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Lesson 4 & Lesson 6 Living On Your Own & Banking Systems

Total questions: 76

Worksheet time: 6hrs 20mins

Name
Class
Date
1.

When you live on your own you have to think about food, cleaning, appointments, and what else?

(a)  

2.

For paying bills, what should you make?

(a)  

3.

When you make a budget, you should budget for emergencies, saving, phone, utilities, and what else?

(a)  

4.

What app can you use to make a budget?

a)

Everydollar

b)

Easy budget

c)

Budget Breeze

d)

Save for your future

5.

To keep track of your appointments, what should you use?

(a)  

6.

If you want to save money on food, what should do?

a)

Not eat

b)

Eat at restaurants

c)

Make a meal plan

7.

What app can you use to help you meal plan and eat healthy?

a)

Foodie

b)

Mealime

c)

Hello Fresh

d)

Healthy Eats

8.

What should you use to help you remember cleaning tasks?

(a)  

9.

When you live on your own, you need to remember to clean the bathroom, do the dishes, do laudry, and what else?

(a)  

10.

What are some ways you can save money?

a)

Meal plan

b)

Buy things second hand

c)

Look for deals/discounts

d)

All of the above

11.
People who rent property.
a)
Landlord
b)
Home Owner
c)
Banker
d)
Tenant
12.
A check that the bank has refused to cash/pay due to no funds to cover.
a)
Cleared Check
b)
Bad/Bounced Check
c)
Overdraft fee
d)
Security Deposit 
13.
Putting money into your bank account.
a)
Checking account 
b)
Savings account
c)
Withdrawal
d)
Deposit
14.
The total amount of money earned before taxes and deductions.
a)
Gross Income
b)
Net Income
c)
Salary
d)
Deposit
15.
The total amount of money earned before taxes and deductions.
a)
Gross Income
b)
Net Income
c)
Salary
d)
Deposit
16.
A set amount of money earned by an employee per year (e.g., $75,000.00)
a)
Salary
b)
Net Pay
c)
Net Worth
d)
Net Income
17.
A set amount of money earned by an employee per year (e.g., $75,000.00)
a)
Salary
b)
Net Pay
c)
Net Worth
d)
Net Income
18.
Laws that protect buyers of automobiles with serious defects.
a)
Orange Laws
b)
Lime Laws
c)
Lemon Laws
d)
Liability Laws 
19.
Expenses that are not absolutely necessary (e.g., spring break trip)
a)
Flexible Expenses
b)
Fixed Expenses
c)
Assets
d)
Discretionary Expenses
20.
The difference between your assets and liabilities.
a)
Net Income
b)
Net Worth
c)
Gross Income
d)
Budget
21.
Lack of sufficient funds to cover the full amount of check.
a)
Overdraft
b)
Deposit
c)
Credit Card
d)
Cleared Check
22.
The owner of a rental property.
a)
Teller
b)
Landlord
c)
Tenant
d)
Invester 
23.
An amount of money (e.g., $100.00) taken out of an account.
a)
Withdrawal
b)
Deposit
c)
Overdraft
d)
Debit Card
24.
A card that lets you buy goods and services based on the promise to pay later and charges monthly interest if the balance is not paid in full.
a)
Balance Sheet
b)
Debit Card
c)
Credit Card
d)
Deposit
25.
Expenses that normally increase or decrease (e.g., food or gas).
a)
Assets
b)
Net Income
c)
Discretionary Expenses
d)
Flexible Expenses
26.
Debts or obligations owed to others (e.g., student loan).
a)
Liabilities
b)
Assets
c)
Flexible Expenses
d)
Net Worth
27.
Your bank statement arrived.  You had a balance of -$52.79.  After the $307.74 deposit from Rolands Bookstore, what is your new account balance?
a)
$316.95
b)
$256.92
c)
$265.29
d)
$254.95
28.
________ are regular payments that don’t vary in amount (e.g., rent).
a)
Flexible expenses
b)
Discretionary expenses
c)
Fixed expenses
d)
Assets
29.
A debit card is ____________________________.
a)
A card that lets you buy goods and services based on a promise to pay later.
b)
A card which you may only make online purchases with.
c)
A card that charges monthly interest if the balance is not paid in full.
d)
A card that takes money directly from your bank account.
30.
On Jan. 8th your account was charged $30.00 for an overdraft fee.  What is an overdraft fee?
a)
A state tax
b)
A fee for maintaining your account
c)
A fee for over spending
d)
A federal tax
31.
TRUE OR FALSE
Liabilities are items of value that you own (e.g., money).  
a)
TRUE
b)
FALSE
32.
TRUE OR FALSE
Your car has been towed because you parked illegally.  Your unexpected payment to the towing company should come from your entertainment “jar”.
a)
TRUE
b)
FALSE
33.
According to the 50/20/30 budgeting rule, 30% of your net pay should be spent on _____. 
a)
Essential Purchases (e.g., rent)
b)
Discretionary Wants (e.g., gym membership)
c)
Student loans  
d)
Savings
34.
A set amount of money earned by an employee per year (e.g., $75,000.00)
a)
Salary
b)
Net Pay
c)
Net Worth
d)
Net Income
35.
An amount of money (e.g., $100.00) taken out of an account.
a)
Withdrawal
b)
Deposit
c)
Overdraft
d)
Debit Card
36.
A card that lets you buy goods and services based on the promise to pay later and charges monthly interest if the balance is not paid in full.
a)
Balance Sheet
b)
Debit Card
c)
Credit Card
d)
Deposit
37.

