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Personal Finance Question Bank

Total questions: 73

Worksheet time: 1hrs 5mins

Name
Class
Date
1.
Which of the following is TRUE about banks and credit unions?
a)
Banks are for-profit; credit unions are not-for-profit
b)
Banks are not taxed; credit unions are taxed
c)
Banks are insured by the NCUA; credit unions by the FDIC
d)
There are more local credit unions than there are banks
2.
Which of the following is TRUE about Student Checking accounts?
a)
There are no minimum balance requirements
b)
They all expire only when you turn 24 years old
c)
They are offered only by 3 U.S. banks
d)
Some have monthly fees
3.
Which of the following is FALSE about check registers?
a)
It can help you identify mistakes in your bank statement
b)
It can help you avoid writing checks that cause an overdraft
c)
You can submit them to the bank and verify each transaction
d)
You know exactly how much money you have left to spend
4.
What is a typical overdraft fee?
a)
$5
b)
$15
c)
$25
d)
$35
5.
You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees?
a)
$7.50 check, $15 check, $5 check, $35 check
b)
$35 check, $7.50 check, $5 check, $15 check
c)
$15 check, $5 check, $35 check, $7.50 check
d)
$5 check, $7.50 check, $35 check, $15 check
6.
Why is understanding a bank's fees particularly important for students or young adults?
a)
With less banking experience they may incur fees unknowingly
b)
They may have high balances in their account and are therefore likely to overdraft easily
c)
Banking is like insurance; being younger means higher fees
d)
Your credit score is heavily dependent on how well you bank
7.
You can access the money in your checking account by...
a)
Using the cash grandma gave you to pay at the grocery store
b)
Paying bills with a pre-paid debit card
c)
Transferring money though your online account
d)
Using your credit card to Venmo a friend
8.
Which of the following fee(s) may banks charge you?
a)
Online Statement Fee
b)
Monthly Maintenance Fee
c)
In-Network ATM Fee
d)
Sufficient Funds Fee
9.
What is the benefit of direct deposit?
a)
Any overdraft fees are waived
b)
You don't have to spend time and energy depositing a check
c)
The funds from your paycheck are usually available between 3-5 business days
d)
You get a tax benefit from the Federal government
10.
Your friend wants to open up a checking account. Which of the following items is NOT necessary to do so?
a)
His (or his parents') previous year's tax return
b)
Proof of address
c)
Identification
d)
Opening Depo
11.
Which of the following is TRUE of prepaid debit cards?
a)
They are issued by your bank & connect to your checking account
b)
There are usually minimal fees associated with them
c)
Prepaid cards can help build your credit
d)
They can be used as an effective budgeting tool
12.
Which of the following is NOT a common way most people are using P2P?
a)
To pay rent
b)
To pay off their credit cards
c)
To pay back friends
d)
To buy gifts
13.
What feature is LEAST important for a college student to look for in a checking account?
a)
Low minimum balance requirement
b)
Interest rate
c)
Fees
d)
ATM availability
14.

People who are unbanked are most likely to...

a)

Use a mobile banking app

b)

Receive a monthly statement of their transactions

c)

Deposit their checks at the ATM

d)

Incur lots of fees at Check Cashers to access their money

15.

Overdraft protection...

a)

is a service offered only for premium checking accounts.

b)

brings in a few hundred dollars each year to banks.

c)

is a fee-free service that prevents you from overdrawing.

d)

can keep you from overdrawing but charges a fee.

16.

Which of the following is TRUE about checks? (hint: choose 2 correct answers)

a)

You should endorse the back when writing a check

b)

The amount of money is written both numerically and in words

c)

Checks should show up on your statement within 30 days

d)

You should endorse the back when depositing a check

17.

Mobile or email alerts for your checking account can notify you of...(hint: choose 3 correct answers)

a)

Low balances

b)

Unusual activity

c)

Deposits

d)

Credit Card transactions

18.

Which of the following will DEFINITELY show up on your bank statement at the end of July? (hint: choose 2 correct answers)

a)

Ice cream bought with your debit card on July 16th

b)

A salad bought with cash on July 5th

c)

A birthday check you gave to your brother on July 18th

d)

An ATM withdrawal you made on July 21st

19.

A checking account is best used for...(hint: choose 2 correct answers)

a)

Saving money

b)

Storing money to spend

c)

Investing money

d)

Placing money you earn

20.

