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Personal Finance

Total questions: 65

Worksheet time: 56mins

Name
Class
Date
1.
the value of the next best alternative that is given up to obtain a preferred one
a)
trade off
b)
opportunity cost
c)
immediate gratification
2.
what people base their economic decisions on
a)
needs and wants
b)
scarcity
c)
opportunity cost
3.
currency
a)
coins and paper money
b)
checks
c)
credit cards
d)
debt
4.
high risk investment
a)
savings account
b)
savings bond
c)
stock
5.
high risk can yield high
a)
profit
b)
regulation
c)
consumers
6.
A card, issued by a financial institution, that allows people to withdraw money or to pay for purchases from their checking or savings accounts. In addition, the card allows access to an automatic teller machine for other purposes; also known as a cash card.
a)
Debit card
b)
ATM card
c)
 MasterCard
d)
Visa
7.
Things that are not necessary for survival
a)
Needs
b)
Wants
8.
Things that are essential to life
a)
Wants
b)
Needs
9.
the process of spreading one's assets among several different types of investments to lessen risk.
a)
Investments
b)
Rule of 72
c)
Diversification
d)
Stock
10.
This for occupants who do not own the property but want to protect their personal belongings that are in the home or on the property. It is important for renters to note that the property owner's insurance policy does not cover them, and their items are lost in the event they are damaged or destroyed.
a)
 Renter's insurance
b)
Homeowner's Insurance
11.
This insurance protects the consumer against possible financial loss
a)
Insurance Policy
b)
Premium
c)
Risk
d)
Savings Account
12.
relationship between education and earnings
a)
the more you learn the more you will owe
b)
the more you earn the less you learn
c)
the more you learn the more you earn
d)
the more you learn, the less you earn
13.
why is education so important to employment
a)
employers want workers with values
b)
employers want workers with knowledge and skills
c)
employers want to pay workers more
14.
When do you start paying into Social Security?
a)
When you retire
b)
When you turn 30
c)
When you get a full-time job
d)
When you want to
15.
What happens if you do not pay a credit card bill on time?
a)
Use your debit card
b)
You go into debt
c)
Declare bankrupty
d)
Pay interest
16.
Amount of money originally borrowed
a)
Mortgage
b)
Principal 
c)
Annual percentage rate (APR)
d)
Finance company
17.
401(k), IRA, and Roth IRA are all examples of a __________ account.
a)
Retirement
b)
College Savings
c)
Low Interest
d)
Stock
18.
Discretionary income is 
a)
extra money after you pay your bills
b)
part of your monthly bills
c)
money you can't spend
d)
money lost to taxes
19.
Everyone pays this type of tax.
a)
income
b)
sales
c)
FICA
d)
estate
20.
Why is is so important to keep a written monthly budget?
a)
So you tell your money where to go and not wonder where it went.
b)
So you don't end up with more month at the end of your money.
c)
So you gain control over your spending.
d)
All answers correct.
21.
What does it mean to "keep up with the Jones'"
a)
Live within your means.
b)
Spend money you don't have.
c)
Keep a monthly budget.
d)
Drive a reliable used car.
22.
If your debt far exceeds you ability to pay it you should...
a)
Get a better or second job.
b)
Sell your vehicles and replace them with cheap used ones.
c)
Increase your income and decrease you debt anyway possible.
d)
Sell your house and move into an apartment.
23.
One element of a financial goal is missing in this example. “I will save $150 each month to go on a vacation in one year.” Which one is it?
a)
Time Bound
b)
Specific
c)
Attainable
d)
Measurable
24.
Percentage paid to a lender for the use of borrowed money or the percentage earned on invested principal is
a)
interest rate
b)
savings rate
25.
You should save money for three basic reasons: emergency fund, purchases, and wealth buidling.
a)
True
b)
False
26.
Interest paid on interest previously earned is
a)
compound interest
b)
interest
27.
Money set aside and left alone for a "rainy day" is called
a)
emergency fund
b)
savings account
28.
When a person intentionally invests money in a place where it can earn more money 
a)
wealth building
b)
sinking fund
29.

Jenna wants to improve her financial well-being. Which would contribute the most to her financial well-being?

a)

Taking a personal finance class to learn how to manage her money

b)

Paying her grandma back the money she borrowed to take a school trip last year

c)

Talking to her friends about how to manage her money better

d)

