WorksheetsUnit 7: Personal Finance
Total questions: 28
Worksheet time: 14mins
Something of value that a borrower lets the lender claim if a loan is not repaid
Mortgage
Principal
Collateral
Credit Card
Which protects consumers from being denied credit based on gender, age, race, national origin, religion, or marital status?
Equal Credit Opportunity Act
Fair Credit Reporting Act
Financial Reform Act
Truth in Lending Act
Amount originally borrowed in a loan
Collateral
Principal
Usury Law
Credit
Installment debt owner on houses, buildings, or land
Mortgage
Credit
Interest
Collateral
Standard of living is
The material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied.
Whatever is owned by individuals rather than the government.
Expansion of the economy to produce more jobs, goods, and wealth.
Ad that attracts consumers with a low-priced product, then tries to sell them a higher-priced product.
Any person or group that buys or uses goods and services to satisfy personal needs and wants is a
Profit
Market
Consumerism
Consumer
A car is an example of a:
consumable good
durable good
normal good
staple good
Goods and services necessary for living, such as food, shelter, and clothing are:
luxuries
needs
staples
wants
The process or activity of using goods is called:
distribution
exchange
production
consumption
A high school student is paid minimum wage to work at a local restaurant. The student's pay would be classified as:
overtime
commission
hourly
salary
The form used to report the taxable income a worker received during a calendar year is:
Form W-4
Form W-2
Form 1040EZ
Form 1099-INT
What type of card is being used when purchases are made and the amount is automatically deducted from the checking account?
Debit Card
Credit Card
Gift Card
Reward Card
When looking at your personal budget projection for the next month, you see that there are more expenses than income. What is the FIRST measure that should be taken to make the budget balance?
Cut back on expenses.
Ask for a cut in work hours.
Take out a loan.
Increase expenses.
What card is BEST to have the ability to buy goods now and pay later?
Debit Card
Gift Card
Credit Card
Rewards Card
Amount the borrower must pay for the use of someone else's funds
Bankruptcy
Credit
Collateral
Interest
Type of loan repaid with equal payments over a specific period of time
Unsecured Loan
Installment Debt
Interest
Durable Goods
Loan that is backed up by collateral
Usury Law
Secured Loan
Credit
Unsecured Loan
Cost of credit expressed as a yearly percent
Credit Rating
Finance Charge
Annual Percentage Rate (APR)
Installment Debt
Investigation of a person's income, current debts, personal life, and past history of borrowing and repaying debts.
Credit Card
Credit Bureau
Credit Check
Credit Union
Loan guaranteed only by a promise to repay it
Unsecured Loan
Usury Loan
Interest
Secured Loan
Where consumers go to borrow money - banks, mortgage companies, etc
Financial Risk
Payback Method
Primary Market
Pure Risk
Which of the following is the BEST choice as a financial service provider?
Loan Shark
Pawn Shop
Credit Union
Stock Market
Federal or state chartered financial institutions accepting deposits that they use to make loans and earn profits are known as:
finance companies
investment companies
commercial banks
credit unions
The person who places money in the stock market is known as a/an:
mediator
agent
banker
investor
What professional would a potential investor see when debating on investing in the stock market?
Stock Holder
Stock Employer
Stock Exchange
Stock Broker
In a corporation, a unit of ownership is called a:
deed
dividend
share
title
Anything for which a person is legally bound or responsible
Risk
Liability
Pure Risk
Legal
Money income a person has left to spend after necessities have been bought is
Disposable Income
Rational Choice
Traditional Economy
Discretionary Income
