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WorksheetsFBLA Personal Finance Practice Test
Total questions: 35
Worksheet time: 18mins
The due date for filing personal income taxes every year is _____.
December 31
April 15
January 31
June 30
Expenses that increase or decrease from month to month are called _____.
Fixed expenses
Unearned expenses
Prepaid expenses
Variable expenses
A form an employer must provide employees each year for income tax purposes is called a _____.
W-2
W-4
1040
1099-INT
A “good” score on a credit report is around ___.
400
500
600
700
Which of the following is a fixed expense?
grocery bill
entertainment
car loan
doctor bill
A company that tracks down delinquent debt in exchange for a commission is called a _____.
Debt agency
Lending institution
Credit union
Collection agency
A check is written to Sonya Perry. On the back of the check, Sonya writes, “For Deposit Only,” then signs her name. What kind of endorsement is this?
Special
Blank
Restrictive
All of the above
Hours Worked × Rate =
Overtime Pay
Gross Pay
Net Pay
Take-home Pay
Scholarships, work-study, grants, and student loans are examples of _____.
free money
financial dependency
financial aid
Winnings from essay writing contests
A plastic card directly linked to a checking account and used to make purchases is a _____.
Prepaid card
Credit card
Debit card
Gift card
A monthly report sent to an account holder by the bank, showing a transaction history and bank balances for the month is called a _____.
bank reconciliation report
bank statement
bank history report
financial statement
When the stock market is trending upward or gaining value over a period of time, it is referred to as a _____.
Bull market
Bear market
Stagnant market
Super market
Credit cards fall into the credit category of _____.
Installment loans
Revolving credit
Cash advances
Open credit
APR stands for _____.
Actual Percentage Rate
Actual Production Rate
Annual Production Rate
Annual Percentage Rate
A bounced check is a common term used when checks are written and there are _____.
Sufficient funds
Insufficient funds
Certified checks
Uncertified checks
Copies of Form W-2 must be provided to employees by their employer for the previous tax year no later than _____.
April 15
December 31
January 1
January 31
The form you must fill out when being hired for a job that determines the amount of withholdings your employer will take from your gross pay is the _____.
W-4
W-2
I-9
IRS Form
A professional who can suggest a comprehensive, individualized action plan to help you reach your financial goals is called a ___
Business Teacher
Financial Advisor
Loan specialist
Collection agent
Assets – liabilities =
Net worth
Net pay
Net profit
Net income
Which of the following is not a main credit bureau for rating your credit score?
Equifax
TransUnion
Western Union
Experian
A technique involving simply copying your credit card or debit card numbers from your cards is an identity thief’s tactic called _____.
Phishing
Skimming
Shoulder surfing
Dumpster diving
The following are ways to protect against identity theft except _____.
being cautious about giving out credit card information over the phone
keeping a list of all credit cards and bank accounts
throwing away un-shredded mail with personal information in the trash
shopping online only on secure sites
Credit reports are issued by _____.
Credit bureaus
Your employer
Credit unions
Commercial banks
Checking accounts protected by the FDIC are protected from loss for up to _____
$100,000
$250,000
$500,000
$1,000,000
Getting information from a person online by asking her to complete a survey or provide certain information to win a free vacation or product is called _____.
Skimming
Phishing
Pre-texting
Hacking
The phrase “pay yourself first,” refers to the idea of _____.
If you want it now, buy it now.
Do what you want first, then worry about the remaining amount.
Save money first, then budget the rest of your money.
Treat yourself. You deserve it.
How can you determine if you have reconciled your bank account?
All of the items on the bank statement match your check register.
When the bank balance and your check register balance are the same.
When you close your account at the bank.
When you write the bank statement balance in your check register and use that amount.
Harold writes a check to the power company for $203.22. He should record this amount in his check register in the _____.
Balance column
Deposit/credit column
Fee column
Payment/debit column
With _______, the bank deducts payments from your account and transfers them to the appropriate companies.
automated teller machines
automatic bill payment
direct deposit
credit cards
Retirement planning should ideally begin_________.
a few years before retirement
when all debts are paid off
when kids go off to college
when the first paycheck is received
A person's ______ is a measure of the amount of money coming in versus the amount going out.
cash flow
allowance
income statement
debt ratio
A budget that shows a surplus means that ______.
more money was spent on entertainment than orginally planned
less was spent than what was earned
you received a cut in pay
spent money budgeted for emergencies on car repairs
A general rise in the level of prices for goods and services over time is referred to as ___________.
recession
inflation
liquidity
deflation
What are expenses that are essential to live and function?
Wants
Cost of Living
Needs
Variable Expense
What is interest paid on interest previously earned?
Compound Interest
Interest Rate
Inflation
Rate of Return
