wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Personal Finance Semester Test 2021

Total questions: 50

Worksheet time: 35mins

Name
Class
Date
1.
APR stands for
a)
Annual Percentage Rate
b)
Annual Prime Rate
c)
Actual Percentage Rate
d)
Available Percentage Rate
2.

This is a personal letter that you submit with your resume that tells why you are interested in the job, what you can offer, and how you found out about the position.

a)

Resume

b)

Application letter

c)

Letter of Reference

d)

Cover Letter

3.

This is a loan to purchase a home or other real estate.

a)

Personal loan

b)

Sub-prime loan

c)

Predatory lending

d)

Mortgage loan

4.

This is a sum paid or charged for the use of money or for borrowing money.

a)

Loan

b)

Credit

c)

Interest

d)

Budget

5.
These are costs for items that a person could do without
a)
Fixed expenses
b)
Variable expenses
c)
Discretionary expenses
d)
Sub-prime expenses
6.

These are costs for an item or service that can change from month to month.

a)

Fixed Expenses

b)

Variable Expenses

c)

Discretionary Expenses

d)

All expenses

7.

This is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services.

a)

Credit card

b)

Debit Card

c)

Charge card

d)

Gift card

8.

This is a brief summary; a short written account of one's education, working experience, or qualifications for a job.

a)

Letter of Reference

b)

Cover letter

c)

Application

d)

Resume

9.

This is a bank card that automatically deducts the amount of a purchase from the checking account of the cardholder.

a)

Credit card

b)

Debit card

c)

Charge card

d)

Gift card

10.

Which of the following is an advantage of using a credit card?

a)

Interest is charged for the use of a credit card.

b)

Consumers can purchase things now, and pay for them later in the event of an emergency.

c)

You could be a victim of identity theft.

11.
Jonathan's new clothes cost a total of $572.50 before tax. What type of tax does Jonathan have to pay for his new clothes?
a)
Income Tax
b)
Property Tax
c)
Payroll Tax
d)
Sales Tax
12.

Isabella has to pay taxes on her annual salary and investments. Which type of tax is Isabella paying?

a)

Sales Tax

b)

Property Tax

c)

Payroll Tax

d)

Income Tax

13.
Which of the following is considered an advantage to using a debit card to make purchases?
a)
Debit cards are convenient and easy to carry around.
b)
Purchases can be made quickly and easily.
c)
You can use many ATMs to get cash.
d)
All of the above.
14.
Which of the following factors affects how much money you will accumulate in your savings account?
a)
How early you begin saving
b)
The interest rate you get on your investments
c)
How much money you set aside for savings/retirement
d)
All of the above
15.

Debit cards charge interest when you don't pay your bills off every month.

a)

True

b)

False

16.
What is an expense?
a)
Something you want
b)
Something you make
c)
Something that you pay for
d)
Something that you win
17.
What is income?
a)
Something that you buy
b)
Something that you earn
c)
Something that you eat
d)
Something that you build
18.

Credit cards ALWAYS charge interest.

a)

True

b)

False

19.
Who has to file a tax return?
a)
Any one over the age of 21
b)
Any one over the age of 18
c)
Any one who is married
d)
Any one who works has a job and gets paid
20.
A bill you pay that is always the same amount is called...
a)
fixed income
b)
fixed expense
c)
variable income
d)
variable expense
21.

To build a good credit history, you should

a)

open as much credit as possible quickly

b)

use the maximum credit allowed on all your credit cards

c)

pay your balance in full and on time every month

d)

all of these

22.

What is a credit score?

a)

A number that represents the risk a lender takes on a borrower.

b)

A score from a test given to borrowers by lenders.

c)

An average of all of a borrower's credit accounts.

d)

A number that represents how much money a borrower owes.

23.

Who determines credit scores?

a)

Lenders

b)

Borrower's bank

c)

The consumer

d)

Credit bureaus

24.

What is interest?

a)

The non-interest portion of a loan.

b)

The paying off of a debt with a fixed repayment schedule in regular installments over a period of time.

c)

The fee that is paid to borrow money.

25.

How do you avoid paying interest on your credit card?

a)

Always make the minimum payment on 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

26.

How many scholarships can a person receive?

a)

1-2

b)

10-15

c)

Unlimited

d)

5-6

27.

What does FAFSA stand for?

a)

Federal Association for Financial Support and Aid

b)

Free Application for Federal Student Aid

c)

I thought it was FAFSA

d)

Financial Aid For Student Applicants

28.

