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WorksheetsPersonal Finance CRT
Total questions: 47
Worksheet time: 26mins
Use the Rule of 72 to calculate how long it will take for your money to double if it’s earning 6% in interest:
12 years
16 years
36 years
72 years
Asim earns $250 per month. Which statement below is most correct?
Asim makes more than she spends.
Asim spends more than she makes.
Asim should save more in the future.
a. Asim should stop saving in the future.
Which of the following will most benefit you financially?
A savings account that compound interest daily
A savings account that compound interest monthly
A savings account that compound interest yearly
A savings account that does not compound interest
Which of the following are examples of types of savings vehicles?
Certificate of Deposit (CD)
Money Market Account
Savings Account
All of the Above
The first set of numbers (74894934) on the check represents the:
Bank account number
Check number
Bank routing number
Member number
The set of numbers (101) on the top-right of the check represents the:
Bank account number
Check number
Bank routing number
Member number
Which type of bank account typically offers no interest?
Savings
Money Market
Certificate of Deposit
Checking
Which of the following typically have the highest fees?
Retail Bank
Credit Union
Online Bank
Payday Lender
Which of the following typically has the lowest fees or costs to use?
Debit Card
Credit Card
Cash Advance
Payday Loan
The term referring to the rate of yearly interest for your credit card is commonly known as:
Default Rate
APR
COD
Grace Period
What is the customary APR on purchases after the initial 12 months?
36.5%
27.357%
18.25%
5.65%
What is the annual fee for this card?$0
$5
$0
$29
$39
Your credit history is tracked by all of the following EXCEPT:
Equifax
Federal Reserve
Experian
Trans Union
Good credit is usually required for which of the following?
Buying a new car
Getting a credit card
Purchasing a home
All of the above
Which of the following could potentially damage your credit score?
Ignoring a late payment notice
Paying a roomate back
Opening a checking account
None of the above
The form filed by students to receive federal financial aid for school is known as:
FIFA
FAFSA
FICO
FAA
Investors pooling all of their money together to buy different stocks and bonds is known as:
Diversification
Mutual Fund
A way to minimize risk
All of the above
Which of the following is an advantage of federal student loans?
Federal student loans have a fixed interest rate.
Federal student loans are only available to students who can demonstrate financial need.
Federal student loans must be paid back while you’re in school.
Federal student loans do not accumulate interest.
The amount of time a person has after the “due date” is known as:
Promotional Period
Default Period
Payback Period
Grace Period
Which statement is most correct when choosing to rent or buy a home?
Rent a home only until you can afford to buy one.
Buy a home because it is better than renting one.
Rent a home because it is better than buying one
Buy or rent a home based on your individual circumstance.
Which statement is most correct?
A benefit of owning a home is that it is easier to move.
A benefit of renting a home is that you can make renovations to the home.
A benefit of owning a home is that the value may appreciate.
A benefit of renting a home is that you can move out whenever you want.
What are the responsibilities of a renter versus an owner?
A renter living in a house has complete responsibility and control over the property.
An owner of a house has complete responsibility and control over the property.
Neither a renter nor an owner has any responsibility and control over the property – it’s completely controlled by the government.
Both a renter and the owner have equal responsibility and control over the property.
Which of the following should you take into consideration when deciding to buy or lease a car?
Car interior and features
Monthly loan payment
Color of car
None of the above
Which form is your employer required to send to you before you file your tax return?
W-2
W-4
1040EZ
None of the above
Isaiah needs to visit the doctor. The cost of the appointment without insurance is $200. Isaiah has an insurance plan through his employer with a $50 monthly premium and $20 co-pay. How much will Isaiah have to pay his doctor?
$0
$50
$20
$200
By what date must federal taxes typically be filed and sent to the IRS?
March 15
April 15
April 1
March 1
Which of the following drivers will likely pay the highest auto insurance premiums?
Younger, inexperienced drivers
Older, experienced drivers
Drivers who have a safe driving record
Drivers who travel short distances
How often are you entitled to a free credit report from each of the major credit reporting companies?
Monthly
Daily
Yearly
Whenever you use your credit
Which of the following provides the best protection against identity theft?
Never use credit
Pay all bills with cash
Shred documents that contain personal information
Open up a new bank account every year
Which piece of information is most useful to an identity thief?
Social Security Number
Address
Phone Number
Student ID Number
Which of the following steps best protects your credit history if you suspect fraud?
Contact the credit bureaus and report suspected fraud
Contact the store where your credit card was used and request a refund
Contact the local police department and file a complaint
Contact the chamber of commerce and close your bank account.
When buying a stock in a company, you are
Diversifying your portfolio
Investing in an index fund
Loaning money to a company
Buying a portion of a company
When you purchase a municipal bond, you are
Loaning money to a municipality
Diversifying your portfolio
Investing in an index fund
Buying a portion of a municipality
The main trade-off that all investors must consider is
Income vs. Cost
Diversity vs. Uniformity
Risk vs. Return
Stocks vs. Bonds
Diversification is important in investing because
It helps you to balance your risk across different investment types
It increases your overall risk, which guarantees that you will make more money.
It helps you gain the highest rate of return despite any risks.
It ensures that you only make low-risk investments.
A finance charge is
Impossible to avoid when using a credit card
A fee associated with credit
A fee associated with debit
A grace period is a period of time during which you can
Pay off balance and not incur a finance charge
Get an interest free cash advance
Exceed your credit limit
Something of value that is pledged as security for a loan is called
Lien
Promissory Note
Collateral
Debit
A down payment
Increases the risk to the lender
Is the portion of a purchase which the borrower pays up front
Is the same as an early loan repayment
Must be at least 10%
Renters insurance covers the
Rent payment
Renters belongings
Renters dwelling
Deductible portion of replacement items
An auto loan
Is available for terms of 3, 4, 5, and 15 years
Is an installment loan which is paid monthly
Usually requires no collateral
Can only be offered for a car sold at sticker price
A bond pays
dividends
interest
premium
coins
The most basic life insurance is
Universal life
Term life
Whole term
Whole life
Which of the following is a way to invest in a business?
Purchase publicly traded stock
Start your own business
Investing in someone else's business
All of the above
Kiena, Jessica, and Sierra agreed to share an apartment to help reduce their cost of living. The rent on their three-bedroom apartment is $1,075. If divided evenly, what is each person’s share of the monthly rent?
$538.34
$537.50
$337.50
$358.33
Sondra loaned her sister $7,500 to start a small business. Her sister agreed to pay back the original amount plus 5% interest. The full amount is due in one year. What is the amount of interest that Sondra’s sister will pay?
$375
$3,750
$787.50
$7,875.00
Deon recently graduated from college. He has a total student loan amount of $12,400. His monthly payments will be $165.13. He will make those payments for ten years. How much interest will Deon have paid on his student loans when they are completely paid off?
$1,651.30
$7,414.60
$19,815.60
$32,215.60
