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WorksheetsMoney Moves- Intro to Finance
Total questions: 40
Worksheet time: 20mins
Which of the following is NOT a common feature of a financial institution?
Access to ATMs
Investment trading
Direct deposit
Debit cards
Which of the following financial institutions typically have the highest fees?
Check cashing and payday loan companies
Credit unions
Brick-and-mortar banks
Internet banks
If there is an issue with your bank statement or account balance, who should you contact to resolve the issue?
The local police station
Your bank
The CFPB
The CFPB
What should you do before you use an ATM?
Inspect the ATM and its surroundings to make sure it is safe to use.
Ask someone nearby for help using the ATM.
Share your pin number with trusted friends so you don't forget it.
Memorize your debit card number because you'll need to type it in at the ATM.
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.
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 is a benefit of using a budget?
Helps to keep track of the money you receive
Helps to prioritize your spending
Helps reach short- and long-term financial goals
All of the above
Which of the following should NOT be considered when setting a current budget?
Your financial goals
Future income
Needs and wants
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
In addition to needs, what should you plan for first when creating a budget?
Possible charitable donations
Shopping money
Investments
Recurring expenses
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
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 usually don't affect your ability to pay bills.
When you are deciding what to buy, you should not...
compare the unit price of similar items.
read reviews from unbiased sources.
assume that buying the cheapest item is the smartest choice.
wait for sales to get the best price.
How is a post from a social media influencer different than a comment from a regular consumer?
It isn’t any different.
The post by the influencer is likely one-sided.
The post by the influencer may have been posted by the seller.
The influencer is paid to post the product.
What is one of the best ways to get reliable information about a product?
Follow a social media influencer
Look for the advertisements
Search online reviews
Ask someone who has never used it
Which payment option takes money out of your bank immediately?
A. Cash
Check
Debit Card
Credit Card
Which method of payment actually is a form of borrowing money that needs to be paid back later?
Cash
Credit Card
Debit Card
Check
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.
Credit cards can help _____________ when paid off on time regularly.
build credit history
act as a form of identification
lower your debt
balance your checking account
Generally, _____________ you receive, the higher your lifetime earnings will be.
the less education
the more education
the lower the score on standardized tests
the higher the score on standardized tests
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.
D. Your gross pay plus any bonuses.
The 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.
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
Deductions and credits can _______ what you owe in taxes each year.
increase
reduce
double
share with others
Making the choice to spend money on post secondary education pays off in the long run because:
You or your parents can write it off your taxes.
You can get grants and scholarships to pay for post secondary education while you are there.
The salary you will earn with a degree will pay back the cost of college over your career.
There are less expensive options for obtaining a post secondary education.
Which of the following answers lists 4 year colleges from generally the least expensive to most expensive?
In-state public university, private university, out-of-state public university
In-state public university, out-of-state public university, private university
Private university, in-state public university, out-of-state public university
Out-of-state public university, private university, in-state public university
Generally, the more education you receive, the higher your lifetime earnings will be.
True
False
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.
Gross pay
Net pay
Total pay
Year-to-date pay
When you start a new job, you fill out a W-4 form to _________.
determine how much your gross pay should be.
file your tax return.
avoid paying income taxes on your paychecks.
to determine how much federal income tax your employer should withhold from your paychecks.
What does the W-2 form tell you?
A. How much you've earned and how much taxes you've paid in the last year.
B. When to file your tax return.
C. How much federal income tax your employer will withhold from your paycheck.
D. How often your employer will be paying you.
What do taxes pay for?
Schools, government departments, roads, and emergency services
Privately-owned businesses
Operation of financial institutions
When considering a job offer, you should only consider how much you're being paid before you accept the offer.
TRUE
FALSE
Wearing a seat belt, not texting when driving, and driving carefully are all examples of...
insurance policies.
warranties.
risk management strategies.
deductibles.
Something people buy to protect themselves from losing a lot of money in the event something happens to them or their property is known as...
risk management.
liability.
warranty.
insurance.
An insurance deductible is...
the monthly premium on an insurance policy.
a 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.
Choose the statement that is true about health insurance.
You should always have health insurance, regardless of your circumstances.
You don’t need health insurance if you are under age 26.
You don’t need health insurance if you are young and healthy.
You do not need health insurance if you do not have a full time job.
Buying a home security system is an example of protecting your home against________.
deductibles
risk
warranties
insurance
Why should you purchase insurance?
To prevent financial burden in the case of an accident, theft, or another event
To get a warranty on a household item
To purchase monthly premiums
To avoid committing a crime
A deductible is paid by...
the insurance company.
the policyholder.
the claims adjuster.
the government.
Insurance that will pay for injury to another driver and/or damage to their car if you are in an accident is called...
comprehensive insurance.
liability insurance.
collision insurance.
uninsured motorist insurance.
