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PF Exam Practice Test

Total questions: 111

Worksheet time: 1hrs 27mins

Name
Class
Date
1.

Erica wants her class project to reflect her values. Which items would be best to include?

a)

Things that she intends to acquire, do, reach, or accomplish in the near or distant future

b)

Things that are necessary or essential for life and survival

c)

Things that reflect her fundamental beliefs about what is worthwhile and important to her

d)

Things that are unnecessary but desired which increase the quality of her life

2.

One element of a financial goal is missing in this example. “I will save $150 each month to go on a vacation in one year.” Which one is it?

a)

Time Bound

b)

Specific

c)

Attainable

d)

Measurable

3.

Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set?

a)

When his financial goals have been established

b)

When his money management plan has established high well-being

c)

When he is 70 years old

d)

Never – it is an ongoing process

4.

Kaylee will save her allowance of $25 per month to purchase a $150 MP3 player in six months. This is an example of what type of goal?

a)

Short-term goal

b)

Long-term goal

c)

Mid-term goal

d)

This is not an example of a goal

5.

Jacob is wondering how he can improve his intellectual well-being. Which would contribute the most to his intellectual well-being?

a)

Going to the gym three times per week

b)

Challenging himself by taking on a new project at work

c)

Joining a local service organization

d)

Taking a vacation from work

6.

Amber's academic adviser has asked her to set 3 academic goals for this semester. These goals are most likely to be accomplished if:

a)

Amber discusses her goals with her parents

b)

Amber lets her friend set her goals

c)

Amber writes her goals down

d)

Amber thinks about her goals weekly

7.
Which of the following factors is not influenced by values?
a)
Everything is influenced by values.
b)
An individual’s daily decisions
c)
An individual’s long-term decisions
d)
An individual’s financial decisions
8.
Madison’s academic adviser has asked her to set 3 academic goals for this semester. These goals are MOST LIKELY to be accomplished if:
a)
Amber discusses her goals with her parents
b)
Amber lets her friends set her goals
c)
Amber writes her goals down.
d)
Amber thinks about her goals weekly.
9.
One element of a financial goal is missing in this example.  "I will save $250.00 each month to go on a vacation in one year."  Which one is it?
a)
Time Bound
b)
Specific
c)
Atatinable
d)
Measurable
10.

What does the acronym "SMART" stand for in setting financial goals?

a)

Specific, Measurable, Attainable, Relevant, Time-bound

b)

Simple, Maintainable, Attainable, Responsible, and Timely

c)

Smart, Manageable, Attractive, Relevant, and Time-bound

d)

