WorksheetsStandard 15 Test
Total questions: 60
Worksheet time: 30mins
What is the gig economy?
The number of people in the economy who have full-time employment jobs.
A flexible market that allows you to work short-term, independent jobs.
The total availability of employment and labor in the economy.
An economic system in which assets or services are shared between individuals.
What do you need in order to fill out your 1040?
Your W-2
Your employer benefits documentation
Your credit card statement
Your job offer
For most careers, which degree will most likely result in the highest lifetime earnings?
High school degree
Associate's degree
Licensure or certification
Bachelor's Degree
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.
Gross pay
Total pay
Net pay
Year-to-date pay
When you start a new job, you fill out a W-4 form to _________.
determine how much your gross pay should be.
avoid paying income taxes on your paychecks.
file your tax return.
to determine how much federal income tax your employer should withhold from your paychecks.
How does the government pay for roads, schools, and emergency services?
They are funded through non-profits.
They are funded through taxes.
They are funded through charitable donations.
None of the above
The W-2 form is a form that tells you _______.
how much taxes to withhold from your paycheck.
how often you will be paid.
how much taxes you owe to the federal government.
how much taxes you've paid in the last year based on how much you've earned.
Which of the following is NOT considered part of your benefits package available from your employer?
Paid time off
Disability Insurance
Healthcare insurance
Free technology equipment
Which of the following is a possible tax or deduction that they may show up on your paycheck?
Federal income tax
Contributions to retirement savings
FICA
All of the above
When considering a job offer, you should only consider how much you're being paid before you accept the offer.
TRUE
FALSE
Unexpected expenses…
can make it hard to stick to your budget.
may cause you to be unable to pay necessary bills.
should be planned for.
all of the above
Which of the following is a benefit of using a budget?
Helps to keep track of the money you receive
Helps to prioritize your spending
Helps reach short- and long-term financial goals
All of the above
Which of the following is a way to track your spending?
Spreadsheet budget
Envelope method
An app
All of the above
How can you ensure you don't go over your budget?
Round up your expense estimates to add a buffer
Buy all of your wants at one time.
Find a friend that enjoys going shopping
Use most of your budget for entertainment expenses
Where should you look to find your current expenses when building your budget?
your bank representative
bank and credit statements
ask your parents
your wallet
In your budgeting process, when should you look at recurring expenses?
After your wants but before you needs
After considering entertainment expenses
Before reviewing your wants
Before looking at your needs
Which of the following expenses would be a good reason to spend money from an emergency fund?
Buy new track shoes because they’re in style.
Purchase concert tickets to see your favorite artist.
Upgrade your phone to the latest model.
Repair your laptop that you use for homework.
This helps you prepare for unexpected expenses.
Credit cards
Checking account
Emergency fund
None of the above
When setting a budget, you can choose to make room for:
Financial goals
Entertainment expenses
Charitable donations
All of the above
Which of the following should NOT be considered when setting a current budget?
Savings
Needs and wants
Your financial goals
Future income
What is the best reason for why someone would want to lease a house instead of buy one?
They want to avoid rent increases and dealing with a landlord.
They want to be able to hopefully make money when they sell the place.
They are planning on living there for a short period of time.
They want full responsibility of all repairs.
Which of the following is NOT be a warning sign of a scam when buying a car or other big purchases?
Add-ons that seem too good to be true
Being forced into warranties
A price that fits comfortably in your budget
Excessive fees
What is one of the best ways to get reliable information about a product?
Search online reviews
Ask someone who has never used it
Look for the advertisements
Follow a social media influencer
Which method of payment actually is a form of borrowing money that needs to be paid back later?
Cash
Debit Card
Credit Card
Check
Which of the following is NOT a useful strategy when making an informed purchase?
Read the online reviews of the product and ask trusted friends who use it.
Purchase a product based on a social media influencer.
Calculate the unit price of the product.
Compare your option to similar products.
Which payment option is not accepted online?
Cash
Credit Card
Debit Card
Check
When you are deciding what to buy, you should...
compare the unit price of items similar to the one you want.
trust influencers to pick the best items for you.
pick the most expensive item to get the best quality.
pick the cheapest item to get the best deal.
A pack of 24 pencils is more expensive than 12 pencils, but why could buying the 24 pack be the better deal?
The price of each pencil, or the unit price, is actually cheaper in the 24 pack.
The 24 pack comes with a carrying case.
This statement is false. Buying fewer pencils will always be a better deal.
The price of each pencil, or the unit price, is actually cheaper in the 12 pack.
Which example shows an advantages of owning a car over leasing one?
No restrictions on the number of miles to drive and the ability to customize, or make changes to the car.
You will drive a fairly new car for a limited period of time.
Smaller monthly payments and good warranty to cover repairs.
Expiring warranty means that you will get to handle repair payments.
Which housing option gives you more freedom and more responsibility?
Buying a house.
Borrowing a house.
Leasing a house.
Housesitting
When looking for pre-approval on a car loan you should NOT...
select the loan that has right repayment period for you.
compare pre-approval offers and select the one that is best for you.
look for the lowest interest rates you can find.
get a loan from the car dealer directly to keep things simple.
The cost of a secured loan is typically lower than the cost of an unsecured loan because _______.
the loan takes longer to get.
it requires collateral.
your parents will make sure you pay it back.
it has high interest rates.
Annual Percentage Rate (APR), credit limit, and penalties and fees are important to consider when _____.
