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Acct - Personal Finance Unit

Total questions: 58

Worksheet time: 40mins

Name
Class
Date
1.

Income left after necessities have been bought and paid for is called:

a)

Discretionary Income

b)

Checking Account

c)

Debit Card

d)

Credit Score

2.

A report of deposits, withdrawals, & bank balances sent to a depositor by a bank is called:

a)

Discretionary Income

b)

Overdraft Fees

c)

Bank Statement

d)

Credit Score

3.

Incurred when a customer withdraws more money from an account then what is available is called:

a)

Discretionary Income

b)

Overdraft Fees

c)

Bank Statement

d)

Credit Score

4.

A card that enables you to withdraw money directly from your checking account is called:

a)

Debit Card

b)

Credit Card

5.

A card that enables you to make a direct purchase that can be paid later is called:

a)

Debit Card

b)

Credit Card

6.

A number assigned to a person that indicates to lenders their capacity to repay is called:

a)

Debit Card

b)

Credit Card

c)

Credit Score

d)

Credit Report

7.

When talking about a Credit Card, what does APR stand for?

a)

Annual Percentage Rate

b)

Annual Practice Rules

c)

Anticipated Patience Retention

d)

Accounting Practices Redesign

8.

Portion of your income that you do not spend on consumption and is typically 20% of your income is called:

a)

Saving

b)

Investing

c)

Impulse Buying

d)

Discretionary Income

9.

Portion of your income that you do not spend on consumption and put aside to hopefully gain more than the original amount over a series of time is called:

a)

Saving

b)

Investing

c)

Impulse Buying

d)

Discretionary Income

10.

A type of savings that signifies that you own a part of a corporation and a claim to their assets and earnings.

a)

Stock

b)

Share

c)

Dividend

d)

none is correct

11.

A part into which a companies capital is divided, entitling the shareholder to a portion of the profits.

a)

Dividend

b)

Bond

c)

Share

d)

Stock

12.

Buying and Selling Stocks


Randy just bought 800 shares of stock in Facebook at $19.50 per share. A stock company that you have been working with charges $10 per transaction and you want to sell because the current rate for your shares skyrocketed and is at $34.50 per share. How much did Randy buy from Facebook?

a)

800∗$34.50=$27,600.00

b)

800∗$19.50=$15,600.00

c)

$27,600−$15,600=$12,000.00

d)

$12,000.00−$20.00=$11,980.00

13.

Buying and Selling Stocks


Randy just bought 800 shares of stock in Facebook at $19.50 per share. A stock company that you have been working with charges $10 per transaction and you want to sell because the current rate for your shares skyrocketed and is at $34.50 per share. What was Randy's Sell price?

a)

800∗$34.50=$27,600.00

b)

$27,600−$15,600=$12,000.00

c)

$12,000.00−$20.00=$11,980.00

d)

800∗$19.50=$15,600.00

14.

A key difference between saving and investing is

a)

Saving is for everyone, investing is for the wealthy

b)

Your money is insured when investing, it is not in savings

c)

Investing has a guaranteed return, savings does not

d)

Saving is for emergencies & goals, investing is for long-term wealth

15.

Why is it important to start investing as soon as possible?

a)

You take less risk when you are young, so money will be safe

b)

You have more time for your money to compound

c)

Investing is an easy way to make quick money

d)

Fees on investments are cheaper when you are younger

16.

The possibility of losing all or part of your investment is known as

a)

asset allocation

b)

compounding

c)

return

d)

risk

17.

Generally, how is risk related to return?

a)

the lower the risk, the greater the possibility of a high return

b)

the greater the risk, the greater the possibility of a high return

c)

the greater the risk, the greater the possibility of a low return

d)

risk and return have no relationship

18.
Why do companies issue stocks?
a)
To create and investment opportunity into other businesses.
b)
To increase employee cooperation 
c)
To be traded individually
d)
To raise money for economic investment
19.

Which of the following is a way to start investing?

a)

Purchase stocks on your own

b)

Pool money into a mutual fund managed by an advisor

c)

Purchase part of an index fund

d)

Hire a financial advisor to make a plan for you

e)

All options are correct

20.

The amount you earn as profit from your investment based on your deposited amount, usually expressed as a percentage

a)

Penalty

b)

Interest Rate

c)

Emergency Fund

d)

Index

21.

A market where shares in corporations are bought and sold through an organized system.

a)

Portfolio

b)

Index

c)

Stock Market

d)

CD

22.
Why is compound interest more advantageous than simple interest?
a)
It’s more difficult to calculate, so fewer people use compound interest, making more profits for those who do.
b)
Compound interest accumulates very rapidly, so you only have to save for 3 years or fewer to earn far more money.
c)
Compound interest is attached to the stocks with the highest risk, so you get the highest interest on them
d)
In compound interest, you earn interest on not only your principal, but also on the interest you’ve already made.
23.
When you buy a stock, you are buying a small piece of _______ in a company.
a)
debt
b)
ownership
c)
risk
24.
What is an IPO?
a)
Initial Polling Office
b)
Initial Public Offering
c)
International Public Office
d)
Increasing Public Opportunity
25.
Justin wants to go to spend a month traveling Europe next summer but doesn’t have the money to do so. He’s thinking of investing the $700 he currently has saved in stock in his favorite restaurant in hopes of earning the money for the vacation. Why shouldn’t he do that?
a)
Investing in one company’s stock is quite risky.
b)
Investing your whole savings in the stock market is a bad financial move.
c)
One year probably isn’t enough time for one stock to turn $700 into a month’s vacation.
d)
All of the above
26.
Your risk tolerance for investing should be determined by these two factors:
a)
Your stocks and bonds
b)
Your time horizon and when you will need access to the money
c)
Your debits and credits
d)
Your education level and ethnicity
27.

