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WorksheetsQFS Final 2022
Total questions: 100
Worksheet time: 55mins
Which type of account is typically the most liquid?
Checking account
Savings account
Certificate of Deposit
Exchange Traded Fund
ATM is a machine where you
Use your credit card to pull money out of your checking account
Use your debit card to pull money out of your checking account
Use your bank account number to pull money out of your checking account
Which type of bank account is best for everyday transactions?
Checking Account
Savings Account
Money Market Account
Certificate of Deposit
How can you avoid spending more than what is in your bank account?
Check your bank statement once a month.
Ask your financial institution to notify you when you are close to $0 in your account.
Keep your own records to compare with your financial institution's records.
None of these
When using a debit card, you are pulling money out of your...?
Loan account
Credit card account
Savings account
Checking Account
What is interest?
The money you earn from a job or a career
It is calculated as a percentage of a sum of money
Banks can pay you interest for letting them use the money you deposit.
Financial institutions can charge you interest for the privilege of using their money.
Which of the following statements about savings accounts is true? (Choose all that apply)
Savings accounts pay interest on the money you deposit.
Savings accounts allow an unlimited amount of withdrawals each month.
Savings accounts may require you to maintain a minimum balance to avoid paying a fee.
Savings accounts are best used to store money for longer-term goals.
Does a savings or checking account TYPICALLY earn more money?
Savings
Checking
Which of the following statements about investing is TRUE?
On average, putting money in a savings account earns a higher return than investing money in the stock
market.
Investing is riskier than putting money in savings accounts.
Investing is best for short-term financial goals.
Investing is a guaranteed way to make money.
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.
Which of the following statements about investing is FALSE?
Investing is a guaranteed way to grow your money.
Investing is riskier than putting money in a savings account.
Investing is best for long-term financial goals, like paying for retirement.
On average, investing money in the stock market earns a higher return than putting money in a savings
account.
A stock is ________.
A type of debt investment that acts like a loan
A type of investment that invests in a mix of different types of investments.
A share of ownership in a company.
A type of savings account that pays interest based on current interest rates in the money market.
Which of the following statements is TRUE?
If there is a mistake on one of your bank accounts, there is nothing you can do about it.
If there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend to
resolve themselves.
If there is a mistake on your bank account, you should contact your financial institution immediately.
None of these
Which of the following statements about savings accounts is FALSE?
Savings accounts don't usually pay interest on the money you deposit.
Savings accounts limit the number of withdrawals that can be made each month.
Savings accounts may require you to maintain a minimum balance to avoid paying a fee.
Savings accounts are best used to store money for longer-term goals.
When you set your check from your job to be used as a direct deposit your money will typically go into a ...
Checking account
Savings account
Certificate of deposit account
Stocks account
If you are saving for a trip that you will take this summer, so you will need your money soon, what account should you put your money in?
Checking
Savings
Certificate of deposit
Stocks
You did some extra work and have some money that you could save or invest. It would not hurt you financially to lose it, but you do want to try to earn some interest on it. Where should you put your money?
Checking
Savings
Certificate of Deposit
Stocks
What is budgeting?
Having money left over at the end of the month.
A plan made in advance showing how you spend money based on available income.
The ability to pay your bills on time.
Having enough money to go out to eat.
Which of the following is NOT a benefit of using a budget?
A budget can help you purchase anything you want.
A budget can help you keep track of your money.
A budget can help you make plans to reach your financial goals.
A budget can help you decide the importance of your expenses.
Which of the following should NOT be considered when setting a current budget?
Your financial goals
Future income
Needs and wants
Savings
What should be considered when setting a budget?
Needs and wants
Savings
Time management goals
Needs, wants, and savings
___________ are good places to look to find your current expenses when building your budget.
Banks and credit unions
Grocery stores and concerts
Bank and credit statements
Online research websites
Name the expense that stays the same amount and choose an example of it.
fixed expense
variable expense
Car note payment
Fuel cost
Name the expense that does not stay the same amount and choose an example of it.
fixed expense
variable expense
Apartment rent
Electricity bill
What are recurring expenses?
Expenses that you have to pay one time
Expenses that you never pay
Expenses that you pay month to month or on a regular basis
In addition to needs, what should you plan for first when creating a budget?
Possible charitable donations
Shopping money
Investments
Recurring expenses
In your budgeting process, when should you look at recurring expenses?
