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WorksheetsFinance Pre-Test
Total questions: 25
Worksheet time: 13mins
Which of the following financial institutions typically have the highest fees?
Internet banks
Brick-and-mortar banks
Credit unions
Check cashing and payday loan companies
Which type of bank account typically offers the least (if any) interest?
Checking account
Savings account
Money market account
Certificate of deposit
Which type of bank account is best for everyday transactions?
Certificate of Deposit
Money Market Account
Checking Account
Savings Account
What does it mean to reconcile your checking account?
Check your bank statement once a month.
Set up notifications for when your account balance is close to $0
Compare your own records of spending with your financial institution's records
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.
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
What is the purpose of the W-4 form?
To help determine how much federal income tax to withhold from your paychecks
To verify how much you have already paid in Federal Taxes
To determine how much your gross pay should be
The form used to file your Federal Taxes
Your employer sends you a _______ form that tells you how much you've made and how much you've paid in taxes in the last year.
1040
W-4
W-2
I-9
The ___________ is a flexible market that allows you to work short-term, independent jobs.
gig economy
labor market
employee workforce
sharing economy
The price of a single item within a group of items is known as the ______________ of the item.
Group Price
Unit Price
Item Price
Total Price
Which payment option takes money out of your bank immediately?
Check
Debit Card
Credit Card
The cost of a secured loan is typically lower than the cost of an unsecured loan because _______.
it requires collateral
the loan takes longer to get.
it has high interest rates.
they require a co-signer
Your credit score is highly impacted by which of the following?
Payment History
Length of Credit
Types of Credit
Credit Limit
If you pay your credit card bill off every month, the credit card company will not charge you any interest on your purchases.
True
False
Making sure you save money every month for emergencies and retirement is known as
The Rule of 72
Pay Yourself First
Compound Interest
Equifax, TransUnion and Experian are all ____
Credit Reporting Agencies
Tax Assistance Agencies
Money Transfer Agencies
Payday Lenders
What method is used as a quick way to estimate how long it will take for your money/investments to double in value?
The Rule of 72
Pay Yourself First
Compound Interest
Which types of loans are the worst (charge the highest interest)?
Personal loans
Car Loans
Payday Loans
Mortgages
What is the relationship between risk and reward?
Higher the risk, Higher the reward
Lower the risk, Higher the reward
Higher the risk,
Lower the reward
Which of the following does NOT represent a way to invest for wealth building?
IRA
Mutual Funds
Bonds
Savings Account
A Visa Card falls under which type of financing?
Revolving Credit
Installment Loan
Mortgage
Tax Day is typically April 15th, which taxes have to be filed by this time?
State and Federal
State, Local and Federal
Federal Only
State, Local, Sales and Federal
Which of the following is the correct way to write an amount on a check?
Four dollars and twenty-five cents
Four and 25/100
Four and twenty five/one hundred
Four dollars and 25 cents
Which of the following are stock exchanges in the US?
NYSE and NASDAQ
S&P500 and DOW
Equifax, Experian and TransUnion
Discover, Visa and Mastercard