How can you protect your checking account when using online and mobile banking? (hint: choose 2 correct answers)

a)

Use a strong password

b)

Sharing your pin # with only 1 person in case you forget it

c)

Connect to a secure WiFi network

d)

Opt-out of alerts to notify you of unusual activity

21.

A savings account should be used for daily purchases.

a)

True

b)

False

22.

Which is NOT a typical goal for a savings account?

a)

To create an emergency fund

b)

To pay for higher education

c)

To save for a new car

d)

To buy groceries for this week

23.

What is a good strategy to help you save?

a)

Pay expenses then deposit the rest into savings

b)

Dip into your savings on a regular basis

c)

Set aside money for savings each month

d)

Keep your spending and saving money together in one account

24.

The FDIC insures a depositor's account...

a)

up to $100,000

b)

up to $250,000

c)

up to $500,000

d)

the amount depends on age and marital status

25.

Savings accounts are considered high risk.

a)

True

b)

False

26.
About how much should you save in an emergency fund?
a)
1-3 months of living expenses
b)
3-6 months of living expenses
c)
6-9 months of living expenses
d)
9-12 months of living expenses
27.

What is the cost of using the bank's money?

a)

Interest

b)

Bill

c)

Principal

d)

All of the above

28.

Cash set aside to cover the cost of unexpected events

a)

emergency savings

b)

liquidity

c)

trade-off

d)

opportunity cost

29.

Price paid for using someone else's money

a)

interest

b)

interest rate

c)

apr

d)

principal

30.

Percentage rate use to calculate interest.

a)

interest rate

b)

interest

c)

apr

d)

time value

31.

The original amount of money saved or invested.

a)

principal

b)

original investment

c)

investment

d)

liquidity

32.

An account that allows quick access to funds for transactions.

a)

checking account

b)

savings account

c)

liquidity

d)

certificate of deposit

33.

An account at a depository institution that is designed to hold money not spent on current consumption.

a)

certificate of deposit

b)

money market account

c)

checking account

d)

savings account

34.

Where do banks get the money to lend out to consumers?

a)

From their clients' credit card accounts

b)

From their clients' savings accounts

c)

From the Federal government

d)

From their own money vaults

35.

How do banks make money off of the credit they issue?

a)

They charge a large, one-time fee at the start of the loan

b)

They take out a small fee each month from your checking account

c)

They charge a high interest rate on the loan

d)

This is a trick question - they DON'T make money!

36.

Which of the following is NOT a typical type of credit?

a)

Mortgage

b)

Overdraft

c)

Credit Card

d)

Pre-Paid Debit Card

37.

What may NOT impact the interest rate on your loans?

a)

Your relationship with the financial institution

b)

Your credit score

c)

The loan amount

d)

Your level of education

38.

True or False: A cosigner's credit history can be affected by the loan they are cosigned on.

a)

True

b)

False

39.

Which is TRUE when you make only the minimum payment each month?

a)

You ar charged interest on the remaining balance

b)

Your credit line is restored to its maximum amount

c)

Credit card companies have permission to sell your information

d)

It is the fastest way to pay off your debt

40.

Which is TRUE about Payday loans?

a)

You can pay them back in installments

b)

You are charged a 1-time fee for the loan

c)

Most people successfully pay these loans back

d)

You need a credit card account to get one

41.

A shorter auto loan term means ____ monthly payments & ____ total interest you'll pay.

a)

higher, less

b)

lower, more

c)

higher, more

d)

lower, less

42.

True or False: Landlords are required to submit your payment history, which can boost your credit score.

a)

True

b)

False

43.

Which is FALSE about what can happen if you fail to make your mortgage payments?

a)

After one missed payment, you can lose your home

b)

You will be charged fees

c)

Your credit score can take a hit

d)

Foreclosure process starts after 30 days of missed payment

44.

How do federal student loans differ from private student loans?

a)

Fed loans have fewer and less flexible repayment options

b)

Fed loans generally have higher interest rates

c)

Private loan repayment may start while you're in school

d)

Private loans don't require a cosigner, fed loans do

45.

How are credit cards and debit cards different?

a)

They're both linked to a checking account in different ways

b)

Some debit cards say VISA on them; credit cards don't

c)

With a credit card, you are borrowing from yourself

d)

A credit card can offer perks such as purchase protection

46.

If the collateral for your secured loan can be taken away, why get a secured loan at all?

a)

Because they usually have a higher interest rate

b)

Because they usually have a lower interest rate

c)

Banks give you an extra 90 days to make a missed payment

d)

Banks typically don't charge interest for the first 12 months

47.