Before reviewing your wants
After considering entertainment expenses
Before looking at your needs
After your wants but before you needs
Which of the following is a way to track your spending?
Spreadsheet budget
Envelope method
An app
Keeping a mental list of what's in your wallet
Which of the following is NOT a good way to track your spending?
In your head
Notebook and pencil
Envelope method
Online software or app
What helps you prepare for unexpected expenses?
Credit cards
Checking account
Emergency fund
None of the above
The purpose of an emergency fund ..
to keeps you from borrowing money from friends and family.
to prepares you for unexpected expenses.
is used for anything listed on the budget.
An emergency fund removes the worry about expenses not in the budget.
Unexpected expenses like a speeding ticket...
can make it hard to stick to your budget.
may cause you to be unable to pay necessary bills.
should be planned for.
can be paid for out of an emergency fund
Which of the following is TRUE regarding unexpected expenses?
They usually don’t affect your budget.
They should be planned for.
They usually don't affect your ability to pay bills.
They should not be included in your budget.
An unanticipated expense that will make it difficult to get by day-to-day would be good for…
spending money from your “rent” envelope.
emergency fund spending.
tracking all of the money you spent in a month
getting an extra job so you can have money to cover that expense.
How can you ensure you don't go over your budget?
Round up your expense estimates to add a buffer
Use most of your budget for entertainment expenses
Find a friend that enjoys going shopping
Buy all of your wants at one time.
What budgeting tip(s) would help you to stay on track financially?
Find a friend with similar goals and hold each other accountable
Put aside fun money in your budget so you're not missing out
Only use your closest gas station to fill up gas
All of the above
What is net pay?
The amount of pay earned for the total number of hours worked.
The amount of money you're paid after all taxes and deductions are taken out of your paycheck.
The amount of money you're paid before all taxes and deductions are taken out of your paycheck
Your gross pay plus any bonuses.
What is gross pay?
The money you made after taxes are taken out
The money you made before taxes are taken out
The disgusting amount of a low paycheck
When do you fill out a W-4 form?
When you are applying for a job
When you get a new job
At the beginning of tax season to file your taxes
It is a flexible time period
What is the purpose of the W-4 form?
To file your tax return.
To determine how much your gross pay should be.
To inform your employer of how much federal income tax to withhold from your paychecks.
To avoid paying income taxes on your paychecks.
When do you receive a W-2 form?
When you are applying for a job
When you get a new job
At the beginning of tax season
It is a flexible time period
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.
How does the government pay for roads, schools, and emergency services?
They are funded through non-profits.
They are funded through taxes.
They are funded through charitable donations.
None of the above
What is a 1040 form?
Your W-2
Your routing and bank account number
A record of any other supplemental income
Individual Income tax return that you fill out to file your taxes
What do you need in order to fill out your 1040?
Your W-2
Your routing and bank account number
A record of any other supplemental income
All of the above
Which of the following is a possible tax or deduction that may show up on your paycheck?
Federal income tax
Contributions to retirement savings
FICA
All of the above
What is the gig economy?
The number of people in the economy who have full-time employment jobs.
The total availability of employment and labor in the economy.
An economic system in which assets or services are shared between individuals.
A flexible market that allows you to work short-term, independent jobs.
What is a benefits package?
The amount and types of benefits you may receive when you get a job like a retirement, health insurance, etc.
The amount and types of benefits you may receive from the government like retirement, health insurance, etc.
The amount and types of benefits you automatically get when self-employed.
Which of the following is NOT considered part of your benefits package available from your employer?
Free technology equipment
Disability Insurance
Paid time off
Healthcare insurance
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer.
benefits
pensions
deductions
allowances
For most careers, which degree will most likely result in the highest lifetime earnings?
High school degree
Associate's degree
Licensure or certification
Bachelor's Degree
A deduction is
Una deducción es
gross income
ingresos brutos
money added to your income
dinero agregado a sus ingresos
net income
lngresos netos
money taken out of your income
dinero tomado de sus ingresos
Taxes are -
Los impuestos son:
Money given to you by the government
Dinero que te dio el gobierno
Free money to you
Dinero gratis para ti
Money you must pay to the government
Dinero que debes pagar al gobierno
Money in someone's piggy bank
Dinero en la alcancía de alguien
Which of these is NOT an example of property tax?
