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Personal Finance Final Review

Total questions: 90

Worksheet time: 46mins

Name
Class
Date
1.
What happens if you do not pay a credit card bill on time?
a)
Use your debit card
b)
You go into debt
c)
Declare bankrupty
d)
Pay interest
2.
What is the safest way to pay for an item to avoid debt?
a)
Cash
b)
Check
c)
Credit
d)
Debit
3.
Which card takes the money out of your account immediately?
a)
Credit 
b)
Debit
4.
When do you start paying into Social Security?
a)
When you retire
b)
When you turn 30
c)
When you get a full-time job
d)
When you want to
5.
What is the riskiest type of bond?
a)
Municipal
b)
Savings
c)
Corporate
6.
Which bank account earns you the most interest?
a)
Savings
b)
Checking
c)
Certificate of Deposit
7.
Who pays interest on a loan?
a)
The borrower
b)
The bank
8.
Who pays interest when you deposit money in the bank?
a)
The depositor
b)
The bank
9.
To measure the stock market as a whole people look to 
a)
Dow Jones
b)
Stockbrokers
c)
Individual stocks
d)
Unemployment rate
10.
Stock brokers can a portion of the profit they make, this is called
a)
Commutation
b)
Interest
c)
Commission
d)
S&P 500
11.
Bad credit can affect your ability to 
a)
Buy a home
b)
Get a job
c)
Get a loan
d)
All of the above
12.
Amount of money originally borrowed
a)
Mortgage
b)
Principal 
c)
Annual percentage rate (APR)
d)
Finance company
13.
What will you pay back if you borrow $
a)
principal only
b)
interest only
c)
interest and finance charges
d)
principal + interest
14.
A savings account with a specific time period
a)
Savings Account
b)
Checking Account
c)
Certificate of Deposit (CD)
d)
Bond
15.
Which of the following is an example of a fixed expense?
a)
Rent
b)
Groceries
c)
Gas
d)
Clothes
16.
The least amount of money you can pay on a credit card per month.
a)
Credit Limit
b)
Minimum Payment
c)
Annual Percentage Rate
d)
Opportunity Cost
17.
What do debit cards and checks have in common? 
a)
The money comes directly out of your account
b)
You can pay the full amount later
c)
You are really taking out a small loan
18.
The agreement to receive cash, goods or services now and pay for them later.
a)
Check
b)
Debit
c)
Credit
d)
Late Fee
19.
Which of the following best describes what dividends are?
a)
The increased value of a stock.
b)
A periodic payment to the owners of a stock.
c)
A reward for selecting good stocks.
20.
Money owed to a person or a business
a)
Debit
b)
Credit
c)
Debt
d)
Late Fee
21.
This financial institution charges the most for interest but provides quick cash
a)
credit union
b)
savings and loan
c)
bank
d)
pay day loan company
22.
Buying stock through mutual funds is less risky than buying individual small pieces of many companies at a time because
a)
you diversify your risk  by buying small pieces of many companies at a time
b)
inflation is less likely to erode your investment
23.
In general, the higher the potential return on an investment, the riskier the investment.
a)
True
b)
False
24.
If a bank pays 3% interest on savings, how much interest will it charge for loans?
a)
3%
b)
less than 3%
c)
more than 3%
d)
the discount rate
25.
The amount of money you make per year
a)
Monthly income
b)
Annual income
c)
Monetary
26.

A line of credit established in advance so the borrower does not have to apply for credit each time new credit is desired.

a)

Rent‐to‐own loan

b)

Pawn loan

c)

Open‐end credit

d)

Refund anticipation loan

27.

A loan which the borrower must repay the amount in a specified number of equal payments.

a)

Title loan

b)

Payday loan

c)

Closed‐end credit

d)

Refund anticipation loan

28.

Short‐term loan that provides immediate cash by securing a borrower’s written check or receiving authorization for automatic withdrawal from the borrower’s depository institution account.

a)

Title loan

b)

Payday loan

c)

Closed‐end credit

d)

Refund anticipation loan

29.

Tangible items leased with the condition that the item will be owned by the renter if the term of rent (contract) is completed.

a)

Rent‐to‐own loan

b)

Pawn loan

c)

Open‐end credit

d)

Refund anticipation loan

30.

A loan based on the value of personal property.

a)

Rent‐to‐own loan

b)

Pawn loan

c)

Open‐end credit

d)

Refund anticipation loan

31.

The borrower gives the lender his/her automobile title in exchange for a set amount of cash.

a)

Title loan

b)

Payday loan

c)

Closed‐end credit

d)

Refund anticipation loan

32.

Short‐term cash advance secured by a taxpayer’s expected tax refund.

a)

Title loan

b)

Payday loan

c)

Closed‐end credit

d)

Refund anticipation loan

33.

Annual interest rates for alternative loans can be as high as 300%.

a)

True

b)

False

34.

All lenders check a person’s credit report and score during the loan approval process.

a)

True

b)

False

35.

The terms of a loan are always consistent for the length of the loan.

a)

True

b)

False

36.