Opening another checking account to help her organize her money

30.
Bruce and Jennifer, a recently married couple with full-time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?
a)
Short term
b)
Unrealistic
c)
Intermediate
d)
Long Term 
31.
What is a financial reserve?
a)
An amount of money that's been set aside for emergencies
b)
An amount of money that's been set aside for short-term goals  
c)
A way of organizing finances to set and meet goals  
32.
Which of the following is an unexpected expense?
a)
Water Bill
b)
Groceries each month
c)
Car Repairs
33.
How might taxes have an impact on your financial plan?
a)
Taxes impact how high interest rates are.  
b)
Taxes control how much of your income you keep. 
c)
Taxes control the rate of inflation.
34.
What is a tax bracket?
a)
The rate at which income is taxed  
b)
The form used to file taxes  
c)
The way the government calculates tax returns
35.
collateral
a)
it is forfeited to the lender if person cannot repay loan
b)
cash or coin
c)
credit
36.
This type of interest "creates a mathematical explosion," and it can make you wealthy over time, or keep you in debt for a long time.
a)
compound
b)
sinking
c)
annual
37.
Cost of credit expressed as a yearly percentage 
a)
Mortgage
b)
Principal
c)
APR
d)
Finance company
38.
What does CD stand for when talking about investments?
a)
Calculated Dividend
b)
Certificate of Deposit
c)
Central Dollar
d)
Current Deposit
39.
A mutual fund allows investments to be ___________.
a)
Secured
b)
Guaranteed
c)
Diversified
d)
Minimal
40.
This type of retirement account offered by employers to their employees allows them to set aside tax-deferred income.  Sometimes employers will even match the employee contribution up to a certain amount.
a)
mutual fund
b)
401(k)
c)
Roth IRA
d)
savings
41.
This is just a savings account with a slightly higher interest rate because the saver commits to a longer saving period for a set amount deposited.
a)
C.D.
b)
debt
c)
beneficiary
42.
Term that applies to the ability to buy something now and pay for it later over a period of time (usually with having to pay a finance charge and/or the addition of interest). 
a)
Savings
b)
Profit
c)
Budgeting
d)
Credit
43.

What is a credit score?

a)

a three-digit score that tells lenders how much money you make each year.

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

44.

Savings is...

a)

Money you have spent.

b)

Your allowance.

c)

All the money you have saved.

d)

Using coupons.

45.

What is a budget?

a)

a group that helps the community

b)

a safe place where people keep money

c)

a center where you can donate things

d)

a plan for spending and saving money

46.

The goal of a budget is to SAVE more than you SPEND.

a)

True

b)

False

47.
Managing money continuously through life in order to reach your financial goal.
a)
Money management
b)
Financial Planning
c)
Financial Well-Being
d)
Personal Well-Being
48.

A tax in which the rate stays the same, regardless of income is called a

a)

proportional tax

b)

consumption tax

c)

regressive tax

d)

progressive tax

49.

The charge for borrowed money generally defined as a percentage is called _________________________.

a)

expense

b)

investment

c)

scarcity

d)

interest

50.

to take back possession of something

a)

Steal

b)

Theft

c)

Repossess

d)

Interest

51.

The record of a person’s payments on loans

a)

Bill

b)

C-Notes

c)

Investments

d)

Credit History

52.

a number assigned to a person that indicates his or her capacity to repay a loan

a)

Jersey #

b)

Loan Score

c)

Credit Score

d)

Bank Score

53.

A detailed report of an individual's credit history.

a)

Cash flow statement

b)

Credit report

c)

Credit card

d)

Bank Statement

54.

In the past 12 months, Mia has made 4 late payments on her credit card. How will this affect her credit score?

a)

Her score will go up

b)

Her score will stay the same.

c)

She will likely get more credit card offers.

d)

Her credit score will go down.

55.
The story of Ben & Arthur, the two brothers who saved and invested at different times in their lives, illustrates the exponential power of ______.
a)
credit cards
b)
liquidity
c)
having an emergency fund
d)
compound interest
56.

Which financial institution is MOST LIKELY to require membership and offer low loan rates to its members?

a)

savings and loan

b)

credit union

c)

retail store

d)

bank

57.

Which shows the correct order of investments going from MOST risky to LEAST risky?

a)

savings accounts, bonds, mutual funds, stocks

b)

stocks, savings accounts, mutual funds, bonds

c)

savings accounts, mutual funds, stocks, bonds

d)

stocks, mutual funds, bonds, savings accounts

58.

Joey's father is in a car accident and cannot work. What type of insurance replaces his father's earnings?

a)

Property and liability

b)

Health

c)

disability

d)

unemployment

59.

Sally is not feeling well so her mother takes her to the doctor. The doctor tells her she has strep throat, gives her medication and sends her home. What type of insurance was used

a)

property and liability

b)

health

c)

life

d)

disability

60.

David's mother is killed in an automobile accident. What type of insurance would provide his family financial support to cover the paid and unpaid work his mother performed?

a)

Property and liability

b)

life

c)

health

d)

worker's compensation

61.

When dealing with investments, as risk of losing money increases

a)

it is more likely the investment is short term.

b)

more insurance is needed to protect the investment

c)

more people take that risk.

d)

the rate of return is usually higher

62.

When dealing with insurance, a person paying a higher deductible will typically have

a)

smaller returns

b)

higher inflation

c)

greater risk

d)

lower premiums

63.

Mr. Jones has a large sum of money he wishes to invest. He wants the largest return possible and is not very concerned with high risk. Based solely on this information, the best type of investment for Mr. Jones would be a

a)

savings account.

b)

stock

c)

treasury bonds

d)

mutual funds

64.

Complete record of your borrowing and repayment performance.

a)

Personal info

b)

Personal history

c)

Credit history

d)

Credit info

65.

Measure of credit worthiness based on your financial history.

a)

Rating

b)

Credit rating

c)

Credit

d)

Report

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