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Personal Finance STUDY GUIDE

Total questions: 104

Worksheet time: 1hrs 11mins

Name
Class
Date
1.
This is a written request to your bank to take money from your account & pay it to someone else.
a)
Check
b)
Telephone Call
c)
Text
d)
Email
2.
This allows you to withdraw cash from your account or make payments electronically.
a)
Debit Card
b)
Loan Account
c)
Signature Card
d)
Payday card
3.
The action enters money into an account.
a)
Deposit
b)
Withdrawal
c)
Loan
d)
Deduction
4.
This action allows movement of funds from one account to another.
a)
Transfer
b)
Debit
c)
Credit
d)
Loan
5.
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
over spending fee
6.
Sherwood Bennett, who has a checking account at Big Bucks Bank, is writing a check to Cassie Porter, who has a checking account at Lots a Loot Bank.
What should be written on the "Pay to the order of" line of the check?
a)
Big Bucks Bank
b)
Cassie Porter
c)
Lots a Loot Bank
d)
Sherwood Bennett
7.
The number of a checking account is also known as the:
a)
Pin Number
b)
Social Security Number
c)
Routing number
d)
Account Number
8.
If the card is lost or stolen, report it immediately.
a)
Debit Cards
b)
Credit Cards
c)
Both
9.

Alexia wrote down a plan for spending and saving her money. Alexia's plan is her _____.

a)

budget

b)

withdrawal

c)

deposit slip

d)

account number

10.

Mia wants a new phone, but she needs a new notebook for class. What should she do?

a)

Buy the notebook and put away money for the phone.

b)

Buy the phone and put away money for the notebook.

c)

Buy the notebook and tell Moby to buy her the phone.

d)

Buy the phone and use Moby's notebook for a while.

11.
The number in the bottom right corner of the check is called:
a)
Account number
b)
Check number
c)
Routing number
d)
Memo line
12.
The number in the bottom middle of the check is called:
a)
Account number
b)
Check number
c)
Routing number
d)
Memo line
13.
The number in the bottom left corner of the check is called:
a)
Account number
b)
Check number
c)
Routing number
d)
Memo line
14.
With debit cards, the PIN is your:
a)
Pretty Intense Number
b)
Protective Identity Number
c)
Personal Identification Number
d)
Posted Inception Number
15.
On a debit card, the 3-digit number on the back of the card is called:
a)
Account Number
b)
Expiration Date
c)
Verification Number
16.

What is an Automated Teller Machine?

a)

cash machine

b)

An ATM

c)

A machine to withdraw and deposit money

d)

All of the above

17.

What is a bank?

a)

a retail shop that primarily sells food

b)

a financial institution, which is a fancy way of

saying a business that stores and manages money for

individuals and other businesses.

c)

a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rate

d)

a financial institution that facilitates the buying and selling of house and buildings

18.
What is one advantage of having a credit card?
a)
It prevents you from spending more than you earn.
b)
It allows you to make purchases without carrying lots of cash.
c)
It encourages you to budget your money wisely.
d)
It helps you pay off debts that you may have.
19.
Why would your credit provider give you a credit limit?
a)
To remind you to pay your bill on time.
b)
To prevent you from enjoying the things you buy.
c)
To prevent you from spending more money than you can pay back.
d)
To prevent you from shopping in certain places.
20.
When you make a credit card purchase at a store, who do you agree to pay?
a)
The store.
b)
The bank where the store keeps its money.
c)
Your credit provider.
21.
How do credit card companies make money?
a)
By charging late fees and interest to their customers.
b)
By making you pay an extra dollar on every purchase.
c)
By charging late fees and interest to stores and other businesses.
d)
By earning interest on the money they have saved up.
22.
The cost of credit expressed as a yearly interest rate is known as:
a)
Annual Percentage Rate (APR)
b)
Annual Fee
c)
Penalty APR
d)
Introductory Rate
23.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
24.
Examples of penalty fees include:
a)
over-the-limit fee
b)
late payment fee
c)
returned payment fee
d)
all of these
25.

Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

a)
Interest 
b)
Annual Percentage Rate 
c)
Credit 
d)
Credit Line 
26.
Having a high credit score will allow lenders to give you lower interest rates.
a)
True
b)
False
27.
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
a)
American Express
b)
Chase Sapphire
c)
Neither
d)
All of the above
28.
 “I just got some bonus points for free magazines for using this card.”
a)
Debit
b)
Credit
c)
Both
29.
 “I had to sign my receipt when I used this card.”
a)
Debit
b)
Credit
c)
Both
30.
 “This is just like using a check, except I don’t have to carry my checkbook with me everywhere I go.”
a)
Debit
b)
Credit
c)
Both
31.
The maximum amount you may borrow on a credit card is known as:
a)
creditworthiness
b)
credit report
c)
credit limit
d)
variable rate of credit
32.
What is an annual fee? 
a)
The act of transferring money 
b)
A fee charged by a card issuer for being a card holder. 
c)
The days between the last statement and the current statement. 
d)
A fee charged to a cardholder's account once a payment is late. 
33.
How can you avoid paying interest fees on your credit card?
a)
Only use it for groceries
b)
pay off the full balance, on time, each month
c)
you cannot avoid interest fees
d)
only use Discover
34.

Unearned income is reported on your tax form and taxes must be paid on them.

a)

True

b)

False

35.

Employees who are paid biweekly are paid twice a week.

a)

True

b)

False

36.

Tax deductions are calculated as a percentage of net pay.

a)

True

b)

False

37.

Social security is the tax that pays for medical insurance for older adults.

a)

True

b)

False

38.

Which form is used to report an employees earnings and taxes paid in a year?

a)

W-2

b)

W-4

c)

I-9

d)

1040

39.

By what date must employers provide, or place in the mail, a wage earner's W-2 statement?

a)

January 1

b)

January 31

c)

April 1

d)

April 15

40.

What is the deadline for filing personal income tax?

a)

March 15th

b)

April 15th

c)

June 15th

d)

December 15th

41.

What are the four most common taxes that come out of a person’s payroll check?

a)

Federal Income Tax

b)

State Income Tax

c)

City/Local Income Tax

d)

Medicare Tax

e)

Social Security

42.

amount returned by the government for overpaid taxes

a)

Transfer payment

b)

Tax refund

43.

Income that has not been worked for such as interest, dividends, or gambling winnings

a)

disposable income

b)

unearned income

c)

earned income

d)

workers compensation

44.

Wages, salary and tips

a)

unearned income

b)

earned income

c)

disposable income

45.

Pays medical and disability benefits to employees injured on the job

a)

unearned income

b)

earned income

c)

workers compensation

d)

Medicare

46.

The W-4 form lets...

a)

the government know how much you paid in taxes last year

b)

your employer know how much to withhold from your paycheck

c)

the 3 major credit bureaus know how many dependents you have

d)

you know how much you paid in taxes last year

47.

Jess is 21, a part-time college student, & has a job that provides 65% of her support. Is she a dependent?

a)

Yes

b)

No

48.

The more allowances you claim on your W-4...

a)

The more money is withheld from your paycheck

b)

The less money is withheld from your paycheck

c)

The # of allowances doesn't impact how much $ is withheld

d)

You claim allowances on a W-2, not the W-4

49.
When is a W4 form filled out?
a)
When you file your taxes
b)
When you quit a job
c)
Right before you start a job
50.

Which of the following forms is a summary of what you made & what you paid? Hint: You DON'T fill it out, but it IS needed in order to file your taxes

a)

W2 Form

b)

W4 Form

c)

1040EZ

d)

I9 Form

51.

A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability

a)

Standard Deduction

b)

Itemized Deduction

52.

entitled to some or all of one's money in a retirement plan when leaving a company

a)

benefit

b)

insurance

c)

bonus

d)

vested

53.

Which of the following are the two largest categories for US consumer spending?

a)

Food and clothing

b)

Food and personal insurance

c)

Health care and utilities

d)

Housing and transportation

54.

The zero-budget is the best method of budgeting because:

a)

This type of budget is less complicated than other types of budgets

b)

A zero-based budget allows less money for wants

c)

Sticking to a zero-based budget requires less discipline

d)

The zero-based budget ensures that every dollar you make is assigned a specific purpose

55.

When it comes to managing money, success is about ________ % knowledge and ___________% behavior.

a)

50, 50

b)

60, 40

c)

80, 20

d)

20, 80

56.

