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Personal Finance Pre/Post Test

Total questions: 51

Worksheet time: 29mins

Name
Class
Date
1.

A _______________ is a spending and saving plan based on your expected income and expenses.

a)

Budget

b)

Financial Plan

c)

Savings

d)

Credit

2.

_____________ is the rise in the general level of prices.

a)

Upgrading

b)

Wealth

c)

Inflation

d)

Price

3.

____________ is the use of someone else's money, borrow now with an agreement to pay it later.

a)

Credit

b)

Debit

c)

Savings

d)

Budget

4.

A _____________resume is often called a personal data sheet, biographical summary, or vita.

a)

Resume

b)

Application Letter

c)

Salutation

d)

Body

5.

Which of the following is NOT a part of a check?

a)

Check Number

b)

ABA Number

c)

Memo

d)

Savings Account

6.

A _____________________ endorsement is a signature of the payee written exactly as his or her name appears on the front of the check.

a)

Blank

b)

Special

c)

Rich

d)

Restrictive

7.

An _________________ is a summary of a corporation's financial results for the year and its prospects for the future.

a)

Annual Report

b)

Credit Report

c)

Financial Report

d)

Personal Report

8.

Which of the following is NOT a paid holiday?

a)

Christmas

b)

Thanksgiving

c)

Memorial Day

d)

Valentine's Day

9.

_____________________ is all the taxable income you receive.

a)

Gross Income

b)

Salary

c)

Benefits

d)

Standard Deduction

10.

___________________________ is a legal process that relieves debtors of the responsibility of paying their debts and protects them while they try to repay.

a)

Bankruptcy

b)

Disposable Income

c)

Credit

d)

Financial Planning

11.

_______________________ is the knowledge and skills acquired from working in a career field.

a)

Job Shadowing

b)

Experience

c)

Decisions

d)

Career

12.

_________________ is the time worked beyond the regular hours.

a)

Overtime

b)

Deductions

c)

Vested

d)

Net Pay

13.

________________________ is the decline in the value of property due to normal wear and tear.

a)

Depreciation

b)

Collective Bargaining

c)

Corruption

d)

Rent

14.

A _____________ plan is a defined-contribution plan for employees of companies that operate for a profit.

a)

401(k)

b)

503(b)

c)

321(a)

d)

806(r)

15.

When your points are added up, they will result in a __________________ that tells potential creditors the likelihood that you will repay debit as agreed.

a)

Credit Score

b)

Debit Score

c)

Financial Score

d)

Money Score

16.

___________________ is combining services into one package.

a)

Bundling

b)

Coordinating

c)

Developing

d)

Combining

17.

_____________________________ provides funds to the beneficiaries when the insured dies.

a)

Life Insurance

b)

Health Insurance

c)

Personal Insurance

d)

Body Insurance

18.

What is a budget?

a)

A type of savings account

b)

A way to invest for retirement

c)

A fund for emergencies

d)

A financial plan that defines expenses for a period of time.

19.

What is an emergency fund?

a)

A savings account set aside for unexpected situations.

b)

A way to invest for retirement.

c)

Something most people don't need, because emergencies are rare.

d)

An investment account that can grow over time.

20.

Emergency funds are calculated based on:

a)

Monthly Expenses

b)

Monthly Income

c)

Retirement Planning

d)

Investing for College

21.

What is debt?

a)

Money you have borrowed and need to pay back

b)

Money you make from working at a job

c)

Money you make from the government

d)

Taxes that you pay when you buy something

22.

What is insurance?

a)

A service purchased to protect assets and income against financial loss.

b)

A type of savings account where you put aside money for emergencies.

c)

A type of investment account where you can buy shares of stock.

d)

A kind of taxes charged by the government.

