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Personal Finance Finals Review

Total questions: 45

Worksheet time: 39mins

Name
Class
Date
1.
What does CD stand for when talking about investments?
a)
Calculated Dividend
b)
Certificate of Deposit
c)
Central Dollar
d)
Current Deposit
2.
A mutual fund allows investments to be ___________.
a)
Secured
b)
Guaranteed
c)
Diversified
d)
Minimal
3.
The amount borrowed is known as the ______.
a)
credit
b)
interest
c)
capital
d)
principal
4.
Credit union and commercial bank deposits of up to $250,000 are insured by what government backed program?
a)
FED
b)
NCU
c)
FDIC
d)
NAACP
5.
Cost of credit expressed as a yearly percentage 
a)
Mortgage
b)
Principal
c)
Annual percentage rate (APR)
d)
Finance company
6.
Amount of money a borrower must pay for the usage of someone else’s money
a)
Finance charge
b)
Unsecured loan
c)
Collateral 
d)
Interest
7.
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
8.
Routinely paying my bills late could negatively affect my credit history.
a)
True
b)
False
9.
In general, the higher the potential return on an investment, the riskier the investment.
a)
True
b)
False
10.
If a bank pays 3% interest on savings, how much interest will it charge for loans?
a)
3%
b)
less than 3%
c)
more than 3%
d)
the discount rate
11.
What is the safest way to pay for an item to avoid debt?
a)
Cash
b)
Check
c)
Credit
d)
Debit
12.
Amount of pay you get after all payroll deductions are taken out, also called “take-home” pay
a)
Gross Income
b)
Net Income
c)
Annual Fee
d)
Credit
13.
What is an IRA?
a)
The government organization that is in charge of managing retirement funds.
b)
a type of savings account that is designed to help you save for retirement and offers many tax advantages. 
c)
A fund that allows employees to save for college or other short term expenses
d)
A type of mortgage that is interest free
14.
The amount of income you have before taxes and other deductions are taken out.
a)
Paycheck
b)
Net Pay
c)
Gross Pay
d)
Minimum Wage
15.
Which form do you fill out when you get a job authorizing them to withhold money from each paycheck in order to pay your taxes at the end of the year?
a)
W-2
b)
1040EZ
c)
W-4
d)
Tax Return
16.
Why do banks charge interest on loans?
a)
Banks don't want people to borrow money
b)
Interest is how banks make money
c)
Interest encourages people to borrow money
d)
Banks want customers to be able to pay their bills
17.
Money is withdrawn directly from a checking or savings account.
a)
Debit Card
b)
Credit Card
18.
Each purchase is a loan that is repaid later.
a)
Debit Card
b)
Credit Card
19.

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.

20.
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
21.

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

22.
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
23.
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
24.

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

a)

W2

b)

W4

c)

YTD

d)

deductions

25.
Taxes are deducted from all employees paychecks
a)
true
b)
false
26.
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.
27.

What does FAFSA provide?

a)

Grants

b)

Student Loans

c)

Work/study funds for college/career school

d)

All of the above

28.

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

29.
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
30.

What should you not consider when choosing a bank?

a)

Convience

b)

Possible fees

c)

How cool their logo is

d)

Minimum balance required

31.

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

a)

Loans

b)

Grants

c)

Scholarships

d)

Work Study

32.

Credit scores can range from

a)

100-800

b)

0-1,000

c)

300-850

d)

500-1,000

33.

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

34.

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

35.

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

a)

NASDAQ

b)

AMEX

c)

S & P 500

d)

NYSE

36.

The chance of losing money in the stock market?

a)

investing

b)

return

c)

risk

d)

Liquidity

37.
Stockholders can reduce the risk on their stock investment by diversifying their portfolios.
a)
TRUE
b)
FALSE
38.
When the market turns upward and prices are increasing
a)
Bear
b)
Bull
c)
No such term
d)
Bronco
39.
When the market takes a downhill turn and prices are decreasing
a)
Bull
b)
Bear
c)
No such term
d)
Bronco
40.
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
41.
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
42.
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. 
43.
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.
44.

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

45.
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.

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