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ACEE-#1 Personal Finance Prep (Banking/Credit/Goals/Budget)

Total questions: 63

Worksheet time: 54mins

Name
Class
Date
1.
What's an example of a long-term goal?
a)
Saving money every year so by the end of 5 years you can buy a computer
b)
Saving your allowance this week to buy some candy at the end of the week
c)
Doing extra chores for two days to buy a $3 toy
d)
Buying  a $6 pack of gum by saving up over the next week
2.
Choose the word that best completes the sentence below.   A ____________ often does not need much planning or effort. 
a)
short-term goal
b)
goal
c)
long-term goal
d)
mid-term goal
3.
A short term goal is...
a)
months to years
b)
days to weeks
c)
years to decades
d)
next year
4.
What is an example of a monetary incentive?
a)
income
b)
tip
c)
sales tax
d)
discount
5.
_______ is comparing prices to find the best value. 
a)
retail price 
b)
comparison shopping 
c)
total purchase price 
d)
markdown rate 
6.
The ______ is the cost of an item per unit of measure or count, such as dollars per pound or cents per dozen. 
a)
sale price 
b)
unit pricing 
c)
markdown 
d)
retail price 
7.

A warranty is a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.

a)

True

b)

False

8.
Car insurance is a 
a)
variable expense
b)
fixed expense 
9.
Basketball tickets are a
a)
variable expense
b)
fixed expense 
10.
Rent is a 
a)
variable expense
b)
fixed expense 
11.

Why is having a fully funded emergency fund so important when it comes to your financial well-being?

a)

As long as you have a good-paying job, you really don’t need am emergency fund

b)

The purpose of an emergency fund is to set money aside for unexpected financial emergencies and to provide a sense of financial security.

c)

The purpose of an emergency fund is to have money set aside so that you never make large purchases, like vacations.

d)

None of the above

12.

To budget for the unexpected, you should include an emergency fund.

a)

True

b)

False

13.
An adult should have at least ____________ in an emergency fund.
a)
6 months of income
b)
$500
c)
6 months of expenses
d)
$12,000
14.
An adult should save at least _______ of net income. 
a)
10-20%
b)
$500
c)
$12,000
d)
6 months
15.
Saving is...
a)
paying out in buying or hiring goods or services.
b)
the portion of income not spent on current expenses.
c)
the portion of expenses not spent on current income.
d)
money that you keep.
16.
What is the purpose of saving for large purchases?
a)
To satisfy all of your wants
b)
So that you can save for an emergency fund next.
c)
To avoid taking on debt and paying interest.
d)
To take on debt and pay interest.
17.

Property owned by an individual

a)

Liability

b)

Asset

c)

Property

d)

Net Worth

18.

Examples of Liabilities include which of the following:

a)

Loans, credit cards, and real property

b)

Loans, mortgage, and credit cards

c)

Loans, Art collection, and savings account

d)

Mortgage, credit card, and real property

19.

Positive Net Worth is defined as:

a)

assets are less that liabilities

b)

liabilities are greater than assets

c)

assets are equal to liabilities

d)

assets are greater than liabilities

20.

Negative Net Worth is defined as:

a)

Assets and liabilities are the same amount

b)

Assets are less that liabilities

c)

Liabilities are less that assets

d)

