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WorksheetsPersonal Finance - Final Exam Review
Total questions: 35
Worksheet time: 19mins
Name
Class
Date
1.
Which is a tax-free savings account that can only be used for educational expenses?
a)
Merit Based Scholarship
b)
Federal Grants
c)
Need Based Grant
d)
A 529 Plan
2.
Dimitri’s counselor told him that post-secondary education can be expensive but can pay off in the long run, what does that mean? CHOOSE ALL THAT APPLY
a)
The salary you will earn with a degree will pay back the cost of college over your career
b)
You can get grants and scholarships to pay for post secondary education while you are there.
c)
There are less expensive options for obtaining a post secondary education.
3.
Which of the following is true about the Free Application for Federal Student Aid (FAFSA)?
a)
The earliest you can submit your FAFSA is October 1st of each year
b)
The form is available online or on paper.
c)
States may have different deadlines for applying for state aid
d)
All of these
4.
Which savings account will earn you the most money?
a)
One that compounds interest daily.
b)
One that compounds interest monthly.
c)
One that earns simple interest daily.
d)
One that earns simple interest monthly.
5.
If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?
a)
The CFPB
b)
No, one you can't resolve the issue
c)
The local police stations
d)
Your financial institution
6.
Which type of bank account is best for everyday transactions?
a)
Savings Account
b)
Checking Account
c)
Money Market
d)
Certificate of deposit
7.
Which of the following is NOT a common feature of a financial institution?
a)
Access to ATM
b)
Paper checks
c)
Access to investment products
d)
Direct deposit
8.
Which of the following is a possible tax or deduction that they may show up on your paycheck? CHOOSE ALL THAT APPLY
a)
Federal Income Taxes
b)
Contributions to retirement savings
c)
FICA
9.
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer.
a)
Benefits
b)
Pensions
c)
Deductions
d)
allowances
10.
How does the government pay for roads, schools, and emergency services?
a)
They are funded through non-profits
b)
They are funded through taxes.
c)
They are funded through charitable donations.
11.
11. W-4 tax form is used to _____?
a)
tell your employer how much federal income tax to withhold from your paychecks to send to the IRS.
b)
determine how much your gross pay should be.
c)
file your tax return
d)
avoid paying income taxes on your paychecks
12.
Your employer sends you a _______ form that tells you how much you've made and how much you've paid in taxes in the last year.
a)
1040
b)
W-2
c)
W-4
d)
W-9
13.
The gig economy offers ________.
a)
the total availability of employment and labor in the economy.
b)
flexible, short-term, and independent jobs.
c)
the migration of workers to high-tech jobs.
d)
an economic system in which assets or services are shared between individuals.
14.
Which of the following is NOT a benefit of using a budget?
a)
Helps to keep track of the money you receive
b)
Helps to prioritize your spending
c)
Helps reach short- and long-term financial goals
d)
A budget can help you purchase anything you want.
15.
Which of the following helps you prepare for unexpected expenses?
a)
Credit Cards
b)
Checking account
c)
Emergency Fund/Savings Account
16.
Which of the following is NOT a good way to prevent unnecessary spending?
a)
Cancel any unused recurring expenses like subscription boxes
b)
Use an app to find the cheapest gas station
c)
Make your own food more often
d)
Buy all of your wants at one time.
17.
Which of the following is NOT a useful strategy when making an informed purchase?
a)
Calculate the unit price of the product.
b)
Purchase a product based on a social media influencer.
c)
Read the online reviews of the product and ask trusted friends who use it.
d)
Compare your option to similar products.
18.
How does a consumer know whether a purchase may be a good deal? CHOOSE ALL THAT APPLY
a)
A large percentage of positive customer ratings offer detailed explanations.
b)
The item has the most features compared to other similar items.
c)
The price is the most expensive for that type of item.
19.
Which of the following is not a need?
a)
Water
b)
Shelter
c)
Brand new car
d)
computer for a student
20.
When you are deciding what to buy, you should...
a)
pick the cheapest item to get the best deal.
b)
pick the most expensive item to get the best quality.
c)
trust influencers to pick the best items for you.
d)
compare the unit price of items similar to the one you want.
21.
When are loans a good option to use?
a)
To pay for airline tickets to your dream vacation
b)
When paying for higher education
c)
To buy that new television
d)
For a dream wedding
22.
What is NOT a benefit of having a good credit score?
a)
When you need a loan, you'll have more loan offers to pick from.
b)
You'll get better interest rates on your loans.
c)
It will be easier to get an apartment.
d)
You'll get accepted to better education institutions.
23.
Secured loans are less costly than unsecured loans because _________.
a)
They usually have a lower interest rate.
b)
They require collateral.
c)
They are less risky for the financial institution.
d)
All of these are true.
24.
What will happen to your credit score if you do not manage your debt wisely?
a)
You won't be able to track your credit score
b)
Your credit score will go down
25.
Which is a positive reason for using a credit card to finance purchases?
a)
You will get charged high interest.
b)
Paying it off on time can help build your credit history
c)
You won't have to budget for your credit card expenses.
d)
You'll be able to spend a lot of money without paying it back
26.
Which of these items is NOT important to consider when selecting a credit card?
a)
Annual Percentage Rate (APR)
b)
The look of the credit card
c)
Credit limit
d)
Penalties and Fees
27.
Wearing a seat belt, not texting when driving, and driving carefully are all examples of...
a)
insurance policies.
b)
warranties.
c)
risk management strategies.
d)
deductibles
28.
Why is it important to have insurance? CHOOSE ALL THAT APPLY
a)
So people can protect themselves from losing a lot of money in the event of an unpredictable event or something happens to them or their property.
b)
So individuals can defend against the possibility of financial loss due to unpredictable event
c)
So people can engage in risky behavior without financial consequences
29.
What do people purchase as a form of risk management to protect themselves from losing a lot of money inthe event something happens to them or their property?
a)
Insurance
b)
Deductibles
c)
Warranty
d)
Liability
30.
30. Which of the following is NOT a type of car insurance?
a)
Liability
b)
Collision
c)
Health
31.
An insurance premium is...
a)
the insurance company.
b)
a commission paid to the agency for the purchase of a policy.
c)
the amount of money you pay for an insurance policy.
d)
taxes
32.
What will collision insurance cover in the event of an accident?
a)
Damage to someone else's car.
b)
Damage to your car.
c)
Damage to someone else's property.
d)
Bodily injuries.
33.
Which of the following is a reason someone should get health insurance?
a)
Health insurance allows all medical procedures to be covered for free.
b)
People with health insurance can get faster access to medical care at emergency rooms.
c)
Health insurance protects you financially from medical emergencies.
d)
Most health insurance policies also covers non medical procedures.
34.
All of the following are true about health insurance except:
a)
Purchasing health care can help save you from medical bankruptcy.
b)
Health insurance decreases your healthcare costs.
c)
If you don’t have health insurance, you pay all costs for healthcare and medical emergencies.
d)
Being young and healthy means you can skip out on health insurance.
35.
Liability insurance is...
a)
insurance that will pay for injury to another driver and/or damage to their car if you are in an accident.
b)
insurance that will pay for damage to your car in the event of an accident.
c)
insurance that will pay for damage to your car in the event of an accident.
d)
Insurance that will cover injuries to yourself in the event of an accident.
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