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WorksheetsWISE Modules 1-9 Test Review
Total questions: 35
Worksheet time: 23mins
Use the Rule of 72 to calculate how long it will take for your money to double if it's earning 6% in interest
12yrs
16yrs
36yrs
72yrs
Asim's Monthly Expenses Budget
School Supplies $75
Food $100
Entertainment $25
Transportation $50
Savings $25
Total $275
Use the information above to answer the following question:
Asim earns $250 per month. Which statement below is most correct?
Asim makes more than she spends
Asim spends more than she makes
Asim should save more in the future
Asim should stop saving in the future
Which will most benefit you financially?
A savings account that compound interest daily
A savings account that compound interest monthly
A savings account that compound interest yearly
A savings account that does not compound interest
(Check all that apply) Which of the following are examples of types of savings vehicles?
Certificate of Deposit
Money Market Account
Checking Account
Savings Account
Use the picture above to answer the following: The first set of numbers (789123456) on the check represents the:
bank account number
check number
bank routing number
member number
Which type of bank account typically offers no interest?
Savings
Money market
Certificate of Deposit
Checking
Which of the following typically have the highest fees?
Retail Bank
Credit Union
Online Bank
Payday Lender
Which of the following typically has the lowest fees or costs to use?
Debit card
Credit card
Cash advance
Payday Loan
Use the picture above to answer the following: The set of numbers (0025) on the top-right of the check represents the
check number
bank account number
member number
the bank routing number
The term referring to the rate of yearly interest for your credit card is commonly known as
Default rate
APR
COD
Grace Period
Use the Credit Card Disclosure to answer the following: What is the customary APR on purchases after the initial 12 months?
36.5%
27.357%
18.25%
5.65%
Use the Credit Card Disclosure to answer the following: What is the annual fee for this card?
$0
$5
$29
$39
Your credit history is tracked by all of the following EXCEPT:
Equifax
Federal Reserve
Experian
Trans Union
(Check all that apply) Good credit is usually required for which of the following:
Buying a new car
Getting a credit card
Adopting a pet
Purchasing a home
Renting an apartment
(Check all that apply) Which of the following could potentially damage your credit score?
Paying a credit card bill late
Paying a roommate back
Paying a speeding ticket
Opening 3 credit cards at once
Ignoring a late payment notice
The form filed by students to receive federal financial aid for school is known as:
FASFA
FIFA
FICO
FAA
Borrowing a subsidized federal student loan means:
The government will repay the loan in full provided you graduate
The government will pay the interest on the loan until 6 months after you graduate
The government will repay the loan if you take a certain type of job after you graduate
The government will pay the loan as long as you have steady full time employment after you graduate
Which of the following is an advantage of federal student loans?
Federal student loans have a fixed interest rate
Federal student loans are only available to students who can demonstrate financial need
Federal student loans must be paid back while your in school
Federal student loans do not accumulate interest
The period before you have to begin repaying your student loans is known as the:
default period
zero interest period
grace period
promotional period
Which statement is most correct when choosing to rent or buy a home?
Rent a home only until you can afford to buy one
Buy a home because it is better than renting one
Rent a home because it is better than buying one
Buy or rent a home based on your individual circumstance
Which of the following statements is most correct?
A benefit of owning a home is that it is easier to move
A benefit of renting a home is that you can make renovations to the home
A benefit of owning a home is that the value may appreciate
A benefit of renting a home is that you can move out whenever you want
What are the responsibilities of a renter versus an owner?
A renter living in a house has complete responsibility and control over the property
An owner of a house has complete responsibility and control over the property
Neither a renter nor an owner has any responsibility and control over the property-its completely controlled by the government
Both a renter and the owner have equal responsibility and control over the property
(Check all that apply) Which of the following should you take into consideration when deciding to buy or lease a car?
Cost of the car
Monthly loan payment
Your monthly budget
Down payment
Your current savings
Which form is your employer required to send to you before you file your tax return?
Yearly paycheck stub
1040EZ
W-4
W-2
Isaiah needs to visit the doctor. The cost of the appointment without insurance is $200. Isaiah has an insurance plan through his employer with a $50 monthly premium and $20 copay. How much will Isaiah have to pay his doctor?
$0
$20
$50
$200
By what date must federal taxes typically be filed and sent to the IRS?
March 17
April 1
April 15
March 15
Which of the following drivers will likely pay the highest auto insurance premiums?
Younger, inexperienced drivers
Older, experienced drivers
Drivers who have a safe driving records
Drivers who travel short distances
How often are you entitled to a free credit report from each of the major credit reporting companies?
Yearly
Monthly
Whenever you use credit
Prior to making large purchases
Which of the following provides the best protection against identity theft?
Open up a new bank account every year
Shred documents that contain personal information
Pay all bills with cash only
Never use a credit card
Which piece of information is most useful to an identity thief?
Your full name and address
Your full name and date of birth
Your full name and social security number
Your full name and student ID number
Which of the following steps best your credit history if you suspect fraud?
Contact the credit bureaus and report suspected fraud
Contact the store where your credit card was used and request a refund
Contact the local police department and file a complaint
Contact the chamber of commerce and close your bank account
When buying a stock in a company, you are
diversifying your portfolio
investing in an index fund
loaning money to a company
buying a portion of a company
When you purchase a municipal bond, you are:
buying a portion of a municipality
diversifying your portfolio
investing in an index fund
loaning money to a municipality
The main trade-off that all investors must consider is:
income vs. cost
diversity vs. uniformity
stocks vs. bonds
risk vs. return
Diversification is important in investing because...
It helps you to balance your risk across different investment types
It increases your overall risk, which guarantees that you will make more money
It ensures that you only make low-risk investments
It helps you gain the highest rate of return despite any risks