Choosing a credit card
Looking at your credit score
Selecting a financial institution
Choosing a financial advisor
To maintain a good credit score you must ______.
have credit monitoring.
have many open credit cards.
manage your debt wisely.
check your credit score every week.
What is NOT a benefit of having a good credit score?
You'll get better interest rates on your loans.
When you need a loan, you'll have more loan offers to pick from.
You'll get accepted to better education institutions.
It will be easier to get an apartment.
Benefits to paying the full balance of your credit card each month include:
Increasing your credit score
Paying more in interest
Decreasing your credit score
Not having late fees
Using a loan could help with the purchase of which of the following?
A new television
A house
A dream wedding
Airline tickets to your dream vacation
Which of the following is NOT a recommended method to protect you from identity theft?
Place a credit freeze with the credit bureaus.
Regularly monitoring your credit report.
Contacting lenders and credit bureaus to report inaccurate information.
Expensive specialty locking or monitoring service.
Which is a positive reason for using a credit card to finance purchases?
You will get charged high interest.
You'll be able to spend a lot of money without paying it back
Paying it off on time can help build your credit history
You won't have to budget for your credit card expenses.
What could be a good option available to you if you are behind on loan payments?
You can take out a payday loan.
A financial institution may offer for you to pay a little now and pay the rest after your next pay day.
Ask your financial institution to get out of the loan contract.
You can ignore your payments until the financial institution asks about them.
It does not make sense to avoid post secondary education because of its cost since in the long run:
You or your parents can write it off your taxes.
The salary you will earn with a degree will pay back the cost of college over your career.
You can get grants and scholarships to pay for post secondary education while you are there.
There are less expensive options for obtaining a post secondary education.
What are the benefits of attending a local community college?
It is cheaper to earn an Associate’s degree at a community college and then transfer to a four-year college to finish.
You can live at home and save dorm fees while earning an Associate’s degree.
Choosing a local community college within closer driving range saves on transportation costs.
All of the above.
Federally-funded grants require the student to...
have a membership in a high school club.
earn above average grades.
have financial need only.
perform volunteer work for a local community agency.
All of the following are true about the Free Application for Federal Student Aid (FAFSA) EXCEPT:
You can fill out the FAFSA if you are independent or dependent.
The earliest you can submit your FAFSA is October 1st of each year.
States have different deadlines for applying for state aid
The form is only available online.
Which is NOT considered an additional cost beyond tuition for higher education?
Academic counseling
Transportation
Room and board
Textbooks and supplies
What can affect whether a public or private university is affordable?
Whether you live in the state of the private university.
The amount of financial aid that they offer.
The interest rates that the universities charge for their loans.
Whether you are from "out of state" for the private university.
Living at home while enrolled in post secondary school or training can save money on....
books but it raises costs for tuition.
books but it raises costs for transportation.
room and board but it raises costs for transportation.
transportation but it raise costs for books and supplies.
All of the following are true about why it is important to complete the Free Application for Federal Student Aid (FAFSA) process EXCEPT:
It allows you to be eligible for early admission.
It allows you to be eligible for many scholarships.
It allows you to be eligible for some grants.
It allows you to be eligible for federal student aid.
A 529 plan can help you save more money than a traditional savings account because...
it is a tax free.
it is linked to the stock market.
it is given to you at a very young age.
the interest rates are considerably better.
Earning a degree can be expensive but which example shows why it might be worth it?
Individuals with a bachelor’s degree typically earn a higher annual salary than those without one.
Federal student loans are offered at low interest rates which makes it more affordable.
A high school diploma allows you earn money instead of going into debt.
Expensive degrees guarantee a low paying job afterwards.
Wearing a seat belt, not texting when driving, and driving carefully are all examples of...
deductibles.
warranties.
insurance policies.
risk management strategies.
What will collision insurance cover in the event of an accident?
Damage to your car
Damage to someone else’s property
Damage to someone else’s car
Bodily injuries
When is it ok not to have health insurance?
If you do not have a full time job.
You should always have health insurance.
If you are young and healthy.
If you are a student under the age of 26.
When filing an insurance claim, the policyholder must pay a ________________, which is the amount you owe before insurance will cover the rest of the bill.
commission
contract fee
premium
deductible
An insurance premium is...
the amount of money you pay for an insurance policy.
an extra fee you need to pay your insurance for filing a claim out of network.
a commission paid to the agency for the purchase of a policy.
the amount of money you have to pay for services before insurance covers the rest.
Which of the following is a reason someone should get health insurance?
People with health insurance can get faster access to medical care at emergency rooms.
Health insurance allows all medical procedures to be covered for free.
Most health insurance policies also covers non medical procedures.
Health insurance protects you financially from medical emergencies.
How can insurance protect you from financial loss?
Insurance can offer easy monthly payment options for premiums.
Insurance can offer low co-insurance policies.
Insurance can cover you or your property in case of an accident, theft, or another unpredictable event.
Insurance can offer warranties on household items.
What do people purchase as a form of risk management to protect themselves from losing a lot of money in the event something happens to them or their property?
Liability
Deductibles
Warranty
Insurance
Insurance that will pay for injury to another driver and/or damage to their car if you are in an accident is called...
comprehensive insurance.
liability insurance.
uninsured motorist insurance.
collision insurance.
Buying a home security system is an example of protecting your home against________.
deductibles
insurance
warranties
risk
