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WorksheetsIn Trouble
Total questions: 61
Worksheet time: 3hrs 3mins
Name
Class
Date
1.
Financial difficulties are often caused by overspending.
a)
True
b)
False
2.
People with financial difficulties may obtain assistance from the Consumer Credit
Counseling Service.
Counseling Service.
a)
True
b)
False
3.
People with financial difficulties may obtain assistance from the Consumer Credit
Counseling Service.
Counseling Service.
a)
True
b)
False
4.
Consolidation loans are mainly used to finance the starting of a new business.
a)
True
b)
False
5.
Consolidation loans are mainly used to finance the starting of a new business.
a)
True
b)
False
6.
Debt collectors are usually allowed to call you at home before 8 p.m.
a)
True
b)
False
7.
Debt collectors are usually allowed to call you at home before 8 p.m.
a)
True
b)
False
8.
Bankruptcy is suggested for people who are a few weeks behind in their credit payments.
a)
True
b)
False
9.
A common cause of financial
difficulties is:
difficulties is:
a)
poor money management habits
b)
a need for additional career training
c)
preparing your tax return late
d)
not having enough life insurance
10.
A nonprofit organization that
provides financial counseling is:
provides financial counseling is:
a)
the Federal Deposit
Insurance Corporation
Insurance Corporation
b)
the Consumer Credit
Counseling Service
Counseling Service
c)
the Better Business Bureau
d)
the National Credit
Union Administration
Union Administration
11.
The purpose of a consolidation loan
is to:
is to:
a)
deduct amounts owed from a
person’s paycheck
person’s paycheck
b)
pay off one credit card amount
before others are paid
before others are paid
c)
combine several debts into one
payment
payment
d)
reduce the amount owed for
federal income taxes
federal income taxes
12.
An example of a fair debt-collection
practice would be to:
practice would be to:
a)
pretend to be a salesperson to attempt to collect a debt
b)
threaten to take legal action
to collect the money owed
to collect the money owed
c)
call a debtor at work even if
personal calls are not allowed
personal calls are not allowed
d)
call a debtor at home before 8 p.m.
13.
As you get older, your financial responsibility increases.
a)
True
b)
False
14.
The ability to project or anticipate changes that might affect your finances is not part of financial planning.
a)
True
b)
False
15.
Changes in the nation and the world can affect your personal finances.
a)
True
b)
False
16.
Being a smart shopper will not help you cope with inflation.
a)
True
b)
False
17.
A recession occurs when the economy does not grow for six months or more.
a)
True
b)
False
18.
A recession occurs when the economy does not grow for six months or more.
a)
True
b)
False
19.
During a recession, businesses gain income and hire additional employees.
a)
True
b)
False
20.
If you run into trouble managing your finances, help is available.
a)
True
b)
False
21.
Many banks offer free financial advice to their customers.
a)
True
b)
False
22.
When economic conditions are good, prices tend to decline.
a)
True
b)
False
23.
Financial planning means developing a strategy to meet present financial needs.
a)
True
b)
False
24.
Increasing independence is a change that will affect your finances.
a)
True
b)
False
25.
Web sites, schools, and government agencies can provide information, useful statistics, and practical advice on money management.
a)
True
b)
False
26.
An emergency fund can help you in a recession.
a)
True
b)
False
27.
In New City, Texas, the sales tax rate is 8.15%. How is this represented as a decimal?
a)
8.15
b)
0.815
c)
0.0815
d)
0.00815
28.
Which person is most likely to be offered a loan, if the decision was solely based on their credit scores?
a)
M. Spiller
b)
B. Murphy
c)
S. Thorne
d)
W. Myers
29.
The table below shows Claude's assets and liabilities. What is the total value of his assets?
a)
$24,950
b)
$25,420
c)
-$24,950
d)
$50,370
30.
The total amount you earn before any deductions are subtracted is called __________ pay.
a)
Bonus
b)
Gross
c)
Incentive
d)
Net
31.
Which one of the following are financial institutions?
a)
bank and credit union
b)
library and hospital
c)
school and museum
d)
Starbucks and Wal-Mart
32.
Which services is a bank likely to offer?
a)
net deposit and balance
b)
online banking and savings accounts
c)
check writing and car wash
d)
credit card and Tootsie Rolls
33.
What do we call the amount left over from your paycheck after taxes and deductions?
a)
balance
b)
gross balance
c)
transaction
d)
net pay
34.
When depositing money into an account, it is important to:
a)
include your account number
b)
swipe your credit card
c)
thank the teller
d)
sign your deposit ticket
35.
You can continue to write checks as long as you have check in your checkbook.
a)
True
b)
False
36.
