WorksheetsEconomics and Personal Finance Exam Review 2022
Total questions: 30
Worksheet time: 10mins
Name
Class
Date
1.
Online banking allows you to transfer funds, check your account balances, and sometimes make payments.
a)
true
b)
false
2.
The number that is written in the box of the check that represents how much the check is worth is called the numerical amount.
a)
true
b)
false
3.
Commercial banks deal directly with individuals and small businesses
a)
true
b)
false
4.
All healthy choices lead to positive consequences.
a)
true
b)
false
5.
Economists are mostly interested in money.
a)
true
b)
false
6.
In a command economy, the government regulates how goods and services are distributed.
a)
true
b)
false
7.
When demand is greater than supply, the price goes down.
a)
true
b)
false
8.
Competition is a driving force in a free enterprise economy.
a)
true
b)
false
9.
Most nations put restrictions on imports to give their domestic businesses a competitive advantage over foreign ones selling the same product or service.
a)
true
b)
false
10.
Making a purchase based on an immediate want or due to the pressure of advertising is impulse buying.
a)
true
b)
false
11.
Jamie works as a waiter at the Mexicana Restaurant and receives $150 a week in gross income. He earns approximately another $100 a week in tips. His combined pre-tax income is, therefore, $13,000 a year. After exemptions and deductions, the figure he uses to calculate his taxes is $11,050 a year. This figure is known as Jamie’s________.
a)
taxable income
b)
net income
c)
gross income
d)
adjusted gross income
12.
The percentage of interest you either make or pay on a principal
a)
pay back rate
b)
credit rate
c)
interest rate
d)
principal rate
13.
One of Toni’s seldom-used credit cards has been stolen without his knowledge. When he gets his monthly statement, he realizes that someone else has been using the card and reports it stolen. The maximum amount of the unauthorized purchases he is he liable for is:
a)
zero
b)
50
c)
the total amount
d)
25
14.
Morgan gives Mia her Henrico Credit Union debit card and personal identification number (PIN) so Mia could get $20 from Morgan’s bank account. Mia withdrew $100 instead of the agreed $20. How can Morgan get the $80 back?
a)
Demand the Henrico Credit Union to reimburse her for Mia’s unauthorized transaction
b)
File a complaint with the Federal Reserve Board to reimburse her for Mia’s unauthorized transaction
c)
Demand that the bank where Mia has her checking account reimburse her for Mia’s unauthorized transaction
d)
No bank or government agency is obligated to reimburse Morgan because she authorized Mia to use her debit card and PIN
15.
Keep track and identifies checks you write
a)
ball number
b)
room number
c)
employee number
d)
check number
16.
When Sara was talking with a car salesperson regarding a lease agreement, she learned she would have to make an initial payment to cover the cost of setting up the lease. This fee also included a security deposit that is refundable at the end of the lease. This fee is known as a(n)_______.
a)
acquisition fee
b)
residual fee
c)
cost reduction fee
d)
capitalization fee
17.
This is a cooperative banking service that is privately owned and controlled by members. Provides credit at low rates for members.
a)
retail bank
b)
commercial bank
c)
credit union
d)
payday loans
18.
This is where the authorized signer places his/her name on the check. Without the authorized signer’s name, the check will not be cashed. It must have the authorized user’s
a)
signature
b)
nick name
c)
middle name
d)
postage stamp
19.
A plan of how you will spend the money that you make or receive
a)
budget
b)
loan
c)
debt
d)
income
20.
When keeping track on how much money you take from your account and how much money you deposit into your account; you are
a)
bouncing checks
b)
closing the account
c)
opening the account
d)
balancing the account
21.
The second range of numbers at the bottom of the check identifies which account to take the money from. This is called the
a)
routing number
b)
account number
c)
address
d)
telephone number
22.
This is not a bank! They offer small loans with repayment of the loan within the next week or next paycheck. The interest rate is usually 120% or more.
a)
Loan sharks
b)
bank lenders
c)
payday lenders
d)
credit union
23.
This is the central banking system of the United States. They prevent banking disasters and promotes a healthy economy
a)
Federal Reserve
b)
Bank of America
c)
the Government
d)
Wells Fargo
24.
Banks use savings account deposits to
a)
pay interest to checking account depositors
b)
pay bonuses to executives
c)
give loans to consumers and businesses
d)
help different charities in the area
25.
A creditor may deny credit because of
a)
bad credit history
b)
age
c)
marital status
d)
race
26.
Lisa lost her debit card. She did not report it missing for one week. If an unauthorized person used her debit card, her maximum liability is
a)
50
b)
500
c)
unlimited liability
d)
no liability because she notified the financial institution
27.
The quantity of a product that producers are willing and able to make available for sale at various prices over a given time is said to be _________.
a)
surplus
b)
supply
c)
demand
d)
shortage
28.
The government defines this as any form of money, property, or services that you receive.
a)
debt
b)
needs
c)
wants
d)
income
29.
Consumer Credit Counseling Services (CCCS) offer:
a)
reticent plans
b)
debt repayment plans
c)
stocks and bonds
d)
insurance policies
30.
Employees prefer direct deposits because:
a)
There is a small fee for the service
b)
the danger of losing a paycheck is slightly reduced
c)
the money is generally deposited in their checking account sooner than it would be if they had to deposit it in person
d)
direct deposits earn a higher rate of interest rate
100 %
