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WorksheetsPERSONAL FINANCE FINAL REVIEW
Total questions: 54
Worksheet time: 28mins
Name
Class
Date
1.
What does the S in the SMART Goals acronym represent?
a)
Smart
b)
Safe
c)
Specific
d)
Start
2.
What does the R in the SMART Goals acronym represent?
a)
Realistic
b)
Relationship
c)
Real
d)
Rate
3.
A student that goes from one class to another when the bell rings is an example of what type of decision?
a)
Routine decision
b)
Major decision
c)
Common decision
d)
Big decision
4.
The savings tool that offers tiered interest rates that are dependent on the balance amount is called a...
a)
CD
b)
Money Market
c)
Checking
d)
Savings
5.
The insurance protection agency that protects most credit union accounts up to $250,000 is called the...
a)
NACU
b)
FDIC
c)
FICA
d)
NCUA
6.
Bank accounts in most banks are protected by the FDIC by up to $_____.
a)
$100,000
b)
$150,000
c)
$200,000
d)
$250,000
7.
This type of for-profit financial institution is owned by its investors
a)
Credit Union
b)
Bank
8.
In regards to the make-up of your credit score, what percent of your score is based off of your payment history?
a)
35%
b)
30%
c)
15%
d)
10%
9.
Which of the following is NOT considered a credit bureau?
a)
Experian
b)
Expedia
c)
Transunion
d)
Equifax
10.
The request to view an individual's credit report is called a...
a)
Credit check
b)
Credit inquiry
c)
Credit score
d)
Credit card
11.
Which of the following is NOT one of the 4 C's of credit?
a)
Collateral
b)
Capacity
c)
Capital
d)
Collections
12.
Which of the following is NOT one of the three types of credit?
a)
Closed credit
b)
Open credit
c)
Revolving credit
d)
Installment credit
13.
At which age can a consumer be approved for a credit card without the requirement of needing a co-signer?
a)
16
b)
18
c)
19
d)
21
14.
Which of the following debts cannot be erased if filing for bankruptcy?
a)
Medical debt
b)
Student loans
c)
Credit card debt
d)
Utility bill debt
15.
Which of the following types of student loans will the federal government pay the interest while the student is attending school?
a)
Subsidized
b)
Unsubsidized
16.
Which of the following types of student loans have interest rates that can change over time with or without notice?
a)
Private student loans
b)
Federal student loans
17.
Scholarships and grants are unique in that the student who is awarded them...
a)
Will have to pay back the amount over time
b)
Will not have to pay back the amount over time
18.
If an individual requests a forbearance on their student loan payments...
a)
The interest continues to accrue on subsidized loans only
b)
Interest continues to accrue on unsubsidized loans only
c)
Interest accrues on both subsidized and unsubsidized loans
d)
Interest does not accrue at all
19.
The month you can begin to apply for financial aid using the FAFSA application during your senior year of high school is...
a)
August
b)
October
c)
December
d)
January
20.
It usually takes three months for your budget to begin working well.
a)
True
b)
False
21.
With all investments, as the risk goes up, the return goes down.
a)
True
b)
False
22.
A good age to open a checking account is between the ages of 13 and 15.
a)
True
b)
False
23.
Not every state has FICA tax withholdings
a)
True
b)
False
24.
Personal finance is 20% behavior, 80% head knowledge.
a)
True
b)
False
25.
Men and women have different views about money.
a)
True
b)
False
26.
Henry Ford and J.C. Penney were pioneers of the use of credit.
a)
True
b)
False
27.
Using a credit card is a good way to find a bargain
a)
True
b)
False
28.
Liquidity is the availability of your money.
a)
True
b)
False
29.
There are two major credit bureaus: TransUnion and Experian.
a)
True
b)
False
30.
The power of cash is immediate.
a)
True
b)
False
31.
Most often identity theft is committed by strangers.
a)
True
b)
False
32.
Diversification means to spread around.
a)
True
b)
False
33.
Rate of return matters when it comes to compound interest.
a)
True
b)
False
34.
1. An electronic computer terminal used to make deposits or take cash out of a bank account.
a)
ATM
b)
MAC Book Pro
c)
Toshiba
d)
Cash register
35.
Connected to the cardholder’s bank account and used for purchases.
a)
credit card
b)
debit card
c)
social security card
d)
insurance card
36.
. Electronic access to bank accounts and cash, 24 hour access, moves money without paper.
a)
banking
b)
checking account
c)
e-banking
d)
eLearning
37.
To use a debit card or ATM safely, sign the card and write___________
a)
your name
b)
nothing
c)
See I.D
d)
parent's name
38.
What is number 3 on the check?
a)
Memo
b)
Amount expressed in numbers
c)
Check number
d)
Payee
39.
What is Number 1 on the check?
a)
Payee
b)
Signature
c)
Check number
d)
Amount expressed in numbers
40.
Mortgages and car loans are considered _____ loans.
a)
Revolving credit
b)
Unsecured
c)
Secured
d)
Store credit
41.
Your credit score can also be called __________. (Select all that apply.)
a)
Creditworthiness score
b)
FICO score
c)
Lending score
d)
Beacon score
42.
When a check is bounced, the bank will usually charge this to help cover the costs.
a)
Deposit Slip
b)
Debit Card
c)
Overdraft Protection
d)
Fee
43.
A withdrawal is:
a)
When money is switched from one account to another
b)
When money is put into your account
c)
When money is taken out of your account
d)
When money is in your account and gaining interest
44.
When your paycheck automatically gets put into your bank account, it is better known as:
a)
Direct Deposit
b)
Deposit Slip
c)
Canceled Check
d)
Money Order
45.
What are the taxes that get taken out of your check?
a)
SS, Medicare, state Withholding, Federal withholding
b)
Sales tax, Property tax, Income tax
c)
SS, Property tax, State Withholding, Sales Tax
d)
All of the Above
46.
Which of the following is a fixed expense?
a)
Credit card payment
b)
Utilities
c)
Rent
d)
Cell phone payment
47.
You want to look for high interest rates on:
a)
interest-savings accounts
b)
car loans
c)
mortgage loans
48.
You should save ____ % of your monthly income.
a)
5
b)
10
c)
15
49.
A long term goal is....
a)
weeks to months
b)
days to weeks
c)
months to years
d)
hours to days
50.
Something that is nice to have but not necessary is a
a)
need
b)
want
c)
value
d)
option
51.
Food and clothing are examples of a
a)
want
b)
expense
c)
need
d)
option
52.
The amount of money that policyholders must pay toward their own covered expenses before the insurance company pays any of the costs is known as _______________.
a)
deductible
b)
provisions
c)
claim
co-insurance
co-insurance
d)
exclusions
53.
What does PIN stand for?
a)
Personal Identification Number
b)
personal input number
c)
people in neighborhood
d)
person's identity name
54.
What does the "M" stand for in SMART?
a)
mind
b)
meaningful
c)
mature
d)
measurable
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