Single, Money, Approach, Restraint, Thorough

11.
Changing your goal from "I will work out daily" to "I will work out for an hour daily" adds what part of SMART to your goal?
a)
Specific
b)
Attainable
c)
Measurable
d)
Realistic
12.
Which statement about our interactions with money is not considered to be true?
a)
You are responsible for your present self and your future self.
b)
Your present self impacts your future self.
c)
You are better off in a community than by yourself.
d)
Investment increases risk and reduces your ability to cope with risk and uncertainty.
13.
David made a mistake in his checking account record keeping and spent $25.00 more than he had deposited in his account. As a result, he can expect to be charged a(n):
a)
Overdraft Fee
b)
ATM Fee
c)
Safe Deposit Fee
d)
Contact Fee
14.
Common fees that may be charged by a depository institution include all EXCEPT:
a)
Minimum Balance Fee
b)
ATM Fee
c)
Late Fee
d)
Overdraft Fee
15.
George wants to be able to use funds in his checking account but finds going to the bank to withdraw cash to be an inconvenient.  He would like a more effective way to access his checking account funds. What would you suggest he do?
a)
Apply for mobile banking
b)
Apply for a Credit card
c)
Request a cashier's check from her depository institution
d)
Apply for a debit card
16.
Savings tools offered by depository institution may earn interest.  Which of the following statements is NOT TRUE about interest?
a)
The amount of interest earned or paid is determined by the interest rate.
b)
When paying interest , look for low rates
c)
When earning interest, look for low rates
d)
Interest is the price paid for using someone else's money.
17.
Joshua is saving money to purchase a new computer before he leaves for college in three years.  He wants to open a special account at a depository institution to keep his saved money safe.  He has asked you for advice on which type of account be best for him. What would be the best advice for Joshua?
a)
Shop around for the depository institution with the highest rate for his savings account. He would be able to make regular savings deposits and earn interest while he is saving up for the computer.
b)
Check several depository institutions and choose one with a free, no-interest rate checking account. 
c)
Shop around for a depository institution that offers safe deposit boxes.
d)
Look for a credit union that offers share draft accounts. These secure accounts are designed especially for saving for long-term financial goals.
18.
Tessa is concerned about the safety of the money in her savings account.  Which type of depository institution should she choose?
a)
Neither a commercial bank or a credit union. Money is most safely kept at home in a personal safe or vault.
b)
She could safely choose either a commercial bank or a credit union, as long as her saving account balance meetes the insurance insurance requirements.
c)
A credit union, since her deposits would be insured by the National Credit Union Association (NCUA)
d)
A commercial bank, since her deposits would be insured by the Federal Deposit Insurance Corporation (FDIC)
19.
Which statement is TRUE about Payroll Taxes?
a)
Payroll taxes are paid on both earned and unearned income
b)
The amount of tax paid depends on many different factors but increases as income increases.
c)
Payroll taxes fund different operations and  programs of the federal government.
d)
Payroll taxes fund the Social Security and Medicare programs.
20.
Courtney has received her first paycheck.  She worked 20 hours at her new job and is being paid $7.25 per hour.  She calculated that her paycheck should be $145.00. Her paycheck amount is 1/3 less than she expected.  What is the most likely reason that Courtney's pay is less than she expected it to be?
a)
Courtney neglected to deduct the amount required to pay income and payroll taxes
b)
Courtney calculated the hours she worked without deductin the hours she spend doing on-the-job training
c)
Courtney's employer made a mistake calculating the number of hours Courtney worked during her first pay period
d)
Courtney neglected to deduct the excise tax paid on the uniforms she purchased to wear at her job
21.
Which statement is NOT TRUE about property taxes?
a)
The fee paid to license a vehicle is an example of property tax
b)
Property taxes are most often paid only once or twice each year
c)
Property tax is often charged by states or local governments to pay for local schools
d)
The property tax rate is set by the federal government to be equal in every state
22.

Asset

a)

Items of monetary value a person or household owns

b)

A debt or obligation owed to others

c)

A measurement of how much a person or household owns once all debts have been paid

d)

Assets that can be quickly and easily converted into cash

23.

Statement of Financial Position

a)

A financial statement that describes an individual or family’s financial condition on a specified date by showing assets, liabilities, and net worth

b)

A measurement of how much a person or household owns once all debts have been paid

c)

Items of monetary value a person or household owns

d)

When income is greater than expenses

24.

Net worth

a)

A financial statement that describes an individual or family’s financial condition on a specified date by showing assets, liabilities, and net worth

b)

Money spent

c)

A measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to others

d)

Money received

25.

Wealth

a)

A measurement of how much a person or household owns once all debts have been paid

b)

Money received

c)

Money spent

d)

Items of monetary value a person or household owns

26.

Cristina is writing down her liabilities to complete his Statement of Financial Position. The item she should include would be:

a)

his check

b)

checking account balance

c)

the combined total of his savings and checking accounts.

d)

credit card balance

27.

Francisco earns $25,000 per year and has a net worth of 5,000. Eder earns $75,000 and has a net worth of $2. Who is wealthier?

a)

Eder, because his income minus his net worth is a smaller amount than Malik’s.

b)

Eder, because his income minus his net worth is a larger amount than Malik’s.

c)

Francisco, because his net worth is higher than Malik's.

d)

Francisco, because his net worth is lower than Christian’s.

28.
Brett is creating a Statement of Financial Position and needs to list his assets. Which of the
following should he NOT list as an asset?
a)
Money in his checking account
b)
Money in the paycheck he will receive next week
c)
His hockey equipment
d)
The market value of his car
29.