Tax paid on the value of a farm a person owns
Tax paid on the value of a piece of land a person owns
Tax paid on the value of a piece of furniture a person owns
Tax paid on the value of a home a person owns
Nick delivers pizza for extra money while he finishes high school. He earns about $60 on a typical night. What kind of tax will Nick have to pay on what he earns delivering pizzas?
Nick entrega pizza por dinero extra mientras termina la escuela secundaria. Gana alrededor de $ 60 en una noche típica. ¿Qué tipo de impuesto tendrá que pagar Nick sobre lo que gana repartiendo pizzas?
Income Tax
Impuesto sobre la renta
Sales Tax
Impuesto de venta
Payroll Tax
Impuesto sobre la nómina
Property Tax
Impuesto sobre la propiedad (tierra)
Mateo owns a gas station. What type of tax will she have to pay on the land that the gas station is on?
Mateo es dueño de una gasolinera. ¿Qué tipo de impuesto tendrá que pagar por el terreno en el que se encuentra la gasolinera?
Property Tax
impuesto a la propiedad (tierra)
Payroll Tax
Impuesto sobre la nómina
Income Tax
Impuesto sobre la renta
Sales tax
Impuesto de venta
Micaela works 15 hours a week at the movie theater. She earns $8 an hour. Which statement about her weekly income is true? Hint: $15 x 8 = $120
Micaela trabaja 15 horas a la semana en el cine. Gana $ 8 la hora. ¿Qué afirmación sobre sus ingresos semanales es verdadera? Sugerencia: $ 15 x 8 = $ 120
Her net income is more than $120.
Su ingreso neto es de más de $ 120.
Her gross income is less than $120.
Su ingreso bruto es menos de $ 120.
Her net income is less than $120.
Su ingreso neto es menos de $ 120.
Her gross income is more than $120.
Su ingreso bruto es de más de $ 120.
Rohan's father is an architect and is paid by his clients for the blueprints he draws for them. When he added the money from all the clients, he figured that he made $54,000 last year. What is the name of the tax that Rohan's father will pay on his earnings?
El padre de Rohan es arquitecto y sus clientes le pagan por los planos que les dibuja. Cuando agregó el dinero de todos los clientes, calculó que ganó $ 54,000 el año pasado. ¿Cómo se llama el impuesto que el padre de Rohan pagará sobre sus ganancias?
Income Tax
Impuesto sobre la renta
Payroll Tax
Impuesto sobre la nómina
Property Tax
Impuesto sobre la propiedad (tierra)
Sales Tax
Impuesto de venta
So far this month Nancy has recorded the expenses and income shown in the chart. Nancy wants to buy some music online but also has a balanced budget. Based on Nancy's current budget, what is the greatest amount of money she can spend on music?
(Suma los números de ingresos) - (suma los números de gastos) = dinero que puede gastar
$10
$35
$140
$5
Leroy's planned expenses go ABOVE his income. He earned $3,410 last month. Which action would BEST help Leroy balance his budget?
Los gastos planeados de Leroy van POR ENCIMA de sus ingresos. Ganó $ 3,410 el mes pasado. ¿Qué acción ayudaría MEJOR a Leroy a equilibrar su presupuesto?
Do not go to the movies
No vayas al cine
Do not pay the electric bill.
No pague la factura de la luz.
Do not pay the monthly rent.
No pague la renta mensual.
Do not buy groceries.
No compre alimentos.
Jared bought a new boat. He had to pay which kind of tax on his new boat?
Jared compró un barco nuevo. ¿Qué tipo de impuesto tuvo que pagar por su nuevo barco?
Property Tax
Impuesto sobre la propiedad
Income Tax
Impuesto sobre la renta
Payroll tax
Impuesto sobre la nómina
Sales tax
Sales tax
What should you do before you withdraw money from the ATM?
¿Qué debe hacer antes de retirar dinero del cajero automático?
Ask someone nearby for help using the ATM.
Pídale ayuda a alguien cercano para usar el cajero automático.
Find a hidden ATM so no one will see you withdraw money.
Busque un cajero automático oculto para que nadie lo vea retirar dinero.
Inspect the ATM to make sure it wasn't tampered with
Inspeccione el cajero automático para asegurarse de que no haya sido manipulado
Share your pin number with trusted friends so you don't forget it.
Comparta su número PIN con amigos de confianza para que no lo olvide.
