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Personal Finance Final Review

Total questions: 77

Worksheet time: 1hrs 12mins

Name
Class
Date
1.

What kind of account is your Debit account linked to?

a)

Checking Account

b)

Savings Account

c)

Emergency Savings

2.

How many digits are in the pin number

a)

2

b)

5

c)

4

3.
Money is withdrawn directly from a checking or savings account.
a)
Debit Card
b)
Credit Card
4.
Each purchase is a loan that is repaid later.
a)
Debit Card
b)
Credit Card
5.
What does APR stand for?
a)
American Peoples Reports
b)
Annual Progress Report
c)
American Percentage Rate
d)
Annual Percentage Rate
6.

How can you avoid paying interest on a credit card?

a)

Only pay the required minimum balance.

b)

Pay the full balance every monty

c)

Only use a credit card for cash advances

d)

Doesn't matter, Interest is always paid on a credit card.

7.
When money is withdraw from the bank account and the available balance goes below zero
a)
Micro-Finance
b)
Overdraft
c)
Government subsidies
d)
Share capital
e)
Loan Capital
8.

What is the average overdraft protection fee?

a)

$20

b)

$50

c)

$25

d)

$35

9.

A key difference between saving and investing is

a)

Saving is for everyone, investing is for the wealthy

b)

Your money is insured when investing, it is not in savings

c)

Investing has a guaranteed return, savings does not

d)

Saving is for emergencies & goals, investing is for long-term wealth

10.
Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?
a)
$150
b)
$192
c)
$1350
d)
$1392
11.
The compound interest formula is:
A = P(1 + r)t

What does the A represent?
a)
The amount of interest earned.
b)
The amount of time that has passed.
c)
The total amount of money after a certain amount of time.
d)
The amount required to invest.
12.
The simple interest formula is I=Prt.  What does the t represent?
a)
Principle
b)
Interest
c)
Time, in hours
d)
Time, in years
13.
Find the following Balance:
$600 invested at 6% compounded annually for 7 years.
a)
$2273.04
b)
$1080.57
c)
$1057.95
d)
$902.18
14.
It is best if you pay more than the minimum amount due on your credit card
a)
true
b)
false
15.

You will be paid for a certain amount of days.

a)

biweekly

b)

pay period

c)

per hour

d)

monthly

16.

A document that states the amount of money earned and taxes paid throughout the previous year.

a)

W2

b)

W4

c)

YTD

d)

deductions

17.
Taxes are deducted from all employees paychecks
a)
true
b)
false
18.
For which tax deduction was $64.50 deducted from Antoine Smith's gross income?
a)
Social Security
b)
Medicare
c)
Federal Withholding Tax
d)
State Withholding Tax
19.
Why do you need to fill out a W-4?
a)
It lets your employer determine what kind of health insurance you need.
b)
It helps your employer determine what percentage of your income should be deducted for taxes.
20.

The easiest federal income tax form is called ____.

a)

tax preparer

b)

refund

c)

1040 EZ

21.
What is gross income?
a)
Take home pay
b)
Total amount of wages after deductions
c)
Total amount of wages before payroll deductions
d)
Amount the employer keeps
22.

What is net income?

a)

Amount of money earned after deductions

b)

Cost of lifetime allowance

c)

Amount of money earned before deductions

23.

FAFSA stands for.......

a)

Free Application For Student Aid

b)

Foreign Affairs For Student Agriculture

c)

Federally Assigned Fish Sandwiches Association

d)

Floppy Apples For Students of America

24.

What does FAFSA provide?

a)

Grants

b)

Student Loans

c)

Work/study funds for college/career school

d)

All of the above

25.
What feature is LEAST important for a college student to look for in a checking account?
a)
Low minimum balance requirement
b)
Interest rate
c)
Fees
d)
ATM availability
26.

What should you not consider when choosing a bank?

a)

Convience

b)

Possible fees

c)

How cool their logo is

d)

Minimum balance required

27.