What is Bull market?

a)

Buying a bull online

b)

When everything goes up and people are buying.

c)

When prices are going down and nobody is buying.

d)

When people are selling false information.

28.

What is a Bear market?

a)

When prices go up and everybody is buying.

b)

Selling a bear online.

c)

When prices go down and nobody is buying.

d)

Buying bears online.

29.
A company owned by families or a small number of investors and do not issue stock to the public.
a)
public company
b)
industry
c)
private company
d)
portfolio
30.

What are some benefits to starting a savings account early?

a)

you can earn interest on money saved

b)

putting money aside will help avoid spending it on something else

c)

setting a savings goal will help

d)

all of the above

31.

When using a credit card, you will eventually have to do the following:

a)

pay for the item and/or pay interest

b)

never pay for the item

c)

buy everything you have ever wanted

d)

explain to your friends that it did not cost anything

32.

Planned expensese are expenses that you know about. Which are examples of planned expenses?

a)

groceries

b)

auto insurance

c)

utility bill (gas, water, and electric bill)

d)

all of the above

33.
What is one advantage of having a credit card?
a)
It prevents you from spending more than you earn.
b)
It allows you to make purchases without carrying lots of cash.
c)
It encourages you to budget your money wisely.
d)
It helps you pay off debts that you may have.
34.
What happens when you don't have enough money to pay for the things you charged?
a)
You end up owing less than the original amount of money you charged.
b)
You end up owing more than the original amount of money you charged.
c)
You end up owing the same amount of money you charged, it just takes a while to pay off.
35.
Why would your credit provider give you a credit limit?
a)
To remind you to pay your bill on time.
b)
To prevent you from enjoying the things you buy.
c)
To prevent you from spending more money than you can pay back.
d)
To prevent you from shopping in certain places.
36.
When you make a credit card purchase at a store, who do you agree to pay?
a)
The store.
b)
The bank where the store keeps its money.
c)
Your credit provider.
37.
How do credit card companies make money?
a)
By charging late fees and interest to their customers.
b)
By making you pay an extra dollar on every purchase.
c)
By charging late fees and interest to stores and other businesses.
d)
By earning interest on the money they have saved up.
38.
What is the best way to avoid credit card debt? Choose the best answer.
a)
Use several credit cards to avoid putting too much money on one card.
b)
Don't spend more money than you have.
c)
Only use credit cards to by 
39.
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
40.
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
41.
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
42.
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
43.
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
a)
American Express
b)
Chase Sapphire
c)
Neither
d)
All of the above
44.

Mrs. Brady took her family out to eat. She handed the waitress a card to purchase the meal. This charge appeared on a bill that she paid three weeks later. Which card did she use?

a)

Debit Card

b)

Credit Card

c)

Both

45.

To avoid carrying cash, Ned pays for his lunch using this card. Each time he uses this card his checking account decreases. Which card did he use?

a)

Debit Card

b)

Credit Card

c)

Both

46.
Your mom goes to the ATM at the bank and withdraws $300 from her savings account with her card. 
a)
Debit card
b)
Credit Card
47.
Your family is on vacation and you need more cash. Your dad goes to the ATM and gets a $500 cash advance. He says, “Just one more vacation expense we’ll have to pay off when we get home.”
a)
Debit card
b)
Credit card
48.

Always use permanent ink when writing a check.

a)

True

b)

False

49.

What is A on the check?

a)

check number

b)

date check was written

c)

Name and address of the checking account holder

50.

What is B on the check?

a)

bank ID number

b)

date check was written

c)

check number

51.

What is C on the check?

a)

check number

b)

bank ID numbers

c)

amount of check in numbers

52.

What is D on the check?

a)

amount of check in numbers

b)

signature of the person writing the check

c)

bank ID number

53.

What is E on the check?

a)

signature

b)

amount of check in numbers

c)

account number

54.

What is F on the check?

a)

signature

b)

purpose of the check

c)

account number

55.

What is G on the check?

a)

purpose of the check

b)

account number

c)

amount of check in words

56.

What is H on the check?

a)

amount of check in words

b)

company or person being paid

c)

purpose of the check

57.

What is I on the check?

a)

company or person being paid

b)

name and address of the account holder

c)

amount of check in words

58.

What is J on the check?

a)

company or person being paid

b)

name and address of the account holder

c)

date the check is written

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