Worksheets8th Grade Final Exam Review
Total questions: 50
Worksheet time: 50mins
Which of the following is NOT a common feature of a financial institution?
Access to investment products
Paper checks
Access to ATMS
Direct deposit
Which of the following statements about check cashing companies is TRUE?
They have limited operating hours during the day
They sometimes offer free services
They charge high fees
They delay when you can access your cash
Which type of bank account typically offers the least (if any) interest?
Checking account
Savings account
Money market account
Certificate of deposit
Savings accounts typically offer more interest than what type of account?
Retirement account
Money market account
Checking account
Certificate of deposit
Which type of bank account is best for everyday transactions?
Checking Account
Savings Account
Money Market Account
Certificate of Deposit
Which savings account will earn you the least money?
One that compounds interest daily
One that earns simple interest monthly
One that earns simple interest daily
One that compounds interest monthly
Which savings account will earn you the most money?
One that compounds interest daily
One that compounds interest monthly
One that earns simple interest daily
One that earns simple interest monthly
Why is it important to reconcile your bank statements?
To avoid spending more than what is in your account.
To detect any errors in your account.
To determine if you were charged any fees.
All of the above
How can you avoid spending more than what is in your bank account?
Check your bank statement once a month
Ask your financial institution to notify you when you are close to $0 in your account
Keep your own records to compare with your financial institution's records
None of the above
What should you do before you withdraw money from the ATM?
Ask someone nearby for help using the ATM
Find a hidden ATM so no one will see you withdraw money
Inspect the ATM to make sure it wasn't tampered with
Share your pin number with trusted friends so you don't forget it
Which of the following statements about savings accounts is FALSE?
Savings accounts pay interest on the money you deposit
Savings accounts limit the number of withdrawals that can be made each month
Savings accounts don't usually require a minimum balance
Savings accounts are best used to store money for longer-term goals
Which of the following statements about savings accounts is FALSE?
Savings accounts don't usually pay interest on the money you deposit
Savings accounts limit the number of withdrawals that can be made each month
Savings accounts may require you to maintain a minimum balance to avoid paying a fee
Savings accounts are best used to store money for longer-term goals
Which of the following statements is TRUE?
If there is a mistake on one of your bank accounts, there is nothing you can do about it
If there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend to
resolve themselves
If there is a mistake on your bank account, you should contact your financial institution immediately
None of the above.
If there is an issue with your bank statement or account balance, who should you contact to resolve the
issue?
The local police station
Your bank
The CFPB
All of the above
Which of the following statements about investing is TRUE?
On average, putting money in a savings account earns a higher return than investing money in the stock
market
Investing is riskier than putting money in a savings accounts
Investing is best for short-term financial goals
Investing is a guaranteed way to make money
Investing is best for ________
short-term financial goals, like building an emergency fund
earning a little interest while keeping your money safe
long-term financial goals, like paying for retirement
guaranteed fast growth on your money
Which of the following statements about investing is FALSE?
Investing is a guaranteed way to grow your money
Investing is riskier than putting money in a savings account
Investing is best for long-term financial goals, like paying for retirement
On average, investing money in the stock market earns a higher return than putting money in a savings
account
A stock is ________
A type of debt investment that acts like a loan
A type of investment that invests in a mix of different types of investments
A share of ownership in a company
A type of savings account that pays interest based on current interest rates in the money market
A mutual fund is _________
A type of debt investment that acts like a loan
A share of ownership in a company
A type of investment that invests in a mix of different types of investments
A type of savings account that pays interest based on current interest rates in the money market
Which of the following statements about stocks is TRUE?
A stock is a type of investment that invests in a mix of different types of investments
A stock is a type of debt investment that acts like a loan
A stock is a type of savings account that pays interest based on current interest rates in the money
market
A stock is a share of ownership in a company
being, relating to, or involving relations between persons
interpersonal
employee
relatives
corporation
Specific skill requirements that summarizes the competencies, knowledge, skills, abilities, and behaviors directly related to performance on the job.
work readiness
resume
professionalism
work study
Which of the following defines employability?
A specific style of behavior in the workplace
Positive work behaviors and personal qualities which make individuals more likely to gain employment and succeed in their chosen career
Arriving at work on-time and successfully completing the tasks assigned
Recognizing the questions which relate to goals, purpose and needs
To ________________________ means that what you spend each month is less than or at least equal to the amount of money you bring in each month. For many people, it’s a lot easier said than done.
"have liquid assets"
"stop impulse buying"
"live paycheck to paycheck"
"live within your means"
Explain the difference between "needs" and "wants" in financial planning.
"Needs" are non-essentials like music CDs, while "wants" are essentials like food, shelter, and clothing.
There is no difference between "needs" and "wants."
"Needs" are essentials like food, shelter, and clothing, while "wants" are non-essentials such as movies and eating out.
"Needs" are things you want, while "wants" are things your parents think you should save up for.
What does the acronym "SMART" stand for in setting financial goals?
Specific, Measurable, Attainable, Relevant, Time-bound
Simple, Maintainable, Attainable, Responsible, and Timely
Smart, Manageable, Attractive, Relevant, and Time-bound
Single, Money, Approach, Restraint, Thorough
When is an item considered an asset?
While you are making monthly payments on time
Converting an asset into cash
When cash is used for emergencies
When it is fully paid off and can be sold for cash
What is investing?
Possibility that an investment will fail to pay the expected return
Money invested is usually used to pay for long-term goals
Assets purchased with the goal of providing additional income from the asset itself but with the risk of loss
The danger that money won’t be worth as much in the future as it is today.
Which of the following statements best defines UTILITY?
What you can obtain for an item at a later time
How helpful an item is given the context of a current situation
How well something satisfies a person's wants or needs
What we lose by giving up the other provided choice
Which of the following statements best defines Exchange Value?
What you can obtain for an item at a later time
How helpful an item is given the context of a current situation
How well something satisfies a person's wants or needs
What we lose by giving up the other provided choice
Which of the following statements best defines Use Value?
What you can obtain for an item at a later time
How helpful an item is given the context of a current situation
How well something satisfies a person's wants or needs
What we lose by giving up the other provided choice
Which of the following statements best defines Opportunity Cost?
What you can obtain for an item at a later time
How helpful an item is given the context of a current situation
How well something satisfies a person's wants or needs
What we lose by giving up the other provided choice
For something to have value, it must
cost a lot of money.
be on sale.
have utility.
never go out of style.
The following life values can have an effect on our money habits:
Inner, Social, Physical, Financial
Financial, Inner, Personal, Professional
Personal, Professional, Financial, Social
Inner, Social, Personal, Professional
Which of the following statements best describes the concept of “diminishing marginal utility”?
The less of an item you have, the less useful or enjoyable it becomes
The more of an item you acquire, the less useful or enjoyable it becomes
An item’s exchange value increases over time
An item’s use value increases over time
The idea that items necessary to life are relatively inexpensive, but luxury items are very expensive, is known as:
the paradox of value
the paradox of thrift
the law of supply and demand
the law of economics
Trusting one’s gut or following the inner voice, helps overcome a sudden spending with this life value:
Inner
Social
Physical
Financial
How we handle money is, in part, tied up in our unique family histories, habits, and culture represents this value:
Inner
Social
Physical
Financial
This value that drives financial behaviors focuses on the tangible aspects of our life and world.
Social
Financial
Inner
Physical
This value that drives financial behaviors focuses on what we think or believe about money, now how much money we actually have.
Social
Financial
Inner
Physical
