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Personal Finance Review

Total questions: 82

Worksheet time: 54mins

Name
Class
Date
1.

Mortgages and car loans are two types of secured loans

a)

TRUE

b)

FALSE

2.

If a borrower defaults on the loan, the lender can't seize the collateral and sell it to recoup its losses.

a)

True

b)

False

3.

When you take out a mortgage, your home becomes the collateral.

a)

True

b)

False

4.

Unsecured loans do not use collateral

a)

True

b)

False

5.

A pooled portfolio of different investments owned by multiple investors, managed by professionals, and subject to laws and regulations designed to protect individual investors.

a)

Stock Exchange

b)

Bond Market

c)

Mutual Fund

d)

Real Estate

6.

Index funds are _____ managed and therefore have ______ transaction costs

a)

actively; more

b)

actively; fewer

c)

passively; more

d)

passively; fewer

7.

A mutual fund that contains stocks to mirror a stock market index

a)

Equity Growth Fund

b)

Equity Value Fund

c)

Index Fund

d)

Aggressive Equity Fund

8.

A stockholder's share of the company's profit

a)

Dividend

b)

Par Value

c)

Share

d)

Yield

9.
Stocks represent ownership in a corporation.
a)
TRUE
b)
FALSE
10.
A holder or owner of stock in a company or corporation.
a)
stock market
b)
shareholder
c)
portfolio
d)
industry
11.
The possibility of losing some or all of a particiular investment.
a)
risk
b)
index
c)
industry
d)
profit
12.
The name for a part of a business that is bought and sold on the stock market is:
a)
Part
b)
Marker
c)
Stocker
d)
Share
13.
What is the stock market?
a)
A type of farmers market where people buy and sell food.
b)
A place where parts of businesses are bought and sold.
c)
A special type of grocery store that sells stocks.
d)
A type of bank that gives out loans to new businesses.
14.
Which of the following is not an investment:
a)
Stocks
b)
Mutual Funds
c)
Real Estate
d)
Taxes
15.

Why is it important to start investing as soon as possible?

a)

You take less risk when you are young, so money will be safe

b)

You have more time for your money to compound

c)

Investing is an easy way to make quick money

d)

Fees on investments are cheaper when you are younger

16.

Interest upon interest is called

a)

A good deal

b)

Compound Interest

c)

Principle

d)

A double standard

17.

Which of the below is an employer based retirement plan that both employees and employers contribute to?

a)

Traditional IRA

b)

Roth IRA

c)

401K

d)

Pension

18.
You should start saving for retirement
a)
When you get married
b)
When you get your first job
c)
When you reach age 50
d)
When you reach age 65
19.
The higher the risk the, _______ the reward
a)
Higher
b)
Lower
c)
There is no relationship between risk and reward
d)
All of the above
20.

Owned by members or employees of a local employer

a)

Bank

b)

Credit Union

c)

Both

21.

Offers Savings and Checking Accounts

a)

Bank

b)

Credit Union

c)

Both

22.

Caters services to businesses but also serves individual customers

a)

Bank

b)

Credit Union

c)

Both

23.

Nonprofit

a)

Bank

b)

Credit Union

c)

Both

24.

Profit

a)

Bank

b)

Credit Union

c)

Both

25.

No membership required

a)

Bank

b)

Credit Unions

c)

Both

26.

Generally lower savings rates and higher fees

a)

Banks

b)

Credit Cards

c)

Both

27.

Often higher savings rates and lower fees

a)

Bank

b)

Credit Union

c)

Both

28.

How many credit reporting agencies are there?

a)

4

b)

3

c)

2

d)

1

29.

What is one advantage of having a high credit score?

a)

Interest rates on purchases will be higher.

b)

Interest rates on purchases and credit cards will be lower.

c)

Your credit score has no effect on your interest rate

30.

Interest is the monetary charge for the privilege of borrowing ?

a)

cars

b)

houses

c)

money

d)

credit cards

31.

Generally, which of the following most influences your credit scores?

a)

The types of credit accounts you have

b)

Your payment history

c)

The amount of credit you're using compared to the total amount available to you

d)

The length of your credit history

32.

Which of the following service providers may use credit scores to decide whether a person can buy a service and/or what price he or she will pay?

a)

Mortgage lender

b)

Credit card issuer

c)

Landlord

d)

Cell phone company

e)

All of the above

33.

Character refers to

a)

the borrower's payment history (paid up on all accounts)

b)

the ability to pay back the loan

c)

the asset used to secure the loan

d)

--

34.