To decrease his net worth, Gabby could:

a)

increase his liabilities.

b)

increase his assets.

c)

increase his market value.

d)

decrease his liabilities

30.
Jonah is writing down his liabilities to complete his Statement of Financial Position. The item he should include would be:
a)
The market value of his car
b)
The value of his retirement account
c)
The combined total of his savings and checking accounts
d)
The balance on his credit card
31.
Andy is developing an Income and Expense Statement. He has gathered all his receipts, bank
statements, paycheck stubs, and spending records. He needs to categorize them into income and expenses. He is unsure which of the following items should be recorded as expenses. Which should be recorded as expenses?
a)
Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and
his car insurance
b)
Money saved from his paycheck for emergencies, interest paid on his car loan, his tax refund from filing last year’s tax return
c)
The scholarship he receives for studying Chinese at the local community college, his car
insurance payment, and stock dividends he received from his grandmother
d)
Clothing he purchased for a job interview, tuition for a class he is taking at the local community college, and interest from his savings account
32.
Amanda and Marcus just finished their Income and Expense Statement for last month. They
discovered that they have a net gain. What does this mean and what should they do?
a)
Amanda and Marcus are spending more money than they are earning. They need find a
way to balance their income and expenses by spending less on non‐contractual expenses
b)
Amanda and March are earning more money than they are spending. They could place
additional money in savings and/or spend it on other expenses
c)
Amanda and Marcus are spending more money than they are earning. One of them should
consider getting a second job for a time to help boost their income
d)
Amanda and Marcus are earning more money than they are spending. They should increase
spending for non‐contractual items to bring their income into balance with the expenses
33.
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
a)
Decreases expenses
b)
Use a credit card more often
c)
Earn less income
d)
Increase purchases
34.
Diana and Aaron have decided to develop a spending plan to help them gain control over their
finances. Which of the following statements is NOT TRUE about spending plans?
a)
Spending plans are used to record planned income
b)
Spending plans are used to record planned expenses
c)
A spending plan includes items NOT usually included when creating a budget
d)
When creating a pending plan, it is recommended that you examine your trade‐offs and
opportunity costs
35.
Michael wants to develop a spending plan for himself to use during his final year of high school.
What will he need to do as his FIRST step?
a)
Decide what income and spending categories would reflect his values, needs, and wants
b)
Decide how much money he can spend for each of the bills he pays each month
c)
Track his current income and expenses. If he has already created an Income and Expense
Statement then he has completed this step
d)
Develop a control system that will work with his life style
36.

Which step of the spending plan requires you to stick to the budgets you made

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

37.

Which step of the spending plan considers how much to spend on each category of expenses

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

38.

Which step of the spending plan is where you ask "how well did my plan work"

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

39.
Of the 6 main spending categories, which one is the largest?
a)
Transportation
b)
Savings
c)
Insurance
d)
Housing
40.
If Carol's assets value $130,000 and her debts (liabilities) are $26,000, what is her net worth?
a)
$40,000
b)
$156,000
c)
$104,000
d)
$140,000
41.
If your monthly paycheck is $4500 and you budgeted 20% of that for transportation, how much can you spend on transportation?
a)
$900
b)
$90
c)
$990
d)
$99
42.

Which of the following statements is NOT true?

a)

Most people have several careers throughout their lifetime.

b)

Jobs are paid positions.

c)

People can develop human capital in a variety of ways.

d)

Transferable skills can be applied to many personal and professional roles.

43.

Miranda is working to develop a broad base of transferable skills. This means that she:

a)

Needs to maintain at least a part time job during the school year.

b)

Use her available hours outside of school for paid employment rather than volunteering.

c)

Will not have as much time to develop her human capital.

d)

Will have a set a versatile skill that she can apply to many personal and professional roles.

44.

Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her education, Lora is investing in her:

a)

salary

b)

human capital

c)

family

d)

interest inventory

45.

In order to make an informed career decision, a high school student will want to:

a)

commit to a profession that requires a college degree.

b)

choose a career that offers the amount of money desired.

c)

develop personal goals, complete a career assessment, and research careers.

d)

choose a training program that will guarantee employment after the course work is completed.

46.

Joanna has arranged to complete a job shadow with a physical therapist to decide if this is a career she wants to pursue. Which of her concerns is she most likely to have answered as a result of her job shadow?

a)

The future outlook for physical therapy jobs

b)

The amount of money physical therapists earn

c)

Common tasks and typical daily activities

d)

Opportunities for advancement in the career

47.

Individuals with more formal educational training usually have:

a)

higher estimated lifetime earnings.

b)

lower personal satisfaction.

c)

greater amounts of leisure time.

d)

more comfortable work environments.

48.

