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WorksheetsPersonal Finance Final Exam
Total questions: 75
Worksheet time: 52mins
A list of investments is called a _________________?
Mutual Fund
Portfolio
Risk
Share
The characteristic of an asset that permits it to be converted quickly into cash without loss of value.
401(k)
IRA
Liquidity
Risk
A piece of ownership in a company, mutual fund, or other investment.
Liquidity
Portfolio
Risk
Share
A retirement savings plan offered by a corporation to its employees with tax deferred growth.
401(k)
IRA
Mutual Fund
Stock
Account or arrangement in which one would put their money for long term growth.
401(k)
Investment
IRA
Portfolio
Degree of uncertainty of return on an asset.
Liquidity
Investment
Risk
Share
Pool of money managed by an investment company invested in multiple companies.
IRA
Mutual Fund
Portfolio
401(k)
An tax deferred individual retirement arrangement for a person with earned income.
401(k)
IRA
Mutual Fund
Share
A single stock would be a good place to keep you emergency fund.
True
False
It´s better to avoid using your _______ and start controlling your ______.
customer/ expenses
financial goals/ budget
credit card/ expenses
market/ investment
It´s really important to stop _________ and plan carefully how we will spend our _______.
investment/ market
credit card/ funds
maintenance/ gain
overspending/ funds
put money into a bank account
deposit
savings account
safe-deposit box
loan
receiving money in return for labor, work, or service
earn
save
spend
donate
to keep and store up money for future use
earn
save
spend
donate
People create and keep a personal budget to help them _____.
set and reach financial goals
apply for loan
buy anything they want
earn promotions at work
For which item would someone most likely need to save money in order to
purchase?
a washing machine
a tub of ice cream
dinner for two
a pair of socks
Which of the following are considered variable expenses? (You can choose more than one.)
Magazine subscription
Electricity
Insurance coverage
Clothing
Recreation and vacation
Which of the following are considered fixed expenses? (You can choose more than one.)
Cable subscription
Electricity
Insurance coverage
Rent
Medical fees
Which of the following are considered WANTs? (You can choose more than one.)
Concert tickets
Water
A new pair of shoes
Rent
Medical fees
Which of the following are considered NEEDs? (You can choose more than one.)
Airpods
Water
A new pair of shoes
Food
Playstation 5
Which of the following statements about money is false?
Money can buy happiness.
Money is a tool.
Everyone needs money to purchase goods.
A penny saved is a penny earned.
Which of the following people would benefit MOST from a personal budget?
Tim carefully keeps track of his expenses.
Sue spends less than she earns.
David is saving for a major purchase.
Bob does not have enough money to pay bills.
The first step in creating a budget is _________.
know your income
determine fixed expenses
determine variable expenses
review periodically
A budget or a financial plan would not work if you ___________.
know how to set smart goals
are a disciplined person
wait for the end of the year to record your expenses
know how to prioritize
The income part of a personal budget
is not important if it is large.
only includes money from a paycheck (job).
includes all income from various sources.
is the amount left over.
The expenses section of a personal budget
should be larger than the income section of the budget.
shows the amount of money that is spent each month.
includes the amount of interest earned on investments.
is not important if income is greater than expenses.
People keep a personal budget to help them
set and reach financial goals.
earn promotions at work.
buy with credit.
buy anything they want.
A budget is a list of
income and expenditures
things to buy
how much to save
needs and wants
There are two types of expenses. They are ____________ and _______________. Choose two.
Essential Expenses (things that you need)
iReady expenses
Non-Essential Expenses (things you don't need but spend money on anyways)
Which of the following are considered WANTs? (You can choose more than one.)
Concert tickets
Water
A new pair of shoes
Rent
Medical fees
Which of the following are considered NEEDs? (You can choose more than one.)
Airpods
Water
A new pair of shoes
Food
Playstation 5
A retirement savings plan offered by a corporation to its employees with tax deferred growth.
401(k)
IRA
Mutual Fund
Stock
Account or arrangement in which one would put their money for long term growth.
401(k)
Investment
IRA
Portfolio
Degree of uncertainty of return on an asset.
Liquidity
Investment
Risk
Share
Pool of money managed by an investment company invested in multiple companies.
IRA
Mutual Fund
Portfolio
401(k)
An tax deferred individual retirement arrangement for a person with earned income.
401(k)
IRA
Mutual Fund
Share
Which of the following is a good investment option?