Capacity refers to

a)

ability to make a payment based on debt to income ratio

b)

payment history

c)

asset used to secure loan

d)

---

35.
The amount you pay to use someone else's money. It is also the amount of money you earn when allowing others to use your money.
a)
Interest
b)
Late Payment Fee
c)
Line of Credit
d)
Minimum Payment
36.
The original amount of money borrowed
a)
Principal
b)
Credit History
c)
Annual Percentage Rate (APR)
d)
Interest
37.

One of the 3 C's of credit that shows a person's willingness to pay is

a)

capital

b)

collateral

c)

character

d)

capacity

38.

One of the 3 C's of credit that refers to property that secures the loan is

a)

capital

b)

collateral

c)

character

d)

capacity

39.
Quizizz 3) One of the 3 C's of credit that shows one's ability to pay is
a)
capital
b)
collateral
c)
character
d)
capacity
40.
Quizizz 6) The amount credit costs, expressed as a yearly percentage.
a)
periodic rate
b)
APR
c)
finance charge
d)
previous balance
41.

Sharon is 20 years old. She has one gas, two bank, and two department store credit cards. Her application for another credit card has been declined. The probable reason is:

a)

The total amount she can charge on her cards is more than her ability to repay

b)

she pays the complete balance each month.

c)

She is extremely careful about disclosing account information to unsolicited callers.

42.
A measure of a person's ability and willingness to pay debts on time. 
a)
credit rating (score)
b)
collateral 
c)
credit limit
43.
A number based on information in a consumer’s credit report that measures an individual's credit worthiness.
a)
credit score
b)
credit card
c)
financial report
44.
A report containing detailed information on a person’s credit history.
a)
debit sheet
b)
credit report
c)
statement
45.
Money that is borrowed and is expected to be paid back with interest
a)
savings
b)
check
c)
loan
46.
Money received, especially on a regular basis, for work or through investments
a)
paycheck
b)
income
c)
credit
47.
firm that collects information about the credit-worthiness of consumers
a)
credit report
b)
credit history
c)
cosigner
d)
credit bureau or credit reporting agency
48.

Which type of Insurance Policy costs more but provides a cash value which can be used by the policy owner.

a)

Term Life

b)

Whole Life

c)

Liability Insurance

d)

Umbrella Policy

49.

Which Type of Insurance Policy is a death benefit only with no cash value.

a)

Term Insurance

b)

Whole Life

c)

Liability Insurance

d)

Umbrella Policy

50.

Why is it important to have insurance?

a)

To protect others from your mistakes

b)

To protect your assets from claims by others

c)

Guard against financial loss that can not be predicted

d)

All of the above

51.

What is the name for the portion of a claim that you must pay before the insurance coverage kicks in?

a)

Premium

b)

Benefit

c)

Contracted amount

d)

Deductible

52.

What is the name of the agreement that you have with an insurance company for coverage in exchange for payments?

a)

Umbrella

b)

Policy

c)

Deductible

d)

None of the above

53.

What is another name for the payments which must be made to the insurance company in order to have coverage?

a)

Premium

b)

Deductible

c)

Liability

d)

Benefit

54.

If you do not own your home which type of insurance should you purchase to cover your personal belongings (contents)?

a)

Renters Insurance

b)

Liability Insurance

c)

Homeowners Insurance

d)

Life Insurance

55.

  1. Premium

a)

  1. A contract between the individual and the insurer specifying the terms of the insurance arrangement

  1. Risk

b)

The amount paid by the policyholder for the initial portion of a loss before the insurance coverage begins

  1. Insurance

c)

The amount the policyholder pays for the policy

56.

  1. Risk

a)

  1. A contract between the individual and the insurer specifying the terms of the insurance arrangement

  1. Risk

b)

An unpredictable event which leads to loss or damage

c)

The amount the policyholder pays for the policy

57.

  1. Deductible

a)

An arrangement between an individual and an insurer to protect the individual against risk

b)

The amount paid by the policyholder for the initial portion of a loss before the insurance coverage begins

c)

The amount the policyholder pays for the policy

58.

  1. Policy

a)

A contract between the individual and the insurer specifying the terms of the insurance arrangement

b)

The amount paid by the policyholder for the initial portion of a loss before the insurance coverage begins

c)

The amount the policyholder pays for the policy

59.

What affects the amount of an insurance premium?

a)

  1. Type of Insurance

b)

Terms of the policy

c)

Amount of deductible

d)

All of the above

60.