Banks offer different kinds of accounts because:
a)
Different customers have different needs
b)
They have to by law
c)
It seems like the fun thing to do
d)
They are greedy
37.
The longer the money is saved, the better
a)
True
b)
False
38.
The lower the interest rate, the better.
a)
True
b)
False
39.
The shorter the money is saved, the better.
a)
True
b)
False
40.
The Securities Exchange Commission recently ruled the estate of Charlotte businessman Rick Siskey must pay back investors he duped with promises to double their money through investments, when he was really spending it on lavish vacations. What type of fraud was this?
a)
Tax Fraud
b)
Pyramid/Ponzi Scheme
c)
Insurance Fraud
d)
Identity Theft
41.
What three things should be included in every budget?
a)
Fixed Expenses, Savings, Credit Card payments
b)
Fixed Expenses, Savings, Credit Card payments
c)
Fixed Expenses, Variables Expenses, Savings
d)
Variable Expenses, Savings, Credit Card payments
42.
What information do you need from your check in order to have you salary placed on direct deposit?
a)
Checking Account Number
b)
Bank Routing Number
c)
Both a Checking Account Number and a Bank Routing Number
d)
None of the Above
43.
Lori Loughlin pled not guilty in her latest court appearance, where she was charged with mailing fake documentation to USC to “prove” her daughter was a rowing recruit. What kind of fraud is this?
a)
Mail Fraud
b)
Identity Theft
c)
Tax Fraud
d)
False Advertising
44.
How can you manage your credit responsibly?
a)
Only apply for loans when you know you can pay them back
b)
Limit the amount of credit you take out
c)
Limit your credit purchases to what you can pay off at the end of the month
d)
All of the Above
45.
Reasons for making a budget include:
a)
To keep track of your income and expenses.
b)
To achieve your long term goals.
c)
To have a spending plan.
d)
All of the above choices are correct.
46.
When you write a check from your checking account this is a:
a)
Credit added to your balance.
b)
Debit subtracted from your balance
c)
Credit subtracted from your balance.
d)
Debit added to your balance.
47.
The lowest amount of money shown on your credit card bill that must be paid every month is called the:
a)
late fee
b)
minimum payment
c)
credit limit
d)
previous balance
48.
How can a cardholder avoid paying interest on a credit card?
a)
. Do not pay anything.
b)
Pay the minimum balance every month.
c)
Pay the minimum payment after the due date
d)
Pay the balance in full every month.
49.
A detailed report of your credit history prepared by a credit bureau and used by a lender to determine creditworthiness is called a:
a)
Credit Report
b)
Credit Card
c)
Certificate of Creditworthiness
d)
Report Card
50.
What are rooms located on a college campus called?
a)
Home
b)
Dorm
c)
Apartment
d)
Loft
51.
Besides tuition, most colleges also charge their students for:
a)
Room and Board
b)
Extra Fees
c)
Textbooks
d)
All of the Above
52.
If you don't have enough money to pay for a private college, you cannot attend that college.
a)
True
b)
False
53.
Grants are mostly available to students who:
a)
Have family financial need
b)
Have really good grades
c)
Have filled out the application
d)
Have talents in sports or arts
54.
The least expensive type of college is usually...
a)
Universities
b)
Community Colleges
c)
Technical Colleges
d)
Public colleges
55.
Money or other aid given to a student, because of merit, need, etc., to pursue his or her education-related expenses, such as college tuition, room and board at the university, or textbooks, and there are stipulation on the money in order for the students to continue receiving the funds.
a)
Grant
b)
Loan
c)
Scholarship
d)
Savings
56.
Money awarded to somebody to fund education-related expenses, such as college tuition, room and board at the university, or textbooks, and depends on your financial need. Do not have to repay.
a)
Grant
b)
Loan
c)
Scholarship
d)
Savings
57.
How your grades are calculated?
a)
GPA
b)
4.0 System
c)
100 point system
58.
Work part-time on campus while enrolled.
a)
Scholarship
b)
Financial Aid
c)
Work Study
d)
Part-time Job
59.
What is a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase?
a)
Credit Card
b)
Banking Card
c)
Debit Card
d)
Finance Card
60.
Who has the better credit score?
a)
Monthly income: $1900
Credit Card Payment: $48
Credit Card Balance: 3857
Car Loan Payment: $218
Two late car loan payments
Credit Card Payment: $48
Credit Card Balance: 3857
Car Loan Payment: $218
Two late car loan payments
b)
Monthly Income: $3,300
Credit Care Balance: Pays Full Balance
Student Loan Payment: $100
Credit Care Balance: Pays Full Balance
Student Loan Payment: $100
61.
May writes 5 checks and uses debit 8 times in one month. Which is the best bank for May?
a)
First City Bank
b)
Transnational Bank
c)
Hometown Bank
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