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WorksheetsCareer & Financial Literacy Final Review
Total questions: 42
Worksheet time: 21mins
A salary is paid no matter how many hours you work whereas an hourly rate is paid only for the time on your job.
True
False
Which is an example of an effective study skill?
Re-reading a chapter in a textbook
Reading over notes
Getting to bed early.
Making notecards and quizzing yourself.
Thinking about how much time to spend on each task, and in what order they should be done is a time management skill
True
False
As you apply to college, when should you apply for financial aid?
After you know you have been accepted by a school.
Before you actually apply to the school. It shows real interest.
When you apply to the college.
After you enroll and start your classes.
Changing your major or focus of study in college is common. What may happen if you change your major in college?
You may need to take additional courses during a summer semester.
You will have to start college over again.
You will not be able to play any sports since your major has changed.
You will have to live with first year students again.
What research will help prepare you before you apply for a job?
Informational interviews on the position and research the company.
Research on the subjects you need to study.
Interviewing friends to know if the position is a good fit for you.
Researching the salary for that job.
How should resumes and cover letters be written to help you obtain a job that meets your career goals?
They should list your hobbies.
hey should include why you left your previous job.
Should list your accomplishments & how ur skills meet the needs of the job.
They should list any teachers who will give you a good reference.
A resume and cover letter help secure interviews. What can help secure a job offer?
A text to show gratitude that you were given an interview
A thank you letter after the interview.
A posting on social media about how great the interview went.
A written summary of the interview
Which of these is an example of a college student practicing effective problem solving techniques?
Dealing with roommate conflicts by avoiding the roommate
Paying for activity fees in college with a credit card.
Dealing with feelings of loneliness by going out with classmates to drink.
Seeking out academic support at the student center before a report is due
What do college students need to spend more time doing in order to meet long-term academic goals?
Staying in contact with friends and family
Organizing materials for all classes
Taking time to relax and rejuvenate
Planning for study time outside of class
______is the ability to change and be flexible as problems arise and priorities shift.
Collaborating
Lifelong Learning
Adaptability
Teamwork
Which is a benefit of collaboration and teamwork?
It expands your social network and creates new connections
It makes it easier to do your job since you can have other people do it
It makes it more difficult to leave your current job
It requires more work since you have to explain so much to other people.
Which type of bank account is best for everyday transactions?
Savings Accounts
Certificate of Deposits
Checking Accounts
Money Market Accounts
Which savings account will earn you the most money?
One that earns compounds interest daily
One that earns compounds interest monthly
One that earns simple interest daily
One that earns simple interest monthly
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.
What is a stock?
Partial ownership in a company
A particular business
A large corporation
An investment in a particular bank account
What is Net Pay?
Full earnings.
Money withheld from gross pay.
Amount a worker receives after deductions are subtracted.
Your taxes.
Sales tax is a tax deduction from your paycheck
True
False
What is the purpose of the W-4 form?
To file your tax return
To determine how much your gross pay should be
Inform employer of how much federal income tax to withhold from paycheck
To avoid paying income taxes on your paychecks
What does the W-2 form tell you?
How much you've earned and how much taxes you've paid in the last year.
When to file your tax return.
How much federal income tax your employer will withhold from your paycheck.
How often your employer will be paying you.
The ___________ is a flexible market that allows you to work short-term, independent jobs.
Labor market
Labor workforce
Sharing economy
Gig economy
All of the following may be a part of your benefits package available from your employer, except:
Health Insurance
Matching contributions to a retirement account
FICA
Disability Insurance
What should be considered when setting a budget?
Needs and wants
Savings
Time management goals
Needs, wants, and savings
In addition to needs, what should you plan for first when creating a budget?
Possible charitable donations
Shopping money
Investments
Recurring expenses
This helps you prepare for unexpected expenses.
Credit Cards
Emergency Fund
Checking Account
None of the avove
When setting a budget, you should consider...
financial goals, current expenses, and income.
mostly income.
creative ways to spend your money.
mostly your goals.
Using a loan could help with the purchase of which of the following?
A new television
A dream wedding
A house
Airline tickets to your dream vacation
Which item is important to consider when selecting a credit card?
Annual Percentage Rate (APR)
Any associated fees
How the card looks
APR and fees
What is a benefit of having a good credit score?
Loan sharks will be less likely to bother you.
You'll get accepted to better education institutions.
You'll get more job offers.
When you need a loan, you'll have more loan offers to pick from.
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
What will happen to your credit score if you do not manage your debt wisely?
You won't be able to track your credit score
Your credit score will go down
If will not affect your credit score
Your credit score will go up
Paying only the minimum balance on your credit card can lead to...
paying more interest
late fees
an increase in your credit score
all of the above
Which is NOT a positive reason for using a credit card to finance purchases?
Paying it off on time can help build your credit history
You can get rewards and discounts
You can buy something you need now and pay for it after pay day.
You will get charged high interest.
An account balance shows_____.
the amount of money that you have in an account
how much money you need to open an account
how different accounts at a financial institution can be connected
if you are eligible to open an account
A pending transaction is a transaction that has not been processed yet by a financial institution?
True
False
Which balance shows the amount of money you can use now?
Current balance
Available balance
Pending balance
Checking balance
What is it called when someone doesn’t have enough money in an account to cover a charge?
Pending charge
Insufficient funds
Underinsured motorist
Compound interest
Financial institutions charge a fee for an overdrawn account because:
overdrawn accounts are considered premium & offer more options
you haven't deposited any money in a month
all accounts have yearly fees associated with them
you have spent more money than you have in the account
What is a possible danger of using public Wi-Fi for completing digital banking tasks?
You can't talk to a representative in person
You won't be able to withdraw cash
Someone could steal your information
You might forget your password
A transaction can be____
a deposit or a withdrawal
only withdrawals
only deposits
any time you check your account balance
One way to avoid getting scammed using a Person 2 Person (P2P) service is to do which of the following?
Send money to people you know and trust
Send and receive money to new contacts on social media
Only use to pay off important loans for college and a car
Send money to businesses you know and trust
When comparing P2P apps, it’s important to pay attention to fees, safety and privacy and _____.
how many businesses accept the app
Brand name recognition
which of your friends and family members use it
Logo design and colors
