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I2B Final Exam Review

Total questions: 33

Worksheet time: 30mins

Name
Class
Date
1.

Interest compounded semiannually is compounded 4 times a year

a)

True

b)

False

2.

Interest compounded quarterly is compounded how many times?

a)

2

b)

4

c)

12

d)

1

3.

Interest compounded daily is compounded how many times?

a)

365

b)

12

c)

4

d)

2

4.

Loretta deposits $1,200 into a savings account that earns 4.5% interest compounded quarterly. What is the balance after 7 years?

a)

$1,312.63

b)

$1,344.18

c)

$1,444.27

d)

$1,641.42

5.

Tamika opened a money market account that has a 4.25% annual interest rate, compounded annually. She deposits

$1,750 into the account. How much interest will the account earn after 15 years?

a)

$3,267.20

b)

$3,267.22

c)

$3,276.22

d)

$3,667.22

6.

James and Terry open a savings account that has a 2.75% annual interest rate, compounded monthly. They deposit

$500. How much will be in the account after 20 years?

a)

$866.08

b)

$866.88

c)

$886.08

d)

$688.08

7.

Sonja and Jake just got married. They received $4,500 in gift money and deposited it into a savings account that pays 2.85% simple interest. How much will they have in savings after 3 years?

a)

$348.75

b)

$4,884.75

c)

$4,448.75

d)

$384.75

8.

16. LaToya has $113.94 in her checking account. During the week, she goes to an ATM and withdraws $40. She is

charged a usage fee of $2.50. The following week she deposits her paycheck of $189.73. She writes two checks, one for $22.50 and the other for $70.18. What is the current balance in her checking account?

a)

$170.99

b)

$168.49

c)

$145.99

d)

–$21.24

9.

Danny just answered a help-wanted ad. The ad states that the job pays $27K annually. What would Danny's monthly salary be if he gets this job?

a)

$324,000

b)

$27

c)

$2,250

d)

$519

10.
It is recommended that life insurance be purchased when the:
a)
individual reaches the age of 50.
b)
individual flies in an airplane.
c)
individual gets their first job.
d)
individual has dependents.
11.
Becky no longer wants to use her Clothes-R-Us store credit card. What is the bestthing she could do with the credit card?
a)
File the credit card away for use at a later time.
b)
Let a family member take over the credit account so her credit score will not be affected.
c)
Keep the credit card in her wallet in case she needs proof of identification.
d)
Close the account by phone and in writing, then destroy the card.
12.
Brett is creating a Statement of Financial Position and needs to list his assets. Which of the following should he not list as an asset?
a)
Money in his checking account
b)
Money in the paycheck he will receive next week
c)
His hockey equipment
d)
The market value of his car
13.
Individuals with more formal educational training usually have:
a)
higher estimated lifetime earnings
b)
lower personal satisfaction.
c)
greater amounts of leisure time.
d)
more comfortable work environments.
14.
Compound interest is best defined as:
a)
interest earned on the principal investment.
b)
any form of interest earned from saving or investing.
c)
earning interest on interest.
d)
the effect interest has on the total return on investment.
15.
The money one would have earned if she/he had worked instead of continuing her/his education is called the:
a)
debt-to-income ratio.
b)
opportunity cost.
c)
benefit.
d)
total estimated cost.
16.
Hunter has been offered a job by a local mechanic who has offered to pay him in cash rather than by paper paycheck, direct deposit, or payroll card. Hunter is excited that the amount of money he will take home each week will be larger since his employer will not be deducting any taxes from it. His employer wants to hire him for the 10 weeks of his summer break and expects to pay him $300 per week. Which statement is most likely to be true?
a)
Hunter will not need to pay taxes on the income from his summer job because the total amount he will earn is under the amount required for federal tax deductions.
b)
It is illegal for Hunter to receive payment for his work in cash. He could be fined for doing so.
c)
Hunter will need to pay his federal and state taxes on his own, since his employer is not paying these required taxes for him.
d)
Hunter’s employer is doing him a favor by offering to pay him in cash. Hunter will potentially earn more by this method of payment.
17.
The equity that one builds by making mortgage payments is:
a)
the value of the home after the mortgage debt is subtracted.
b)
purchasing a housing unit as rental property.
c)
a home loan where the real estate is collateral.
d)
the amount of money paid on the home at the time of purchase.
18.
Sarah learned in her Financial Education class that she needs to consider the cost of living when comparing job offers. Which is the most important consideration?
a)
How much she will spend in moving expenses to relocate to the city where her new job is
b)
The average cost of basic necessities, such as housing and food in the city where her new job is
c)
The total value of the benefits package she will be offered in her new job
d)
The total amount of her college costs compared to the salary she is being offered in her new job
19.

What are examples of Real investment?

a)

Houses

b)

trees

c)

Cars

d)

Stocks

20.

What is interest?

a)

money paid by other people

b)

money robbed by the bank

c)

money paid regularly by the bank on the account

d)

money paid by the U.S

21.

What is this?

a)

Credit history

b)

Credit card

c)

Credit score

d)

None of the above

22.
Cost of credit expressed as a yearly percentage 
a)
Mortgage
b)
Principal
c)
APR
d)
Finance company
23.
401(k), IRA, and Roth IRA are all examples of a __________ account.
a)
Retirement
b)
College Savings
c)
Low Interest
d)
Stock
24.
What does CD stand for when talking about investments?
a)
Calculated Dividend
b)
Certificate of Deposit
c)
Central Dollar
d)
Current Deposit
25.
A mutual fund allows investments to be ___________.
a)
Secured
b)
Guaranteed
c)
Diversified
d)
Minimal
26.
This type of retirement account offered by employers to their employees allows them to set aside tax-deferred income.  Sometimes employers will even match the employee contribution up to a certain amount.
a)
mutual fund
b)
401(k)
c)
Roth IRA
d)
savings
27.
This term refers to the original amount of a loan OR the original amount of money invested. 
a)
Principal
b)
Interest
c)
Rebate
d)
Fixed Rate
28.
This is just a savings account with a slightly higher interest rate because the saver commits to a longer saving period for a set amount deposited.
a)
C.D.
b)
debt
c)
beneficiary
29.

The more liquid an investment, the more likely it is to have a higher rate of return.

a)

True

b)

False

30.
Term that applies to the ability to buy something now and pay for it later over a period of time (usually with having to pay a finance charge and/or the addition of interest). 
a)
Savings
b)
Profit
c)
Budgeting
d)
Credit
31.

Which of these terms could be used to describe debt in the form of a mortgage or car loan? (Choose all that apply.)

a)

secured

b)

unsecured

c)

revolving

d)

installment

32.

Which budget item will most likely take up the largest percentage of your income at 25-30%?

a)

transportation

b)

housing

c)

groceries

d)

saving/investing

33.

Emergency funds are calculated based on:

a)

Monthly Expenses

b)

Monthly Income

c)

Retirement Planning

d)

Investing for College

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