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PF - Quarterly #1 - Review

Total questions: 49

Worksheet time: 19mins

Name
Class
Date
1.

Who primarily uses our tax money? (hint: choose 2 correct answers)

a)

Your employer

b)

The state government

c)

The Federal government

d)

Local Businesses

2.

Our tax money is spent on all of the following EXCEPT:

a)

Social Security

b)

The Military

c)

Private School Education

d)

National Parks

3.

Which of the following is NOT a category in the Federal government's spending?

a)

Mandatory spending

b)

Discretionary spending

c)

Interest on loans issued

d)

Interest on national debt

4.

What types of taxes contribute to Federal tax revenue? ( hint: choose 4 correct answers :)

a)

Corporate Income Tax

b)

Income Tax

c)

Estate Tax

d)

Excise Tax

5.

The W-4 form lets...

a)

the government know how much you paid in taxes last year

b)

your employer know how much to withhold from your paycheck

c)

the 3 major credit bureaus know how many dependents you have

d)

you know how much you paid in taxes last year

6.

Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?

a)

Yes

b)

No

7.

What item would you DEFINITELY see on a paystub?

a)

Retirement

b)

Healthcare

c)

Gross Pay

d)

Your occupation/role

8.

By claiming "exempt" on the W-4 form...

a)

You are paying all income taxes upfront at the START of the year.

b)

You are requesting an extension to file your taxes

c)

You will NOT have income taxes withheld from your paycheck.

d)

You are paying all income taxes at the END of the calendar year.

9.

Jason filed his 2021 tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?

a)

April 18th

b)

October 15th

c)

December 31st

d)

January 1st of the next year

10.

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

a)

True

b)

False

11.

Which of the following is FALSE about the W-2 form? (hint: choose 2 correct answers)

a)

The W-2 is sent out in April of every year

b)

It lets you know how much you earned last year

c)

It lets you know how much was withheld from your paychecks

d)

You get 1 W-2 form every year, even if you had multiple jobs

12.

Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?

a)

No, because he didn't earn enough.

b)

No, because you have to be 16 and older to file taxes.

c)

Yes, because he may get a refund.

d)

Yes. You must file taxes even if you didn't earn enough.

13.

What do you need to file your 1040 form? (hint: choose 2 correct answers)

a)

Your W-2

b)

Your W-4

c)

Your prior year's tax return

d)

Social Security Number

14.

Which of the following is NOT a way you can file your taxes?

a)

Through a tax professional

b)

Mailing in a paper tax return to the Federal government

c)

Using tax software like TurboTax

d)

Through your employer's HR department

15.

True or False: A teen's earned income can be reported on a parent's tax return.

a)

True

b)

False

16.

If a teen files a tax return, can the parent still claim him/her as a dependent?

a)

Yes. All teens are dependents until they are 18 years old

b)

No. If a teen files a tax return, he/she cannot be claimed

c)

Yes, as long as the teen meets the dependency requirements

d)

Yes, but the parent has to add the teen's income to theirs

17.

Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?

a)

She will report her total income as $1,700.

b)

She will report her total income as $1,200.

c)

She will report her total income as $500.

d)

Luisa is required to file a tax return.

18.

Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)

a)

Earned is how much you make from a job

b)

Earned is any money you make in interest, dividends, etc.

c)

Unearned is any money you make in interest, dividends, etc

d)

Unearned is how much you make from a job

19.

If you owe taxes, which of the following is FALSE?

a)

You can make a payment using cash

b)

You can delay your payment deadline

c)

With an agreement, you can pay it in installments

d)

You can make a payment with a debit, but not credit card

20.

Which is TRUE if you do not pay your taxes?

a)

You owe twice as much the following year

b)

You're more likely to be approved for low interest loans

c)

You cannot go to jail (but you will be heavily fined)

d)

Your credit score may be impacted

21.

People who are unbanked are most likely to...

a)

Use a mobile banking app

b)

Receive a monthly statement of their transactions

c)

Deposit their checks at the ATM

d)

Incur lots of fees at Check Cashers to access their money

22.

Which of the following is TRUE about checks? (hint: choose 2 correct answers)

a)

You should endorse the back when writing a check

b)

The amount of money is written both numerically and in words

c)

Checks should show up on your statement within 30 days

d)

You should endorse the back when depositing a check

23.
You can access the money in your checking account by...
a)
Using the cash grandma gave you to pay at the grocery store
b)
Paying bills with a pre-paid debit card
c)
Transferring money though your online account
d)
Using your credit card to Venmo a friend
24.

Overdraft protection...

a)

is a service offered only for premium checking accounts.

b)

brings in a few hundred dollars each year to banks.

c)

is a fee-free service that prevents you from overdrawing.

d)

can keep you from overdrawing but charges a fee.

25.
Which of the following fee(s) may banks charge you?
a)
Online Statement Fee
b)
Monthly Maintenance Fee
c)
In-Network ATM Fee
d)
Sufficient Funds Fee
26.

