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Financial Literacy FINAL EXAM REVIEW

Total questions: 123

Worksheet time: 1hrs 28mins

Name
Class
Date
1.
The amount you pay for an insurance policy.
a)
Rider
b)
Premium
c)
Deductible
d)
Co-Pay
2.

If you have a positive net worth, your liabilities total...

a)

more than your assets

b)

less than your assets

c)

the same as your assets

d)

twice as much as your assets

3.

Your net worth is your ________ minus your ________

a)

assets; liabilities

b)

liabilities; assets

c)

stocks; bonds

d)

paycheck; deductions

4.

What is something you already own (positive cash value)?

a)

asset

b)

liability

5.

What is debts you owe (negative cash value)?

a)

assets

b)

liabilities

6.

MONEY IN A SAVINGS ACCOUNT

a)

asset

b)

liability

7.

CAR LOAN

a)

asset

b)

liability

8.

CREDIT CARD BILL

a)

asset

b)

liability

9.

HOME VALUE (equity)

a)

asset

b)

liability

10.

How do you calculate Net Worth?

a)

assets - liability

b)

liability - assets

11.

Can a Net Worth be negative?

a)

Yes, if the liabilities are greater than the assets

b)

No, assets are greater than liabilities

12.

what is Human Capital?

a)

Money Assets of a Company

b)

Immigration of people into America

c)

Treating yourself to a nice dinner

d)

A worker's skill, knowledge, and experience

13.

What is an example of Human Capital? Select all that apply

a)

On the Job training

b)

A company wanting to expand

c)

Graduating with a degree

d)

Losing the cash in your wallet

14.

What would cause one job to pay more than another?

a)

The age of the individual

b)

The number of french fries the person can eat in a minute

c)

How much fun they have while they work

d)

The length of training, level of education, and the difficulty of the job

15.

Brian is a mechanic. Which of the following ways can he increase his Human Capital?

a)

Working on multiple cars at the same time

b)

Asking his employer for a raise

c)

Attending classes to improve his skills

d)

Hoping for a promotion without actually in any of the work

16.

What is "interest"?

a)

a web-only bank

b)

buy now, pay later

c)

a business that provides money-related services

d)

a few paid or received for the use of money

17.

What is one of the benefits of using credit?

a)

overspending

b)

paying a lot of interest

c)

increased financial opportunities

18.

Eric purchased a movie ticket with his card. This money will come straight out of his checking account. What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

19.

Kristy’s gas pump went out as she was driving her car. Since she did not have enough money to cover the cost to replace the pump, she used a card that allowed her to pay later. What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

20.

The amount charged if your payment is received after the billing due date.

a)

late payment fee

b)

overdue fee

c)

withdrawal fee

d)

loser fee

21.

The maximum amount you are allowed to carry as a balance on the card

a)

interest

b)

ARP

c)

credit limit

d)

all of these

22.

Which one is considered a danger of using a credit card

a)

no cash needed

b)

leads to overspending

c)

convenient

d)

earns rewards

23.

To build a good credit history, you should

a)

open as much credit as possible quickly

b)

use the maximum credit allowed on all your credit cards

c)

pay on time and as much of your balance as possible

d)

all of these

24.

Another name for the amount of money borrowed at the start of loan.

a)

lien

b)

collateral

c)

interest

d)

principal

25.
The cost of credit expressed as a yearly interest rate is known as:
a)
Annual Percentage Rate (APR)
b)
Annual Fee
c)
Penalty APR
d)
Introductory Rate
26.
What is an introductory rate?
a)
An introduction to the credit card 
b)
A fee charged
c)
The interest rate of a specified period. 
d)
A low interest rate offered for a limited time, usually for the first 3 to 6 months. 
27.
How do credit card companies make money?
a)
By charging late fees and interest to their customers.
b)
By making you pay an extra dollar on every purchase.
c)
By charging late fees and interest to stores and other businesses.
d)
By earning interest on the money they have saved up.
28.
The least amount that must be paid on a credit card each month is
a)
Late Fee
b)
Credit Limit
c)
Payment amount
d)
Minimum Payment
29.
Only making the minimum payment on a credit card every month will:
a)
lower the amount total paid for the purchase
b)
make you independently wealthy
c)
take longer to pay off which will result in paying more interest, more money!
d)
pay off the credit card faster
30.

