of continuing your education is the money you would have earned if you have worked instead.
a)
debt‐to‐income ratio
b)
opportunity cost
c)
benefit
d)
total estimated cost
35.
It is recommended that your educational loan payments require no more than 10‐15% of your estimated starting income. To calculate this amount, students need to calculate the _________ of their education and training.
a)
opportunity cost
b)
career pathway
c)
benefit
d)
debt-to-income ratio
36.
Sean plans to attend college in 2 years. He and his family have saved some money to help pay for it but he want to explore ways he can receive money he WON’T need to repay. Which set of options below should he explore?
a)
Federal Perkins Loans, PLUS and local bank loans
b)
Federal Student Grants, PLUS Loans, and scholarships
c)
Pell Grants, Work‐study, and scholarships
d)
Work‐study, scholarships and PLUS Loans
37.
Direct Subsidized Stafford Loans offer some features that are different when compared to borrowing money from a bank to pay for college. Which of the following is NOT difference between of a Direct Subsidized Stafford Loan and a typical bank loan?
a)
Interest rates for Stafford loans tend to be higher because the loans are held for a relatively
long period of time
long period of time
b)
Stafford Loans have deferment options
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
to apply for a Stafford Loan
38.
Carson’s family has always struggled financially due to his parents’ leaving high school before graduating and working lower paying jobs to support the family. His parents don’t want him to make the same mistake and are encouraging him to apply for scholarships and any type of student aid he might qualify for. Which application will determine which typed of need‐based aid he will
qualify for?
qualify for?
a)
Perkins Federal Loan Application
b)
Direct Subsidized Stafford Loan Application
c)
Federal Work Study Application
d)
Free Application for Federal Student Aid (FAFSA)
39.
Jaimen is struggling to make his student loan payments after college. He is considering defaulting on the student loan. Which is not a potential consequence if he decides to default on the student
loan?
loan?
a)
He could be denied credit cards, car or home loans, or apartment leases
b)
The bank could refuse to allow him to open a checking account
c)
He may not be able to obtain a marriage license
d)
His wages may be garnished
40.
Sarah learned in her Financial Education class that she needs to consider the Cost of Living when
comparing job offers. Which statement is most accurate?
comparing job offers. Which statement is most accurate?
a)
How much she will spend in moving expenses to re‐locate to the city where her new job is
b)
The average cost of basic necessities, such as housing and food in the city where her new
job is
job is
c)
The total value of the benefits package she will be offered in her new job
d)
The total amount of her college costs compared to the salary she is being offered in her
new job
new job
41.
The average cost of basic necessities, such as housing and food for a particular city is call the:
a)
standard of living.
b)
lifestyle.
c)
cost of living.
d)
economy of living.
42.
Steven is considering taking a job with a company that is offering gym memberships, flexible hours, repayment of education loans, merchandise discounts, and childcare. These components of the job offer are called:
a)
employee benefits.
b)
job perks.
c)
work incentives.
d)
competitive hiring practices.
43.
To be considered for lifelong employment a person must continually maintain their employability. Three actions below will help to maintain employability. Which one WILL NOT?
a)
Maintain high standards in honesty, reliability, and punctuality
b)
Adjust your actions to be appropriate for different situations you find yourself in, because you realize that what is appropriate in social situations is not necessarily appropriate in the work environment
c)
Continue to learn by taking classes and striving for continual improvement on the job
d)
Seek ways to blend your personal and professional images online to enable current and future employers to see that you have a varied and interesting life both in and outside of work
44.
Susan is currently working in Kansas City, MO earning $30,000 per year. She is offered a position in Indianapolis, IN earning $32,000 per year. If Kansas City’s Cost of Living Index is 100 and Indianapolis’ Cost of Living Index is 125, which is true?
a)
Susan will have more spending power if she moves to Indianapolis
b)
Susan will have more spending power if she stays in Kansas City
c)
Susan will have the same spending power in Indianapolis as she has in Kansas City
d)
There is not enough information to decide
45.
When Rob compared the Cost of Living Index for the city he currently lives in with the city where another job is located, the index for his city was 106 and the index for the other city was 78. Which statement is most likely to be TRUE?
a)
Rob chose his current job because the Cost of Living Index indicated that it would be
cheaper to live in his current city that it would have been in the other city
cheaper to live in his current city that it would have been in the other city
b)
Rob chose his current job for reasons other than a lower cost of living
c)
The cost of re‐locating to the other city increased the cost of living there so Rob chose to
live in his current city
live in his current city
d)
Even though the job in the other city offered a higher salary, it wasn’t enough to make up the difference for that city’s higher cost of living
46.
Jamie has elected to be paid by direct deposit at her new job. This means:
a)
she will receive her paycheck mailed directly to her each pay period.
b)
she will receive her pay directly into her checking account at her depository institution for
each pay period.
each pay period.
c)
she will receive her pay automatically loaded onto her payroll card at the end of each pay
period.
period.
d)
she will receive her paycheck delivered directly to her at her place of employment at the
end of each pay period.
end of each pay period.
47.
Gross income – deductions =
a)
social security.
b)
Medicare.
c)
net income.
d)
employee benefits.
48.
Shannon is reviewing her pay stub to determine how much money she earned before her deductions were subtracted. Which column should she check to find this amount?
a)
Net income
b)
Hours and earnings
c)
Employer contributions
d)
Gross income
49.
The most secure method for an employer to pay employees is to use:
a)
direct deposit.
b)
payroll card.
c)
printed paycheck.
d)
in-store credit.
50.
The regular schedule that employers pay their employees is called the:
a)
worker's compensation.
b)
pay period.
c)
employee benefits.
d)
employer contributions.
51.
Ally learned in her Personal Finance class that some paycheck deductions are required and others are optional. She is checking over her pay stub and sees several deductions. Which of the following would be TRUE?
a)
Federal Income Tax, State Income Tax, Social Security and Medicare deductions are all
required deductions
required deductions
b)
Federal Income Tax, State Income Tax, Workers Compensations, and Life Insurance are all
required deductions
required deductions
c)
Social Security, Medicare, Life Insurance, and Health Insurance are all required deductions
d)
Social Security, Medicare, Federal Income Tax, and Workers Compensation are all required
deductions
deductions
52.
Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax, and $42.05 into FICA (Social Security Tax).
What is Bob’s gross pay on his paycheck?
What is Bob’s gross pay on his paycheck?
a)
$501.66
b)
$320.00
c)
$576.92
d)
$640.00
53.
Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax, and $42.05 into FICA (Social Security Tax).
What is Bob’s net pay on his paycheck?
What is Bob’s net pay on his paycheck?
a)
$501.66
b)
$363.32
c)
$576.92
d)
$640.00
100 %
