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Final Review Economics

Total questions: 80

Worksheet time: 30mins

Name
Class
Date
1.

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

2.

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!

3.

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

a)

Mortgage

b)

Overdraft

c)

Credit Card

d)

Pre-Paid Debit Card

4.

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

5.

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

a)

True

b)

False

6.

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

7.

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

8.

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

9.

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

a)

True

b)

False

10.

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

11.

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

12.

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

13.

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

14.

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

15.

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

16.

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

a)

Auto loan

b)

Student loan

c)

Mortgage

d)

Overdraft

17.

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

18.

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

19.

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

20.

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

21.
What is a general rule of thumb on how much you should save?
a)
5% of your income
b)
10% of your income
c)
20% of your income
d)
30% of your income
22.
What is a 529 account?
a)
A type of retirement account for teens & younger adults
b)
A special type of saving account for minors
c)
A tax exempt fund that lets your savings grow for school
d)
A special type of saving account for college students only
23.
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
24.
What is a benefit of opening up a Health Savings Account (HSA)?
a)
The funds expire only every 5 years
b)
You earn interest, but it's taxed
c)
You can use the funds for retirement once you're 75
d)
You can use pre-tax $ to pay for out-of-pocket costs
25.
How does the 50-20-30 rule distribute your income?
a)
50% expenses, 20% flexible spending, 30% saving
b)
50% expenses, 20% saving, 30% flexible spending
c)
50% flexible spending, 20% saving, 30% expenses
d)
50% saving, 20% flexible spending, 30% expenses
26.
How is compound interest different than simple interest?
a)
It is simple interest - interest earned on that interest
b)
It is double the simple interest earned on an investment
c)
It is simple interest + interest earned on that interest
d)
It's not different; they are one and the same
27.
Assuming a rate of growth of 8%, in how many years will your $ double?
a)
3 years
b)
6 years
c)
9 years
d)
12 years
28.
Saving accounts differ from checking accounts in that...
a)
Money in a saving account can be used to fund a bank's loans
b)
Saving accounts let you withdraw $ an unlimited # of times
c)
Saving accounts come with more fees than checking accounts
d)
Checking accounts offer higher interest rates
29.
How does inflation impact the money in your savings account?
a)
Inflation decreases only the $ you earn in interest
b)
Inflation increases the value of the money in your account
c)
Inflation has no impact on $ in your savings account.
d)
The purchasing power of your money decreases over time
30.
True or False: You need a checking account to open a savings account.
a)
True
b)
False
31.
How is wealth defined?
a)
How much money you have in your Checking and Saving accounts
b)
Debts - Assets
c)
All assets, including money in the bank + retirment
d)
Assets - Debts
32.
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
33.
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
34.

What is a reason for why so many Americans live paycheck-to-paycheck?

a)

Many people are paying themselves first and then spending

b)

Many people only buy what they NEED, not what they WANT

c)

Many people impulse shop

d)

Many people spend within their budget

35.

At what rate does your $ need to grow in order to double in 18 years?

a)

2%

b)

4%

c)

6%

d)

8%

36.

Which of the following is FALSE about saving and investing? (hint: choose 2 correct answers)

a)

Saving doesn't outpace inflation; investing usually does

b)

Both saving and investing generally have low returns

c)

Saving is for short-term; investing is for the long-term

d)

Saving has more risk; investing has less risk

37.

Which of the following is FALSE about opening up a Roth IRA? (hint: choose 2 correct answers)

a)

A person of any age with earned income can open one

b)

It can help teens start saving for retirement early

c)

Compounding occurs at a slower rate in a Roth IRA

d)

You need to put at least $1,000 in it every year

38.

Which is TRUE about online saving accounts? (hint: choose 2 correct answers)

a)

Usually have higher interest rates than non-online accounts

b)

They usually have lower costs compared to brick-and-mortar banks

c)

Online accounts are not FDIC insured

d)

You can withdraw money an unlimited # of times

39.

What might you need to open a savings account? (hint: choose 2 correct answers)

a)

Minimum opening deposit

b)

Your previous year's tax returns (or your parents')

c)

The routing number to a checking account

d)

Identification

40.

Which is TRUE about Certificates of Deposit (CDs)? (hint: choose 2 correct answers)

a)

You agree to keep $ in a CD for an undetermined period of time

b)

You pay the bank some interest to keep $ in the CD

c)

The bank can loan out the $ in your CD

d)

The bank pays you interest in return

41.
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
42.
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
43.
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
44.
What is a typical overdraft fee?
a)
$5
b)
$15
c)
$25
d)
$35
45.
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
46.
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
47.
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
48.
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
49.
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
50.
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
51.
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
52.
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
53.
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
54.

