Font size
WorksheetsPersonal Finance Review
Total questions: 43
Worksheet time: 23mins
Which fee will most likely be charged by a bank?
Online Statement Fee
Monthly Maintenance Fee
In-Network ATM Fee
Sufficient Funds Fee
Which is NOT a Mobile or email alert you get for your checking account?
Low Balances
Unusual Activity
Deposits
Credit Card Transactions
You need a checking account to open a savings account.
True
False
How does the 50-20-30 rule distribute your income?
50% expenses, 20% flexible spending, 30% saving
50% flexible spending, 20% saving, 30% expenses
50% expenses, 20% saving, 30% flexible spending
50% saving, 20% flexible spending, 30% expenses
How much should you save in an emergency fund?
1-3 months of living expenses
3-6 months of living expenses
6-9 months of living expenses
9-12 months of living expenses
You have $30 in your account currently. How will a bank reorder the 4 checks you wrote to charge you the most amount of fees?
$7.50 check, $15 check, $5 check, $35 check
$15 check, $5 check, $35 check, $7.50 check
$35 check, $7.50 check, $5 check, $15 check
$5 check, $7.50 check, $35 check, $15 check
Which card takes the money out of your account immediately?
Credit
Debit
Which financial institutions charge the most for interest by providing quick cash options?
Credit Union
Bank
Savings and Loans
Pay Day Loan Companies
What information is NOT found on a consumer credit report?
Criminal
Medical
Current and Past Addresses
Employment History
If a consumer is a victim of identity theft, what should they do?
Do not call the police; only the credit bureaus
Leave all fraudulent accounts open as proof for the investigation.
Call all major credit bureaus to request a fraud alert to be put on file.
Wait at least two weeks before taking action to be sure of the problem.
When starting a job, what form/s will you need to fill out?
W-2
W-2 and I-9
W-4 and I-9
W-4 and W-2
If you stop paying things such as your rent, water, gas or medical bills, that can lower your credits score.
True
False
What two things will happen if you do not pay a credit card bill on time?
Use your debit card
Declare bankruptcy
You will be charged a fee
Pay interest
Who pays interest on a loan?
The borrower
The bank
Who pays interest on a savings account?
The borrower
The bank
Bad credit can affect your ability to
Rent an apartment
Get a loan
Get a job
All of the above
The least amount of money you can pay on a credit card per month.
Credit limit
Annual Percentage Rate
Minimum Payment
Opportunity Cost
What deductions are always taken from your paychecks?
Taxes, gross pay, medical
Taxes, gross pay, city taxes
Federal taxes, state taxes, FICA
Net pay, FICA, benefits
How long does it take one late payment to fall off of your credit report?
5 years
3 years
7 years
10 years
Why might someone have a thin credit file?
They've had multiple lines of credit open for 15 years
They only have applied for credit, but not approved
They only have 4 types of credit open
You are relatively new to establishing credit
How are a credit score and credit report related?
A credit report is determined by the factors in your score
Credit reports are less important than your credit score
A credit score is determined by the factors in your report
They're not related at all
Using the debt snowball method, you make...
minimum payments on all of your loans
minimum payments on small loans; pay extra on large loans
one large payment on one loan
minimum payments on large loans; pay extra on small loans
Using the high rate method, you...
pay off all your loans in the least amount of time
put extra money towards loans with the highest interest rate
put extra money towards loans with the lowest interest rate
make one large payment on the loan with the highest rate
A cosigner's credit history can be affected by the loan they are cosigned on.
True
False
A shorter auto loan term means ____ monthly payments & ____ total interest you'll pay.
higher, less
higher, more
lower, more
lower, less
A debt that is tied to a specific asset that can be used as collateral and repossessed if borrower doesn’t make payments.
Installment Loan
Unsecured Debt
Secured Debt
Credit
A debt that is not tied to a specific asset; there is no collateral that can be repossessed if borrower defaults.
Installment Loan
Unsecured Debt
Secured Debt
Credit
A variable rate means...
The interest rate can change with the market
he interest rate stays the same
Installment loans are used to finance a specific purchase for a specific amount of time. Regular payments are made to pay the interest and the principal.
True
False
A fixed rate means...
The interest rate can change with the market
The interest rate stays the same
The two types of students loans that require a credit check are:
Direct Subsidized
Direct Unsubsidized
Direct PLUS
Private Loan
What is the application you fill out to see if you qualify for grants and student loans?
Student Loan Application
FAFSA
Taxes
Credit Check
Some types of student loans have fees that are applied to your balance.
True
False
Student loans amounts are based off of the cost of attendance minus any financial aid the student may receive.
True
False
Select the information that can be found on your W-2 that is used for taxes.
Total Wages
Federal Income Taxes Paid
State Income Taxes Paid
Social Security Number
What are W-4 documents that you fill out with your employer used for?
To deduct the correct state income taxes
To deduct the correct federal income taxes
To get your personal information
To see how much you owe on your taxes
When filing basic taxes, what information do you need?
W-2 Forms from ALL employers for the year
Social Security Number
Filing status - single, dependent, head of household
Contact Information
Every year you only need to file your Federal Income Taxes.
True
False
If you are single, under the age of 65 and make less than $12,400 a year, you do NOT need to file taxes.
True
False
An example of a fixed cost in a budget would be:
Rent
Groceries
Gas
Clothing
An example of a variable cost in a budget would be:
Rent
Car Payment
Insurance
Groceries
When budgeting for the month, do you use your gross income or net income?
Net Income
Gross Income
How often should you review your monthly budget?
Yearly
Monthly
Every Six Months
When any major changes happen in you income or expenses