To be eligible for federal or state aid, you must complete the Free Application for Federal Student Aid.

a)

True

b)

False

28.
What percentage of full-time undergraduate students receive some type of financial aid?
a)
40 percent
b)
50 percent
c)
60 percent
d)
70 percent
29.

What type of financial assistance does not have to be paid back?

a)

Loans

b)

Grants

c)

Scholarships

d)

Work Study

30.

Usually awarded for a student's academic achievements in high school, as well as for special talents and unique traits, such as musical or athletic skills.

a)

Merit-based

b)

Need-based

31.

Awarded based on your family’s financial situation

a)

merit-based

b)

need-based

32.

These federal grants are awarded only to undergraduate students who display exceptional financial need

a)

Federal Pell Grants

b)

Federal Supplemental Educational Opportunity Grants (FSEOG)

c)

Teacher Education Assistance for College and Higher Education (TEACH) Grants

d)

Iraq and Afghanistan Service Grants

33.

Credit scores can range from

a)

100-800

b)

0-1,000

c)

300-850

d)

500-1,000

34.
Designed for banking customers who have access to a smartphone or tablet
a)
Online banking
b)
ATM
c)
PIN
d)
Mobile banking
35.

Why use a Check Register?

a)

Record financial transitions

b)

Prove you are smarter than the banking staff

c)

It is a federal reserve requirement

d)

This is how you make deposits

36.
Principal = $500
Interest earned in 4 years = $60.
Find the interest rate.
a)
1%
b)
2%
c)
3%
d)
4%
37.
What is the correct definition of interest?
a)
money paid to you by a bank for the money you have in a bank account
b)
put into a bank account
c)
to borrow something
38.
The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  
a)
the amount of money borrowed or deposited
b)
the percent interest for his year
c)
the amount taxed
d)
the amount the bank owes you for being a customer at their bank
39.
What does the "I" in the interest formula stand for?
a)
Important
b)
Interest
c)
Internet
d)
Igloo
40.

What is the TERM of a loan?

a)

The length of the loan

b)

The internet rate of the loan

c)

How much is owed overall

d)

How much is paid each month on the loan

41.

A share of value of a company which can be bought, sold, or traded as an investment

a)

Stocks

b)

401K Plans

c)

S & P 500

d)

The NASDAQ Composite

42.

the largest exchange in the U.S., located in the New York City

a)

NASDAQ

b)

AMEX

c)

S & P 500

d)

NYSE

43.

The chance of losing money in the stock market?

a)

investing

b)

return

c)

risk

d)

Liquidity

44.
Stockholders can reduce the risk on their stock investment by diversifying their portfolios.
a)
TRUE
b)
FALSE
45.
When the market turns upward and prices are increasing
a)
Bear
b)
Bull
c)
No such term
d)
Bronco
46.
When the market takes a downhill turn and prices are decreasing
a)
Bull
b)
Bear
c)
No such term
d)
Bronco
47.
The possibility of losing some or all of a particiular investment.
a)
risk
b)
index
c)
industry
d)
profit
48.
Using someone else's money, promising to repay at a future date, and paying a fee for use of the money, is the definition for:
a)
debit
b)
lending
c)
credit
d)
garnishment
49.
How do you ruin your credit?
a)
Have someone Co-Sign your loan
b)
Not pay your bills
c)
Get a gas/Apartment card
d)
Cats
50.
What is a credit report?
a)
Credit History from Credit Bureaus
b)
A way to keep crying
c)
A life ruiner
d)
What death sounds like
51.
Having a low credit score can make it more difficult to: 
a)
Obtain a car loan. 
b)
Open a new credit card.
c)
Secure an apartment lease. 
d)
All of the above. 
52.
Interest is: 
a)
A charge for lending money to a bank
b)
The amount owed for borrowing money
c)
the amount added into your savings when opening a bank account
d)
a charge for the convenience of accessing money stored in your bank account
53.
What is a co-signer?
a)
Someone who watches as you sign off on a loan to make sure you don't commit fraud
b)
Someone who signs off on a loan with you so you know how to do it yourself later on
c)
Someone who agrees to make payment on the other person's debt should that person default.
54.