Why is having a fully funded emergency fund so important when it comes to your financial well-being?

a)

As long as you have a good-paying job, you really don’t need am emergency fund

b)

The purpose of an emergency fund is to set money aside for unexpected financial emergencies and to provide a sense of financial security.

c)

The purpose of an emergency fund is to have money set aside so that you never make large purchases, like vacations.

d)

None of the above

57.

In which category should you have to make the most cuts in the budget?

a)

Savings

b)

Variable/Flexible Expenses

c)

Fixed Expenses

d)

Emergency Fund

58.

Which of the following costs is; Rent?

a)

Fixed Cost

b)

Variable/ Flexible Cost

c)

Discretionary Cost

59.

Which of the following costs is; haircut?

a)

Fixed Cost

b)

Variable/ Flexible Cost

c)

Discretionary Cost

60.

Which of the following costs is; utilities

a)

Fixed Cost

b)

Variable/ Flexible Cost

c)

Discretionary Cost

61.

Which of the following costs is; Groceries

a)

Fixed Cost

b)

Variable/ Flexible Cost

c)

Discretionary Cost

62.

At your age, a fully funded emergency fund should be:

a)

$500

b)

$5,000

c)

$100

d)

$1,000

63.

What is the study of economics?

a)

How people satisfy their wants in a world of scarcity.

b)

The best way to run a society.

c)

Wealthy nations waste their resources

d)

Production of new technology

64.

Personal & Family Budget is.

a)

A detail list of income

b)

A detail list of expenses

c)

A detail list of expected income and expenses

65.
When getting a loan for a car, the ____ is an additional fee you will have to pay back.
a)
Fixed Expense
b)
Discretionary Expense
c)
Inflation
d)
Interest
66.
Food, heat, cable, internet, and dog food are examples of what?
a)
Household assets
b)
Household income
c)
Household expenses
67.

Chapter 7 Bankruptcy eliminated all debt except (student loans, government taxes, child support and alimony). True or False

a)

True

b)

False

68.

Long Term Goals are

a)

A goal you want to accomplish in 3 years or more

b)

A goal you want to accomplish in 3 months

c)

A goal you want to accomplish in 5 months

69.

What are Short Term Goals?

a)

A goal you want to accomplish in a year

b)

A goal you want to accomplish soon

c)

A goal you want to accomplish in 5 months

70.
Treat a wide range of conditions and age groups. Provide diagnostic, medical, surgical and emergency care services.
a)
Specialty hospitals
b)
General hospitals
c)
Long term care facilities
d)
Hospice
71.
Provide care for special conditions or age groups. Ex. burn hospitals and psychiatric hospitals
a)
General hospitals
b)
Health Maintenance Organization
c)
Specialty hospitals
d)
HIPPA
72.
Provide care for special conditions or age groups. Ex. burn hospitals and psychiatric hospitals
a)
General hospitals
b)
Health Maintenance Organization
c)
Specialty hospitals
d)
HIPPA
73.
Treat a wide range of conditions and age groups. Provide diagnostic, medical, surgical and emergency care services.
a)
Specialty hospitals
b)
General hospitals
c)
Long term care facilities
d)
Hospice
74.
Operated by federal, state and local government agencies. Ex. public hospitals and Veteran Affairs (VA).
a)
Government hospitals
b)
Extended care facilities
c)
Optical centers
d)
WHO
75.
Mainly provide assistance and care for elderly patients, usually called residents. 
a)
Mental health facilities
b)
National Institute of Health
c)
Health Department
d)
Long term care facilities
76.
Agencies that provide care for the terminally ill who usually have life expectancies of six months or less. 
a)
St. Jude Research Hospital 
b)
Hospice
c)
Shelters
d)
Generally hospitals
77.
To pay for the costs of health care, most people rely on ...?
a)
Health Departments
b)
Health Insurance Plans
c)
Healthy eating
d)
HIPPA
78.
Amounts that must be paid by the patient for medical services before the policy begins to pay. 
a)
Co-insurance
b)
HMO
c)
Deductible 
d)
PPO
79.
Requires that specific percentages of expenses are shared by the patient and insurance company. 
a)
Co-insurance
b)
Deductible
c)
Co-payment
d)
Medigap
80.
One disadvantage of this type of insurance is the insured is required to use only in network affiliated health care providers for health care. If a non-affiliated health care provider is used the insured must pay for the care. 
a)
Tricare
b)
Health Maintenance Organization (HMO)
c)
Managed Care
d)
Preferred Provider Organization (PPO)
81.