What is the best reason why someone would want to lease a house instead of buying one?
¿Cuál es la mejor razón por la que alguien querría alquilar una casa en lugar de comprarla?
They want to avoid rent increases and dealing with a landlord
Quieren evitar aumentos de alquiler y tratar con un propietario
They are planning on living there for a short period of time.
Están planeando vivir allí por un corto período de tiempo.
They want to be able to hopefully make money when they sell the place
Quieren poder ganar dinero con suerte cuando vendan el lugar.
They want full responsibility for all repairs.
Ellos quieren la plena responsabilidad de todas las reparaciones.
Which example shows the advantages of owning a car over leasing one?
¿Qué ejemplo muestra las ventajas de poseer un automóvil sobre arrendar uno?
Smaller monthly payments and a good warranty to cover repairs
Pagos mensuales más pequeños y una buena garantía para cubrir las reparaciones.
Expiring warranty means that you will get to handle repair payments
La garantía vencida significa que podrá manejar los pagos de reparación.
No restrictions on the number of miles to drive and the ability to customize, or make changes to the car.
No hay restricciones en la cantidad de millas para conducir y la capacidad de personalizar o realizar cambios en el automóvil.
You will drive a fairly new car for a limited period of time.
Conducirá un automóvil relativamente nuevo durante un período de tiempo limitado.
How does a consumer know whether a purchase may be a good deal? (Choose 2)
¿Cómo sabe un consumidor si una compra puede ser un buen negocio? (Elija 2)
A large percentage of positive customer ratings offer detailed explanations.
Un gran porcentaje de valoraciones positivas de los clientes ofrecen explicaciones detalladas.
The item has the most features compared to other similar items
El artículo tiene la mayoría de las características en comparación con otros artículos similares.
The price is the most expensive for that type of item.
El precio es el más caro para ese tipo de artículo.
It was advertised on social media
Fue anunciado en las redes sociales.
Which fact supports the idea that renting is a good option for living in a place for a short period of time?
¿Qué hecho respalda la idea de que alquilar es una buena opción para vivir en un lugar por un período corto de tiempo?
Renting requires a large down payment.
El alquiler requiere un gran pago inicial.
Leases are generally for a month or a year
Los arrendamientos son generalmente por un mes o un año.
Landlords take care of most maintenance
Los propietarios se encargan de la mayor parte del mantenimiento
Mortgages are usually for 15 or 30 years
Las hipotecas suelen ser de 15 o 30 años.
Which method of payment actually is a form of borrowing money that needs to be paid back later?
¿Qué método de pago es realmente una forma de pedir dinero prestado que debe reembolsarse más tarde?
Cash
Dinero en efectivo
Credit Card
Tarjeta de crédito
Debit Card
Tarjeta de débito
Check
Cheque
Which forms of payment is linked to a bank account which limits the amount of money you can spend to balance in your account? (Choose 2)
¿Qué formas de pago están vinculadas a una cuenta bancaria que limita la cantidad de dinero que puede gastar para equilibrar su cuenta? (Elija 2)
Cash
Dinero en efectivo
Credit Card
Tarjeta de crédito
Debit Card
Tarjeta de débito
Check
Cheque
Wearing a seat belt, not texting when driving, and driving carefully are all examples of...
insurance policies
warranties
risk management strategies
deductibles.
How is having a security system for your home a risk management strategy? The system will...
let you know when visitors knock on your door.
will give you peace of mind
alert authorities and deter criminals, protecting your valuables and property
allow you to keep your doors unlocked
Why is it important to have insurance?
so people can protect themselves from loss
So individuals can defend against the possibility of financial loss due to unpredictable events
So people can engage in risky behavior without financial consequences
to protect you from losing a lot of money in that something that happens to them or their property
What can insurance protect you from?
being sewed in some cases
Theft
Contract fees
Financial loss
Insurance premiums are paid monthly and deductibles are paid when an event is filed.
When filing an insurance claim, the policyholder must pay a ________________, which is the amount you owe before insurance will cover the rest of the bill.
deductible
premium
contract fee
commission
An insurance deductible is...
the monthly premium on an insurance policy
commission paid to the agency for the purchase of a policy
the amount you owe before insurance will cover the rest of the bill
the contract fee applied to the monthly premium.