Which of the following will help you boost your credit score?

a)

Pay the minimum balance each month

b)

Wait until later in life to establish credit so you don't make mistakes

c)

Pay off your credit card balance every month

d)

Being young and having not ever used credit

55.
Only rich people invest in the stock market.
a)
True
b)
False
56.

Which of the following people is in the best place to invest in stocks for most of their portfolio?

a)

60 year old retired teacher

b)

15 year old without a job

c)

23 year old recent college graduate that has a good, steady job

d)

40 year old that has a mortgage and 4 kids

57.
What is the main reason people have money problems?
a)
They don't make enough money.
b)
They don't plan how they'll use their money.
c)
They don't make enough interest on savings accounts.
d)
They spent more money than they make.
58.
the knowledge and skillset necessary to be informed consumer and manage finances effectively
a)
financial literacy
b)
budgeting
59.
The _______ is the amount of time for which a loan is granted before it has to be repaid
a)
term
b)
principal 
c)
amount financed 
d)
final payment 
60.

Which is TRUE when you make only the minimum payment each month?

a)

You ar charged interest on the remaining balance

b)

Your credit line is restored to its maximum amount

c)

Credit card companies have permission to sell your information

d)

It is the fastest way to pay off your debt

61.

What information on a Schumer Box should you focus on when choosing a credit card?

a)

The term of the credit card

b)

Annual Percentage Rate (APR)

c)

Grace Period

d)

Fees

62.

A shorter auto loan term means ____ monthly payments & ____ total interest you'll pay.

a)

higher, less

b)

lower, more

c)

higher, more

d)

lower, less

63.

Using online banking, people can make deposits and withdrawals, just like a real bank.

a)

True

b)

False

64.

What do we call an automatic deposit of a check or net pay directly into our bank account?

a)

Gross pay

b)

Direct deposit

65.

Money you earn; usually from a job, money COMING IN

a)

Budget

b)

Expense

c)

Income

66.

Goods and services you purchase

a)

Expense

b)

Income

c)

Budget

67.

Amount of money you have to spend

a)

Cost

b)

Budget

c)

Priority

68.

Things that are most important to you

a)

Priorities

b)

Costs

c)

Budgets

69.

Goods and services that are NOT NEEDED for survival

a)

Needs

b)

Wants

c)

Costs

70.

Goods and services that MUST HAVE in order to survive

a)

Cost

b)

Wants

c)

Needs

71.

Various types of savings programs include

a)

Regular savings accounts

b)

Certificates of deposit

c)

Regular checking account

d)

Electronic Cash

72.
The percentage rate that is used when calculating the interest (money) paid on a savings, money market, or investment account.
a)
Rule of 72
b)
Interest rate
c)
Simple Interest
d)
Rate of Return
73.
Act of purchasing assets (stocks, bonds, property) with expectation that they will increase in value over time.
a)
Withdrawing
b)
Depositing
c)
Time Value of Money
d)
Investing
74.
Refers to the likelihood that an investment will decrease in value.
a)
Chance
b)
Gamble
c)
Stake
d)
Risk
75.
A portion of your income that you do not spend on your current needs, but instead set aside for future needs.
a)
Collateral
b)
Discretionary Income
c)
Savings
d)
Net Worth
76.
An account you set up at a depository institution where you put funds for future use.
a)
Checking Account
b)
Christmas Fund
c)
Vacation Fund
d)
Savings account
77.
A quick way to estimate the amount of time it will take for your money to double when placed in a savings account at a given interest rate. 72 divided by interest rate.
a)
Rule of 27
b)
Rule of Doubles
c)
20/10 Rule
d)
Rule of 72

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