Rent is commonly paid monthly.

a)

True

b)

False

38.
A lease is designed to protect the rights of both the landlord and: 
a)
the lessor
b)
the tenant
c)
a roommate 
d)
the property manager
39.
You are renting an apartment. The faucet in your shower leaks. Who is responsible for fixing it? 
a)
you are responsible because you signed a lease 
b)
your roommate is responsible
c)
your landlord is responsible
d)
both you and your landlord are responsible
40.
The money a landlord holds to cover possible damage in an apartment is called a: 
a)
cleaning deposit 
b)
damage deposit 
c)
telephone deposit 
d)
utilities deposit 
41.
What is income?
a)
Money spent
b)
Money earned
c)
Money saved
d)
Money invested
42.
The most common way for people to get money is by:
a)
volunteering
b)
working
c)
fundraising
d)
earning interest
43.
What is an expense?
a)
Money spent
b)
Money earned
c)
Money saved
d)
Money invested
44.
In the majority of leases, the tenant pays for all of the utilities except for :
a)
Water and Gas
b)
Trash, Sewer and Water
c)
Directv and WIFI
d)
Trash and Electricity
45.

The final phase of the budgeting process is to:

a)

set personal and financial goals

b)

compare your budget to what you have actually spent

c)

review financial progress

d)

monitor current spending patterns

46.

An example of a long-term goal would be:

a)

an annual vacation

b)

saving for retirement

c)

buying a used car

d)

completing college within the next six months

47.

An example of a fixed expense is:

a)

clothing

b)

auto insurance

c)

an electric bill

d)

educational expenses

48.

____________ is commonly considered a flexible expense.

a)

Rent

b)

A mortgage payment

c)

Home insurance

d)

Entertainment

49.

Most short-term goals are based on activities over the next two or three years.

a)

True

b)

False

50.

A common long-term goal may involve saving for college for parents of a newborn child.

a)

True

b)

False

51.

Rent is considered a fixed expense.

a)

True

b)

False

52.

Flexible expenses stay the same each month.

a)

True

b)

False

53.
What are the two main types of accounts at banks?
a)
checking and balancing
b)
checking and savings
c)
checking and debit
d)
savings and borrowing
54.
Interest is a fee charged...
a)
by a lender to a borrower
b)
by a borrower to a lender
c)
by a bank for writing a check
d)
by a bank for making a deposit
55.
With an electronic transfer, money is transferred from one account to another without
a)
record keeping
b)
overdraft protection
c)
service charges
d)
any check or cash involved
56.
In banking, what does ATM stand for?
a)
Automatic To Money
b)
At The Moment
c)
Asynchronous Transfer Mode
d)
Automated Teller Machine
57.
When your check clears the bank, it has...
a)
been processed and the money transferred out of your account
b)
been inspected  and determined to be free of forgery
c)
been guaranteed for payment by federal deposit insurance
d)
is eligible to be cashed at a credit union
58.
If you write checks for more than you have in your checking account, your account...
a)
cannot have outstanding transactions
b)
will be overdrawn
c)
will be automatically reconciled
d)
does not meet credit union regulations
59.
A direct deposit...
a)
cannot be paid by credit unions
b)
cannont be expressed as a percentage 
c)
is another name for compound interest
d)
goes to your account without using a check
60.
Adding money to your account is called a...
a)
credit
b)
deposit
c)
debit
d)
withdrawl
61.
The current amount of money in your bank account is called the...
a)
registered amount
b)
balance
c)
deposited amount
d)
statement
62.
This type of bank is non-profit and offers its members lower interest rates.
a)
Commercial bank
b)
Investment bank
c)
Credit union
d)
Traditional bank
63.
You can use a debit card to...
a)
access money in your checking account and transfer it
b)
accept a payroll deposit from your employer
c)
write a check
d)
get overdraft protection
64.
What must be on a check?
a)
Your signature
b)
The current date
c)
The amount of money
d)
All of the above
65.
The purpose of reconciling your bank account is to...
a)
convert simple interest to compound interest
b)
get overdraft protection
c)
verify that you agree with your bank on the balance
d)
verify that your account complies with federal law
66.
True or False: You can withdraw money from an ATM at any time.
a)
True
b)
False
67.
A(n) ____________ is a fee a bank charges you for having an account.
a)
service charge
b)
debit
c)
overdraft fee
d)
credit
68.
The best option if you suspect that someone has stolen your banking information is to ...
a)
Call police
b)
Go home and take a nap
c)
Cancel all cards and notify your bank
d)
Hope your bank catches any suspicious activity
69.
This organization federally insures deposits in banks up to $250,000.
a)
IRS
b)
FBI
c)
FDIC
d)
SEC
70.
A document an account holder uses to track their deposits and withdrawals.
a)
Check Register
b)
Bank Statement
c)
Check Card
d)
Bounced Check
71.
A document produced by the bank that tracks withdrawals, deposits, and interest earned.
a)
Bank Statement
b)
Check Register
c)
Certificate of Withdrawals
d)
Certificate of Deposits
72.

Which banking service is not available on the Internet?

a)

obtaining a bank statement

b)

paying into creditors’ bank accounts

c)

using direct debits

d)

withdrawing cash

73.

What is the big difference between a savings and a checking account?

a)

You can write checks/make payments out of a checking account

b)

You can't take money out of a savings account.

c)

A checking account is only for retirement

d)

They both are exactly the same!

74.

The difference between simple interest and compound interest is that with compound interest...

a)

you earn interest on the principal only

b)

you earn interest on principal and the interest that you have earned

75.

fee paid regularly at a set rate

a)

interest

b)

checking account

c)

savings account

d)

mortgage

76.

For paying bills, what should you make?

(a)  

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