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Single Survival Semester Test

Total questions: 65

Worksheet time: 55mins

Name
Class
Date
1.
Budgeting is crucial to your financial success.
a)
True
b)
False
2.

If an expense can NOT be removed from your budget to save money, it is considered a _____.

a)

Income

b)

Want

c)

Need

d)

Savings

3.
Preparing a budget includes
a)
Income, Expenses, Saving
b)
Only listing your expenses
c)
Only listing your debts
d)
Only listing your income
4.
Examples of Fixed Expenses include:
a)
Mortgage, loans, rent
b)
Cable, entertainment, food
c)
Gas, food, phone
d)
Clothing, gas, food
5.
Car Payment
a)
Fixed Expense
b)
Variable Expense
6.

Fixed or variable expense: Groceries

a)

Fixed

b)

Variable

7.

A financial plan is called a

a)

budget

b)

tax

c)

allowance

d)

income

8.

Carla’s monthly income is $2,500. She can spend 35% of her monthly income on her housing category, how much money does she have to spend in this category?

a)

$875

b)

$110

c)

$765

d)

$90

9.

Ace’s car holds 23 gallons of gas. If gas is $3.49 per gallon, how much will it cost Ace to fill up his car?

a)

$80.27

b)

$26.49

c)

$27.80

d)

$50.78

10.

Kaden’s mom gave him $50 to spend on some new clothes. If Kaden bought 2 shirts for $12.99 each, a pair of jeans for $35.95, and a belt for $4.98, would he be over the clothing budget or under?

a)

Over

b)

Under

11.

Of all the choices, which one should you budget for first?

a)

Groceries

b)

Entertainment

c)

Cell Phone Bill

d)

New Car

12.
Plans that take a year or more to accomplish.
a)
Short Term Goals
b)
Long Term Goals
13.
The maximum amount you may borrow on a credit card is known as:
a)
creditworthiness
b)
credit report
c)
credit limit
d)
variable rate of credit
14.
It is wise to compare credit card offers before choosing one
a)
True
b)
False
15.
The cost of borrowing money is referred to as 
a)
Interest 
b)
Annual Percentage Rate 
c)
Credit 
d)
Credit Line 
16.

What is debt?

a)

Another word for death

b)

Something, typically money, that is owed or due

c)

A loan on which you do not have to pay interest

d)

That which is incurred during childhood and consummated in college

17.

What is a credit score?

a)

a number between 300 and 850 representing your creditworthiness

b)

a statistical number that evaluates a consumer's creditworthiness and is based on credit history.

c)

Often referred to as a FICO score

d)

All of the above

18.

What is an interest rate?

a)

it is your level of interest about a certain topic expressed as a percentage of your total interest

b)

The amount in terms of dollars that you have to pay back on a purchase

c)

it is the rate at which your interest in something expires. The higher the number, the quicker your interest expires

d)

The amount in terms of a rate or percentage that you have to pay back on an amount borrowed

19.
The terms of a lease should include all of the following EXCEPT the
a)
amount of the rent and any late fees
b)
names of the persons who live next door
c)
policies you are expected to follow
d)
names of all roommates and the landlord
20.
Which of the following should you find out before agreeing to rent an apartment?
a)
are pets allowed
b)
late fees
c)
when is rent due
d)
all of the above
21.
Which of the following is a disadvantage to renting a place to live?
a)
finding a roomate
b)
finding a place that meets your needs
c)
finding a lease you can understand
d)
finding an apartment you can redocorate
22.

What's covered by a renters insurance policy?

a)

Theft

b)

Vandalism

c)

Fire

d)

All of the above

23.

How can landlords ensure their tenants are insured?

a)

Ask them politely

b)

Write it into the lease

c)

Sue them

d)

All of the above

24.

Which of the following is the first step in the car-buying process

a)

determine budget

b)

research options

c)

prioritize needs

d)

located preferred vehicles

25.

most people cannot afford to pay for a new car in one day. you pay the cost over time, but sellers require a certain amount of money the day you buy it.

a)

downpayment

b)

VIN

c)

insurance

d)

seller

26.

Money is withdrawn directly from a checking or savings account.

a)

Debit Card

b)

Credit Card

c)

Both

27.

Each purchase is a loan that is repaid later.

a)

Debit Card

b)

Credit Card

c)

Both

28.