What type of automobile insurance is the minimum required by law?

a)

  1. Medical payments insurance

b)

Uninsured/underinsured motorist insurance

c)

Liability insurance

61.

 Juan’s car was parked in the street. Someone crashed into his car and left the scene of the accident before Juan saw the damage. Which insurance covers the repairs to Juan’s car?

a)

  1. Comprehensive

b)

Uninsured/

Underinsured

c)

Collision

62.

A tornado blew a tree down on Malik’s car. Which insurance coverage would pay for the damage to Malik’s car?

a)

Comprehensive

b)

Collision

c)

Medical payments

63.

Renter’s insurance is purchased by the ________.

a)

Landlord

b)

Tenant

c)

Property manager

64.

Children may be covered under their parent’s health insurance policy until they

a)

Are 19 or still in college

b)

Reach the age of 26

c)

Graduate high school

65.

Insurance that protects the company from the liability of an employee getting sick or injured on the job is called ________________.

a)

Worker’s Compensation

b)

Medicaid

c)

Medicare

66.

The BBB stands for which?

a)

The Boss' Bureau on Business

b)

The Business' Bureau of Business

c)

The Better Business Bureau

d)

None of the above

67.

What does the Fair Credit Reporting Act (FCRA) protect?

a)

The regulation of the stock market

b)

The accuracy and privacy of information in consumer credit reports

c)

Consumers from unfair debt collection practices

d)

Consumers from false advertising

68.

Which act makes it illegal to discriminate when renting or selling housing?

a)

Truth in Lending Act (TILA)

b)

Fair Debt Collection Practices Act (FDCPA)

c)

Dodd-Frank Act

d)

Fair Housing Act

69.

What is the purpose of the Dodd-Frank Act?

a)

To protect the privacy of consumer credit reports

b)

To insure bank deposits

c)

To prevent another financial crisis by increasing regulation of banks

d)

To enforce laws against deceptive advertising

70.

Which agency enforces laws against deceptive advertising and unfair business practices?

a)

Better Business Bureau (BBB)

b)

Federal Deposit Insurance Corporation (FDIC)

c)

Securities and Exchange Commission (SEC)

d)

Federal Trade Commission (FTC)

71.

Which act ensures that consumers receive clear information about the costs of borrowing money?

a)

Fair Housing Act

b)

Truth in Lending Act (TILA)

c)

Dodd-Frank Act

d)

Fair Credit Reporting Act (FCRA)

72.

What does the Federal Deposit Insurance Corporation (FDIC) do?

a)

Protects the privacy of consumer credit reports

b)

Regulates the stock market

c)

Insures bank deposits up to $250,000

d)

Enforces laws against deceptive advertising

73.

Which law protects consumers from abusive or unfair debt collection practices?

a)

Truth in Lending Act (TILA)

b)

Fair Debt Collection Practices Act (FDCPA)

c)

Fair Credit Reporting Act (FCRA)

d)

Dodd-Frank Act

74.

What is the primary role of the Better Business Bureau (BBB)?

a)

To help consumers find trustworthy businesses and resolve disputes

b)

To regulate the stock market

c)

To enforce laws against deceptive advertising

d)

To insure bank deposits

75.

Which agency regulates the stock market to prevent fraud and protect investors?

a)

Securities and Exchange Commission (SEC)

b)

Federal Deposit Insurance Corporation (FDIC)

c)

Better Business Bureau (BBB)

d)

Federal Trade Commission (FTC)

76.

Which of the following describes Professionalism?

a)

Style of speaking or behaving

b)

Dressing appropriately

c)

Specific style of behavior in the workplace

d)

Working effectively with others

77.

positive work behaviors and personal qualities which make individuals more likely to gain employment and succeed in their chosen career

a)

employability

b)

problem solving

c)

perseverance

d)

critical thinking

78.

required for professional advancement; consists of the desire and ability for life-long learning

a)

problem solving

b)

academic preparation

c)

healthy competition

d)

leadership

79.

working effectively and efficiently with others

a)

professionalism

b)

teamwork

c)

leadership

d)

integrity

80.

conduct that conforms to an accepted standard of right and wrong

a)

ethical behaviors

b)

professionalism

c)

integrity

d)

work ethic

81.

a commitment to the value of work and purposeful activity

a)

leadership

b)

integrity

c)

creativity

d)

work ethic

82.

transferring information from one place to another, whether it is vocally, written, visually or non-verbally

a)

academic preparation

b)

critical thinking

c)

effective communication

d)

healthy competition

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