An example of closed‐end credit is a secure credit card.

a)

True

b)

False

37.

If an individual does not meet the credit terms for a pawn loan, the lender will keep the property.

a)

True

b)

False

38.

Evaluating the purpose of credit is an important consideration to using credit responsibly.

a)

True

b)

False

39.

Depending on the credit terms, if a person has a late payment, consequences including higher interest rates, may occur.

a)

True

b)

False

40.

Examples of when credit, if used responsibly, can be a positive. (Check All that Apply)

a)

Credit can provide long‐term benefits such as the opportunity to earn a higher income as a result of investing in human capital.

b)

Credit may allow individuals to make large purchases, such as an automobile, that allows them to get to and from work.

c)

Having a credit card will allow an individual to make online purchases more securely and provide a source of open‐end credit in case of emergency.

d)

Credit will not allow individuals to make large purchases, such as an automobile, that allows them to get to and from work.

41.

Describe why a person is spending future income when using credit

a)

When borrowing, individuals are spending their future income because they are committing to making payments for a specified

b)

When borrowing, individuals are saving their future income because they are committing to making payments for a specified

42.

Drew is considering purchasing a new vehicle. What are the things he should review closely on the contract? (Check all that apply)

a)

Interest rate – What is the annual interest rate?

b)

Fees- Are there fees associated with the application process and/or the use of the credit? Are there any

fees for repaying the loan early?

c)

Missed or late payment- What does the credit contract indicate are consequences of missed or late payments?

d)

Default- What is the consequence of not paying back in full the borrowed amount?

e)

Location- Where is the credit institution located?

43.

Laura is using a rent‐to‐own store to purchase a computer valued at $1,000. She is paying $25 per week for 104 weeks (2 years). Why might this loan contribute negatively to her financial well‐being?

a)

She will be paying much more than $1,000 for the computer ($2,600).

b)

Using a Rent-To-Own store is a bad choice for everyone needing to purchase a computer

44.

Edward is considering buying a home using credit. What are three questions he should ask himself to ensure he is using credit responsibly?

a)

Could he wait in order to save money to use toward the purchase?

b)

Could he use savings or investment money to make the purchase?

c)

Can he manage the payment along with his other financial responsibilities?

d)

Is the house in a prime location for starting a business?

45.

Jonna is considering using a refund anticipation loan to have money for a deposit on a Caribbean vacation. What are two alternatives to credit that she should consider before using this type of credit? (Check all that apply)

a)

Using savings to pay for the deposit.

b)

Waiting until she has her refund before paying the deposit.

c)

Opening an account with Capital One and using the credit card to pay for the deposit

46.
What happens if you do not pay a credit card bill on time?
a)
Use your debit card
b)
You go into debt
c)
Declare bankrupty
d)
Pay interest
47.
What is the safest way to pay for an item to avoid debt?
a)
Cash
b)
Check
c)
Credit
d)
Debit
48.
Which card takes the money out of your account immediately?
a)
Credit 
b)
Debit
49.
When do you start paying into Social Security?
a)
When you retire
b)
When you turn 30
c)
When you get a full-time job
d)
When you want to
50.
What is the riskiest type of bond?
a)
Municipal
b)
Savings
c)
Corporate
51.
Which bank account earns you the most interest?
a)
Savings
b)
Checking
c)
Certificate of Deposit
52.
Who pays interest on a loan?
a)
The borrower
b)
The bank
53.
Who pays interest when you deposit money in the bank?
a)
The depositor
b)
The bank
54.
To measure the stock market as a whole people look to 
a)
Dow Jones
b)
Stockbrokers
c)
Individual stocks
d)
Unemployment rate
55.
Stock brokers can a portion of the profit they make, this is called
a)
Commutation
b)
Interest
c)
Commission
d)
S&P 500
56.
Bad credit can affect your ability to 
a)
Buy a home
b)
Get a job
c)
Get a loan
d)
All of the above
57.
Amount of money originally borrowed
a)
Mortgage
b)
Principal 
c)
Annual percentage rate (APR)
d)
Finance company
58.
What will you pay back if you borrow $
a)
principal only
b)
interest only
c)
interest and finance charges
d)
principal + interest
59.
A savings account with a specific time period
a)
Savings Account
b)
Checking Account
c)
Certificate of Deposit (CD)
d)
Bond
60.
Which of the following is an example of a fixed expense?
a)
Rent
b)
Groceries
c)
Gas
d)
Clothes
61.
The least amount of money you can pay on a credit card per month.
a)
Credit Limit
b)
Minimum Payment
c)
Annual Percentage Rate
d)
Opportunity Cost
62.
What do debit cards and checks have in common? 
a)
The money comes directly out of your account
b)
You can pay the full amount later
c)
You are really taking out a small loan
63.
The agreement to receive cash, goods or services now and pay for them later.
a)
Check
b)
Debit
c)
Credit
d)
Late Fee
64.
Which of the following best describes what dividends are?
a)
The increased value of a stock.
b)
A periodic payment to the owners of a stock.
c)
A reward for selecting good stocks.
65.
Money owed to a person or a business
a)
Debit
b)
Credit
c)
Debt
d)
Late Fee
66.
This financial institution charges the most for interest but provides quick cash
a)
credit union
b)
savings and loan
c)
bank
d)
pay day loan company
67.
Buying stock through mutual funds is less risky than buying individual small pieces of many companies at a time because
a)
you diversify your risk  by buying small pieces of many companies at a time
b)
inflation is less likely to erode your investment
68.
In general, the higher the potential return on an investment, the riskier the investment.
a)
True
b)
False
69.
If a bank pays 3% interest on savings, how much interest will it charge for loans?
a)
3%
b)
less than 3%
c)
more than 3%
d)
the discount rate
70.
The amount of money you make per year
a)
Monthly income
b)
Annual income
c)
Monetary
71.