Majorly doctors provide medical diagnoses and opinions, while the nurses provide aid and ________.

a)

Food

b)

physical treatment

c)

Starting a converstion

d)

leaving the room

82.

Identify the types of Private Insurance of healthcare.

a)

Medicare

b)

HMO

c)

Medicaid

d)

PPO

83.

Which of the following are government-funded health insurance?

a)

PPO

b)

Medicare

c)

Medicaid

d)

HMO

84.

Which insurance typically requires the patient to visit their primary care physician before seeing a specialist?

a)

HMO

b)

PPO

c)

Medicare

d)

Medicaid

85.

Which insurance pays a higher % of costs if an in-plan provider is used?

a)

HMO

b)

PPO

c)

Medicaid

d)

Medicare

86.

Choose the correct definition for Co-Pay.

a)

The amount paid to buy health insurance coverage. Employers and employees usually share the cost of premiums.

b)

The specific amount of claims you will pay before the insurance company pays.

c)

certain amount that you pay for medical costs. For example, you pay $20 every time you visit a physician.

87.

Choose the correct definition for Co-Insurance.

a)

the amount you pay to the dr. or provider at the time of service. The dr. collects this amount of your share cost of insurance (ex. 80/20).

b)

The maximum amount that a person must pay under an insurance plan.

c)

The specific amount of claims you will pay before the insurance company pays.

88.

Select the correct definition for Premium.

a)

The amount paid to buy health insurance coverage. Employers and employees usually share the cost of premiums.

b)

The maximum amount that a person must pay under an insurance plan.

c)

certain amount that you pay for medical costs. For example, you pay $20 every time you visit a physician.

89.

What type of doctor treats heart and blood vessel conditions?

a)

Allergist

b)

Oncologist

c)

Ob/Gyn

d)

Cardiologist

90.

What type of doctor treats skin conditions, such as Moles, Acne, Skin Cancer or other conditions?

a)

Dermatologist

b)

Cardiologist

c)

Podiatrist

d)

Oncologist

91.

What doctor specializes on cancer?

a)

Dermatologist

b)

Cardiologist

c)

Oncologist

d)

Orthopedic

92.

What type of doctor focuses on women’s health, including pregnancy and childbirth?

a)

Ob/Gyn

b)

Dermatologist

c)

Oncologist

d)

Cardiologist

93.

Which type of facility focuses on sample analysis and testing?

a)

health department

b)

ambulatory care

c)

mental health center

d)

laboratory

94.

If a person goes to the hospital to receive a blood transfusion, but returns home in 6 hours, it is called _______ care.

a)

hospice

b)

acute

c)

subacute

d)

Outpatient

95.

ACA stands for

a)

Affordable Care Act

b)

Action Cat Attack

c)

Assistance for Children & Adults

d)

America Cares Act

96.

Most Americans get their health insurance how?

a)

Buy it themselves on private markets

b)

Apply for government-backed programs

c)

Through their employers

d)

Most Americans don't have health insurance.

97.

The ACA did all of the following EXCEPT

a)

Extend the age through which children can stay on their parents' plans

b)

Provided guaranteed coverage for pre-existing conditions

c)

Established price controls for medications

d)

Made dental and vision coverages mandatory.

e)

Capped the profits allowed by private insurance companies

98.
How old do you have to be to receive Medicare benefits?
a)
100+
b)
75
c)
65
d)
An age...
99.

HIPAA stands for _______________________

a)

Hospital Insurance Privacy and Accountability Act

b)

Health Insurance Portability and Accountability Act

c)

Heavy Industry Problem and Accountability Act

d)

None of these

100.

Organizations or individuals that violate the privacy rules are subject to criminal charges of up to ____ years in jail.

a)

1

b)

2

c)

5

d)

10

101.

What kind of personally identifiable health information is protected by HIPAA privacy rule?

a)

Paper

b)

Electronic

c)

The Spoken Word

d)

All of the Above

102.

Patients have a right to access their health information.

a)

True

b)

False

103.

The medical term EOB stands for

a)

Explanation of Benefits

b)

Explanation of Births

c)

Explanation of Budget

d)

Explanation of Blood work

104.

sacdadc

(a)  

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