A deductible is paid by...
the insurance company
the policyholder
the claims adjuster
the government
An insurance premium is...
the amount of money you pay for an insurance policy
the amount of money you pay for an insurance policy
a commission paid to the agency for the purchase of a policy
an extra fee you need to pay your insurance for filing a claim out of network
An insurance premium is paid by...
the insurance company
the claims adjuster
the government
the policyholder
If you get into a car accident, your _______________ may increase because you will be considered riskier for insurance companies to cover.
insurance premium
claims adjustment
car loan payment
taxes
Insurance that will pay for injury to another driver and/or damage to their car if you are in an accident is called...
collision insurance
comprehensive insurance
liability insurance.
uninsured motorist insurance
What does liability insurance not cover in the event of an accident?
Damage to someone else’s car
Damage to someone else’s property
Injury to yourself
Injury to the other driver
Collision insurance is insurance that will pay for...
injury to another driver and/or damage to their car if you are in an accident
damage to your car by someone who doesn’t have insurance.
injuries to yourself in the event of an accident
your car to be fixed in the event of an accident.
What is a consequence of not having health insurance?
You must pay all costs for health care and medical emergencies.
You’re not allowed to go to a hospital
You will get a lower standard of care from doctors
You can only see doctors in your home state.
All of the following are true about health insurance except
Purchasing health care can help save you from medical bankruptcy.
Health insurance decreases your healthcare costs.
If you don’t have health insurance, you pay all costs for healthcare and medical emergencies.
Being young and healthy means you can skip out on health insurance.
Making a good purchasing decision requires...Select all that apply
make sure you have the money in your budget
comparing the prices of similar items
reading reviews of the product
waiting until the product is on sale, if possible
How is an advertisement different from a comment from a regular consumer?
It isn’t any different.
The advertisement is likely one-sided
The advertisement may have been posted by the seller
The advertisement is made by an influencer who gets paid
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
When are loans a good option to use?
To pay for airline tickets to your dream vacation
When paying for higher education
To buy that new television
For a dream wedding
Which items are important to consider when selecting a credit card?
Annual Percentage Intrest Rate (APR)
Fees
The look of the credit card
Penalties
Credit Limit
A credit limit is...
the money you spend in a month
the Max amount of money you can charge to a credit card
the amount that will be on your bill
the interest amount you will pay
Which of the following can be affected by your credit score
When you need a loan, you'll have more loan offers to pick from
You'll get better interest rates on your loans
It will be easier to get an apartment
You'll get accepted to better education institutions.
It will be easier to get a car
The cost of a secured loan is typically lower than the cost of an unsecured loan because _______.
it requires collateral.
the loan takes longer to get.
it has high-interest rates
your parents will make sure you pay it back.
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
Which of the following will help you protect yourself from identity theft and fraud? choose all that apply
Wait to be notified of Fraud
Regularly monitor your credit report
Contact lenders and credit bureaus to address incorrect information.
Freeze your credit
Credit cards can help _____________ when paid off on time regularly.
build credit history
act as a form of identification
ower your debt
balance your checking account
What option will NOT be available if you are behind on loan payments?
A financial institution may offer for you to pay a little now and pay the rest after your next pay day.
You can borrow money from friends and family.
You can ask to get out of your loan
Your financial institution might allow you to defer the loan but you'll have to pay the interest.
What could be a good option available to you if you are behind on loan payments?
A financial institution may offer for you to pay a little now and pay the rest after your next payday
You can ignore your payments until the financial institution asks about them
You can take out a payday loan
Ask your financial institution to get out of the loan contract
When looking for pre-approval on a car loan you should...
get a loan from the car dealer directly to keep things simple
get a loan from the car dealer directly to keep things simple.
select the loan that has the longest repayment period.
compare pre-approval offers and select the one that is best for you.
When looking for pre-approval on a car loan you should NOT...
compare pre-approval offers and select the one that is best for you.
select the loan that has the right repayment period for you
look for the lowest interest rates you can find.
get a loan from the car dealer directly to keep things simple.
Going directly to a car dealer for a loan to keep things simple is....
great idea because they want you to get the car so it'll be the best offer
not great because they typically offer higher interest rates.
great idea because you don't have to deal with another lender
not great because car dealers don't offer loans.
Which is a positive reason for using a credit card to finance purchases?
You will get charged high interest.
Paying it off on time can help build your credit history
You won't have to budget for your credit card expenses
You'll be able to spend a lot of money without paying it back
