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ICC 3rd 9 Wks Exam (22-23)

Total questions: 60

Worksheet time: 45mins

Name
Class
Date
1.
What two things does a budget compare?
a)
Income and Expenses
b)
Savings and Interest
c)
Income and Investments
d)
Expenses and Expenditures
2.
Which is an example of a fixed expense?
a)
Cell Phone
b)
Utility bill
c)
Groceries
d)
Gasoline
3.

To calculate your weekly wages...

a)

Trust your boss to just pay you enough

b)

Divide your annual pay by the number of hours you work in a week.

c)

Multiply your hourly pay by the number of hours you work each week.

d)

Take your hourly pay times the number of hours you work a day.

4.

What does annually mean?

a)

always

b)

yearly

c)

salary

d)

wages

5.
Luke earned a salary of $48,048 last year.
How much did he earn a month?
a)
$572
b)
$924
c)
$4004
d)
$6864
6.

Carol Jones is a receptionist in a doctor’s office. She worked 35 hours this week. If her regular pay is $9.68 per hour, what is Carol’s gross pay?

a)

$438

b)

$338

c)

$35

7.
How do financial institutions make most of their money?
a)
Fees
b)
Interest
c)
Mutual Funds
d)
Loan Payments
8.
What should be written on line 6?
a)
the date
b)
the amount of the check
c)
who the check is going to
d)
your signature
9.

What is wrong with this check?

a)

Name is incomplete

b)

Check amount is not written out

c)

Signature issues

d)

Date issues

10.

Write the number in standard form.

400,000 + 90,000 + 2,000 + 800 + 10 + 4

a)

492,804

b)

492,841

c)

492,814

d)

49,284

11.

Write the number in word form.

492,032

a)

forty-nine thousand, thirty-two

b)

four hundred thousand, nine hundred thirty-two

c)

four hundred ninety-two thousand, thirty-two

d)

four hundred ninety-two thirty-two

12.
This is a written request to your bank to take money from your account & pay it to someone else.
a)
Check
b)
Telephone Call
c)
Text
d)
Email
13.
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
over spending fee
14.

Approximately how often does a financial institution send a bank statement through the mail?

a)

yearly

b)

weekly

c)

quarterly

d)

monthly

15.

The routing number found on your check identifies which of the following?

a)

Your Account

b)

Your Bank

c)

Check Number

d)

Bank Phone Number

16.

Who wrote the check?

a)

Dominion Energy

b)

electricity

c)

Harry Potter

17.

What is labeled number 4?

a)

Date

b)

Account number

c)

Check number

d)

Amount in numbers

18.

What is labeled 2?

a)

Date

b)

Payor

c)

Payee

d)

Signature

19.

What is labeled number 8?

a)

Memo

b)

Sigature

c)

Payor

d)

Amount in numbers

20.

The numbers on the bottom of a typical check represent all of the following except

a)

Social Security number               

b)

   Routing Number

c)

Account Number                          

d)

                    Check Number

21.

Tax that pays for people who are currently retired and for the future retired population.

a)

State Income Tax

b)

Tax Refund

c)

Federal Tax

d)

Social Security Tax

22.

If you were looking for an account to earn interest on your money. Which account should you choose?

a)

Checking Account

b)

Credit Card

c)

Mortgage

d)

Savings Account

23.

The exchange of money from one account to another through computer-based systems  is called a(n)

      

a)

banker’s blanket bond.                  

b)

automated clearinghouse.

     

c)

electronic funds transfer                     

d)

financial intermediary.

24.

An independent federal agency established in 1933 that provides  deposit insurance up to $250,000 for depositors in insured banks and thrifts in the case of bank failure.

         

a)

FDIC

b)

financial institution

c)

Service Fees of America

d)

insurance

25.

On your paystub, what is the length of time over which you worked and is recorded and paid?

a)

deductions      

b)

pay date    

c)

gross federal income   

d)

  pay period

26.

An item that is bought without previous planning or consideration of long-term effect?

a)

impulse buy                       

b)

obsessive compulsive shopping

c)

sale item                                        

d)

clearance

27.

An expense that only occurs because you are choosing to spend money like eating out or buying clothes is a(n) ___________ expense.

a)

Discretionary          

b)

variable               

c)

intermittent      

d)

fixed

28.

With ____________ hearts we sing to thee. Central High ___________

a)

full, Central High

b)

loyal, Bulldogs

c)

beatings, Central High

d)

none of the listed

29.

Which tax provides federal heal insurance?

a)

State Income Tax

b)

Federal Income Tax

c)

Social Security Tax

d)

Medicare Tax

30.

Charlotte has Amazon Prime. She pays a fee of $12.00 each month.

Is the money Charlotte spends on the Prime account a fixed expense or a variable expense?

a)

Fixed Expense

b)

Variable Expense

31.