Which statement would not be true about the value of career research?

a)

Everyone values different aspects of an occupation. One person might value the flexible schedule a particular job offers and another might care more about the amount of training that a career might require.

b)

Current job availability and the outlook for future employment are as essential to consider as whether you have the skills, interest and abilities to pursue a particular career.

c)

Opinions from different people working in the occupation should be considered before ruling out a particular career.

d)

There are many careers that would support your well-being. Career exploration allows you to find the one that pays the most so your well-being is enhanced to the highest degree.

49.

Which is the best choice for describing "Invest in Yourself"

a)

Completing your college degree is the best way to prepare for a career

b)

Education pays in higher earnings and lower unemployment rates

c)

Human capital and transferable skills result from formal training

d)

Investing in yourself too early can lead to a lower standard of living

50.

Changing your major could result in what?

a)

a well-rounded college degree

b)

the need for backwards planning

c)

losing credits for classes already taken

d)

remediation courses to make up for the change in majors

51.

The money one would have earned if she/he had worked instead of continuing her/his education is called the:

a)

debt-to-income ratio.

b)

opportunity cost.

c)

benefit.

d)

total estimated cost.

52.

Jaimen is struggling to make his student loan payments after college. He is considering defaulting on the student loan. Which is not a potential consequence if he decides to default on the student loan?

a)

He could be denied credit cards, car or home loans, or apartment leases.

b)

The bank could refuse to allow him to open a checking account.

c)

He may not be able to obtain a marriage license.

d)

His wages may be garnished.

53.

Carson’s family has always struggled financially due to his parents leaving high school before graduating and working lower paying jobs to support the family. His parents do not want him to make the same mistake and are encouraging him to apply for scholarships and any type of student aid he might qualify for. Which application will determine which type of need-based aid he will qualify for?

a)

Perkins Federal Loan Application

b)

Direct Subsidized Stafford Loan Application

c)

Federal Work Study Application

d)

Free Application for Federal Student Aid (FAFSA)

54.

Mallory has set a career goal of becoming a veterinarian but does not have the money to complete this goal without taking out very large student loans. She decides to attend a 2‐year program to become a veterinary technician, and then work for 3 years in that field while she saves money for her remaining 2 years of college and veterinary school. Mallory’s plan is known as a/an:

a)

career pathway.

b)

opportunity cost.

c)

debt‐to‐income ratio.

d)

SMART goal.

55.

Sean plans to attend college in 2 years. He and his family have saved some money to help pay for it but he wants to explore ways he can receive money he won’t have to repay. Which set of options should he explore?

a)

Federal Perkins Loans, PLUS loans, and local bank loans

b)

Federal Student Grants, PLUS loans, and scholarships

c)

Pell Grants, work-study, and scholarships

d)

Work-study, scholarships and PLUS loans

56.
To combine a number of financial accounts/funds into a single account.
a)
consolidate
b)
deferment
c)
forbearance
d)
grant
57.
Ability to stop or reduce loan payments for up to 12 months while interest is accruing.
a)
grace period
b)
forbearance
c)
consolidate
d)
loan default
58.

Jamie has elected to be paid by direct deposit at her new job. This means _____.

a)

She will receive her paycheck mailed directly to her each pay period.

b)

She will receive her pay directly into her checking account at her depository institution for each pay period.

c)

She will receive her pay automatically loaded onto her payroll card at the end of each pay period.

d)

She will receive her paycheck delivered directly to her at her place of employment at the end of each pay period.

59.

Gross income – deductions = _______________

a)

Gross income

b)

Social Security

c)

Medicare

d)

net income

60.

The most secure method for an employer to pay employees is to use:

a)

direct deposit

b)

payroll card

c)

printed paycheck

d)

in‐store credit

61.

Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax, and $42.05 into FICA (Social Security Tax). What is Bob’s gross pay on his paycheck?

a)

$501.66

b)

$320.00

c)

$576.92

d)

$640.00

62.
Susan is currently working in Kansas City, MO earning $30,000 per year. She is offered a position in Indianapolis, IN earning $32,000 per year. If Kansas City’s Cost of Living Index is 100 and Indianapolis’ Cost of Living Index is 125, which is true?
a)
Susan will have more spending power if she moves to Indianapolis.
b)
Susan will have more spending power if she stays in Kansas City.
c)
Susan will have the same spending power in Indianapolis as she has in Kansas City.
d)
There is not enough information to decide.
63.

