WorksheetsDollar and Sense Spring Semester Test
Total questions: 64
Worksheet time: 1hrs 4mins
What does cost comparison mean?
Comparing the cost of two or more goods or services in an effort to find the best value.
Identifying the cost of meeting future needs and goals.
Payment received for goods or services, including employment.
Cost paid to secure a good or service.
What does Cost-Benefit Analysis mean?
Analyzing whether the cost of an item is more than, equal to, or less than the benefit that comes from purchasing that item.
The price paid for a good or service.
A plan for future spending and saving, weighing estimated income against estimated expenses.
Payment received for goods or services, including employment.
What is cost?
Analyzing whether the cost of an item is more than, equal to, or less than the benefit that comes from purchasing that item.
The price paid for a good or service.
Identifying the cost of meeting future needs and goals.
Payment received for goods or services, including employment.
What is benefit?
Analyzing whether the cost of an item is more than, equal to, or less than the benefit that comes from purchasing that item.
An outcome that promotes well-being.
Goals to achieve over specific periods of time.
Cost paid to secure a good or service.
What does Calculating Future Expenses mean?
Analyzing whether the cost of an item is more than, equal to, or less than the benefit that comes from purchasing that item.
The price paid for a good or service.
Identifying the cost of meeting future needs and goals.
Cost paid to secure a good or service.
What is a budget?
Analyzing whether the cost of an item is more than, equal to, or less than the benefit that comes from purchasing that item.
An outcome that promotes well-being.
A plan for future spending and saving, weighing estimated income against estimated expenses.
Payment received for goods or services, including employment.
What is income?
Identifying the cost of meeting future needs and goals.
A plan for future spending and saving, weighing estimated income against estimated expenses.
Payment received for goods or services, including employment.
Cost paid to secure a good or service.
What are expenses?
Comparing the cost of two or more goods or services in an effort to find the best value.
A plan for future spending and saving, weighing estimated income against estimated expenses.
Payment received for goods or services, including employment.
Cost paid to secure a good or service.
Buying a cellphone is what kind of goal?
Short Term
Long Term
Going on vacation to Greece is what kind of goal?
Short Term
Long Term
Saving for a down payment on a house is what kind of goal?
Short Term
Long Term
Saving for a down payment on a car is what kind of goal?
Short Term
Long Term
Buying your friend a birthday present is what kind of goal?
Short Term
Long Term
Getting the newest iPhone is a-
Need
Want
Paying your rent/mortgage is a-
Need
Want
Buying clothes is a-
Need
Want
Buying Gucci Slides is a-
Need
Want
Buying a car so you can get to work is a-
Need
Want
Buying a PS5 is a-
Need
Want
Making payments on loans is a-
Need
Want
What does a lower interest rate mean?
You will pay a lower interest percentage on a loan
You will pay a higher interest percentage on a loan
You will not have to pay an interest percentage on a loan.
What is a down payment?
The amount of money you pay up front to purchase a car or house
The amount of money you pay over the life of the loan
The amount of money required to purchase the product without a loan
A 350 is a ______ credit score.
Very Poor
Fair
Good
Very Good
Exceptional
A 356 is a ______ credit score.
Very Poor
Fair
Good
Very Good
Exceptional
A 800 is a ______ credit score.
Very Poor
Fair
Good
Very Good
Exceptional
A 749 is a ______ credit score.
Very Poor
Fair
Good
Very Good
Exceptional
A 790 is a ______ credit score.
Very Poor
Fair
Good
Very Good
Exceptional
A 650 is a ______ credit score.
Very Poor
Fair
Good
Very Good
Exceptional
A 675 is a ______ credit score.
Very Poor
Fair
Good
Very Good
Exceptional
Is it safe to give your Netflix password to your roommate?
Yes
No
What is a budget?
The amount of money the government takes out of your paycheck.
A document that you create to track how much money you have coming in (i.e. paycheck) and going out (i.e. spending).
A loan you take out for a home
A list of what you got paid and the deductions from that pay period.
Your phone bill is what type of expense?
Fixed Expense
Variable Expense
Buying clothes/makeup is what type of expense?
Fixed Expense
Variable Expense
Eating out is what type of expense?
Fixed Expense
Variable Expense
Gross Income is-
The amount of money you earn BEFORE taxes and other deductions are taken out.
Money you get from doing a gross job like cleaning a toilet.
The amount of money you earn AFTER taxes and other deductions are taken out.
The total amount of all the money you have ever earned in your life time.
Which of the following is an unexpected expense that would require you to have an emergency fund?