This is a fee that some, but not all, credit card issuers charge to use their credit card. It is a ONE time fee paid each year.

a)

APR

b)

annual fee

c)

monthly fee

d)

no such thing

31.

A revolving loan account is --

a)

a loan that can be used over and over again (a credit card is an example)

b)

a loan that is used once and closed

c)

a loan that cannot be closed

d)

a loan that can be used without any late charges

32.

The credit card act of 2009 says credit card companies MUST

a)

allow you a 30 day grace period

b)

put the credit card minimum payment warning on your bill

c)

force you to pay more than the minimum payment

33.

What is A on the check?

a)

check number

b)

date check was written

c)

Name and address of the checking account holder

34.

What is C on the check?

a)

check number

b)

bank ID numbers

c)

amount of check in numbers

35.

What is E on the check?

a)

signature

b)

amount of check in numbers

c)

account number

36.

What is F on the check?

a)

signature

b)

purpose of the check

c)

account number

37.

What is G on the check?

a)

purpose of the check

b)

account number

c)

amount of check in words

38.

What is H on the check?

a)

amount of check in words

b)

company or person being paid

c)

purpose of the check

39.

What is I on the check?

a)

company or person being paid

b)

name and address of the account holder

c)

amount of check in words

40.

What is J on the check?

a)

company or person being paid

b)

name and address of the account holder

c)

date the check is written

41.

If you make a mistake on a check you need to...

a)

fix the mistake

b)

VOID it out by writing VOID across it

c)

just throw it out

42.

Identify what goes in space 4 on a check if you are writing a check for ten dollars. Choose the BEST form for the answer.

a)

Ten and 00/100

b)

Ten and 00/100----

c)

Ten and 10/100----

d)

10 dollars and 00/100---

43.

What is it called when you sign the back of the check before depositing or cashing a check?

a)

deposit

b)

endorsing/endorsement

c)

withdrawing/withdrawal

d)

cashing in

44.

Who signs the back of a check when it is endorsed?

a)

The person who owns the checking account.

b)

The person who is receiving the check.

c)

The bank teller when the check is being cashed.

d)

The bank teller when the check is being deposited.

45.

Why would a check have "void" written on it?

a)

to void a check means that the check can only be deposited.

b)

to void a check means that the check cannot be used, deposited, or cashed.

c)

to help the banks read who the check is written to.

d)

It's the bank tellers name.

46.
What is a credit score?
a)
What lenders use to see if you are able to pay back credit
b)
3 numbers
c)
What your score on a test is that was worth credit
47.
What is credit?
a)
When one party provides money/resources to another party with the intention money gets paid back
b)
What you get when you finish a test and Mr. Beltz puts it in the gradebook
48.
It would be best to have a high credit score
a)
True
b)
False
49.

What are the big 3 credit bureaus?

a)

Innovis

b)

Experion

c)

Equifax

d)

Transunion

50.

How long will a negative credit action usually remain on a credit report?

a)

4 years

b)

11 years

c)

7 years

d)

15 years

51.

What is important in establishing good credit?

a)

Making payments on time

b)

Being late on payments

c)

Spending 100% of your credit limit

d)

Missing a payment

52.

Who would be more likely to get a car loan?

a)

Dave with a credit score 560

b)

Julie with a credit score 780

53.

A record of a person’s use of credit

a)

Credit Score

b)

Credit Report

54.

A numerical summary of your credit history that indicates your credit worthiness

a)

Credit Score

b)

Credit Report

55.
My credit history does not affect my chances for renting my first apartment.
a)
True
b)
False
56.
To build a positive credit history, I should pay cash for all purchases.
a)
True
b)
False
57.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
58.
My landlord can report my failure to pay rent to a credit reporting agency.
a)
True
b)
False
59.
If my credit card allows me to charge up to $1,000, I should charge the maximum amount to build my credit history.
a)
True
b)
False
60.

What kind of coverage pays for damages to your car if you are at fault?

a)

Collision

b)

Comprehensive

c)

Under-insured Motorist

d)

Uninsured Motorist

61.

The government health plan that covers individuals who have a limited or low income is:

a)

Medicare.

b)

TRICARE.

c)

Medicaid.

d)

Social Security.

62.

A health insurance co-pay is

a)

an amount paid out of pocket before your insurance coverage begins.

b)

paid by the insurer.

c)

applied on an annual basis.

d)

a fixed amount of money you pay each time you use your plan.

