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Money Management and Financial Planning Quiz

Total questions: 37

Worksheet time: 9hrs 15mins

Name
Class
Date
1.

Which of the following is an example of a defined benefit retirement plan?

a)

401k

b)

IRA

c)

Pension

2.

Which of the following is an example of a defined contribution benefit plan?

a)

401k

b)

IRA

c)

Pension

3.

Tax-deferred means...

a)

You do not have to pay income tax on the money until you begin to withdraw it at retirement

b)

You pay income tax on the retirement contributions when you deposit them

4.

What is considered to be "retirement" age, when it is acceptable to begin taking IRA distributions without penalty?

a)

50

b)

59 1/2

c)

65

d)

70 1/2

5.

What is the maximum amount you are allowed to contribute to your IRA each year if you are 45 years old?

a)

$1000

b)

$2500

c)

$5000

d)

$6000

6.

What is NOT a reason you can take an early withdrawal from your IRA without penalty?

a)

Down payment on your first home

b)

To pay for higher education

c)

To pay taxes owed to the IRS

d)

To pay for unreimbursed medical expenses

7.

Which IRA requires its owners to begin taking distributions at age 70 1/2?

a)

Traditional

b)

Roth

8.

Which type of IRA has contributions that are tax-deferred?

a)

Traditional

b)

Roth

9.

At what age are you required to begin taking distributions from your Roth IRA?

a)

65

b)

59 1/2

c)

70 1/2

d)

Never

10.

If you leave a company before the required minimum of years to retain your pension, what happens to the money?

a)

You receive 1/2 of it when you leave the company

b)

You receive 1/3 of it when you leave the company

c)

You receive all of the money and can roll it into your new retirement plan

d)

You don't receive any of the money

11.

When buying a house if you put a down payment of 20% instead of 10% you avoid paying?

a)

Private mortgage insurance

b)

Extra fees towards your closing cost

c)

The first month's house payment

d)

Higher interest rate

12.

Which of the following is not included in your monthly house payment?

a)

Principle and interest

b)

Property taxes

c)

Utilities

d)

Homeowners insurance

13.

What is a down payment?

a)

A sum of money that you pay at closing

b)

Percentage earned of sale price

c)

A loan which uses the equity in your house to secure you loan

14.

What does refinance mean?

a)

A home loan in which the interest rate changes depending on current rates in effort

b)

To finance a home again with a new loan & a new interest rate

c)

An estimate of the value of the property

d)

A loan which uses the equity in your house to secure your loan

15.

When renting a home, what term refers to the owner of the home?

a)

Boss

b)

Coach

c)

Tenant

d)

Landlord

16.

Which of these is not a term for someone living in a rented space?

a)

Renter

b)

Tenant

c)

Homeowner

17.

Which type of setting would have the highest rent?

a)

Rural Area

b)

Suburb

c)

Urban/Downtown Area

18.

How do most people purchase a home?

a)

In cash

b)

Through a lease

c)

With a down payment and a mortgage loan

d)

Building their own

19.

What is a home loan called?

a)

Mortgage

b)

Personal Loan

c)

Car Loan

d)

Above Rent Payments

20.
The loss of an asset's value over time is called
a)
depreciation
b)
equalization
c)
amoritization
d)
normalization
21.
The cost of owning a car includes
a)
insurance
b)
repairs
c)
gas
d)
all of these
22.
When purchasing a vehicle, the most important things to compare are
a)
colors & cost
b)
safety & color
c)
color
d)
safety & costs
23.
The _______________ is the cash you give to the dealer to lower the principal amount of the car.
a)
warranty expense
b)
interest amount
c)
down payment
d)
trade-in
24.
All of the following are ways to help minimize depreciation except
a)
it doesn't matter what you do... you cannot slow depreciation
b)
buy cars that have manufacturer's warranties that are still valid
c)
keep the car maintenance up to date
d)
buy slightly used cars about 1-3 years old
25.
This is the form you must fill out before going to college in order to get aid from the government to pay for college
a)
FAFSA
b)
FASAF
c)
FASFA
d)
AFSAF
26.
Those with a college degree, on average, earn thousands of more dollars/year when compared to those with just a HS dipolma
a)
True
b)
False
27.
What does it mean when a student loan is "forgiven"?
a)
You get a letter of apology from the government
b)
You don't have to keep going to classes to get your degree
c)
You don't get as much money as your were previosuly promised
d)
You don't have to pay back the remainder of your loan debt
28.
Private student loans have better interest rates than government student loans
a)
True
b)
False
29.
A federal student loan is provided by...
a)
Private companies
b)
The state you live in
c)
US Federal government
d)
Investors
30.
This is money you can get to pay for college, which has to be paid back.
a)
Scholarhip
b)
Grant
c)
Student Loan
d)
College Savings
31.
Which of the following statements is TRUE about the advantages of federal student loans compared to private student loans?
a)
Federal student loans generally offer higher interest rates which remain fixed over the term of the loan
b)
Federal student loans do not need to be repaid if the borrower runs into financial difficulty and goes bankrupt
c)
Federal student loans require a credit check
d)
Federal student loans offer more flexible repayment terms
32.
A subsidized loan is when ____________________ pays the interest while you are in school, while an unsubsidized loan is when ___________________ pays the interest while you are in school.
a)
the government; parents
b)
the borrower; parents
c)
the borrower; the government
d)
the government; the borrower
33.
Which federal loans are available for parents to take out for their children's education?
a)
Perkins Loans
b)
Direct PLUS Loans
c)
Subsidized Direct Loans
d)
Unsubsidized Direct Loans
34.

A _________________ allows students to work on or off campus to earn money to help pay college costs.

a)

scholarship

b)

grant

c)

federal work study

d)

federal loan

35.
Stafford loans, Perkins loans, and Plus loans are all __________________ from the government.
a)
alternative loans
b)
federal loans
c)
scholarships
d)
grants
36.

A period of time during which repayment of the principal and interest of your loan is temporarily delayed.

a)

Deferment

b)

Forbearance

c)

Consolidate

37.

What type of organization will offer a 403(c) as a retirement plan?

a)

Private business

b)

Giant company

c)

Nonprofit/government

d)

Airline

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