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WorksheetsPersonal Finance Wrap Up
Total questions: 26
Worksheet time: 15mins
What are some benefits to starting a savings account early?
you can earn interest on money saved
putting money aside will help avoid spending it on something else
setting a savings goal will help
all of the above
Which budget item will most likely take up the largest percentage of your income at 25-30%?
transportation
housing
groceries
saving/investing
What is a budget?
A plan for how money will not be used
A plan for how money will be used
The amount you spend
The amount you save
What are stocks?
sharing something
An ownership share in a company
A graph with pointy arrows that are red and green
What is an emergency fund?
A savings account set aside for unexpected situations.
A way to invest for retirement.
Something most people don't need, because emergencies are rare.
An investment account that can grow over time.
Why should we INVEST instead of SAVE for retirement?
Investing money can make it grow in the long term.
Investing is safer than saving.
Saving is too risky for retirement.
Investing is more fun than saving.
What is insurance?
A service purchased to protect assets and income against financial loss.
A type of savings account where you put aside money for emergencies.
A type of investment account where you can buy shares of stock.
A kind of taxes charged by the government.
What type of account allows for tax-advantaged savings and investments for college?
A 529 College Savings Plan
A 418 University Investment Account
A checking account at your local bank
A brokerage account with your preferred investment firm
A savings account at a large national bank
Which account type lets you spend your money easier?
savings account
checking account
certificate of deposit
mortgage
Which account type allows you to earn interest?
checking account
credit card
mortgage
certificate of deposit
Which is the correct type of insurance that would be used: David’s mother is killed in an automobile accident. What type of insurance would provide his family financial support to cover the paid and unpaid work his mother performed?
Property and liability
Health
Life
Disability
Workers’ compensation
Which is the correct type of insurance that would be used: Sally is not feeling well so her mother takes her to the doctor. The doctor tells her she has strep throat, gives her medication, and sends her home to recover. What type of insurance would be used in this case?
Property and liability
Health
Life
Disability
Workers’ compensation
Which is the correct type of insurance that would be used: Joey’s father is in a car accident and cannot work. What type of insurance replaces his father’s earnings?
Property and liability
Health
Life
Disability
Workers’ compensation
Liability insurance covers accidental harm that may be caused to other people or property.
True
False
Income before all taxes have been deducted is known as this.
Gross Income
Net Income
Income after taxes have been deducted is known as this.
Gross Income
Net Income
