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WorksheetsVirtual Business Personal Finance
Total questions: 61
Worksheet time: 1hrs 24mins
Name
Class
Date
1.
You can handle your checking account through online banking.
a)
True
b)
False
2.
Money taken out of your checking account.
a)
withdrawal
b)
stop payment
c)
endorsement
d)
outstanding
3.
Checking accounts should be used for ...
a)
everyday transactions.
b)
emergency funds.
c)
short-term goals.
d)
long-term goals.
4.
Cash can be withdrawn from a checking account using all of the following except a(n)...
a)
debit card.
b)
check.
c)
ATM.
d)
credit card.
5.
What do you need to withdraw cash from an ATM?
a)
Pin Number
b)
Debit Card
c)
Cash in your Account
d)
All of the Above
6.
If you use an ATM that is not sponsored by your bank, you may be...
a)
given extra money.
b)
given a hug.
c)
given ice cream.
d)
charged a service fee.
7.
7) A resume is a formal document that presents a person's knowledge, skills, and abilities to potential employers.
a)
True
b)
False
8.
What type of information should you include on a resume?
a)
Your social security number
b)
Your family information
c)
Your job skills and history
d)
Your family tree
9.
Which of the following can help a person lower her personal risk of loss?
a)
A will
b)
Insurance
c)
Mutual funds
d)
Home ownership
10.
Money that a person pays to an insurance company for a policy is called a
a)
debt
b)
premium
c)
deductible
d)
liability
11.
How should a person know how much coverage she needs when selecting renters insurance?
a)
Do online research to find out the minimum coverage required
b)
Ask salespeople from several different insurance companies
c)
Determine the dollar value of personal property to be covered by insurance
d)
The amount of insurance is the same for everyone
12.
What is the portion of insurance that you must pay first called?
a)
Premium
b)
Claim
c)
Deductible
d)
Replacement cost
13.
When renting an apartment, the renter should purchase renter's insurance because the owner's insurance will not cover the renter's possessions.
a)
true
b)
false
14.
Is heathcare required by law?
a)
Yes
b)
No
c)
Depends on the situation
d)
Only if you get injured frequently
15.
What is the purpose of healthcare?
a)
To make sure you don't get sick
b)
To help you pay for your medical care
c)
To ensure that you have money left over for retirement
d)
For doctors to make more money
16.
What is the definition of a premium?
a)
Health insurance
b)
The full amount you pay before your insurance company pays
c)
The amount you pay for health coverage every month
d)
The quality of service you receive based on your plan
17.
What is credit?
a)
Money allocated to a specific account for future use by the consumer without borrowing
b)
Goods, services, or money received in exchange for a promise to pay a definite sum of money at a future date
c)
The ability and willingness of an individual to pay back a loan as perceived by the lender
d)
An individual’s character, capital, capacity, collateral and conditions
18.
Amount charged if your payment is received after the billing date
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
19.
This is a fee that some, but not all, credit card issuers charge to use their credit card.
a)
APR
b)
annual fee
c)
monthly fee
d)
no such thing
20.
The amount based on the percentage of the outstanding balance, or a minimum fixed amount
a)
minimum monthly fee
b)
minimum monthly payment
c)
minimum monthly statement
d)
minimum monthly charge
21.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
22.
The maximum amount you may borrow on a credit card is known as:
a)
creditworthiness
b)
credit report
c)
credit limit
d)
variable rate of credit
23.
A plastic card that you use to access a line of pre-established credit is called:
a)
debit card
b)
credit card
c)
visa
d)
mastercard
24.
Your credit score is not configured off of which of the following:
a)
Payment history
b)
Amount owed
c)
GPA
d)
Length of credit history
25.
It is wise to compare credit card offers before choosing one
a)
True
b)
False
26.
Which of the following items can be found on a credit card statement?
a)
payments made and new charges
b)
fees and interest charged
c)
year to date totals and how long it will take you to pay it off w/minimum only
d)
all of these
27.
To build a good credit history, you should
a)
pay the minimum or more on your account each month
b)
pay on time or early
c)
be careful not to take on too much debt
d)
all of these
28.
What does APR stand for?
a)
American Peoples Reports
b)
Annual Progress Report
c)
American Percentage Rate
d)
Annual Percentage Rate
29.
Vickie makes $40,000 annually. If she pays 20% in income tax, what is the amount of income tax she will pay?
a)
8000
b)
80000
c)
2000
d)
1200
30.
Required payments to a government are_______________.
a)
income
b)
taxes
c)
medicare
31.
