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Money Skills B Final Review

Total questions: 61

Worksheet time: 41mins

Name
Class
Date
1.
Money available at the present time (today) is worth more than the same amount if received in the future
a)
Pay Yourself First
b)
Time Value of Money
2.
Portion of income not spent on consumption
a)
Consumption
b)
Savings
3.
The original amount of money saved or invested
a)
Interest
b)
Principal
4.

Putting money for yourself aside before paying bills

a)

Do It Yourself

b)

Pay Yourself First

5.
How quickly and easily assets can be accessed and converted into cash
a)
Liquidity
b)
Compound Interest
6.
Cash set aside to cover the cost of unexpected events
a)
Time Value of Money
b)
Emergency Savings
7.
Accumulation of excess funds by intentionally spending less than you earn
a)
Consumption
b)
Saving
8.

Earning interest on interest

a)

Interest

b)

Compound Interest

c)

Time Value of Money

d)

Saving

9.

How quickly and easily assets can be converted into cash

a)

Interest

b)

Saving

c)

Cash Out

d)

Liquidity

10.

How quickly and easily assets can be converted into cash

a)

Interest

b)

Saving

c)

Cash Out

d)

Liquidity

11.
Which is the most liquid?
a)
Checking Account
b)
Savings Account
c)
Money Market Deposit Account
d)
Certificate of Deposit
12.

It is important to have a low interest rate when saving.

a)

True

b)

False

13.
Which often has tiered interest rates –the amount of interest earned depends on the account balance?
a)
Checking Account
b)
Savings Account
c)
Money Market Deposit Account
d)
Certificate of Deposit
14.
Which accounts interest varies (depending on time and amount of money deposited)?
a)
Checking Account
b)
Savings Account
c)
Money Market Deposit Account
d)
Certificate of Deposit
15.

Two reasons why savings tools are ideal for storing emergency savings is because they are secure and _______.

a)

Easy

b)

Expensive

c)

Liquid

d)

Risky

16.
Hannah needs a savings tool to help her manage her everyday purchases. The savings tool needs to be very liquid and accessible. Which of the following savings tools should Hannah choose?
a)
Certificate of deposit
b)
Checking account
c)
Money market deposit account
d)
Any of the above savings tools would help Hannah
17.
Kylee’s Personal Finance class has been discussing the importance of understanding liquidity and she is trying to explain the term to another student. Which statement is the most correct description of liquidity?
a)
How quickly and easily an asset can be converted into cash
b)
The amount of savings available
c)
A measurement of how much a person or household owns once all debts have been paid
18.
Dylan is preparing a presentation about saving and the presentation rubric says that he must include an explanation of compounding interest. Which of the following statements would be the best one for him to include to show that he understands compounding interest?
a)
Interest earned on the principal investment
b)
Any form of interest earned from saving or investing
c)
Earning interest on interest
19.
What is not a type of Income?
a)
Your allowance​
b)
Pay check from a job​
c)
Fees paid to a loan​
d)
Interest earn 
20.
Money you receive, is also known as 
a)
debts
b)
expenses
c)
income
d)
fixed expense
21.
A spending plan is also known as..​
a)
budget
b)
spending log
c)
check register
d)
a list of expenses
22.
If your expenses are higher than your income, you should adjust your spending plan by 
a)
Increasing your debt
b)
Reducing your income
c)
Lowering your variable expenses 
23.

Which is NOT a way to develop a spending plan?

a)

Paper/Pencil

b)

Spreadsheet

c)

Apps

d)

In your head

24.

Transportation should account for no more than what percentage of your income?

a)

10%

b)

20%

c)

30%

d)

40%

25.

Housing should cost no more than what percentage of your income?

a)

30%

b)

40%

c)

50%

d)

60%

26.

The housing category includes all of the following EXCEPT

a)

Mortgage/ rent

b)

Water bill/ cable bill/ Internet

c)

Property or Home taxes

d)

Car payment

27.

The transportation category includes all of the following EXCEPT:

a)

Car payment

b)

gas

c)

insurance

d)

cell phone

28.

The dollar amount goal for a spending plan is:

a)

Anything above $100

b)

A net gain

c)

$0

d)

A net loss

29.

What does the “S” in SMART goal setting stand for?

a)

Standard

b)

Specific

c)

Secure

d)

Spending


30.

What does the “M” in SMART goal setting stand for?

a)

Main

b)

Market value

c)

Measurable

d)

Maintain

31.

What does the “A” in SMART goal setting stand for?

a)

Attainable

b)

Available

c)

Act

d)

Achieve

32.

What does the “R” in SMART goal setting stand for?

a)

Reasonable

b)

Reachable

c)

Recommended

d)

Realistic

33.