23.
This type of interest "creates a mathematical explosion," and it can make you wealthy over time, or keep you in debt for a long time.
a)
compound
b)
sinking
c)
annual
24.
Cost of credit expressed as a yearly percentage 
a)
Mortgage
b)
Principal
c)
APR
d)
Finance company
25.
The cost of borrowed money, usually expressed as a percentage.
a)
interest
b)
savings plan
c)
scarce
d)
purchase
26.
401(k), IRA, and Roth IRA are all examples of a __________ account.
a)
Retirement
b)
College Savings
c)
Low Interest
d)
Stock
27.
What does CD stand for when talking about investments?
a)
Calculated Dividend
b)
Certificate of Deposit
c)
Central Dollar
d)
Current Deposit
28.
A mutual fund allows investments to be ___________.
a)
Secured
b)
Guaranteed
c)
Diversified
d)
Minimal
29.
This type of schedule or table lists all payments of a loan, and tells the borrower how much of each payment goes toward the principal, as well as how much they will pay in interest over the life of the loan.
a)
delinquency
b)
amortization
c)
liquidity
30.
This term refers to the original amount of a loan OR the original amount of money invested. 
a)
Principal
b)
Interest
c)
Rebate
d)
Fixed Rate
31.

Which budget item will most likely take up the largest percentage of your income at 25-30%?

a)

transportation

b)

housing

c)

groceries

d)

saving/investing

32.

Rent is a:

a)

Fixed expense

b)

Variable expense

c)

Discretionary expense

d)

Intermittent expense

33.

Which of the following account records would have the most current balance?

a)

Your monthly bank statement

b)

Your own account register

c)

Account balance statement from the ATM

d)

All of these records will have accurate account balances

34.

What concept is best explained by the statement, "Money spent here cannot be spent there"?

a)

Law of diminishing return

b)

Delayed gratification

c)

Opportunity cost

d)

Significant purchases

35.

A young investor willing to take moderate risk for above-average growth would be most interested in:

a)

Mutual funds

b)

Single stocks

c)

Real estate

d)

Bonds

36.

You are involved in a two-car accident in which you are at fault. The other driver is injured and your insurance covers the medical expenses of the victim. This type of insurance coverage is called:

a)

Comprehensive

b)

Liability

c)

Collision

d)

Uninsured motorist protection

37.

What is the difference between gross pay and net pay?

a)

net pay describes your pay after deductions; gross pay is before

b)

Gross pay describes your pay after deductions; net pay is before

c)

Gross and net pay are the same

d)

None of the above

38.

This tax pays for benefits that workers and families receive for either Social Security or Medicare.

a)

Federal Insurance Contribution Act(FICA)

b)

Sales tax

c)

State income tax

d)

Excise tax

39.
Checking with family, friends, and other people to find out about job openings.
a)
networking
b)
references
c)
private employment agency
d)
public employment service
40.
A formal written summary of a person's education, work experience, and other qualifications for a job.
a)
references
b)
resume
c)
want ad
d)
networking
41.
People who can speak about a person's character and skills.
a)
references
b)
resume
c)
want ad
d)
networking
42.
A selection of materials that you can use to document you accomplishments over a period of time.
a)
job application form
b)
references
c)
resume
d)
portfolio
43.
A form completed by a job applicant to give an employer information about the applicant.
a)
portfolio
b)
resume
c)
job application
d)
want ad
44.
You should always get a person's permission before you use them as a reference.
a)
True
b)
False
45.
The willingness to do what needs to be done without being told to do it  is ____________.
a)
self-motivation
b)
cooperation
c)
initiative
d)
adaptability skills
46.
You include your email on your resume so that employers can contact you.  Which email is the best to use?
a)
Lovegirl@yahoo.com
b)
katiekitkat@hotmail.com
c)
dsmith512@hotmail.com
d)
myboysgirl@gmail.com
47.

It has been said that you should "Dress for the job you ____."

a)

have

b)

got

c)

need

d)

want

48.

In an interview you should...

a)

come prepared

b)

chew gum

c)

smoke beforehand

d)

bring a cup of coffee

49.

Which of the following are common ways to search for a job?

a)

Online Search

b)

Recruiter

c)

Job Fair

d)

LinkedIn

e)

All answers are correct

50.

What is the best time to arrive for an interview?

a)

On time

b)

15 minutes early

c)

10 minutes late

51.

When filling out a job application, what should you write when asked about expected salary?

a)

$50/hour

b)

I am priceless

c)

Open

d)

N/A

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