WorksheetsW!SE Review
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
A term that best best describes your gross pay after taxes are deducted is:
a)
Take-Home Pay
b)
Net Worth
c)
Assets
d)
Total Revenues
2.
The term that best describes money left over after paying taxes, fixed and other essential living expenses, is:
a)
Net Pay
b)
Net Surplus
c)
Play Money
d)
Discretionary Income
3.
The best reason for depositing money in a bank or credit union savings account instead of keeping your money “under the mattress” is that
a)
It is insured.
b)
It earns interest.
c)
It is safer.
d)
It grows.
4.
What is the difference in a bank and a credit union?
a)
Credit unions are member owned.
b)
Banks are non-profit
c)
Credit unions are for profit
d)
Banks deal with less cash than credit unions.
5.
Which factor would most likely lead to an increase in the interest rate on a person's credit card?
a)
number of purchases
b)
late payments
c)
number of cash advances
d)
total amount charged
6.
A person's computer is stolen from their apartment, which insurance covers this?
a)
renter's insurance
b)
property liability
c)
collision
d)
comprehensiove
7.
The National Credit Union Administration (NCUA) insures accounts in:
a)
Credit unions
b)
Savings banks
c)
Brokerage firms
d)
Commercial banks
8.
A person buys insurance to:
a)
start a savings account
b)
to assure they will get a brand new car each time they make a claim
c)
protect themselves against financial hardship
d)
to insure their neighbors in case of a fire
9.
Using someone else's money, promising to repay at a future date, and paying a fee for use of the money, is the definition for:
a)
credit
b)
taxation
c)
investing
d)
interest
10.
You have a $2,000 loss. Your insurance company pays you $1,500 on the claim for a loss. The $500 the insurance did not pay is a result of your policy having a:
a)
hazard clause
b)
premium
c)
deductible
d)
co-insurance clause
11.
Which of the following is the most basic type of automobile insurance
a)
collision
b)
liability
c)
comprehensive
d)
hazard
12.
Gwen receives a bill from her auto insurance company, and she sends a check to the company to make sure her policy is not cancelled. The cost of her policy is:
a)
co-insurance
b)
co-pay
c)
deductible
d)
premium
13.
The "FED" is short for:
a)
FBI
b)
Federal Deposit Insurance Corporation
c)
US Mint
d)
Federal Reserve
14.
Collateral is
a)
required for all loans
b)
a form of credit
c)
something that explains your net worth
d)
something of value that secures a loan to protect the lender
15.
Which person needs life insurance the MOST?
a)
a single 20 yr old male college student
b)
a retired 75 yr old man who is not married
c)
a married woman with two children
d)
a single woman with no children but works full time
100 %
