WorksheetsWeek 9 - Test
Total questions: 35
Worksheet time: 2hrs 45mins
What is a budget?
A calendar used to plan out your activities for the month
A plan for spending and saving your money
A plan to manage your time for the day
A type of savings account
Marshawn is trying to determine if an item at the mall is a NEED or a WANT. Which question will be most helpful?
Will something bad happen if I don't have this?
Do any of my friends have this item?
How happy will this item make me?
Will my teachers be excited if I buy this item, or will they be disappointed?
What is net pay?
The money that you earn before taking out deductions
The money that you earn after taking out deductions
Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?
$8.00
$80.00
$80.00, minus any taxes she has to pay
$80.00, plus any taxes she has to pay
Why should you use your NET pay when creating a budget?
Your net pay will always be higher, so you'll have more money to spend
Your net pay is a more accurate picture of how much money you have available to spend or save
Your employer knows what your gross pay is, but you only know what your net pay is
Once you have your net pay, you can figure out how much to deduct in taxes, and then you can do your budget
Who has to pay taxes to the US government?
Every citizen, regardless of their age or working status
Every person or company that earns income in the US
Anyone who owns a home or attends a public school
No one has to - taxes are a voluntary program
Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?
50% needs, 30% wants, 20% savings
50% budget, 30% needs, 20% wants
50% saving, 30% needs, 20% wants
$50 needs, $30 wants, $20 savings
All of the following are costs of going to college EXCEPT...
Tuition and fees
Room and board
Textbooks
Scholarships and grants
When does the FAFSA filing period open every year?
January 1st
June 1st
October 1st
December 1st
Why should you file the FAFSA as early as possible?
It can help your chances of being accepted into schools
Aid is given out on a first-come, first-serve basis
You're guaranteed to get more merit-based scholarships
You'll get a lower interest rate on federal student loans
How do scholarships and grants differ?
Scholarships are need-based; grants are merit-based
Grants are private forms of aid; scholarships are federal
Grants are need-based; scholarships are merit-based
They're not different; they are one and the same
What do you need to file your FAFSA if you're a dependent?
Just your tax forms
Your high school student ID number
Your and your parents' tax forms from 2 years priors
A pay stub if you had a job in the past year
Money you receive for school that does not have to be paid back. Select all that apply.
Federal Student Loans
Grants
Private Student Loans
Scholarships
6. Which statement is TRUE?
You can only submit FAFSA once. Most students do it in the last year of high school.
You can only submit FAFSA once. Most students do it before the first year they will attend college.
You must submit the FAFSA annually as you/your family's financial situation may change and therefore impact your aid.
A legal process to get out of debt when you can no longer make all your required payment.
Liquidation
Bankruptcy
Mean's Test
Credit Counseling
Bankruptcy will not remove the following: (Please select all that apply)
Credit Card Debt
Student Loans
Child Support
Alimony
Which TWO statements are true about bankruptcy?
It's a good option if you don't want to pay for things
It will be nearly impossible for you to get a car loan, credit card, or mortgage for about 10 years
Only you and the bank will be able to know you filed for bankruptcy
Any savings accounts that you have will be emptied
All student loans will be forgiven so you don't need to pay them back
You should only give out your credit card information on the phone if...
The person on the other side sounds professional
YOU called the bank/company (they didn't call you)
The call is from an 808 number
The person emailed you before calling
Which of the following situations is an example of responsibly taking on debt?
Get a credit card but don't use it to avoid more debt
Spend up to your credit limit each month
Become an authorized user on an adult's card
Make only the minimum payment each month
How can you build a positive credit history as a college student?
Get a credit card but don't use it to avoid more debt
Spend up to your credit limit each month
Become an authorized user on an adult's card
Make only the minimum payment each month
Which of the following are common reasons people file bankruptcy
Excessive medical
bills
Small business failure
Loss of job and too
much debt
all of these
Tick all the ways you can protect yourself from fraud.
If a deal is too good to be true, ignore it.
Sign up for Secure code or Verified by visa on your credit cards for extra protection.
Shred receipts with your card details on.
Lend your cards to others.
Give your PIN to your best friend.
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
The state government
The Federal government
Local Businesses
What definition best fits for the word tax?
Pointless fee everyone pays
Fee the public pays to the government to help sustain public things
Fees applied ONLY to food
Fees that are the same for every person across the country
IRS stands for
Internal Revenge Service
International Revenue System
Internal Revenue Service
Inspection Ravioli Sauce
Lyla is applying for a loan to buy a home for the first time. Which of the following should she be certain to do when applying for the loan?
Inaccurately report her debts
sign blank documents
read all paperwork carefully
overstate her assets
If you are 17 right now, what is the best age to begin investing?
27
32
17
25
Which of the following is a variable expense that Jake must consider when developing his personal budget:
Anticipated salary increases
Unexpected car repairs
fixed car-loan payments
homeowner insurance premiums
Saving the money you might ordinarily spend each day on a cup of coffee and a donut:
is not a practical step in reaching your financial goals
will not result in significant savings
is the sacrifice you must make for the future financial security
can help you achieve larger financial goals
The key factors involved in compounding growth are the amount of money of money you invest, how much your investment grows each year, and
your mutual fund manager's education
how you earn money you invest
your educational background and career
how long your money is invested