63.
cost of your insurance that you pay each month
a)
co-pay
b)
deductible
c)
premium
d)
co-insurance
64.
The amount you owe before your health insurance begins to reimburse a claim.
a)
deductible
b)
premium
c)
owed amount
65.
Provider
a)
Federal program that provides insurance for the elderly
b)
A health professional who provides services
c)
Treatment of conditions not covered by the insurance company
d)
Comprehensive health benefit program
66.
Health Insurance
a)
Portion of the cost of service to be paid by the employer
b)
Protection against financial lost by unplanned health related events
c)
Treatments for conditions not covered by insurance policies
d)
Services rendered by providers
67.
What is the definition of out-of-pocket maximum?
a)
The amount of money your pockets can hold
b)
The deductible you have to pay for insurance
c)
Maximum money you can pay out of pocket before insurance pays the rest
d)
The amount of money you pay to your insurance company every month
68.

Health Insurance helps you

a)

fight off colds and viruses

b)

pay health care costs

c)

receive wages when you're too sick to work

d)

cook delicious meals

69.

Most people get their health insurance _____________.

a)

at the supermarket

b)

after they are 80 years old

c)

through their employer

d)

through their school

70.

The amount of money you must pay each year before your insurance begins covering costs is called the _____________.

a)

deductible

b)

out of pocket max

c)

premium

d)

deduckbill

71.

Do you need health insurance?

a)

Yes, everyone should have health insurance.

b)

No, only senior citizens need health insurance

72.

Joe just turned 65. What kind of insurance can he get now?

a)

Tri-care

b)

Medicare

c)

Medicaid

d)

Life

73.

Insurance for low income families and disabled

a)

Medicare

b)

Medicaid

c)

Tricare

d)

Public

74.
Medicaid
a)
Federal health insurance program administered by the state for people with income below the poverty level
b)
Federal health insurance for the elderly
c)
Fee paid for services rendered
d)
Health insurance for members of the military and their families
75.

Which of the following plans will your insurance NOT pay if you go out-of-network?

a)

PPO

b)

HMO

76.

______insurance provides financial protection against overwhelming medical expenses

a)

Health

b)

Comprehensive

c)

Auto

d)

Liability

77.

This insurance model requires you to select from a list of "approved providers" before you can see a specialist.

a)

HMO

b)

PPO

c)

Point of Service Plans

d)

COBRA

78.

What is the disadvantage of belonging to an HMO?

a)

monthly fee, no additional charge for care

b)

required to see only HMO affiliated providers

c)

care is directed toward prevention of disease

d)

private insurance option

79.
for-profit financial companies and can be large or small, national or local.
a)
Credit Union
b)
Bank
80.
not-for-profit financial cooperatives that are typically small and local.
a)
Credit Union
b)
Bank
81.
Anyone can join?
a)
Credit Union
b)
Bank
82.
Fewer Fees, Better Rates
a)
Credit Union
b)
Bank
83.
FDIC insured for up to $250,000
a)
Credit Union
b)
Bank
84.
NCUA insured for up to $250,000
a)
Credit Union
b)
Bank
85.
The contract between a tenant and a landlord
a)
Rental agreement
b)
Lease
c)
Deed
86.
Money set aside that the landlord keeps if the tenant causes damage to the rental property
a)
Security deposit
b)
Safeguard deposit
c)
Shelter deposit
d)
Safekeeping deposit
87.
The value of a home minus the amount owed is called ____________
a)
Collateral
b)
Equity
c)
Waste
d)
Market Value
88.

Buying a home will usually have fewer costs then renting.

a)

True

b)

False

89.

A lease is designed to protect the rights of both the tenant and the landlord.

a)

True

b)

False

90.
The name for a renter is:
a)
landlord
b)
rentee
c)
tenant
d)
lease 
91.

In order to rent a place, what may be requested by the landlord?

a)

That you own a car

b)

References and/or a credit check

c)

Proof of vaccinations

d)

All of the above

92.

What type of tax do you pay when you own a home?

a)

Income Tax

b)

Property Tax

c)

Sales Tax

93.

How can I find out how much taxes are associated with a property in Galveston County?

a)

search for har.com

b)

search Galveston County CAD property

c)

go to the property nd guess how much the taxes are

d)

ask a friend

94.

I can increase my net worth by owning a home.

a)

True

b)

False

95.

