WorksheetsPersonal Finance Final Review
Total questions: 77
Worksheet time: 39mins
An exchange, promise of agreement between parties that is enforceable by law.
APR
Bankruptcy
Contract
Reconcile
The general rise in the level of prices for goods and services over time.
Finance Charge
Inflation
Gross Income
Collateral
The amount of money you make BEFORE deductions
net income
gross income
deductions
Assets
The amount of money you make AFTER deductions
net income
gross income
liquidity
inflation
A for-profit institution that offers a full range of financial services, including checking, savings, and lending.
Credit Union
Financial Institution
Commercial Bank
FDIC
A nonprofit financial institution that is owned by its members and organized for their benefit
Financial Institution
Commercial Bank
Credit Union
NCUA
Private or public organization that
collects funds for saving, investing, or lending
Credit Union
Financial Institution
Commercial Bank
Federal Banking System
A three digit number that helps lenders determine whether or not you will pay back loans
Credit Score
Credit Card
Personal Identification Number
Line of Credit
Federal Insurance that protects deposits up to $250,000 at a BANK
FDIC
NCUA
PIN
APR
Buy Now, Pay Now
credit card
debit card
line of credit
collateral
A private number you choose to gain access to your
accounts.
PIN
Credit Score
Line of Credit
APR
The total dollar amount you pay to use credit
Secure Loans
Gross Pay
Finance Charge
APR
Federal Insurance that protects deposits up to $250,000 at a CREDIT UNION
FDIC
NCUA
Reconcile
Secure Loans
Buy Now, Pay Later
Credit Union
Credit Card
Line of Credit
Debit Card
The maximum amount one can borrow
APR
Bankruptcy
Line of Credit
Reconcile
A loan backed by collateral
Line of Credit
Finance Charge
Secure Loans
Contract
The cost of credit as a percentage
Inflation
APR
Credit Score
Collateral
When you are completely out of money and have to sell assets to pay off debt
Reconcile
Finance Charge
Bankruptcy
Collateral
A form of security to help guarantee that the creditor will be repaid
secure loans
collateral
line of credit
FDIC
To make sure your bank statement and checkbook balance
reconcile
contract
bankruptcy
credit score
Inflation ....
increases the buying power of money
decreases the buying power of money
As interest rates rise ...
people are more likely to buy houses
people are more likely to put their money in the bank
Inflation is ....
the general rise in prices that affects everybody
the rise in prices that helps the poor people make more money
An example of a liquid asset is ...
Checking Account
CD
Real Estate (House)
Retirement Savings
Real Estate is ...
liquid because you can make lots of money selling it
not liquid because it is not easy to turn into cash quickly.
If I spend more than I earn, it is a ....
deficit
surplus
True or false? Financial institutions charge the borrower interest when they lend money?
true
false
When earning simple interest ...
the bank does not ask a lot of questions
the interest is only on the principle.
the interest is on the principle and interest
the bank will not allow you to withdraw your money
When earning compound interest ...
the bank asks a lot of questions
the interest is on the principle and the interest
the interest is only on the principle
the bank creates two accounts for your money
Equifax is ...
a credit bureau
a credit card company
a commercial bank
a way to calculate interest
Cosigning a loan means ...
you both get same amount of money
you have to pay double the interest
you may be responsible to make loan payments if the person fails to
you will get to split the interest
The difference between a debit and a credit card is ...
with debit the money comes directly from your checking account
with credit the money comes directly out of you checking account
debit and credit are the same thing
credit is easier to get
Which of these affect saving money?
amount
interest
credit
time
A long-term goal is ...
more than 1 year away
more than 2 years away
more than 5 years away
A trade of made by making one choice instead of another is referred to as ...
opportunity plans
opportunity cost
economic choice
personal choice
What does the FL in TINSTAAFL stand for?
free lunch
fixed loan
financial loan
free liabilities
If I want my paycheck to go automatically into my bank account, I should choose ...
cash advance
direct deposit
money market account
FDIC
Income, sales and property are ...
the 3 main types of taxes
the 3 main levels of taxes
3 types of liabilities
what taxes pay for
What are the levels of taxes? Select all that apply.
federal
state
local
national
Expenses that do not vary are called ...
variable
fixed
gross
net
In order to tell your employer how much tax should be withheld from your paycheck, you complete a ..
W-4
W-2
Social security
IRS
True or False? Employees, employers and self-employed people all pay social security taxes.
True
False
Taxes pay for all of these things except ...
roads
government salaries
private schools
public transportation
One negative about credit is ...
it encourages impulse spending
it lets you keep track of expenditures
it lets you build credit
you can buy now, pay later
The IRS stands for ...
Internal Revenue Service
Internal Retirement System
Income Return Service
Identity Revealing Service
Assets are best described as
things you own
financial debts and obligations for which you owe
your net worth
gross income
The money that remains after you have paid for regular or needed expenses
budget
Expenses
discretionary income
Fixed expenses
The debts that you owe
Assets
Liabilities
Surplus
Income
Which of the following is an occasional expense?
food
gas
rent
doctor's bill
Rent is a:
Fixed expense
Variable expense
Groceries are a:
Fixed expense
Variable expense
The easiest way to fix a budget where income is less than spending is ...
to get another job
reduce spending
stop paying taxes
get more interest
Which of these are signs of debt trouble?
bills come before you can pay the previous ones
you do not open bills to avoid stress
you receive letter that bills are past due
you have a high credit score
The absolute last resort when you are in debt trouble is ...
bankruptcy
insolvency
avoiding debt collectors
comparing APR
Buy now, pay later is
credit cards
debit cards
Buy now, pay now is
debit cards
credit cards
Credit unions' advantage over commercial banks is ...
lower fees/rates
higher interest on accounts
high interest on loans
fewer services offered
The balance is the
total in your account
the total you spent
the number of transactions
the interest you have earned
Your PIN ...
gives you security to access your account
gives your credit score
gives the bank access to your account
gives you free points
A CD at a bank is a ...
certificate of deposit
compact disc
cash deposit
capital discovery
A credit report is like ....
a report card for credit
a 5-digit score from lenders
a government report on your accounts
someone who tells about you to the creditor
The 3 C's that are considered when you look for credit are ...
capacity
character
collateral
calmness
An example of installment credit is ...
a car loan
a student loan
a home mortgage
a credit card
Negative Credit information can stay on a credit report for ...
around 5 years
around 7 years
around 12 years
until you retire
If you want to improve your credit score, you should...
make payments on time
run up a lot of credit debt
max out credit cards
avoid debt collectors
Which of the following take money directly out of your bank account?
credit card
debit card
personal check
bank fees
Debit card transactions take money from ....
a revolving loan
a temporary loan
a credit card account
a bank account
On a credit card statement, APR means
Account Personal Registration
Annual Percentage Rate
Average Property Rate
Assets Per Registrant
Federal Income Tax is
deducted from your pay
added to your pay
paid at the end of the year
only paid by people who buy things
A credit card grace period is the time
taken to process a credit card application
for paying an account balance without incurring a finance charge
allowed for notifying a creditor of a billing error
used for calculating interest
When you compare credit cards, you want to get the ...
lowest APR
lowest annual fee
best rewards program
highest late fees
When you used credit and pay it off gradually, you will
pay more in the end
pay less in the end
make money
stop paying when the original price is repaid
All of these are important to your credit worthiness?
current debt
current salary
past credit payments
parents' credit payments
What information appears on your credit report?
Social security number
bank account information
credit card information
your PIN number