Total pay or earnings made over a one-year period before any deductions have been taken is _____________.
a)
gross annual income
b)
net monthly income
c)
net annual income
d)
gross monthly income
32.
The amount of salary received after taxes and deductions
a)
Gross Pay
b)
Net Pay
c)
Total Earnings
d)
Bill
33.
What form is used by your employer to allow them to withhold taxes from your paycheck?
a)
I-9
b)
W-2
c)
W-4
d)
1040EZ
34.
The primary sources of income for young people between 18 and 30, who are not living on a pension (retirement) or social security are?
a)
Profits from businesses they own.
b)
Dividends and interest from investments
c)
Rents
d)
Wages, Salaries, and Tips
35.
Use the image to figure the taxes for John, taxable income = $78,235.
a)
17212
b)
38760
c)
8527
d)
13070
36.
The form _______tells you how much was taken out of your pay for the year.
a)
W-2
b)
W-4
c)
1040
d)
1040EZ
37.
The IRS encourages you to round off to whole dollars.
a)
True
b)
False
38.
You must file your federal income tax return no later than
a)
December 31
b)
January 1
c)
January 31
d)
April 15
39.
You must file a tax return to receive a refund of taxes withheld unnecessarily.
a)
True
b)
False
40.
Taxpayers should not itemize unless their deductions exceed the standard deduction.
a)
True
b)
False
41.
The amount of money held in a financial institution.
a)
Balance
b)
Checking account
c)
Earnings
d)
Deposit
42.
An account at a bank or financial institution that people use to withdraw or deposit money.
a)
Direct deposit
b)
Checking account
c)
Check register
d)
Transaction
43.
A document used to record fees, deposits, withdrawals, and other financial transactions.
a)
Transfer
b)
Balance
c)
Check register
d)
Insufficient Funds
44.
A withdrawal from a checking account; a withdrawal using a debit card or electronic transaction.
a)
Credit
b)
Balance
c)
Deposit
d)
Debit
45.
Adding money to a financial account.
a)
Deposit
b)
Withdrawal
c)
Payment
d)
Fee
46.
Money added to an account through an electronic transaction.
a)
Deposit
b)
Direct Deposit
c)
Withdrawal
d)
Debit
47.
A transfer of money to a person or business.
a)
Credit
b)
Earnings
c)
Payment
d)
Deposit
48.
Money moved from one account to another account.
a)
Payment
b)
Transfer
c)
Transaction
d)
Deposit
49.
Subtracting money from a financial account.
a)
Withdrawal
b)
Deposit
c)
Credit
d)
Direct Deposit
50.
When financing a car, which credit score will warrant the best rate?
a)
850
b)
950
c)
300
d)
250
51.
How can one avoid paying interest on money borrowed on a credit card?
a)
Pay the amount used in full during the current billing cycle
b)
Make the minimum payment on the account statement
c)
Pay at least have of the balance showing on the statement
d)
Not making a payment at all.
52.
True or False: Your credit score can change quickly.
a)
True
b)
False
53.
What are 2 of the top 5 factors that assist in calculating your credit score?
a)
Payment History and Amount of current debt
b)
Length of credit history and types of credit
c)
Payment History and Job History
d)
Payment History and Credit inquiries
54.
What is a credit score?
a)
A credit score is a three-digit numerical rating that reflects how likely you are to fail at paying your debts
b)
A five-digit numerical rating that reflects how likely you are to repay your debt.
c)
A three-digit numerical rating that reflects how likely you are to repay your debt.
d)
A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
55.
How is credit used?
a)
Employers may check job applicants' credit.
b)
Before renting an apartment, the landlord will check the prospective tenant's credit.
c)
If you apply for a cell phone or credit card, your credit will be checked.
d)
All of these are correct, these are only some of the ways credit can be used.
56.
What actions can decrease your credit score?
a)
Pay your bills on time
b)
Only check your credit score once a year
c)
Max out your credit cards
d)
Pay off your full debt at one time
57.
True or False: Missing a payment on your credit card has no effect on your credit.
a)
True
b)
False
58.
Where does box 1 from your W2 (Wages) go on your tax form 1040?
a)
Line 1
b)
Line 2
c)
Line 6
d)
Line 16
59.
On the tax table shown, what would be the tax bracket for someone making $125,000 taxable income?
a)
10%
b)
12%
c)
22%
d)
24%
60.
What is the minimum tax a person making $510,300 taxable income would have to pay?
a)
$204,100
b)
$153,799
c)
$50,000
d)
$20,000
61.
What is the current standard deduction for a single person in the United States?
a)
$12,200
b)
$24,000
c)
$18,000
d)
$10,135
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