Which insurance coverage will pay for any damages you cause to another person's vehicle?

a)

Collision

b)

Liability

c)

Personal Injury Insurance

d)

Uninsured Coverage

96.

Which of the following is a way to lower your insurance premium?

a)

have a good driving record

b)

be involved in sports

c)

have a parent with you at all times

d)

buy a sports car

97.

Which website can I visit to find out my car's value?

a)

CarFax

b)

Kelley Blue Book

c)

www.texas.gov

98.

Which website can I visit to find out my car's history?

a)

CarFax

b)

Kelley Blue Book

c)

www.texas.gov

99.

You cause damage to YOUR car by fire hydrant. What insurance will fix your car?

a)

Liability

b)

Uninsured/underinsured

c)

Collision

d)

Comprehensive

100.
Someone stole YOUR car.
a)
Liability
b)
Uninsured/Underinsured
c)
Collision
d)
Comprehensive
101.

The maximum amount of time over which an individual agrees to repay an auto loan. Typically ranges from 36 to 84 months.

a)

Loan

b)

Term Length

c)

Down payment

d)

Annual percentage rate (APR)

102.

Auto insurance is the same price, no matter what company you select.

a)

True, prices are set

b)

False, you should call around for quotes

103.

vehicle identification number. every single car ever made has its own.

a)

VIN

b)

lemon

c)

trade-in

d)

trim

104.

A disadvantage of buying a new car is it loses value faster than a used car. This is called

a)

Capital gain

b)

Inflation

c)

Depreciation

d)

Amortization

105.

-a vehicle that has undergone a major insurance incident and has been deemed by the insurance agency to not be worth the cost of repairs. What title will this vehicle have?

a)

Clean Title

b)

Salvage Title

c)

Trash Title

106.

Three things that will always be withheld from your earnings are Federal Income Tax, Social Security, and Medicare

a)

True

b)

False

c)

Depends

107.

All states require their residents to pay state income tax.

a)

True

b)

False

108.

Gross Pay is __________.

a)

pay that is disgusting

b)

the salary you earn

c)

your take-home pay

d)

the celery you earn

e)

you're take-home pay

109.

Net Pay is __________.

a)

your earnings without deductions

b)

your earnings after deductions

c)

a special tax

d)

only for fisherman

e)

added to your gross pay

110.
Social security and medicare fall under 
a)
FICA 
b)
State 
c)
Federal 
d)
401K
111.
Jada works for Fedex. She gets paid every two weeks. This is called ______________________.
a)
Monthly
b)
Weekly
c)
Bi Weekly 
d)
Semi Monthly 
112.

The actual amount of money you "take home" is

a)

Gross Pay

b)

Never Enough

c)

Net Pay

d)

Payroll Income

113.

YTD stands for:

a)

Yes to Dancing

b)

Your Team Discussion

c)

Year to Date

114.

A W-2 tells you --

a)

the amount you earned from an employer in a year period

b)

how much you will get back on your taxes

c)

how valuable you are to you employer

115.

Personal finance is mostly about:

a)

Advanced math skills

b)

Behavior and habits

c)

Government regulations

d)

Earning a high income

116.

Which of the following best describes a saver?

a)

Someone who spends money quickly without planning

b)

Someone who prioritizes setting aside money

c)

Someone who relies on loans for daily expenses

d)

Someone who avoids making any financial decisions

117.

Which of the following is a common trait of spenders?

a)

They focus on budgeting and saving regularly

b)

They often enjoy instant gratification from purchases

c)

They usually invest money for long-term growth

d)

They avoid debt and live below their means

118.

What is a budget?

a)

A type of savings account

b)

A way to invest for retirement

c)

A fund for emergencies

d)

A financial plan that defines expenses for a period of time.

119.

Vacations

a)

Fixed expense

b)

Variable expense

c)

Discretionary expense

120.

Health or car insurance

a)

Fixed expense

b)

Variable expense

c)

Discretionary expense

121.

Imagine Liam just got his first job! The term used to describe the money he earns before any deductions are taken out is called (a)   . Can you help him figure it out?

Choose from the below words

Gross Pay

Net Pay

Deductions

Salary

122.

A plan for spending is called a (a)  

Choose from the below words
Checking account
Economy
Scarcity
Budget
123.

401K, 403b and IRAs are --

a)

types of auto insurance

b)

types of medical insurance

c)

retirements accounts

d)

banking accounts

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