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WorksheetsMoney Management & Accounting
Total questions: 41
Worksheet time: 37mins
Which of the following financial institutions typically have the highest fees?
a) Check cashing and payday loan companies
b) Credit unions
c) Brick-and-mortar banks
d) Internet banks
Which type of bank account typically offers the least (if any) interest?
a) Money market account
b) Savings account
c) Certificate of deposit
d) Checking account
Which type of bank account typically offers the highest interest?
a) savings
b) CD
c) checking
d) money market
Which savings account will earn you the most money?
a) One that compounds interest daily.
b) One that compounds interest monthly.
c) One that earns simple interest daily.
d) One that earns simple interest monthly.
If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?
a) The CFPB
b) No one, you can't resolve the issue
c) Your financial institution
d) The local police station
Which of the following is NOT a benefit of using a budget?
a) A budget can help you decide the importance of your expenses.
b) A budget can help you keep track of your money.
c) A budget can help you make plans to reach your financial goals.
d) A budget can help you purchase anything you want.
Which of the following is NOT a good way to track your spending?
a) In your head
b) Notebook and pencil
c) Envelope method
d) Online software or app
Which of the following is TRUE regarding unexpected expenses?
a) They usually don’t affect your budget.
b) They should be planned for.
c) They usually don't affect your ability to pay bills.
d) They should not be included in your budget.
When are loans a good option to use?
a) To pay for airline tickets to your dream vacation
b) When paying for higher education
c) To buy that new television
d) For a dream wedding
Which item is important to consider when selecting a credit card?
a) Annual Percentage Rate (APR)
b) Fees
c) Both APR and fees
d) The look of the credit card
What is NOT a benefit of having a good credit score?
a) When you need a loan, you'll have more loan offers to pick from.
b) You'll get better interest rates on your loans.
c) It will be easier to get an apartment.
d) You'll get accepted to better education institutions.
What will happen to your credit score if you do not manage your debt wisely?
a) You won't be able to track your credit score
b) Your credit score will go up
c) Your credit score will go down
d) It will not affect your credit score
Which of these help increase your credit score? (select all that apply)
a) Having a credit card and paying it off on time
b) Paying bills on-time that are in someone else's name.
c) Paying bills on-time that are in your name
d) Having a lot of money
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called
________.
a) Gross Pay
b) Net Pay
c) Total Pay
d) Taxes
When you start a new job, you fill out a W-4 form to _________.
a) determine how much your gross pay should be.
b) file your tax return.
c) avoid paying income taxes on your paychecks.
d) to determine how much income tax your employer should withhold from your paychecks.
What is a W-2?
a) A cleaning solution
b) Form showing how much money you've made so far this year
c) Form from your employer that tells you how much you've made and how much you've paid in taxes in the last year
d) Form from the government for your accountant
What is the accounting equation?
Assets + Liabilities = Owner's Equity
b) Assets - Liabilities = Owner's Equity
c) Assets + Owner's Equity = Liabilities
d) Assets = Liabilities + Owner's Equity
Which of these describes collateral?
a) damage done to someone
b) something of value used to secure a loan
c) something most people pay to the government
d) a type of loan from a bank
Which of these is NOT one of the 3 main types of financial statements most businesses have?
Inflow Statement
Balance Sheet
Income Statement
Cash Flow Statement
What are variable expenses?
a) expenses that are the same month to month
b) legal process of reducing debt
c) cost that differ month to month (harder to estimate)
d) small book for recording account activity
What are personal assets?
a) your items of value
b) an amount of money that one can use for a certain budget category
c) person’s reputation for paying bills on time
d) report showing status of a bank account
The legal process of reducing or eliminating an amount owed is __________.
a) allowance
b) budget
c) finance charge
d) bankruptcy
The difference between a person’s assets and liabilities.
a) credit
b) owner's equity
c) net worth
d) interest
If you have a bank account and receive a statement that tells you that you had NSF because you went to Walmart and bought something with debit card for $14.63 and had $8.50 in your account, what does this mean and what happens?
No Such Fee; the transaction would go through and you would have to pay the difference
Non-Sufficient Funds; the transaction would go through and you would owe the bank the difference plus an overdraft fee
Non-Sufficient Funds; the transaction would not go through and the bank would alert you
National Service Fee; the transaction would go through and you would owe the bank a $25 fee for going over your limit
What type of financial statement is shown?
a) Income Statement
b) Cash Flow Statement
c) Balance Sheet
d) Bank Statement
If you have $30.00 in your checking account, and you spend money from your account to buy some food (it cost $6.32), would you credit or debit the amount in your transaction log? For how much?
a) credit for $23.68
b) debit for $23.68
c)credit for $6.32
d) debit for $6.32
What kind of financial statement is comprised of Revenues and Expenses?
a) Income Statement
b) Balance Sheet
c) Cash Flow Statement
d) Asset Statement
Money you receive for letting someone use your money; money you pay for using someone else’s money
a) credit
b) interest
c) finance charge
d) budget
System set up by federal gov’t. to supervise and regulate member banks and to help banks serve the public efficiently.
a) e-commerce banking system
b) checks and balances system
c) federal reserve system
d) none of the above
Report summarizing your current financial condition, acknowledges financial needs, and sets direction for your future financial activities is known as _________.
a) financial plan
b) money management plan
c) budget report
d) personal asset report
Report showing the status of a bank account (generally monthly).
a) cash flow statement
b) bank reconciliation
c) bank statement
d) check register
Person’s reputation for paying bills on time.
a) net worth
b) credit card
c) bankruptcy
d) credit rating
User owned, not for profit, cooperative financial institution.
a) commercial bank
b) credit union
c) investment bank
d) safety bank
What is the difference between a loan and a grant?
a) you have to pay back a grant but not a loan
b) you borrow money for a loan and pay money for a grant
c) there is no difference
d) you have to pay back a loan, but not a grant
Which type of loan does the gov't. pay the interest on while you are in school?
a) subsidized loan
b) unsubsidized loan
c) a grant
d) perkins loan
What is a W-4 used for?
a) shoot deer
b) withhold 4 paychecks for employees
c) employees to fill out number of withholdings for taxes
d) employers to fill out on employees
A bond, in general, is __________.
a) a type of investment
b) a scheme by the government
c) Jimmy cracked corn and no one cares
d) a payment for a bridge
Which of these is the correct order for the accounting cycle?
Prepare unadjusted trial balance; create work papers to support the need for an adjustment; post adjusting entries; prepare an adjusted trial balance; prepare financial statements; post closing entries; prepare closing trial balance
Create work papers to support an adjustment; prepare an adjusted trial balance; prepare unadjusted trial balance; prepare closing trial balance; prepare financial statements; post adjusting entries
Prepare unadjusted trial balance; create work papers to support the need for an adjustment; prepare closing trial balance; prepare financial statements; post adjusting entries; prepare a large adjusted trial balance
None. An accounting cycle is like a bicycle with 1 extra large wheel and 1 extra small wheel.
If you sold a dresser and were paid with a check, and you took it and deposited it in the bank, this would be a _________ to your account.
a) debit
b) transition
c) balance
d) credit
What would a savings & loan institution likely focus on?
a) investments and business loans
b) ways to save money and ways to charge fees
c) offering ways to save money and loaning money
d) biscuits & gravy
Tell whether someone with the credit scores shown would be likely or not likely or maybe to get a loan from a bank. Give a statement explaining why or why not and what type of interest rate (high, medium, low) they would get.
Person A has 778
Person X has 619
