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WorksheetsMONEY MATTERS FINAL EXAM REVIEW
Total questions: 56
Worksheet time: 3hrs 48mins
Name
Class
Date
1.
When money is deposited in a bank, it does not sit in a vault. The financial institution lends the money to other __________________________________.
a)
consumers, businesses, and government organizations
b)
consumers, businesses, and student organizations
2.
If money could not circulate easily the nation’s money supply would?
a)
shrink
b)
grow
3.
If money could not circulate easily ... Funds would not be available for consumer _____________ and _________________.
a)
borrowing / spending
b)
spending / burning
4.
If money could not circulate easily … Businesses could not get enough money to _________________
a)
Develop new products
b)
Hire people
5.
If money could not circulate easily …the economy would ________________
a)
Slow down
b)
Speed up
6.
If money could not circulate easily …Demands for goods and services would ____________
a)
Fall
b)
Rise
7.
Examples of financial instutions
a)
Banks
b)
Credit Unions
c)
Savings and Loans
d)
All of these
8.
What type of bank is ...owned by investors called stockholders or shareholders.
a)
Commercial
b)
Community
c)
Mutual Savings
d)
Internet
9.
What type of bank is ...locally owned and operated
a)
Commercial
b)
Community
c)
Mutual Savings
d)
Internet
10.
What type of bank is ...owned by depositors (the people who keep their money in the bank)
a)
Commercial
b)
Community
c)
Mutual Savings
d)
Internet
11.
What type of bank … provides services exclusively online (no branch buildings to visit)
a)
Commercial
b)
Community
c)
Mutual Savings
d)
Internet
12.
What is a nonprofit financial cooperative owned by and operated for the benefit of its members?
a)
Credit Union
b)
Commercial Bank
13.
How can someone join a Credit Union?
a)
Employer Affiliation
b)
Religious Affiliation
c)
Geographical Location
d)
All of these
14.
What is the advantage of using a Credit Union?
a)
Lower Rates on Loans
b)
A large number of branches.
15.
What is the advantage of using a Commercial Bank?
a)
Many branches in many states
b)
Higher rates on loans
16.
What is the advantage of using an Internet Bank?
a)
Lower Account Fees
b)
A large number of branches.
17.
When you deposit money in a bank they put the money directly in a vault.
a)
true
b)
false
18.
Community Banks are more interested in the local economy than Commercial banks.
a)
true
b)
false
19.
Credit Unions are typically non-proft businesses.
a)
true
b)
false
20.
If people stopped using banks it would be bad for the economy.
a)
true
b)
false
21.
You should avoid using banks.
a)
true
b)
false
22.
This is a written order for the bank to pay a specific amount a specific person.
a)
check
b)
debit
23.
This type of card allows the holder to electronically access funds in their account or ATM.
a)
check
b)
debit
24.
When you have spent more money than you have in your acount.
a)
overdrawn
b)
debit
25.
A card that allows a user to make purchaces using credit.
a)
credit
b)
debit
26.
To pay off a credit card you are required to make what?
a)
Monthly Payments
b)
Monthly Deposits
27.
This is charged on the balance of a credit card?
a)
Interest
b)
Credit
28.
A bank account used by depositors to set aside money for the future.
a)
Checking
b)
Credit
c)
Savings
d)
Overdrafts
29.
This is a box at a bank in which valuable items can be stored.
a)
Safe Deposit
b)
Vault
30.
Borrowning money from a bank.
a)
Loan
b)
Checking
31.
When you get a loan you are legally required to pay it back with what?
a)
Interest
b)
Value
32.
What is taken out of your paycheck for FICA?
a)
Medicare and Social Security
b)
Personal Insurance
33.
Where is the best place to begin looking for a job?
a)
Employer Websites
b)
The Newspaper
34.
Which of the following jobs would not require a college education?
a)
Plumber
b)
Teacher
35.
Which of the following jobs would not require a college education?
a)
Auto Mechanic
b)
Teacher
36.
If people stopped using banks this would stop flowing in the economy.
a)
Money
b)
Jobs
37.
Which of the following jobs would require a college education?
a)
Civil Engineer
b)
Plumber
38.
When deciding on a career you need to look at what the education cost with regard to how much the job pays.
a)
true
b)
false
39.
Typically, part of deciding on if a career is right for you or not is what type of clothes you have to wear.
a)
true
b)
false
40.
You should account for how long you need to train for a job when deciding on a career.
a)
true
b)
false
41.
If you are unsure about what type of career would be good for you what might help?
a)
Take a career assesment test.
b)
Get an entry level job in the field.
42.
If your job income is expressed as an annual (yearly) amount, this number is called your ___________.
a)
Salary
b)
Overdraft
43.
An overview of an individual’s current financial position and strategies to meet future financial goals is called a _________________.
a)
financial plan
b)
paycheck
44.
_____________ is money that remains after a person has paid all of his/her expenses
a)
Discretionary Income
b)
Fixed Expense
45.
Food - Clothing - Shelter
a)
Examples of Needs
b)
Examples of Wants
46.
Necessities that a person must have to survive
a)
Needs
b)
Wants
47.
Things a person desires to buy but can live without.
a)
Wants
b)
Needs
48.
When choosing between 2 alternatives, the value of the option that you gave up is called the ____________.
a)
Opportunity Cost
b)
Gross Pay
49.
____________ is a method of weighing the costs against the benefits of an action.
a)
Cost-Benefit Analysis
b)
Gross Pay
50.
A cost that CHANGES both in the amount and time in which it must be paid is called a ______________.
a)
Varible Expense
b)
Fixed Expense
51.
A cost that DOES NOT CHANGE over time is called a ____________________.
a)
Varible Expense
b)
Fixed Expense
52.
Which of the following is an example of a fixed expense?
a)
Rent
b)
Electricity Bill
53.
You wrote a check that took your bank balance below $0. Your account is now said to be _________________.
a)
Overdrawn
b)
Minused
54.
At most what percentage of your income should you spend on housing to be financially sound?
a)
0.3
b)
0.4
55.
At most what percentage of your income should you spend on a car to be financially sound?
a)
0.15
b)
0.3
56.
Who sould be the first person/bill you should pay every month?
a)
yourself
b)
electric bill
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