Why does the amount of INTEREST you owe on a loan decrease over time?

a)

The institution trusts you more, so they lower the interest

b)

With each payment, principal increases; so interest lowers

c)

Banks are legally required to lower interest rates over time

d)

With each payment, principal decreases, so interest lowers

48.

How do you avoid paying interest on your credit card (or any other loan for that matter)?

a)

Always make the minimum payment over time

b)

Pay interest 1st, then pay what you can on leftover balance

c)

Always make the full payment on time

d)

Pay the principal 1st, then pay what you can on interest

49.

Which of the following could be a SECURED loan? (hint: choose 2 correct answers)

a)

Auto loan

b)

Student loan

c)

Mortgage

d)

Overdraft

50.

What information on a Schumer Box should you focus on when choosing a credit card? (hint: choose 3 correct answers)

a)

The term of the credit card

b)

Annual Percentage Rate (APR)

c)

Grace Period

d)

Fees

51.

When can personal loans be a better option than credit cards? (hint: choose 2 correct answers)

a)

If you want to earn rewards and enjoy travel benefits

b)

If you want a lower interest rate

c)

If you want purchase protection & warranties

d)

If you need a lump sum of money right away

52.

Which of the following is TRUE about an auto LOAN and a LEASE? (hint: choose 2 correct answers)

a)

You must give the car back when a lease has expired

b)

Only a loan requires some kind of upfront payment

c)

You make monthly payments on both

d)

Monthly payments tend to be lower with a lease

53.

When repaying your Federal student loans...(hint: choose 2 correct answers)

a)

repayment begins the day after you graduate

b)

a loan servicer will contact you before repayment begins

c)

you are required to begin with the Standard Repayment Plan

d)

you can choose from different repayment plans

54.
Taxes are deducted from all employees paychecks
a)
true
b)
false
55.
On a pay stub, this indicates the total amount of money received by an employee after all deductions are taken out.
a)
Net Pay
b)
Gross Pay
c)
Total Pay
d)
Grand Pay
56.
What is the employer name?
a)
John Smith
b)
John S. Ltd
c)
John
d)
 John Ltd.
57.
What is the length of the pay period?
a)
two weeks
b)
one week 
c)
a month
d)
three weeks 
58.

A 401(k) refers to:

a)

Additional current income

b)

Taxes

c)

Insurance

d)

A retirement plan

59.

YTD stands for:

a)

Year to Date

b)

Year Tax Date

c)

Yearly Tax Date

d)

Your Total Deductions

60.

If what you pay in income taxes EXCEEDS what you actually owe to the federal government, what happens?

a)

Nothing

b)

You owe the government money

c)

It's a secret to everyone

d)

You receive an income tax return

61.

Hourly pay is calculated by:

a)

Dividing money earned by total hours

b)

Multiplying money earned by total hours

c)

Subtracting net pay from gross pay

d)

Subtracting deductions from gross pay

62.

How much is their gross pay?

a)

1950

b)

488.74

c)

1002

d)

501

63.

How much does she pay for federal income tax?

a)

27.53

b)

0

c)

6.05

d)

45.58

64.
What is the gross amount for the year?
a)
6,590.59
b)
22,400
c)
15,809.41
d)
2,240
65.

What is the definition of Gross Pay?

a)

state taxes

b)

income after deductions

c)

federal taxes

d)

total income

66.

What does FICA stands for?

a)

For Insurance Contributing Animals

b)

Formal Initiative Costing Association

c)

Federal Insurance Contributions Act

d)

None of the above

67.

Net pay is ...

a)

income before deductions

b)

income after deductions

c)

income you take home

d)

income with holdings

68.

a person that works for a company

a)

employer

b)

biweekly

c)

employee

d)

tax

69.

The company you work for deposits the net pay straight into your bank account

a)

Rate

b)

Direct Deposit

c)

Paystub

d)

Pay Period

70.

Money paid to the government

a)

Paystub

b)

Current

c)

Taxes

d)

Net Pay

71.

Money taken out of paycheck to cover expenses including taxes and health insurance

a)

Deductions

b)

Taxes

c)

Paystub

d)

Net Pay

72.

The date range you are being paid for

a)

Pay Period

b)

Paystub

c)

Rate

d)

YTD

73.

Rate of Pay= $14.50

Hours= 10

What is the gross pay?

a)

$145.00

b)

$1450.00

c)

$150.90

d)

$154.00

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