Interest may be charged but can be avoided by paying the entire balance each month.

a)

Debit Card

b)

Credit Card

c)

Both

29.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
30.
The maximum amount you may borrow on a credit card is known as:
a)
creditworthiness
b)
credit report
c)
credit limit
d)
variable rate of credit
31.
What is an annual fee? 
a)
The act of transferring money 
b)
A fee charged by a card issuer for being a card holder. 
c)
The days between the last statement and the current statement. 
d)
A fee charged to a cardholder's account once a payment is late. 
32.
How can you avoid paying interest fees on your credit card?
a)
Only use it for groceries
b)
pay off the full balance, on time, each month
c)
you cannot avoid interest fees
d)
only use Discover
33.
Paying the minimum payment on a credit card every month will:
a)
Pay a large percentage 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 a credit card in a decent amount of time
d)
allow the cardholder to avoid paying any interest charges 
34.
Having a high credit score will allow lenders to give you lower interest rates.
a)
True
b)
False
35.

There’s no penalty if I pay my credit card balance after the due date.

a)

True

b)

False

36.
People must have this type of insurance to drive their vehicle.
a)
Disability
b)
Health
c)
Life
d)
Auto
37.
Contract between an individual and an insurer specifying the terms.
a)
Risk
b)
Insurance
c)
Policy
d)
Premium
38.
Money set aside that the landlord keeps if the tenant causes damage to the rental property
a)
Security deposit
b)
Safeguard deposit
c)
Shelter deposit
d)
Safekeeping deposit
39.
Which of the following is an advantage to renting a place to live?
a)
Limited expenses for maintainance.
b)
Limited expenses for utilities
c)
Limited options for size and location
d)
Limited rights for redecorating
40.

Skills that can be used in almost all jobs/careers. Meeting deadlines, being prompt, being organized, etc

a)

Transferable Skills

b)

Hard Skills

c)

Soft Skills

d)

Employable

41.
What is a four-year degree that is usually earned from a university?
a)
High School Diploma
b)
Associate's Degree
c)
Bachelor's Degree
42.
How do you call a student who is pursuing their first college degree?
a)
Graduate Student
b)
Undergraduate Student
c)
High School Student
43.
What is the government form that must be in order to be eligible for grants, loans, and scholarships?
a)
FAFSA
b)
SAT
c)
ACT
44.
A college major is...
a)
a specific subject that students can specialize in 
b)
a person in charge of a college
45.
A scholarship is 
a)
money you pay back after you go to college
b)
money you earn that you don't have to pay  back to go to college
c)
an acceptance letter to college
d)
an advanced class
46.
Loans are
a)
money you take out to go to college that must be paid back
b)
money that organizations give you that you do not have to pay back
c)
money you get based on the grades you make
d)
money that you must earn through working on campus
47.

Which of the following are common ways to search for a job?

a)

Online Search

b)

Recruiter

c)

Job Fair

d)

LinkedIn

e)

All answers are correct

48.

Your parents are a good job reference.

a)

TRUE

b)

FALSE

49.

You should create a professional email address.

a)

TRUE

b)

FALSE

50.

The goal of a budget is _________________.

a)

to spend more than you make

b)

to spend less than you make

51.

A budget helps you save money for the things you really want.

a)

True

b)

False

52.
if you have to get a loan to purchase a vehicle it's known as...
a)
financing
b)
proof of insurance
c)
cash payment
53.

Which of the following is the first step in the car-buying process

a)

determine budget

b)

research options

c)

prioritize needs

d)

located preferred vehicles

54.

Which of the following is the last step in the car-buying process?

a)

determine budget

b)

negotiate purchase

c)

examine vehicle

d)

locate preferred vehicle

55.

Your total automotive expenses should NOT exceed what percentage of your net pay?

a)

10%

b)

20%

c)

30%

d)

40%

56.

Sylvia is a first-time car buyer without an established credit history, so she is going to be charged a high interest rate. What could she possibly do to get a lower interest rate?

a)

agree to a lease term of more than five years

b)

take a financial literacy class at a local college

c)

Get a co-signer with good credit, such as a parent

d)

open at least three other credit accounts at the same time

57.

What can credit cards do to your financial health?

a)

They will boost your financial health like a multivitamin.

b)

They have no affect on your financial health what so ever.

c)

They will help your financial health some days and hurt it others.

d)

They can place your financial health into serious jeopardy.

58.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
59.
My landlord can report my failure to pay rent to a credit reporting agency.
a)
True
b)
False
60.

Which is an exceptional credit score?

a)

672

b)

555

c)

713

d)

813

61.
Someone who receives money if an insured person dies
a)
claim
b)
beneficiary
c)
dependent
d)
employee benefits
62.
Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
a)
employee benefits
b)
co-insurance
c)
deductible
d)
coverage
63.
Provides payment to replace earnings during times when workers cannot work due to illness or injury
a)
disability insurance
b)
dependent
c)
emergency savings
d)
beneficiary
64.
Cash set aside that can be used to cover the costs of unexpected expenses
a)
emergency savings
b)
emergency spending
c)
emergency fraud
d)
emergency share
65.
Provides money to pay for health care for illness, injury, or, in some cases, preventative care
a)
automobile insurance
b)
disability insurance
c)
health insurance
d)
personal insurance

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