What are the 4 main types of Financial Aid?

a)

Grants, Loans, credit cards, work-study

b)

Scholarship, loans, money from family, work-study

c)

Money I have saved, Money from my family, loans, and work-study

d)

Grants, work-study, loans, and scholarships

29.

What is work-study?

a)

Part-time jobs for students with financial aid

b)

Part-time jobs for all students regardless of financial aid

c)

Full-time jobs for students

d)

I don't know but it boring

30.

How often do you have to complete FAFSA?

a)

Only once

b)

Every year

c)

Every 6 months

d)

Every 2 years

31.

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
32.

What is a general guideline on how much you should SAVE per paycheck?

a)
5% of your income
b)
10% of your income
c)
20% of your income
d)
30% of your income
33.
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
34.
What is a good strategy to help you save?
a)
1st, spend money on all expenses; put the rest into saving
b)
Tap into your savings on a regular basis to purchase small items, like snacks
c)
Pay yourself first - set aside money for savings each month
d)
Keep your spending and saving money together in 1 account
35.

Interest earned on both the principal amount and any interest already earned.

a)

Compound Interest

b)

Simple Interest

c)

Inflation

d)

Rule of 72

36.

Money set aside for unanticipated expenses or loss of income.

a)

Emergency Fund

b)

Savings Account

c)

Checking Account

d)

Piggy Bank

37.

What type of account is used to pay for daily expenses?

a)

Available account

b)

Savings account

c)

Checking account

d)

Pending account

38.

What is one benefit of a savings account?

a)

You can use a debit card to pay for purchases.

b)

You can earn interest on the money in the account.

c)

You can track expenses through your checkbook.

d)

You can use it to pay for daily expenses.

39.

Which type of interest can earn more money over the long term?

a)

simple interest

b)

compound interest

c)

complicated interest

d)

savings interest

40.

Scheduling an _____ payment of your bills is one way to use online or mobile banking apps to help manage your money.

a)

automatic

b)

interest

c)

organizational

d)

alert

41.

Which of the following is NOT one of the three basic reasons for saving money?

a)

Have money available to lend to friends

b)

Emergency fund

c)

Large purchases

d)

Build wealth

42.

A credit score is intended to measure:

a)

Your financial success

b)

Your income level

c)

The risk of your not repaying debt

d)

The amount of money you have in the bank

43.

Which of the following things CANNOT be done with a debit card but CAN be done with a credit card?

a)

Go into debt

b)

Rent a car

c)

Purchase an airline ticket

d)

Purchase something online

44.

Which of the following is NOT a need?

a)

Housing

b)

Food

c)

Utiities

d)

Eating out

45.

What is a benefit of going to college and having a college degree?

a)

Lower lifetime earnings

b)

Lower interest rates on future loans

c)

Expanded professional and social netowrk

d)

Guaranteed starting salary of $50,000 after graduation

46.

All of the following are costs of going to college EXCEPT...

a)

Tuition and fees

b)

Room and board

c)

Textbooks and school supplies

d)

Scholarships and grants

47.

Occurs when money is withdrawn from a bank account and the available balance goes below zero

a)

overdraft

b)

reconcile

c)

impulse purchase

d)

envelope system

48.

A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero

a)

zero-spending plan

b)

zero-based budget

c)

zero overdraft

d)

zero reconciliation

49.

A written cash flow plan

a)

budget

b)

personal finance

c)

envelope system

d)

overdraft

50.

Which of the following is an example of a payroll deduction?

a)

Net pay

b)

Overtime hours

c)

Health insurance

d)

Pay rate

Similar Resources on Wayground

FACS Final Exam Review

50 questions

FACS Final Exam Review

quiz

Worksheet

•

9th - 12th Grade

Latihan PAS S-1 XII

50 questions

Latihan PAS S-1 XII

quiz

Worksheet

•

12th Grade

HS 1 Medical Terminology

51 questions

HS 1 Medical Terminology

quiz

Worksheet

•

10th - 12th Grade

Topic 3 Accounting Cycles

50 questions

Topic 3 Accounting Cycles

quiz

Worksheet

•

1st Grade - University

#5 CIW Data Analyst - Certification Prep

54 questions

#5 CIW Data Analyst - Certification Prep

quiz

Worksheet

•

9th Grade - University

Tort Law

50 questions

Tort Law

quiz

Worksheet

•

10th - 12th Grade

ES-I Internal II Quiz 2 (2021-22)

50 questions

ES-I Internal II Quiz 2 (2021-22)

quiz

Worksheet

•

12th Grade - University