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Personal Finance Unit 1 Review

Total questions: 47

Worksheet time: 1hrs 4mins

Name
Class
Date
1.
Which is an example of a service?
a)
book
b)
police officer
c)
chair
d)
backpack
2.
Which is an example of a good?
a)
nurse
b)
mechanic
c)
basketball
d)
cook
3.
Does this person provide a good or a service?
a)
good
b)
service
4.

The ______ is the ways in which people make, produce and consume goods and services.

a)

Economy

b)

Commerical

c)

Market

d)

Production

5.
Someone who acquires goods and services for his/her own personal use is a ______.
a)
Producer
b)
Consumer
c)
Worker
d)
Employer
6.
The _____ refers to the entire activity of buying and selling that takes place in the world.
a)
Market
b)
Economy
c)
Store
d)
Production
7.
The amount of something that is available is...
a)
Supply
b)
Demand
8.

The number of consumers who want a service or good is called...

a)

Demand

b)

Supply

9.
Supply and demand are called...
a)
Economy
b)
Market
c)
Market Forces
d)
Determiners
10.
When there is a high demand, but low supply, prices will...
a)
Go Up
b)
Go Down
11.
When there is too much supply and low demand, prices will...
a)
Go Up
b)
Go Down
12.
Cash or assets that can be quickly turned into cash.
a)
Money markets
b)
Economic meltdown
c)
Recapitalization
d)
Liquidity
13.
Why do experts suggest that your emergency savings be in a very liquid savings tool?
a)
all of these
b)
so it is accessible if it is needed quickly
c)
so you can save as much as possible
d)
so you can earn interest on your money
14.
It is important to consider opportunity cost and trade-offs when determining how to save money.
a)
true
b)
false
15.
How quickly and easily assets can be accessed and converted into cash.
a)
Interest
b)
liquidity
c)
goal
d)
savings
16.
The percentage rate paid on money invested or saved.
a)
wealth
b)
assets
c)
principal
d)
interest rate
17.
The original amount of money saved or invested.
a)
wealth
b)
assets
c)
principal
d)
interest rate
18.

The next best option that you are giving up when you make a decision.

a)

pay yourself first

b)

opportunity cost

c)

interest

d)

service

19.

A goal that is more than 5 years is a

a)

Short term goal

b)

long term goal

c)

intermediate term goal

20.

Wants are things that _____.

a)

add comfort to your life.

b)

what we need to survive.

21.

The M is SMART goal stands for _____.

a)

measurable

b)

meaningful

c)

memorable

22.

Even though love is _____________________, I can feel it when I'm with my family.

a)

tangible

b)

a service

c)

a good

d)

intangible

23.

Your abilities are ...

a)

the things you do well

b)

your mental competence

c)

the skills you need to do something

d)

all of the above

24.

You should plan for your career...

a)

after school

b)

in college

c)

throughout your life

d)

once in a lifetime

25.
Change 6.75% to a decimal.
a)
67.5
b)
.675
c)
675
d)
.0675
26.

Emilio borrows $1200 from a bank with 8% simple interest, how much will he have to pay back total in 1 year?

a)

$960

b)

$96

c)

$2160

d)

$1296

27.

If $1,000 is invested at 16% interest, compounded annually, for five years, what is the ending balance?

a)

$1,225,54

b)

$2,100.34

c)

$22,255.40

d)

$225.54

28.
Interest earned on both the principal and the earned interest.
a)
direct deposit
b)
interest
c)
compound interest
d)
savings club
29.
a series of equal, regular deposits
a)
principal 
b)
interest
c)
inflation
d)
annuity
30.

The amount that your original deposit will be worth in the future based on a specific interest rate over a specific period of time.

a)

value

b)

future value

c)

present value

d)

time value of money

31.

Increase in an amount of money as a result of interest or dividends earned

a)

value

b)

time value of money

c)

present value

d)

future value

32.
This term refers to the original amount of a loan OR the original amount of money invested. 
a)
Principal
b)
Interest
c)
Rebate
d)
Fixed Rate
33.
What will you pay back if you borrow $
a)
principal only
b)
interest only
c)
interest and finance charges
d)
principal + interest
34.

How can inflation be defined?

a)

Increased national GDP

b)

An ever increasing cost of living due to rising costs of goods and services

c)

Annual rise in the price of consumer goods

d)

Deflating value of a nation's monetary funds

35.
A general rise in overall prices is called:
a)
Deflation
b)
Inflation
c)
Consumer Price Index
d)
Federal Reserve
36.
When banks pay you money for using your money, what is that called?
a)
interest
b)
loans
c)
checks
37.
Calculate 25% of 80
a)
20
b)
80
c)
48
d)
95
38.
What is 90% of 250?
a)
245
b)
225
c)
255
d)
244.33
39.

Round 18.888 to the nearest tenths place.

a)

19

b)

18.9

c)

18.89

d)

18.88

40.

Round to the nearest cent.

$18.589

a)

$18.50

b)

$18.59

c)

$18.60

d)

$19.00

41.

Round 865,800 to the nearest thousand.

a)

866,800

b)

866,000

c)

860,000

d)

865,800

42.

Saving money for the holidays is an example of...

a)

a long term goal

b)

an internediate term goal

c)

a short term goal

43.

As interest rates rise ...

a)

people buy more and put less in the bank

b)

people put more money in the bank and buy less

c)

people don't change what they do

d)

people lose interest

44.

The central banking organization of the United States is called the ...

a)

Banking Reserve of America

b)

United States Reserve Bank

c)

Federal Bank Reservation

d)

Federal Reserve System

45.

Select ALL that are part of the financial planning process.

a)

Determining your current financial situation

b)

Developing financial goals

c)

Acquiring consumable and durable goods on credit

d)

Identifying and evaluating alternative courses of action

46.
Simple Interest:
Loan Amount = $200
Interest Rate = 3%
***What is the amount that will be added every time?***
a)
$3
b)
$6
c)
$200
d)
$600
47.
Find the total amount in the account to the nearest cent if the interest is compounded annually. 
$2750 at 8% for 2 years
a)
$2200.00
b)
$3207.60
c)
$8910.00
d)
$2750

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