What does the “T” in SMART goal setting stand for?

a)

Tested

b)

Teachable

c)

Time Bound

d)

Timeless

34.

I will save money to buy a new 15" Dell laptop in one year. I will do this by saving the $50 I usually pay for a gym membership that I don't use. I will cancel the membership at no charge and save the $50 a month. Which of the SMART step(s)s is/are missing?

a)

Measurable

b)

Time Bound

c)

Attainable

d)

Specific

35.
Portion of the purchase price that is not borrowed
a)
Down Payment
b)
Closing Cost
36.
The person who owns the property
a)
Landlord
b)
Tenant
37.
A person who rents the property
a)
Landlord
b)
Tenant
38.
Licensed individual representing a buyer or seller in a contractual transaction to purchase real property
a)
Landlord
b)
Real Estate Agent
39.
A contract specifying the tenant’s and landlord’s legal responsibilities
a)
Rental Agreement
b)
Lease
c)
Mortgage
d)
Equity
40.
An optional ) purchase that covers damage and or loss of personal property  in a rental home
a)
Renter’s insurance
b)
Renters Agreement
41.
Money paid to a landlord to cover potential cleaning costs at the end of the lease
a)
Down Payment
b)
Security Deposit
42.
A loan for the purchase or real estate
a)
Lease
b)
Mortgage
43.
A housing rental agreement is a contract.
a)
True
b)
False
44.
Your credit history cannot influence if a landlord will rent a home to you.
a)
True
b)
False
45.
Automobile insurance rate vary depending on a variety of factors.
a)
True
b)
False
46.
Automobile insurance rate vary depending on a variety of factors.
a)
True 
b)
False
47.

Which is the correct steps to the Planned Buying Process

a)

(1). Prioritize wants

(2). Conduct research

(3). Spending Plan evaluation

(4). Make purchase

b)

(1). Prioritize wants

(2). Make purchase

(3). Spending Plan evaluation

(4). Conduct research

c)

(1). Spending Plan evaluation

(2). Prioritize wants

(3). Conduct research

(4). Make purchase

48.

Fill in the blank with the appropriate word:

Housing is one of the _________________________ expenses for most people.

a)

Largest

b)

5% ‐ 20%

c)

income/employment OR rental history OR who will be living at the property OR References

d)

Needs, wants and spending plan

49.

Fill in the blank with the appropriate word:

Rental applications may ask prospective tenants about their ______________, ____________and

______________.

a)

Largest

b)

5% ‐ 20%

c)

income/employment, rental history,and References

d)

Needs, wants and spending plan

50.

Chad has decided to rent an apartment and is gathering information to be sure he has enough money saved for all the expenses when he moves in. His landlord explained to him that he would need to pay a refundable fee to cover any potential damages that might occur while Chad is living in the apartment. This fee is called the:

a)

security deposit.

b)

down payment.

51.

In which scenario should renters insurance be considered?

a)

Zach and Leah have rented an apartment in an urban area.

b)

Tim and Hanna are living with his parents in the basement of their home for six months while flood damage is being repaired in their home. They are paying his parents rent during the time they are living in their home.

52.

Melissa needs a vehicle and is considering leasing one. This means:

a)

she would be purchasing the vehicle by making payments over time.

b)

she would be renting the vehicle by making payments over time, although the vehicle title would remain with the lease grantor.

53.
Rental applications may ask prospective tenants about  __________________.
a)
who will be living at the property, income, employment, rental history, and references.
b)
income, eating habits, spending habits, and who your friends are.
c)
what your job is and how you get to work, references, and who your boyfriend/girlfriend is.
d)
who your parents are, rental history, eating habits, income, and who your friends are.
54.
What are some resources for finding homes to rent or purchase?
a)
newspapers
b)
online
c)
friends and family
d)
all of these
55.
You should always pay the down payment on an apartment before signing the rental agreement so that the landlord will hold the apartment for you.
a)
True
b)
False
56.
When purchasing an automobile what is an expense that you should consider other than the automobile payment that will figure into the total cost of the automobile?
a)
fuel
b)
insurance
c)
maintenance
d)
all of thse
57.
When purchasing a vehicle, which feature should you look for before making your decision?
a)
cost
b)
usage
c)
safety ratings
d)
all of these
58.
One advantage to purchasing a new car is that it has a warranty in case something goes wrong.
a)
true
b)
false
59.
One disadvantage of purchasing a new car is that it costs more.
a)
true
b)
false
60.
One advantage of purchasing a used car is that it has better gas mileage.
a)
true
b)
false
61.
One disadvantage of purchasing a used car is that it has more mileage on it.
a)
true
b)
false

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