Water Bill
You lose your job
Buying your mom a nice birthday present
Taking a vacation to swim with jellyfish
What is a CD?
Savings certificate issued by a bank or credit union
A deposit account that earns interest and is issued by a bank or credit union
A type of checking and savings account issued by a bank or credit union
A collection of stocks, bonds or other investments that are professional managed in a portfolio
What is a Mutual Fund?
Savings certificate issued by a bank or credit union
A deposit account that earns interest and is issued by a bank or credit union
A type of checking and savings account issued by a bank or credit union
A collection of stocks, bonds or other investments that are professional managed in a portfolio
What kind of debt is getting a loan to buy a car?
Good Debt
Bad Debt
What kind of debt is getting a loan to go to college?
Good Debt
Bad Debt
What kind of debt is getting a loan to buy an expensive TV?
Good Debt
Bad Debt
What kind of debt is using a credit card to buy a PS5 because you don't have enough money in your bank account?
Good Debt
Bad Debt
What kind of debt is using a credit card to buy a PS5 because you don't have enough money in your bank account?
Good Debt
Bad Debt
What kind of debt is getting a loan to buy a home?
Good Debt
Bad Debt
How do you MAKE money from interest?
When you are the lender.
When you are the borrower.
You will always lose money when interest is involved.
You buy lots of product and then sale them for a higher price than you paid for them.
What does a bank do when you put your money into an account that earns interest?
They use your money to give other people loans
They use your money to buy office supplies for the workers
They don't touch it.
They take it all to a casino and gamble with it.
Which of the following summarizes how equity can be calculated?
Depreciation plus appreciation equals equity
Value minus debt equals equity
Down payment minus loan amount equals equity
Principal plus interest equals equity
How much equity must you have to have outright ownership of a property?
No equity
50 percent equity
100 percent equity
More than 100 percent equity
Private mortgage insurance is mandatory for which of the following?
Lenders granting loans of $350,000 or more
Lenders working exclusively with first-time home buyers
Homeowners with less than 20 percent home equity
Homeowners in flood, earthquake or tornado zones
With an amortized loan, early payments primarily pay for which of the following?
Principal
Interest
Taxes
Insurance
ARM is short for which of the following?
Amortized real estate mortgage
Approved refinancing mortgagor
Annually renewed mortgage
Adjustable-rate mortgage
Fannie Mae and Freddie Mac perform which of the following functions?
Provide financial security to senior citizens by allowing conversion of home equity into cash
Help eligible veterans and service people afford home ownership by lowering credit and down payment requirements
Ensure continuous funds for home loans by securitizing conforming loans
Allow homeowners to lower interest rates and payments through refinancing of their mortgages
Which of the following is the general rule distinguishing real property from personal property as stated in the presentation?
If it requires a tool to remove, it is part of the real property
If it can be sold in an estate sale, it is personal property
If it is worth more than $1,000, it is part of the real property
If it will fit in a motor vehicle, it is personal property
After a home purchase successfully closes, which of the following typically happens to earnest money?
It is given back to the buyer
It is given to the seller
It is paid to the real estate agent
It is applied to the down payment
The process of a certified professional assessing the value of the property is known as which of the following?
Appraisal
Disclosure
Inspection
Jargon
Which type of skills does the presentation recommend you have before buying a home?
Basic home repair skills
Painting skills
Public speaking skills
Money-management skills
According to the presentation, lenders judge your ability to borrow based on which of the following?
Age, gender and location
Education, income and family size
Income-to-age ratio
Debt-to-income ratio
The presentation said most recommend having a down payment equal to what percentage of the home price?
5 percent
10 percent
20 percent
25 percent
According to the presentation, most sellers will only accept an offer from a buyer with which of the following?
The same real estate agent as the seller
An offer more than the asking price
An FHA or VA loan
A pre-approval letter
John Darden said one common mistake home buyers make is hiring which of the following?
A professional home inspector
An escrow lawyer
A friend or relative as a real estate agent
A personal home shopper
The presentation recommends bringing which of the following to a house when looking at it with your real estate agent?
Everyone who will live in the house
A tape measurer
A camera
Someone who has bought a house before
In addition to making sure a home meets your needs, you should also check which of the following?
The home qualifies for government support
The home is a good investment
The home’s seller is easy to work with
The home will incorporate amortization
What does the presentation recommend you do if you find a home fitting your needs and budget?
Continue looking for a few days
Stop searching
Revisit your three favorites
Show the house to your parents
John Darden said a buyer may be able to negotiate to get the seller to pay for which of the following?
Down payment
Home inspection
Closing costs
Homeowners insurance