A line of credit established in advance so the borrower does not have to apply for credit each time new credit is desired.

a)

Rent‐to‐own loan

b)

Pawn loan

c)

Open‐end credit

d)

Refund anticipation loan

72.

A loan which the borrower must repay the amount in a specified number of equal payments.

a)

Title loan

b)

Payday loan

c)

Closed‐end credit

d)

Refund anticipation loan

73.

Short‐term loan that provides immediate cash by securing a borrower’s written check or receiving authorization for automatic withdrawal from the borrower’s depository institution account.

a)

Title loan

b)

Payday loan

c)

Closed‐end credit

d)

Refund anticipation loan

74.

Tangible items leased with the condition that the item will be owned by the renter if the term of rent (contract) is completed.

a)

Rent‐to‐own loan

b)

Pawn loan

c)

Open‐end credit

d)

Refund anticipation loan

75.

A loan based on the value of personal property.

a)

Rent‐to‐own loan

b)

Pawn loan

c)

Open‐end credit

d)

Refund anticipation loan

76.

The borrower gives the lender his/her automobile title in exchange for a set amount of cash.

a)

Title loan

b)

Payday loan

c)

Closed‐end credit

d)

Refund anticipation loan

77.

Short‐term cash advance secured by a taxpayer’s expected tax refund.

a)

Title loan

b)

Payday loan

c)

Closed‐end credit

d)

Refund anticipation loan

78.

Annual interest rates for alternative loans can be as high as 300%.

a)

True

b)

False

79.

All lenders check a person’s credit report and score during the loan approval process.

a)

True

b)

False

80.

The terms of a loan are always consistent for the length of the loan.

a)

True

b)

False

81.

An example of closed‐end credit is a secure credit card.

a)

True

b)

False

82.

If an individual does not meet the credit terms for a pawn loan, the lender will keep the property.

a)

True

b)

False

83.

Evaluating the purpose of credit is an important consideration to using credit responsibly.

a)

True

b)

False

84.

Depending on the credit terms, if a person has a late payment, consequences including higher interest rates, may occur.

a)

True

b)

False

85.

Examples of when credit, if used responsibly, can be a positive. (Check All that Apply)

a)

Credit can provide long‐term benefits such as the opportunity to earn a higher income as a result of investing in human capital.

b)

Credit may allow individuals to make large purchases, such as an automobile, that allows them to get to and from work.

c)

Having a credit card will allow an individual to make online purchases more securely and provide a source of open‐end credit in case of emergency.

d)

Credit will not allow individuals to make large purchases, such as an automobile, that allows them to get to and from work.

86.

Describe why a person is spending future income when using credit

a)

When borrowing, individuals are spending their future income because they are committing to making payments for a specified

b)

When borrowing, individuals are saving their future income because they are committing to making payments for a specified

87.

Drew is considering purchasing a new vehicle. What are the things he should review closely on the contract? (Check all that apply)

a)

Interest rate – What is the annual interest rate?

b)

Fees- Are there fees associated with the application process and/or the use of the credit? Are there any

fees for repaying the loan early?

c)

Missed or late payment- What does the credit contract indicate are consequences of missed or late payments?

d)

Default- What is the consequence of not paying back in full the borrowed amount?

e)

Location- Where is the credit institution located?

88.

Laura is using a rent‐to‐own store to purchase a computer valued at $1,000. She is paying $25 per week for 104 weeks (2 years). Why might this loan contribute negatively to her financial well‐being?

a)

She will be paying much more than $1,000 for the computer ($2,600).

b)

Using a Rent-To-Own store is a bad choice for everyone needing to purchase a computer

89.

Edward is considering buying a home using credit. What are three questions he should ask himself to ensure he is using credit responsibly?

a)

Could he wait in order to save money to use toward the purchase?

b)

Could he use savings or investment money to make the purchase?

c)

Can he manage the payment along with his other financial responsibilities?

d)

Is the house in a prime location for starting a business?

90.

Jonna is considering using a refund anticipation loan to have money for a deposit on a Caribbean vacation. What are two alternatives to credit that she should consider before using this type of credit? (Check all that apply)

a)

Using savings to pay for the deposit.

b)

Waiting until she has her refund before paying the deposit.

c)

Opening an account with Capital One and using the credit card to pay for the deposit

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