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EPF Final Exam

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.

You should always write checks using a(n)

a)

red pen

b)

pencil

c)

colored ink pen

d)

dark ink pen

2.

An ATM card will not show to

a)

purchase merchandise at a POS terminal

b)

transfer funds between your accounts

c)

make deposits to your account

d)

withdraw funds from your account

3.

Banks require identification to open an account; you must have a(n)

a)

social security number

b)

drivers license

c)

birth certificate

d)

all of these

4.

The Federal Deposit Insurance Corporation insures your money up to

a)

$50k

b)

$75k

c)

$100k

d)

$250k

5.

A very safe place for you to keep your money and be insured by the FDIC is

a)

a safe deposit box

b)

a checking account

c)

an ATM machine

d)

none of these

6.

An organization that provides services related to money is a

a)

bank

b)

savings and loan

c)

credit union

d)

all of these

7.

When shopping for a bank, you should consider

a)

restrictions and penalties

b)

interest rates

c)

fees

d)

all of these

8.

The movement of money electronically between institutions

a)

Endorsement

b)

Electronic Funds Transfer

c)

Bank Transfer

d)

None of these

9.

Another name for a checking account

a)

Demand Deposit Account

b)

Savings Account

c)

Direct Deposit

d)

Joint Account

10.

Income leftover after deductions

a)

Net Pay

b)

Gross Pay

c)

Total Pay

d)

Shared Pay

11.

Money is considered to be a(n)

a)

need and want

b)

limited resource

c)

opportunity cost

d)

none of these

12.

Money set aside for unplanned events is a(n)

a)

401k

b)

emergency fund

c)

checking account

d)

none of these

13.

Your savings goals should have

a)

beginning points

b)

ending points

c)

fixed time periods

d)

all of these

14.

Interest rates are expressed in _____ terms

a)

monthly

b)

weekly

c)

yearly

d)

semiannually

15.

To earn top dollar on your savings, you should look for

a)

highest APY

b)

frequent compounding of interest

c)

short interest periods

d)

all of these

16.

A passbook is used to record

a)

deposits

b)

loan payments

c)

insurance checks

d)

none of these

17.

When purchasing a(n) _____, you are lending money to the federal government.

a)

certificate of deposit

b)

US savings bond

c)

FDIC incurance

d)

money market account

18.

Something you want to achieve stated in terms that are specific, measurable, achievable, realistic, and time related.

a)

SMART goals

b)

to have goals

c)

long term goals

d)

to do goals

19.

The _____ requires financial institutions to provide clear information about the costs and term of interest-earning accounts in uniform terms.

a)

EE bond

b)

Truth in Savings Act

c)

Consumer Price Index

d)

FDIC

20.

Interest earned only on the principal, which is the amount of money originally deposited.

a)

simple interest

b)

time value of money

c)

compound interest

d)

APY

21.

Using credit to buy goods or services

a)

forces you to spend future income

b)

does not have a specific date to be paid back

c)

increases your future income

d)

none of these

22.

A loan for a specific amount due at a specific time is a(n)

a)

open-end credit

b)

closed-end credit

c)

line of credit

d)

contract

23.

An agreement that allows the borrower an indefinite period of time to repay is a(n)

a)

open-end credit

b)

closed-end credit

c)

line of credit

d)

contract

24.

A(n) examples of open-end credit is

a)

bank issued credit cards

b)

overdraft protection at your bank

c)

company issued credit cards

d)

all of these

25.

Loans that require collateral are

a)

unsecured loans

b)

secured loans

c)

cosigner loans

d)

non of these

26.

Experian, Equifax, and TransUnion, LLC., are examples of

a)

banks

b)

credit card companies

c)

credit reporting agencies

d)

lenders

27.

A FICO score is based on what category?

a)

payment history

b)

amounts owed

c)

types of credit used

d)

all of these

28.

The total amount you pay for credit is based on

a)

interest rate charged

b)

amount of credit used

c)

length of the repayment period

d)

all of these

29.

You obtained a loan against the available credit on your account, therefore you took a

a)

credit card

b)

cash advance

c)

loan

d)

credit advance

30.

A collection agency's main purpose is to

a)

collect debts

b)

make loans

c)

foreclosure

d)

repossess

31.

A category of pure risk is a

a)

personal risk

b)

property risk

c)

liability risk

d)

all of these

32.

A risk that could result in either financial gain or financial loss is a

a)

speculative risk

b)

financial risk

c)

liability risk

d)

personal risk

33.

The main purpose of insurance is to provide financial protection in the event of

a)

illness or injury

b)

accidents and property losses

c)

death

d)

all of these

34.

A type of insurance that protects against financial risks is _____ insurance.

a)

disability

b)

automobile

c)

health

d)

all of these

35.

An amount you must pay toward your medical expenses before insurance pays is the

a)

copayment

b)

dividend

c)

deductible

d)

coinsurance

36.

An example of a managed care plan is

a)

POS

b)

HMO

c)

PPO

d)

all of these

37.

The law that provides for a person to continue their health insurance if unemployed is

a)

NASD

b)

IPO

c)

COBRA

d)

none of these

38.

If you are hurt on the job, you are covered by law under

a)

workers' compensation insurance

b)

health insurance

c)

CHIP

d)

disability insurance

39.

Renters insurance will cover the loss of

a)

electronics

b)

autos

c)

structures

d)

all of these

40.

An insurance coverage that protects you when you cause an auto accident with injuries is

a)

renters insurance

b)

bodily injury liability

c)

property damage liability

d)

all of these

41.

Renters insurance covers

a)

damage to structures

b)

electrical surges that damage computers

c)

your automobile

d)

all of these

42.

One place you cannot find cost of living statistics is a(n)

a)

Atlas

b)

Almanac

c)

Bureau of labor Statistics

d)

Internet

43.

A residence that has a bathroom and one large room is a(n)

a)

apartment

b)

condominium

c)

landominium

d)

studio apartment

44.

A planned unit development is a(n)

a)

condominium

b)

apartment

c)

landominium

d)

cooperative

45.

To furnish your home on a budget, you should check at a

a)

flea market

b)

yard sale

c)

estate sale

d)

all of these

46.

A home that is attached to adjacent houses but where the owner also owns the land on which the unit is built.

a)

condominium

b)

townhouse

c)

manufactured home

d)

housing cooperative

47.

The housing portion of your budget should be no more than _____ of your take home pay.

a)

one-quarter

b)

one-third

c)

one-half

d)

two-thirds

48.

Housing cost consist of

a)

mortgage payment

b)

property taxes

c)

homeowners insurance

d)

all of these

49.

You may be evicted for

a)

paying rent

b)

planting grass

c)

breaking a rental agreement

d)

getting a pet

50.

A contract that requires the lessee to stay for a fixed period of time is a

a)

rental agreement

b)

home purchase

c)

gentleman's agreement

d)

lease