Gold
Viaticals
Futures
Mutual Funds
It´s better to avoid using your _______ and start controlling your ______.
customer/ expenses
financial goals/ budget
credit card/ expenses
market/ investment
Allison would like to bake a cake but realized she is out of milk. Which of the following stages of the consumer decision making process is this an example of?
Need Identification
Information Searching
Alternative Evaluation
Purchase Decision
Buying the same brand of goods is a result of which of the following types of information searching?
Internal Searching
External Searching
Basic Searching
Extensive Searching
Which of the following does NOT affect when people make a purchase?
Time Pressure
Discount Sales
Certain Holidays
Store Atmosphere
Which of the following questions measures a person’s activity?
Do you agree the U.S. medical system needs reform?
How important is it to you to try new food?
How often do you visit shopping malls?
Do you enjoy reading?
When reading a magazine, Lisa pays attention to some ads but ignores the others. Which of the following types of selective perception is this an example of?
Selective exposure
Selective attention
Selective comprehension
Selective hearing
The stars-and-stripes flag is an example of which of the following cultural elements?
Ritual
Value
Symbol
Hero
Which of the following stages in the family life cycle does a family typically downsize their house?
Newlywed
Early parenthood
Late parenthood
Retirement
Where can a car buyer find the value of a particular model?
Kelley Blue Book (KBB)
Underwriter's Laboratories (UL)
Better Business Bureau (BBB)
American Auto Association (AAA)
If you want to make a good impression, you need to...
be on time
be impolite
be well-groomed
avoid eye contact
If you are communicative and creative, you should become a...
post man
roofer
hairdresser
scientist
What qualifications does a nursery school teacher have?
be patient
be good at explaining things
love animals
have a university degree
Be prepared....a job interview.
to
with
for
on
a car that is unsatisfactory or has defects. a buyer often does not know about the defects.
trim
lemon
horsepower
warranty
different versions of the same car that include or do not include specific features
total cost of ownership (TCO)
insurance
trim
warranty
the power the engine makes is compared to the power of a horse. the more power, the faster your car can accelerate or the heavier the weight it can carry.
horsepower
trade-in
lemon
MSRP
if you are willing to give your car to the dealer in exchange for a new car, you can often get a better price
lease
VIN
warranty
trade-in
manufacturer's suggested retail price. price that car builders say the car should be sold at.
downpayment
MSRP
MPG
total cost of ownership (TCO)
a long term rental of a car. you need to pay monthly payments for the vehicle and it must be returned at the end of the contract.
seller
lemon
lease
downpayment
most people cannot afford to pay for a new car in one day. you pay the cost over time, but sellers require a certain amount of money the day you buy it.
downpayment
VIN
insurance
seller
the person/company that is selling the car. this could be a person or a dealership.
seller
total cost of ownership (TCO)
MPG
warranty
miles per gallon - the amount of miles (distance) a car can drive on one gallon of gasoline or fuel
MPG
warranty
trade-in
MSRP
there is a manufacturer's warranty and an extended warranty. the dealer will cover SPECIFIC issues with the car even after you buy it. they will pay for some issues for a certain amount of time
warranty
VIN
horsepower (HP)
downpayment
vehicle identification number. every single car ever made has its own.
VIN
lemon
trade-in
trim
every car and driver must have car insurance to legally drive in Illinois. driving without this or getting into an accident without this can be EXTREMELY costly.
insurance
MSRP
lease
downpayment
A legal agreement that allows other individuals to use a person's land for a set purpose.
Escrow
Title
Deed
Easement
A member of the national, state, and local board of realtors.
Real Estate Agent
REALTOR
A person licensed by the state to aid in real estate transactions.
Real Estate Agent
REALTOR
provision stating fulfillment of a contract depends on certain conditions
Closing
Contingency
Mortgage
Inflation
fee charged by a lender for the use of borrowed money; expressed as a percentage of the amount borrowed
Closing
Interest
Inflation
Credit History
written proof a lender is willing and ready to lend an individual a specific amount of money for a mortgage based on verified income and asset
Credit History
Pre-approval
Offer to Purchase
Debt-to-income Ratio
value of an owner's share in a property; value minus debt
Closing
Mortgage
Inflation
Equity
detailed written document which, once signed by
both parties, becomes a legally binding contract
Credit History
Pre-approval
Debt-to-income Ratio
Offer to Purchase