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

55.

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.

56.

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

57.

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

58.

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

59.

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

60.

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

61.

Which of the following may NOT always appear on your paycheck stub?

a)

Gross Pay

b)

Net Pay

c)

Your Role/Title

d)

Local Tax

62.

It's common to have all of the following expenses BEFORE signing a lease EXCEPT...

a)

Renter's Insurance

b)

Application fee

c)

Application deposit

d)

Apartment hunting expenses

63.

Which of the following might you pay WHEN you sign your lease?

a)

Finder's fee

b)

Application fee

c)

Security deposit

d)

Renter's insurance

64.

According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay.

a)

7-12%

b)

10-15%

c)

15-20%

d)

25-30%

65.

Which of the following would typically NOT be covered under renter's insurance?

a)

A friend slips and twists his ankle in your living room

b)

Your apartment is broken into and your laptop is stolen

c)

A fire destroys 80% of your belongings

d)

Your apartment is flooded, destroying your furniture

66.

Which of the following is NOT a cost of owning a car?

a)

License and Registration fees

b)

Gasoline

c)

Utilities

d)

Insurance

67.

About how much of your income should go towards transportation?

a)

5-10%

b)

15-20%

c)

25-30%

d)

35-40%

68.

Which of the following is TRUE about unit pricing?

a)

Unit prices can help you compare the prices of similar items

b)

Unit price labels are universal throughout the country

c)

It's easy to compare quantities on a unit price label

d)

All states require unit price labels

69.

A 18oz box of cereal costs $4.99. How would you calculate the unit price?

a)

18oz / $4.99

b)

9 oz / $2.50

c)

$4.99 / 18oz

d)

(18oz) x ($4.99)

70.

6 cans of tomato soup cost $14.99. What is the unit price?

a)

About $1.50

b)

About $2.50

c)

About $3

d)

About $3.50

71.

Jabar broke his leg while riding his bike. How does having health insurance help him?

a)

Jabar will likely have to pay $0 towards his medical costs

b)

Jabar will likely have to cover 100% of his medical costs

c)

Jabar will likely owe a portion of his medical costs

d)

Having health insurance makes no difference

72.

What is a deductible?

a)

The cost you and your insurance share

b)

The amount your insurance pays before you pay

c)

The discount you get on your health insurance every year

d)

The amount you pay before your insurance begins to pay

73.

How does the 50/30/20 rule of thumb for budgeting allocate your income?

a)

50% Needs, 30% Wants, 20% Savings & Debt Repayment

b)

50% Wants, 30% Needs, 20% Savings & Debt Repayment

c)

50% Savings & Debt Repayment, 30% Wants, 20% Needs

d)

50% Needs, 30% Savings & Debt Repayment, 20% Wants

74.

Which of the following is an example of buying something you NEED?

a)

"I want to replace something that is no longer working."

b)

"I want to impress someone/ change how they feel about me."

c)

"I'm feeling down, and I need to boost my spirits."

d)

"I don't want to miss out on these deals during the sale!"

75.

How do wages and salary differ?

a)

Wages describe what you earn on an annual basis

b)

Salary describes what you earn on an annual basis

c)

Wages mean you have a standard amount in each paycheck

d)

Salaried employees are likely to be paid for overtime

76.

Which of the following are TRUE about gross income and net income? (hint: choose 2 correct answers)

a)

Gross income and net income are the same

b)

Net income is sometimes called "take home pay"

c)

Gross income is the total amount earned before deductions

d)

Net income is the total amount earned before deductions

77.

Which of the following is a step you can take to mitigate the risk of buying a used car? (hint: choose 2 correct answers)

a)

Get a vehicle history report

b)

Have a mechanic inspect the car after you buy it

c)

Skip the test drive; you have time after you buy it to drive

d)

But a certified, pre-owned car from the dealer

78.

Which of the following reasons would explain why Justin has decided to forgo owning a car? (hint: choose 2 correct answers)

a)

Public transportation infrastructure does not exist

b)

The walking score in his city is high

c)

He only has his driver's permit

d)

There are numerous car dealerships in his area

79.

Jenna wants to decrease the amount of $ she spends on food. Which of the following would help? (hint: choose 2 correct answers)

a)

Decide what she will make for dinner that same day

b)

Go to the grocery store with a list

c)

Go to the store whenever she needs 1-2 items

d)

Keep staple foods (e.g. beans, rice) readily stocked

80.

How can consolidating your student loans help your budget? (hint: choose 2 correct answers)

a)

You'll pay more in interest over time

b)

You can manage your money more easily since you're making just one payment

c)

Your monthly payment may decrease

d)

Your interest rate is guaranteed to decrease

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