Which are considered mandatory deductions from a paycheck?

a)

social security

b)

medicare

c)

federal income tax

d)

all of these

32.

How much has Jose paid in Social Security Tax since the beginning of the year?

a)

$82.77

b)

$27.59

c)

$19.35

d)

None of the above

33.
How many hours were worked this pay period?
a)
28
b)
40
c)
80
d)
50
34.

Which is the correct type of insurance that would be used: Joey’s father is in a car accident and cannot work. What type of insurance replaces his father’s earnings?

a)

Property and liability

b)

Health

c)

Life

d)

Disability

e)

Workers’ compensation

35.

Select "I know I got this answer correct" as your answer

a)

select

b)

as your answer

c)

this is correct

d)

I know I got this answer correct

36.

A college degree which can often be earned by following a four-year instructional program.

a)

Associate's Degree

b)

Degree

c)

Program

d)

Bachelor's degree

37.

The amount of money paid either monthly or biweekly

a)

Income

b)

Salary

c)

Hourly Pay

d)

Deposit

38.

an estimate of income and expenditures

a)

Career

b)

Credit Score

c)

Budget

d)

Interest Rate

39.
a person's knowledge and work skills
a)
credit
b)
resources
c)
human capital
d)
savings
40.
401(k), IRA, and Roth IRA are all examples of a __________ account.
a)
Retirement
b)
College Savings
c)
Low Interest
d)
Stock
41.
The availability of money; how quickly you can convert it into cash in your hand is its _______.
a)
diversity
b)
liquidity
c)
yield
d)
gratuity
42.

Jackie purchased a television on credit. She made a down payment and signed an agreement to pay a specific monthly amount, including interest, over the next 12 months. This is an example of __________ credit.

a)

budget

b)

installment

c)

revolving charge

d)

regular

43.
The idea of a budget is to spend exactly as much as you spend.
a)

True

b)
False
44.
How is buying with credit different than paying with cash?
a)
With credit, you don't have to pay interest
b)
With credit, you borrow money and repay later, with interest
c)
No difference
45.

Use the partial budget sheet shown below to determine the Klines' total monthly fixed expenses.

a)

$1,835

b)

$1,685

c)

$1,535

d)

$458.75

46.

withheld from an employee’s wages or salary

a)

disposable income

b)

payroll taxes

c)

workers compensation

d)

earned income

47.

What is the lowest rank in the Military?

a)

General

b)

Captain

c)

Private

d)

Specialist

48.

What part of the military uses the water as battle grounds?

a)

Army

b)

Air Force

c)

Water Force

d)

Navy

49.

It is your Junior year in high school. You are considering enlisting in the military after graduation. Which test must you take to join any branch?

a)

ASVAB

b)

ACT

c)

AVSAB

d)

EOPA

50.

To earn this, you must complete a program that is at least two, but less than four, years of college usually at a community or technical college. Typically 60 credit hours.

a)

Associate's Degree                  

b)

  Bachelor's Degree

c)

Master's Degree                         

d)

Doctorate

51.

What does post-secondary mean?

       

a)

Going to a 4 year college     

b)

To graduate from high school

    

c)

  Going to tech school   

d)

Going to any school beyond high school

52.

I am a person who is in a position to recommend another or vouch for his or her fitness for a job. (one word, capitalized)

(a)  

53.

I am the oldest public HBCU in Georgia. One of my former Presidents, is from Hancock County. Call me the “University by the Sea”.

a)

Spelman College

b)

Vorhees College

c)

Savannah State University

d)

Georgia Southern Universitu

54.

Although my life was threatened many times, I did not let it stop me from becoming the 1st black Probate Court Judge in the United States. Who am I?

a)

Honorable Judge Michelle Obama

b)

Honorable Judge Harriet Tubman

c)

Honarable Judge Jackie Ingram

d)

Honrable Judge Rosa Parks

55.

What is the Walt Disney Company stock symbol?

a)

DIS

b)

DISN

c)

MICKEY

d)

WDC

56.

Signature on the back of the check designating who to pay

a)

Debit Card

b)

Drawer

c)

Drawee

d)

Endorsement

57.

A check you mark through because you made a mistake writing it

a)

Outstanding Check

b)

Postdated Check

c)

Stale Check

d)

Voided Check

58.

What type of spirit does Principal Brown tell us to stay in? (one word, capitalized)

(a)  

59.

There are (a)   weeks in a year (Write your answer numerically. For example: 10)

60.
What is potentially one bad thing that could happen if you do not live within your means?
a)
You could have to move back home with your parents
b)
You could increase your credit score
c)
Nothing.  Its a trick question.
d)
Collection agencies can come after you and possibly even facing court charges

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