Alyssa’s childcare provider called to tell her that the provider’s young daughter woke up ill and she won’t be able to care for Alyssa’s son today. Alyssa’s friend, who is a stay‐at‐home mother, agrees to care for Alyssa’s son today so Alyssa can go to work. Alyssa has utilized:

a)

family child care.

b)

social capital.

c)

a non‐profit organization.

d)

neighborhood watch.

64.

Medicare is provided by the federal government for individuals in specified circumstances. In which of the situations below would the individual most likely be receiving Medicare funds?

a)

Jim is a 37-year-old man who lost his job and is unable to afford health insurance for himself or his children.

b)

Ivan is 60 years old and was injured at work. His employer needs to provide temporary income for him.

c)

Rachel is a seventeen-year-old high school student who is pregnant and needs assistance with her medical expenses.

d)

Rosie is 67 years old and in need of a health insurance program.

65.

Julie is a single mother who recently lost her job. She would like to obtain training in the medical field in order to increase her future income and support her two children. In order to do this, she will need help paying some of her expenses while she is going back to school. Which government program might offer her assistance to help with living expenses and job training?

a)

Earned Income Tax Credit

b)

Unemployment Insurance

c)

TANF

d)

Medicare

66.

Family

a)

People who pay taxes to federal, state, county, or municipal (city/town) governments.

b)

A group of people working together for a common good.

c)

A federal and state assistance program that pays for health care services for low-income individuals who cannot afford them.

d)

Related or unrelated individuals sharing various resources (especially time and money) who also show concern about each other's well-being.

67.
Why do experts suggest that your emergency savings be in a very liquid savings tool?
a)
all of these
b)
so it is accessible if it is needed quickly
c)
so you can save as much as possible
d)
so you can earn interest on your money
68.

When taking advantage of the time value of money, which of the following is most likely to

result in the largest return?

a)

Invest a large principal amount of money and then make no additional investments.

b)

Invest as long as possible and at the highest interest rate possible.

c)

Invest at a high interest rate because interest is the only factor that affects return.

69.

Which of the following is a feature of a certificate of deposit (CD)?

a)

Funds deposited in a CD are held for a certain length of time.

b)

Funds deposited in a CD are very liquid.

c)

Funds deposited in a CD can be accessed via check or debit card.

70.
Which statement is true of mutual funds?
a)
Mutual funds are diversified investments
b)
Mutual funds are speculative investments
c)
Mutual funds are superior purchasing to single stock
d)
Mutual funds are a form of real estate investmenet.
71.

The relationship between risk and return in investing.... is?

a)

higher risk means lower return

b)

higher the risk, the higher return / loss

c)

lower risk means a higher return

d)

No relationship exists between risk and return

72.

Which statement describes inflation?

a)

The uncertainty about the return on an investment

b)

The rise in the general level of prices

c)

The number of times something happens to money

d)

The projected values of something at end of a time frame

73.

Ownership of residential or commercial property or land

a)

Bonds

b)

Stocks

c)

Real Estate

d)

Speculative Investments

74.

High risk investment that has the potential for significant fluctuations in return

a)

Bonds

b)

Stocks

c)

Real Estate

d)

