WorksheetsEverfi Modules 1-7
Total questions: 61
Worksheet time: 44mins
Which of the following is NOT a common feature of a financial institution?
Direct deposit
Paper checks
Access to investment advice
Checking and savings accounts
Which of the following financial institutions typically have the highest fees?
Check cashing and payday loan companies
Credit unions
Brick-and-mortar banks
Internet banks
Which type of bank account typically offers the least (if any) interest?
Checking account
Savings account
Money market account
Certificate of deposit
Savings accounts typically offer more interest than what type of account?
Retirement account
Money market account
Checking account
Certificate of deposit
Which type of bank account is best for everyday transactions?
Checking Account
Savings Account
Money Market Account
Certificate of Deposit
How can you avoid spending more than what is in your bank account?
Check your bank statement once a month.
Ask your financial institution to notify you when you are close to $0 in your account.
Keep your own records to compare with your financial institution's records.
None of the above
If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?
The CFPB
No one, you can't resolve the issue
The local police station
Your financial institution
Which of the following statements is TRUE?
If there is a mistake on one of your bank accounts, there is nothing you can do about it.
If there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend to
resolve themselves.
If there is a mistake on your bank account, you should contact your financial institution immediately.
None of the above.
Which of the following statements about investing is TRUE?
On average, putting money in a savings account earns a higher return than investing money in the stock
market.
Investing is riskier than putting money in a savings accounts.
Investing is best for short-term financial goals.
Investing is a guaranteed way to make money.
27) Investing is best for ________.
short-term financial goals, like building an emergency fund.
earning a little interest while keeping your money safe.
long-term financial goals, like paying for retirement.
guaranteed fast growth on your money.
A stock is ________.
A type of debt investment that acts like a loan.
A type of investment that invests in a mix of different types of investments.
A share of ownership in a company.
A type of savings account that pays interest based on current interest rates in the money market.
A mutual fund is _________.
A type of debt investment that acts like a loan.
A share of ownership in a company.
A type of investment that invests in a mix of different types of investments.
A type of savings account that pays interest based on current interest rates in the money market.
What is net pay?
The amount of pay earned for the total number of hours worked.
The amount of money you're paid after all taxes and deductions are taken out of your paycheck.
The amount of money you're paid before all taxes and deductions are taken out of your paycheck.
Your gross pay plus any bonuses.
When you start a new job, you fill out a W-4 form to _________.
determine how much your gross pay should be.
file your tax return.
avoid paying income taxes on your paychecks.
to determine how much federal income tax your employer should withhold from your paychecks.
The ___________ is a flexible market that allows you to work short-term, independent jobs.
gig economy
labor market
employee workforce
sharing economy
What do you need in order to fill out your 1040?
Your W-2 form
A record of any other supplemental income
Both these answers are correct
Which of the following is NOT a possible tax or deduction that they may show up on your paycheck?
Federal income tax
Contributions to retirement savings
State Income Tax
Sales Tax
Generally, the more education you receive, the higher your lifetime earnings will be.
True
False
Your employer sends you a _______ form that tells you how much you've made and how much you've paid in
taxes in the last year.
1040
W-2
W-4
W-9
Which of the following is a benefit of using a budget?
Helps to keep track of the money you receive
Helps to prioritize your spending
Helps reach short- and long-term financial goals
All of the above
Where should you look to find your current expenses when building your budget?
ask your parents
your wallet
bank and credit statements
your bank representative
An emergency fund should NOT be used for…
fixing a blown tire on your car that you use to get to work.
repairing your laptop that you use for homework.
buying new shoes when they are on sale.
a sudden health issue that needs care.
What is NOT a good way to prevent unnecessary spending?
Cancel any unused recurring expenses like subscription boxes
Use and app to find the cheapest gas station
Make your own food more often
Buy all of your wants at one time.
Bank statements, credit statements, and records of cash expenses help you estimate your _____.
Credit score
Emergency fund needs
Expenses
Available investments
Which of the following is TRUE regarding unexpected expenses?
They usually don't affect your budget
They should be planned for
They usually don't affect your ability to pay bills
They should not be included in your budget
Which one of the following is NOT a need?
car payment
groceries and gas
tickets to a concert
rent
What should you plan for when creating a budget?
needs including gas and groceries
entertainment and fun
savings for short-term and long-term goals
All these answers are true.
A pack of 24 pencils is more expensive than 12 pencils, but why could buying the 24 pack be the better deal?
The price of each pencil, or the unit price, is actually cheaper in the 12 pack.
The price of each pencil, or the unit price, is actually cheaper in the 24 pack.
The 24 pack comes with a carrying case.
This statement is false. Buying fewer pencils will always be a better deal.
Making a good purchasing decision requires __________.
comparing the prices of similar items
reading reviews of the product
waiting until the product is on sale, if possible
All of the above
What is one of the best ways to get reliable information about a product?
Follow a social media influencer
Look for the advertisements
Search online reviews
Ask someone who has never used it
Which example shows an advantage of owning a car over leasing one?
Smaller monthly payments and a good warranty to cover repairs
Expiring warranty means that you will get to handle repair payments.
No restrictions on the number of miles to drive and the ability to customize, or make changes to the
car.