Assets are greater than liabilities

21.
Which of the following is considered an asset?
a)
Bank Loan
b)
Mortgage
c)
Debit Card
d)
Savings account
22.
Which of the following is considered a liability?
a)
Savings Account
b)
Mortgage
c)
Savings bond
d)
Coin Collection
23.
This account allows you to deposit money at a bank for safekeeping.
a)
Saving Account
b)
Checking Account
c)
Bill Account
d)
Casino Account
24.
This is the cost of using some other person's or bank's money.
a)
Interest
b)
Bill
c)
Principal
d)
Credit
25.
This account allows you to withdraw money, pay a bill, or make purchases easily.
a)
Checking Account
b)
Savings Account
c)
Market Money Account
d)
CD Account
26.
This is a written request to your bank to take money from your account & pay it to someone else.
a)
Check
b)
Telephone Call
c)
Text
d)
Email
27.
This allows you to withdraw cash from your account or make payments electronically.
a)
Debit Card
b)
Loan Account
c)
Signature Card
d)
Payday card
28.
The action enters money into an account.
a)
Deposit
b)
Withdrawal
c)
Loan
d)
Deduction
29.
This action removes money from an account, either at the bank or an ATM.
a)
Withdrawal
b)
Deposit
c)
Loan
d)
Credit
30.
Defined contribution retirement account that is taken out of your paycheck before you pay any taxes on this income.
a)
IRA
b)
Roth IRA
c)
401K
d)
Pension
31.
An account that pays interest on a specific sum of money that a person has deposited for a specific period of time. If withdrawn before that time,the bank imposes a penalty fee.
a)
Savings Account
b)
Certificate of Deposit (CD)
c)
Checking Account
d)
Money Market Account
32.
Interest paid periodically and paid on the principal plus interest earned.
a)
Simple Interest
b)
Compound Interest
c)
Hard Interest
d)
Double Interest
33.
The percentage rate that is used when calculating the interest (money) paid on a savings, money market, or investment account.
a)
Rule of 72
b)
Interest rate
c)
Simple Interest
d)
Rate of Return
34.
Act of purchasing assets (stocks, bonds, property) with expectation that they will increase in value over time.
a)
Withdrawing
b)
Depositing
c)
Time Value of Money
d)
Investing
35.
Retirement account that allows investors to make tax-deductible contributions. Individuals are responsible for setting up and managing the account.
a)
401K
b)
IRA
c)
403B
d)
Social Security
36.
A type of bank account where the bank invests the money in government and corporate securities in order to pay a higher interest rate than a regular savings account. You typically have to have a large minimum balance in order to have such an account.
a)
Savings Account
b)
Money market account
c)
Checking Account
d)
CD
37.
A plan in which an employer guarantees a certain sum of money to the employee based on the number of years of service upon retirement.
a)
401K
b)
Defined Contribution Plan
c)
Pension
d)
IRA
38.
Refers to the likelihood that an investment will decrease in value.
a)
Chance
b)
Gamble
c)
Stake
d)
Risk
39.
A quick way to estimate the amount of time it will take for your money to double when placed in a savings account at a given interest rate. 72 divided by interest rate.
a)
Rule of 27
b)
Rule of Doubles
c)
20/10 Rule
d)
Rule of 72
40.
A low risk investment offered by the government that has the most predictable income.
a)
Certificate of Deposit (CD)
b)
U.S. Savings Bond
c)
Money market account
d)
Corporate Bonds
41.
Which of the following is the most liquid asset?
a)
Stocks
b)
Savings Bonds
c)
Checking Account
d)
Certificate of Deposit (CD)
42.

What federal organization insures banks?

a)

FDCI

b)

FDOC

c)

FDIC

d)

FDDC

43.

What is another name for the total in your checking account?

a)

deposit

b)

void

c)

withdrawal

d)

balance

44.
Reconciling a bank statement is used to
a)
find your daily account balance.
b)
write down all transactions with your account.
c)
determine if there are any discrepancies in your records.
d)
track all fees paid to your financial institution.
45.

What is the beginning the balance of the account?

a)

$575.00

b)

$500.00

c)

$350.00

d)

$590.00

46.

What is the ending balance of the account?

a)

$74.34

b)

$160.82

c)

$49.67

d)

$14.34

47.
To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.
a)
compound; lowest
b)
simple ; lowest
c)
compound ; highest
d)
simple ; highest
48.

Brady took his family out to eat. He handed the waitress a card to purchase the meal. This charge appeared on a bill that he paid three weeks later. What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

49.

If the card is lost or stolen, report it immediately. What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

50.

A PIN (Personal Identification Number). What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

51.

Hefty fees may be charged if you spend more than what is in the account. What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

52.

Each purchase is a loan that is repaid later. What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

53.
The cost of credit expressed as a yearly interest rate is known as:
a)
Annual Percentage Rate (APR)
b)
Annual Fee
c)
Penalty APR
d)
Introductory Rate
54.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
55.
The maximum amount you may borrow on a credit card is known as:
a)
creditworthiness
b)
credit report
c)
credit limit
d)
variable rate of credit
56.
What is an annual fee? 
a)
The act of transferring money 
b)
A fee charged by a card issuer for being a card holder. 
c)
The days between the last statement and the current statement. 
d)
A fee charged to a cardholder's account once a payment is late. 
57.
Examples of penalty fees include:
a)
over-the-limit fee
b)
late payment fee
c)
returned payment fee
d)
all of these
58.
How can you avoid paying interest fees on your credit card?
a)
Only use it for groceries
b)
pay off the full balance, on time, each month
c)
you cannot avoid interest fees
d)
only use Discover
59.
The least amount that must be paid on a credit card each month is
a)
Late Fee
b)
Credit Limit
c)
Payment amount
d)
Minimum Payment
60.
A credit card company usually has a grace period for purchases. A grace period is...
a)
the time period after you make a purchase until the time the interest starts to get charged.
b)
the time period where interest builds on the amount you purchased.
61.
Late payments are retained on credit reports for 7 years.
a)
True
b)
False
62.

Which of the following is TRUE about a credit report?

a)

It is a complete history of one type of credit you have

b)

Credit reports are maintained by the 5 main credit bureaus

c)

You can get a copy of your credit report for free

d)

You can get a credit report only when you're 21 years old

63.

Which is an exceptional credit score?

a)

672

b)

555

c)

713

d)

813

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