Speculative Investments

75.
Jenny is 18_years_old and has applied for credit for the first time. Her credit application was declined because she has no credit history. What would you recommend Jenny do to being to build a positive credit history?
a)
Jenny should acquire several credit cards to establish that she can manage them responsibly.
b)
Jenny should obtain a secured credit card.
c)
Jenny should re_apply for the same credit but include a letter of recommendation from someone who knows her well and can vouch for her character.
d)
Jenny should apply for a different type of credit. Since she was applying for a bank loan, she should apply for a credit card.
76.
Becky no longer wants to use her Clothes_R_Us store credit card. What is the best thing she could do with the credit card?
a)
File the credit card away for use at a later time.
b)
Let a family member take over the credit account so her credit score will not be affected.
c)
Keep the credit card in her wallet in case she needs proof of identification.
d)
Close the account by phone and in writing, then destroy the card.
77.
Which of the following is NOT included in an individual’s credit report?
a)
Current and past addresses
b)
Account balances
c)
Bankruptcies and foreclosures
d)
Medical information
78.
Edward wants to develop a positive credit history. How should he do this?
a)
maintain reasonable amounts of available credit
b)
have one type of credit account
c)
pay cash for the majority of purchases
d)
open credit accounts in their parents’ names
79.
David earns $5000 per month at his accounting job. He has a student loan payment of $120, a car loan of $300. Which statement is true?
a)
David’s total credit payments are higher than the recommended amount for someone earning his income.
b)
David’s student loan payment must be subtracted from his car loan payment to determine whether his overall credit payments are is within the safe range.
c)
David’s student loan payment is within the safe range but his car loan is not.
d)
David’s credit payments are within the safe range for someone with his income.
80.
Evan is writing a scholarship essay about the importance of responsible money management. He wants to explain the meaning of borrowing. Which statement below would explain the importance of understanding the process of borrowing money?
a)
When you are borrowing, you are spending future income.
b)
Borrowing builds a strong credit history because it requires individuals to file a credit report.
c)
Borrowing is an important part of a responsible financial plan.
d)
Borrowing strongly affects the present self but has less impact on the future self.
81.
Paying the minimum payment on a credit card every month will:
a)
Pay a large % of the total balance owed every month
b)
Make the final amount paid substantially higher than the amount initially charged to the card
c)
Help the cardholder create a plan for paying of credit in a decent amount of time
d)
Allow the cardholder to avoid paying any interest charges
82.
How can someone LEGALLY avoid paying interest when use a credit card?
a)
Pay the minimum balance every month before the due date
b)
Pay the balance in full every month before the due date
c)
Limit the use of a credit card to balance transfers only
d)
There is no legal way to avoid paying interest charges
83.
Which would explain the importance of understanding the process of borrowing money?
a)
When you are borrowing, you are spending future income
b)
Don't do it.  It's always a terrible practice.
c)
Borrowing is an important part of a responsible financial plan.
84.
Terms and fees of a credit card in an easy to read box on all credit card applications and solicitations
a)
Information Box
b)
Schumer Box
85.

Kyler learned her identity had been used during an arrest, but she hadn't been arrested. Which type of fraud is this?

a)

Tax

b)

Investment

c)

Identity Theft

d)

Communications

e)

Credit

86.

Zander received an email asking him to pay money to rescue

individuals in a foreign country. After further research, he

discovered this organization did not exist. Which type of fraud is this?

a)

Tax

b)

Investment

c)

Identity Theft

d)

Communications

e)

Credit

87.

Derek has been approached by a company making claims that he does not owe taxes this year even though he has been working for pay. Which type of fraud is this?

a)

Tax

b)

Investment

c)

Identity Theft

d)

Communications

e)

Credit

88.

Jada is considering re‐financing her home and received an ad from a company offering staggeringly low interest rates. Which type of fraud is this?

a)

Tax

b)

Investment

c)

Identity Theft

d)

Communications

e)

Credit

89.

Brielle is researching tools to invest her money into and has found one with guaranteed returns. Which type of fraud is this?

a)

Tax

b)

Investment

c)

Identity Theft

d)

Communications

e)

Credit

90.

Neema has joined several social networking websites. What should she do to protect herself from fraud? Check all that apply.

a)

post personal information about herself

b)

use privacy settings to restrict who may view her information

c)

use simple passwords that are easy to remember

d)

never post social security numbers, phone number, address, and financial information

91.

A scammer is using email to pretend to be your depository

institution. Which applies to this?

a)

Computer

b)

Skimming

c)

Phishing

d)

Stealing

e)

Diverting mail

92.

A scammer has attached a device to a gas pump to access credit card information. Which term applies to this?

a)

Computer

b)

Skimming

c)

Phishing

d)

Stealing

e)

Diverting mail

93.

A scammer has completed a change of address form for an

individual’s financial statements. Which term applies to this?

a)

Computer

b)

Skimming

c)

Phishing

d)

Stealing

e)

Diverting mail

94.

The branch of the U.S. Treasury Department in charge of collecting taxes and enforcing tax laws.

a)

FBI

b)

FTC

c)

IRS

d)

SEC

95.

