WorksheetsPoBMF 2nd Semester Final Exam Review
Total questions: 60
Worksheet time: 30mins
Which of the following is NOT a type of health insurance?
Major Medical Insurance
Comprehensive medical Insurance
Whole Insurance
Dental Insurance
What is risk when referring to insurance?
A type of font
Possibility of loss, injury, damage or worse
Possibility of something good happening such as winning the lottery, winning a care or finding money
A fun board game
Which of the following is NOT a type of life insurance?
Term life
Whole life
Endowment
Half Life
Which is not a type of insurance?
Health
Cosmetic
Life
Auto
The process of measuring risk and finding ways to minimize risk is called _______________.
Risk management
Utilization review
Coinsurance
Copayment
Insurance helps cover damages if you're a customer?
True
False
_________covers specified medical services having to do with your teeth.
Vision care insurance
Major medical insurance
Dental insurance
Risk management insurance
A percentage of the service costs that patients pay.
Coinsurance
Point of contact payment
Copayment
Beneficiary payment
What is the flat fee that patients pay for medical services?
Coinsurance
Copayment
Beneficiary payment
Point of contact payment
Which of the choices below are NOT a form of managed health care?:
Health Maintenance Organization (HMO)
Preferred Provider Organization (PPO)
Point-of-Service Plans (POS)
The Patient Affordable Care Plan (PACP)
The _____________________________ is the signature on the back of a check.
Endorsement
Payee's name
Post-dated check number
Reconciliation
An ___________ consists of the assets and liabilities a person leaves when he or she dies.
Overdraft
Annuity
Estate
Endorsement
Where is the endorsement located on a check?
Top left hand corner of the front of the check
The Middle of the front of the check
On the back of the check
Bottom right hand corner of the front of the check
An investment created by pooling the money of many people and investing it in a collection of securities is called a ____________________________.
Savings account
Personal investment plan
Mutual fund
Checking account
A check written with a future date is called a ____________________________ _______________________.
Certified check
Postdated check
Cashier’s check
Money order
Checking accounts allow you to access credit?
True
False
_________________________ is purchasing a financial product or valuable item with the goal of increasing wealth over time in spite of possible loss.
A Personal investment plan
An Investment portfolio
Investing
A Stock portfolio
Software programs that you know or machines that you can operate are called__________________________skills.
soft
hard
business
office
Banking services such as loans, safe-deposit boxes, and special payment services are available to ________________________________ only.
the general public.
bank customers
bank trustees
bank officers
A _________________________ is a record of checks, all ATM transactions, deposits, and shares on an account.
Bank Statement
Certificate of Deposit (CD)
Personal Investment Plan
Certified Check
What is the gross pay minus payroll deductions?
Commission
Net pay
Gross pay
Salary
What is the income in the form of a wage, salary, or commission called?
Earned income
Standard deduction
Exemption
Tax credit
What is NOT included on a Form 1040 EZ?
Social Security Number
Signature
All taxable income
Thumbprint
A person who has the ability to understand basic topics related to finance is __________________________________.
business savvy
accounting capable
financially capable
investment savvy
What is a tip?
The amount of money paid for the meal
An amount of money paid on top of the amount for a meal that the waiter/waitress receives
The top of a pencil
Something that gives all workers a reason to work harder
What is the term for the amount that a taxpayer can claim for each person who is dependent on that person's income?
Tip
Taxable Income
Exemption
Wage
____________ is the lowest hourly wage employers can pay most workers by law.
Overtime wage
Minimum wage
Earned income
Wage
What is the form that helps an employer determine an employee's payroll deductions?
Form W-4 Employee's Withholding Allowance
1040A
1040EZ Form
W-2 Wage and Tax Statement
What is the equation for calculating net pay?
gross pay – payroll deductions = net pay
gross pay - FICA tax = net pay
gross pay - payroll advances = net pay
gross pay - Social Security = net pay
The earnings for an employee who earns $12 an hour and worked 44 hours during the last workweek is ______________.