You will drive a fairly new car for a limited period of time.
When you are deciding what to buy, you should...
pick the cheapest item to get the best deal.
pick the most expensive item to get the best quality.
trust influencers to pick the best items for you.
compare the unit price of items similar to the one you want.
Leasing a car may be a better option than buying a car if...
you don't want to worry about regular maintenance.
you don't drive many miles.
both these answers are correct.
Which housing option gives you more freedom and more responsibility?
Leasing a house.
Borrowing a house.
Buying a house.
Housesitting
What is the best reason for why someone would want to lease a house instead of buy one?
They want full responsibility of all repairs.
They want to be able to hopefully make money when they sell the place.
They are planning on living there for a short period of time.
They want to avoid rent increases and dealing with a landlord.
Which of the following is NOT an advantage of owning a car?
Smaller monthly payments than leasing a car
Drive unlimited number of miles
Flexibility to be able to customize it
Yours to keep and sell when you wish
Which example shows an advantages of owning a car over leasing one?
Smaller monthly payments and good warranty to cover repairs.
Expiring warranty means that you will get to handle repair payments.
No restrictions on the number of miles to drive and the ability to customize, or make changes to the car.
You will drive a fairly new car for a limited period of time.
Which of the following is an advantage of buying a house instead of leasing one?
They want to remodel the home to fit their style.
They are planning on living there for a long period of time.
They want to avoid rent increases and dealing with a landlord.
All these answers are correct.
What should you NOT use a loan to purchase?
A house
Tuition for higher education
Airline tickets to your dream vacation
A car
Which of these items is NOT important to consider when selecting a credit card?
Annual Percentage Rate (APR)
Fees
The look of the credit card
The credit limit
To maintain a good credit score you must ______.
manage your debt wisely.
check your credit score every week.
have credit monitoring.
have many open credit cards.
Paying only the minimum balance on your credit card can lead to...
an increase in your credit score
paying more interest.
late fees
All of the above
Which is a positive reason for using a credit card to finance purchases?
You will get charged high interest.
Paying it off on time can help build your credit history
You won't have to budget for your credit card expenses.
You'll be able to spend a lot of money without paying it back
Which one the following is NOT a good reason to borrow money?
To buy a new television
To buy car
To buy house
Making the choice to spend money on post secondary education pays off in the long run because:
You or your parents can write it off your taxes.
You can get grants and scholarships to pay for post secondary education while you are there.
The salary you will earn with a degree will pay back the cost of college over your career.
There are less expensive options for obtaining a post secondary education.
What are the benefits of attending a local community college?
It is cheaper to earn an Associate’s degree at a community college and then transfer to a four-year college to finish.
You can live at home and save dorm fees while earning an Associate’s degree.
Choosing a local community college within closer driving range saves on transportation costs.
All of the above.
Cutting down on costs by earning an Associate’s degree first and then transferring to a four-year college or university can be done by going to what type of higher education institution?
A local community college.
A trade school.
A specialized training program.
Both b and c are correct.
Living at home could save you money while enrolled in post secondary school or training because...
it reduces costs of tuition.
it reduces costs of room and board.
it reduces costs of transportation.
it reduces costs of books and supplies.
Everyone interested in post secondary education should complete the Free Application for Federal Student Aid (FAFSA) because...
it gives you access to private student loans.
it is a requirement for college admission.
it allows you to be eligible for federal student aid and other scholarships and grants.
Which of the following is NOT a reason to complete the Free Application for Federal Student Aid (FAFSA)?
It allows you to be eligible for early admission.
It allows you to be eligible for federal student aid.
It allows you to be eligible for some grants.
It allows you to be eligible for many scholarships.
Which of these additional costs will most likely be the most expensive?
Textbooks and supplies
Academic counseling
Room and board
Transportation
What can affect whether a public or private university is affordable?
Whether you are from "out of state" for the private university.
Whether you live in the state of the state university.
Something people buy to protect themselves from losing a lot of money in the event something happens to them or their property is known as
risk management.
liability.
warranty.
Insurance.
All of the following are true about health insurance except:
Purchasing health care can help save you from medical bankruptcy.
Health insurance decreases your healthcare costs.
Health insurance decreases your healthcare costs.
Being young and healthy means you can skip out on health insurance.
Which of the following is an advantage of having health insurance?
Health insurance protects you financially from medical emergencies.
Health insurance lowers your risk of acquiring medical debt that may lead to bankruptcy.
Health insurance covers preventive medical care to help you avoid serious illnesses such as heart attack, stroke, and cancer.
All these answers are correct.
What types of financial losses can insurance protect you from?
Theft of your property
Damage from fires and storms
Accidents
All these answers are correct.
Why should you purchase insurance?
To get a warranty on a household item
To prevent financial burden in the case of an accident, theft, or natural disaster
To purchase monthly premiums
To avoid committing a crime
Which of the following is NOT an advantage of owning a car?
Smaller down and monthly payments than leasing a car
Drive unlimited number of miles
Flexibility to be able to customize it
Yours to keep and sell when you wish
When are loans a good option to use?
Buying a house
Buying a car
Both these answers are correct.