An intentional effort to deceive another individual for personal gain

a)

Communications Fraud

b)

Phishing

c)

Computer Fraud

d)

Fraud

96.
Tiffany was recently involved in a vehicle accident. In order to get her car fixed, her insurance company is requiring her to pay the first $500 of the repair bill because:
a)
she did not call her agent and report the accident quickly enough
b)
her policy's deductible is $500
c)
she will be reimbursed by the insurance company later
d)
the cost of the repairs is higher than her policy covers
97.
What is the difference between property and liability insurance?
a)
Property insurance pays for loss to the insured person whereas liability insurance pays for loss to other people
b)
Property insurance pays for loss to other people whereas liability insurance pays for loss to the insured person
c)
The difference between property and liability insurance depends on the specific insurance policy purchased
d)
The difference between property and liability insurance depends on whether automobile,homeowners, or renters insurance is purchased
98.
The equity that you build by making mortgage payments is:
a)
the value of the home after the mortgage debt is subtracted
b)
purchasing a housing unit as rental property
c)
a home loan where the real estate is collateral
d)
the amount of money paid on the home at the time of purchase
99.

Healthy giving occurs when:

a)

an individual wants to give back and the result is positive emotions for both the giver and receiver.

b)

someone with limited resources gives all they have to make another happy.

100.

Caitlyn’s parents were rushing off to a meeting to get some help planning their estate. When Caitlyn asked who they were meeting with, her parents likely told her they were going to the office of:

a)

Any of these

b)

a certified financial planner

c)

attorney

d)

accountant

101.

Which question does not represent a topic that teens should ask parents and guardians about estate planning?

a)

“How much money do you have in your checking account?”

b)

“Who would take care of me if something happened to you?”

102.
Leah is trying to explain the difference between open-end and close-end credit. Which statement should she include about close-end credit?
a)
It is a continuous loan with a revolving balance
b)
Equal payments are required on a regular basis until paid
c)
Credit limits vary
d)
Interest rates vary
103.
When told to keep your use of credit within safe boundaries; that means:
a)
Total amount borrowed, including mortgage and car loan, under 20% of net income
b)
Total amount borrowed, including mortgage and car loan, under 40% of net income
c)
Total amount borrowed, not including her mortgage, under 20% of net income
d)
Total amount borrowed, not including her house, under 40% of her net income
104.

Cost of living

a)

The average cost of basic necessities, such as housing and food

b)

Products or services provided by an employer that provide extra value beyond wages

c)

The regular schedule by which employers pay employees

d)

Outlines the deductions made to wages

105.

Gross income

a)

Amount of money earned before payroll taxes

b)

A reloadable debit card onto which a worker's pay is loaded

c)

Total tax bill

d)

Amount of money left once all deductions have been taken from gross income

106.

Salary

a)

Fixed amount of money or compensation paid to an employee by an employer in return for work performed

b)

Total tax bill

c)

A state‐sponsored system that pays monetary benefits to workers who become injured or disabled on the job

d)

A federal program whose main purpose is to help pay for health care for those over 65

107.

Debt‐to‐income ratio

a)

a standard tool that calculates whether a borrower will have difficulty meeting his or her loan repayment obligations

b)

Postponement of payment on a loan allowed under certain conditions and during which interest does not accrue

c)

Ability to stop or reduce loan payments for up to 12 months while interest is accruing

d)

The cost of attendance minus grants and scholarships.

108.
10) Who would be eligible for a 403b account?
a)
a. A salesperson
b)
b. A CEO of a Fortune 500 company
c)
c. A government employee
d)
d. Anyone
109.
15) 401k accounts are what type of accounts?
a)
a. Mortgage
b)
b. Bond
c)
c. Retirement
d)
d. Education
110.
Khalaja is 18 years-old and has applied for credit for the first time.  Her credit application was declined because she has no credit history. What would you recommend Khalaja to do to begin to build a positive credit history?
a)
Khalaja should re-apply for the same credit but include a letter of recommendation from someone who knows her well and can vouch for her character
b)
Khalaja should apply for a different type of credit .  Since she was applying for a bank loan, she should apply for a credit card.
c)
Khalaja should obtain a secured credit card.
d)
Khalaja should acquire several credit cards to establish that she can manage them responsibly.
111.

The number of years it takes for a certain amount to double in value; equal to 72 divided by its annual rate of interest.

a)

Pay Yourself First

b)

Savings

c)

Rule of 72

d)

Savings Tool

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