$345
$480
$295
$552
What are the three financial statements?
Balance sheet, equity statement, and revenue statement
Balance sheet, income statement, and cash-flow statement
Asset statement, liability statement, and income statement
Cash-flow statement, accrual statement, and depreciation statement
The income statement is sometimes called a profit and loss (P & L)
True
False
What is a list of all accounts in a business?
Journal
Business checking list
Ledger
Chart of Accounts
A(n) _______________ is a review of the financial statements of business and the accounting practices that were used to produce them.
Income Statement
Financial Statement
Audit
Statement of Cash Flow
What does CEO mean?
Central Executive Officer
Committee of Essential Operations
Chief Executive Officer
Chief Education Officer
What do FICA taxes do?
Fund and finance the building of roads and bridges
Fund and finance schools and office buildings
Fund and finance Social Security and Medicare programs
Fund and finance the military
___________________ is cash or any asset that will be exchanged for cash or used within one year.
Current asset
Debt to Income ratio
Current ratio
Current liability
_______________ are documents that are used to report information about the business at the end of the accounting cycle.
Current assets
Income statements
Financial statements
Account payables
____________________ are debts owed to others.
Liabilities
Owner’s Equity
Equity
Assets
Owner’s capital reflects the net worth of the business.
True
False
Amendment to the Truth-in-Lending Law that included requirements for cosigners who's applicants were under 21 years of age.
Credit Card Act of 2009
Rights to Financial Privacy Act
Thrift and Bank Fraud Act
Credit Report
What is debt?
A loan which you do not have to pay interest on
That which is incurred through childhood and consummated in college
Something, typically money, that is owed or due
Another word for death
What does APR stand for?
Applicatory Position Reasoning
Annual Percentage Rate
Austin Power Report
All Poodles Rejoice
The party receiving the credit is known as the ____________.
Creditor
Principal
Debtor
Credit agency
What is an agreement between a borrower and a lender, where the borrower agrees to repay money with interest over time?
Interest
Deposit
Loan
Earned Income
___________________ is a numerical measure of a loan applicant’s creditworthiness at a particular point in time.
Credit score
Credit bureau
Credit report
Credit Possibilities
Credit is what you get when you finish a test and your teacher puts it in the grade book
True
False
What is the money charged by the lender for the amount borrowed, expressed as an annual percentage?
Loan
Principal
Interest
Collateral
A private firm that maintains consumer credit data and
provides credit information to businesses for a fee is called a __________________________________________.
Credit Repair company
Debt Settlement company
Credit Bureau
Credit repair specialist
Character, Capacity, and Capital are known as the _______________________________________.
3Cs of Commerce
3Cs of Credit
3 Cs of Capitalism
3 Cs of Truth in Lending
Credit Unions are not-for-profit organizations
True
False
What is NOT a core function of the Federal Reserve System?
Establish monetary policy
Supervise and regulate financial institutions
Provide banking services for its members
Maintain the stability of the nation's financial system
Which of these services do depository institutions offer?
Financial advice
Free money
Ability to take more money than you have without penalty
Retirement Income
Which of the following is one of the three functions of money?
scarcity
portability
store of value
divisibility
____________________________________ is a bank that can lend money to other banks in times of crisis.
Congress
Central Bank
Department of Interior
National Bank
What is money?
Anything of value that is accepted for goods or services
Something that doesn't have value
Something that only I have that no one else can use
Something that you can't barter with
The Federal Reserve is _____________________________________.
Managed by a 12 member board of directors
Made of 12 district banks and and 25 branch banks
Is made up of district banks that operate independently from one another
A _____________________________________ is a plastic card that allows the holder to make credit purchases up to an authorized amount.
Electronic Funds Transfer(EFT)
Debit cards
Credit cards
Cash
Which of the following is NOT a type of bank?
Non Profit Bank
Commercial Bank
Central Bank
Investment Bank
The process of transferring money from one individual or
organization to another is called a ______________________________.
Financial Institution
Financial Exchange
Financial Regulation
Financial Service