Mobile or email alerts for your checking account can notify you of...(hint: choose 3 correct answers)

a)

Low balances

b)

Unusual activity

c)

Deposits

d)

Credit Card transactions

27.
What is the benefit of direct deposit?
a)
Any overdraft fees are waived
b)
You don't have to spend time and energy depositing a check
c)
The funds from your paycheck are usually available between 3-5 business days
d)
You get a tax benefit from the Federal government
28.
Which of the following is TRUE about banks and credit unions?
a)
Banks are for-profit; credit unions are not-for-profit
b)
Banks are not taxed; credit unions are taxed
c)
Banks are insured by the NCUA; credit unions by the FDIC
d)
There are more local credit unions than there are banks
29.
Your friend wants to open up a checking account. Which of the following items is NOT necessary to do so?
a)
His (or his parents') previous year's tax return
b)
Proof of address
c)
Identification
d)

Opening Deposit

30.

Which of the following will DEFINITELY show up on your bank statement at the end of July? (hint: choose 2 correct answers)

a)

Ice cream bought with your debit card on July 16th

b)

A salad bought with cash on July 5th

c)

A birthday check you gave to your brother on July 18th

d)

An ATM withdrawal you made on July 21st

31.
Which of the following is TRUE of prepaid debit cards?
a)
They are issued by your bank & connect to your checking account
b)
There are usually minimal fees associated with them
c)
Prepaid cards can help build your credit
d)
They can be used as an effective budgeting tool
32.
Which of the following is NOT a common way most people are using P2P?
a)
To pay rent
b)
To pay off their credit cards
c)
To pay back friends
d)
To buy gifts
33.
What feature is LEAST important for a college student to look for in a checking account?
a)
Low minimum balance requirement
b)
Interest rate
c)
Fees
d)
ATM availability
34.

A checking account is best used for...(hint: choose 2 correct answers)

a)

Saving money

b)

Storing money to spend

c)

Investing money

d)

Somewhere to safely keep money you earn

35.
Which of the following is TRUE about Student Checking accounts?
a)
There are no minimum balance requirements
b)
They all expire only when you turn 24 years old
c)
They are offered only by 3 U.S. banks
d)
Some have monthly fees
36.
Which of the following is FALSE about check registers?
a)
It can help you identify mistakes in your bank statement
b)
It can help you avoid writing checks that cause an overdraft
c)
You can submit them to the bank and verify each transaction
d)
You know exactly how much money you have left to spend
37.
What is a typical overdraft fee?
a)
$5
b)
$15
c)
$25
d)
$35
38.

How can you protect your checking account when using online and mobile banking? (hint: choose 2 correct answers)

a)

Use a strong password

b)

Sharing your pin # with only 1 person in case you forget it

c)

Connect to a secure WiFi network

d)

Opt-out of alerts to notify you of unusual activity

39.
You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees?
a)
$7.50 check, $15 check, $5 check, $35 check
b)
$35 check, $7.50 check, $5 check, $15 check
c)
$15 check, $5 check, $35 check, $7.50 check
d)
$5 check, $7.50 check, $35 check, $15 check
40.
Why is understanding a bank's fees particularly important for students or young adults?
a)
With less banking experience they may incur fees unknowingly
b)
They may have high balances in their account and are therefore likely to overdraft easily
c)
Banking is like insurance; being younger means higher fees
d)
Your credit score is heavily dependent on how well you bank
41.
How is wealth defined?
a)
How much money you have in your Checking and Saving accounts
b)
Debts - Assets
c)
All assets, including money in the bank + retirment
d)
Assets - Debts
42.
Which is NOT a typical goal for a savings account?
a)
To create an emergency fund
b)
To pay for higher education
c)
To save for a new car
d)
To buy groceries for this week
43.
About how much should you save in an emergency fund?
a)
1-3 months of living expenses
b)
3-6 months of living expenses
c)
6-9 months of living expenses
d)
9-12 months of living expenses
44.
What is a good strategy to help you save?
a)
1st, spend money on all expenses; put the rest into saving
b)
Tap into your savings on a regular basis to purchase small items, like snacks
c)
Pay yourself first - set aside money for savings each month
d)
Keep your spending and saving money together in 1 account
45.
How is compound interest different than simple interest?
a)
It is simple interest - interest earned on that interest
b)
It is double the simple interest earned on an investment
c)
It is simple interest + interest earned on that interest
d)
It's not different; they are one and the same
46.

Which is TRUE about online saving accounts? (hint: choose 2 correct answers)

a)

Usually have higher interest rates than non-online accounts

b)

They usually have lower costs compared to brick-and-mortar banks

c)

Online accounts are not FDIC insured

d)

You can withdraw money an unlimited # of times

47.

What might you need to open a savings account? (hint: choose 2 correct answers)

a)

Minimum opening deposit

b)

Your previous year's tax returns (or your parents')

c)

The routing number to a checking account

d)

Identification

48.
How does inflation impact the money in your savings account?
a)
Inflation decreases only the $ you earn in interest
b)
Inflation increases the value of the money in your account
c)
Inflation has no impact on $ in your savings account.
d)
The purchasing power of your money decreases over time
49.
True or False: You need a checking account to open a savings account.
a)
True
b)
False

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