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WorksheetsPersonal Finance Semester Review
Total questions: 35
Worksheet time: 18mins
Which of the following is true of a subsidized student loan?
If you maintain a high grade-point
average, you do not have to repay the loan.
Interest is not charged until after you graduate.
The form used to report taxable income a worker received during the calendar year is
Form W-4
Form W-2
What index measures inflation?
COLA
BBB
CPI
FICA
Which degree takes the most time to complete?
bachelor's degree
master's degree
associate's degree
doctorate degree
Which of the following agencies allows you to file a complaint against businesses, or find out information about local business?
Consumer Product Safety Commission (CPSC)
Better Business Bureau (BBB)
Major Appliance Consumer Action Panel (MACAP)
National Consumers League (NCL)
This agency oversees the securities market and brought down Bernie Madoff
FDA
FTC
NBC
SEC
What helps individuals keep up with the pace of inflation?
increase in spending
losing their job
cost of living adjustment (COLA)
high gas prices
When purchasing things on the spur of the moment
rational buying
impulse buying
emotional buying
unplanned buying
This illegal multi-level marketing gimmick promises riches
pigeon drop
bait and switch
low-balling
pyramid scheme
Groceries are this type of expense
an asset
fixed expense
variable expense
inconvenient expense
Which of the following is a fixed expense
food
clothing
gas bill
electricity bill
mortgage payment
Which one is the asset?
car loan
mortgage
savings account
credit card balance
A credit card balance or a car loan is known as a(n) _________?
asset
liability
variance
cash inflow
“Pay to the order of "Patrick Star” is this type of endorsement?
blank endorsement
special endorsement
restrictive endorsement
signature endorsement
If you mess up while writing a check write this on it
VOID
CHECKMATE
STRAIGHT OUTTA CHECKS
N/A
4% of $28,000 is_______________________
$1,500
$2,000
$1,120
$1,100
To calculate your net worth use this formula
assets plus liabilities
assets minus liabilities
assets minus cash outflow
net worth minus assets
How many weeks are in a year?
48
49
50
52
The rule of 72 shows how many years it will take for an investment to double. How long will it take $10,000 to double earning 4%?
3
6
18
8
The difference between a debit card and a credit card is which of the following?
a debit card withdraws money from a designated bank account for immediate payment instead of making purchases and paying for them later.
they are both the same
credit cards are widely accepted by stores, debit cards are not.
debit cards are not attached to a bank account like a credit card is
The primary purpose of a checking account is
to buy shares in it.
to hold taxes in it due to the government
to provide easy access to your money in a safe place.
to hold money and save for the future
What would cause a person to "bounce" a check ?
writing more than one check in a day
having insufficient funds in their account
withdrawing money from their savings account
using their credit card to buy an iPhone
What type of car insurance is required by law?
collision insurance
comprehensive insurance
liability insurance
earthquake and flood insurance
How do people lower their chances of sustaining an insurance loss?
risk transfer
risk assessment
risk avoidance
risk reduction
What is insurance?
a contract to protect a person from a loss
protection from predictable events
uncertainty about a situation's outcome
What is a beneficiary for a life insurance policy?
a person who receives any proceeds if the insured person dies
the person who died
the person who bought the policy
the insurance agent
What is a bond?
a stock of ownership
a type of CD
a debt instrument issued by a corporation or government to raise money.
A type of savings account
Credit for a set amount that is to be paid off in a set period of time is called what?
revolving credit
store credit
online credit
installment credit
How many times a year can a person view their credit report on annualcreditreport.com?
6
1
11
30
What is the SCHUMER BOX?
a box to inform consumers of the costs and fees associated with a credit card
information about some of the banks other products
a box to inform consumers about opening a savings account
information about debit cards
The finance charge of a credit card is calculated by using the________________________________________.
amount of the installment payment
term of the loan
annual percentage rate
minimum payment
non-installment credit has this characteristic.
equal payments every month
credit is extended in advance so the borrower does not have to apply for credit every time they need it.
individuals can borrow as much as they want
before receiving the loan they individual must put down a down payment,
A characteristic of installment credit states that the consumer must____________________________.
pay equal payments on a regular basis until the loan is paid in full.
have a revolving ongoing balance which can increase when the consumer makes a purchase.
Owning a credit card and only making the minimum payment will cause which of the following?
interest will keep accumulating
the final amount paid will be much higher
will result in slower progress when paying off the entire balance.
all of these
What is the biggest factor relating to your FICO/CREDIT score?
length of credit history
if you pay on time
amount owed
new credit issued
