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WorksheetsEPF Final Exam
Total questions: 50
Worksheet time: 25mins
You should always write checks using a(n)
red pen
pencil
colored ink pen
dark ink pen
An ATM card will not show to
purchase merchandise at a POS terminal
transfer funds between your accounts
make deposits to your account
withdraw funds from your account
Banks require identification to open an account; you must have a(n)
social security number
drivers license
birth certificate
all of these
The Federal Deposit Insurance Corporation insures your money up to
$50k
$75k
$100k
$250k
A very safe place for you to keep your money and be insured by the FDIC is
a safe deposit box
a checking account
an ATM machine
none of these
An organization that provides services related to money is a
bank
savings and loan
credit union
all of these
When shopping for a bank, you should consider
restrictions and penalties
interest rates
fees
all of these
The movement of money electronically between institutions
Endorsement
Electronic Funds Transfer
Bank Transfer
None of these
Another name for a checking account
Demand Deposit Account
Savings Account
Direct Deposit
Joint Account
Income leftover after deductions
Net Pay
Gross Pay
Total Pay
Shared Pay
Money is considered to be a(n)
need and want
limited resource
opportunity cost
none of these
Money set aside for unplanned events is a(n)
401k
emergency fund
checking account
none of these
Your savings goals should have
beginning points
ending points
fixed time periods
all of these
Interest rates are expressed in _____ terms
monthly
weekly
yearly
semiannually
To earn top dollar on your savings, you should look for
highest APY
frequent compounding of interest
short interest periods
all of these
A passbook is used to record
deposits
loan payments
insurance checks
none of these
When purchasing a(n) _____, you are lending money to the federal government.
certificate of deposit
US savings bond
FDIC incurance
money market account
Something you want to achieve stated in terms that are specific, measurable, achievable, realistic, and time related.
SMART goals
to have goals
long term goals
to do goals
The _____ requires financial institutions to provide clear information about the costs and term of interest-earning accounts in uniform terms.
EE bond
Truth in Savings Act
Consumer Price Index
FDIC
Interest earned only on the principal, which is the amount of money originally deposited.
simple interest
time value of money
compound interest
APY
Using credit to buy goods or services
forces you to spend future income
does not have a specific date to be paid back
increases your future income
none of these
A loan for a specific amount due at a specific time is a(n)
open-end credit
closed-end credit
line of credit
contract
An agreement that allows the borrower an indefinite period of time to repay is a(n)
open-end credit
closed-end credit
line of credit
contract
A(n) examples of open-end credit is
bank issued credit cards
overdraft protection at your bank
company issued credit cards
all of these
Loans that require collateral are
unsecured loans
secured loans
cosigner loans
non of these
Experian, Equifax, and TransUnion, LLC., are examples of
banks
credit card companies
credit reporting agencies
lenders
A FICO score is based on what category?
payment history
amounts owed
types of credit used
all of these
The total amount you pay for credit is based on
interest rate charged
amount of credit used
length of the repayment period
all of these
You obtained a loan against the available credit on your account, therefore you took a
credit card
cash advance
loan
credit advance
A collection agency's main purpose is to
collect debts
make loans
foreclosure
repossess
A category of pure risk is a
personal risk
property risk
liability risk
all of these
A risk that could result in either financial gain or financial loss is a
speculative risk
financial risk
liability risk
personal risk
The main purpose of insurance is to provide financial protection in the event of
illness or injury
accidents and property losses
death
all of these
A type of insurance that protects against financial risks is _____ insurance.
disability
automobile
health
all of these
An amount you must pay toward your medical expenses before insurance pays is the
copayment
dividend
deductible
coinsurance
An example of a managed care plan is
POS
HMO
PPO
all of these
The law that provides for a person to continue their health insurance if unemployed is
NASD
IPO
COBRA
none of these
If you are hurt on the job, you are covered by law under
workers' compensation insurance
health insurance
CHIP
disability insurance
Renters insurance will cover the loss of
electronics
autos
structures
all of these
An insurance coverage that protects you when you cause an auto accident with injuries is
renters insurance
bodily injury liability
property damage liability
all of these
Renters insurance covers
damage to structures
electrical surges that damage computers
your automobile
all of these
One place you cannot find cost of living statistics is a(n)
Atlas
Almanac
Bureau of labor Statistics
Internet
A residence that has a bathroom and one large room is a(n)
apartment
condominium
landominium
studio apartment
A planned unit development is a(n)
condominium
apartment
landominium
cooperative
To furnish your home on a budget, you should check at a
flea market
yard sale
estate sale
all of these
A home that is attached to adjacent houses but where the owner also owns the land on which the unit is built.
condominium
townhouse
manufactured home
housing cooperative
The housing portion of your budget should be no more than _____ of your take home pay.
one-quarter
one-third
one-half
two-thirds
Housing cost consist of
mortgage payment
property taxes
homeowners insurance
all of these
You may be evicted for
paying rent
planting grass
breaking a rental agreement
getting a pet
A contract that requires the lessee to stay for a fixed period of time is a
rental agreement
home purchase
gentleman's agreement
lease
