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WorksheetsPersonal Finance Review
Total questions: 30
Worksheet time: 15mins
Which of the following is an investment that will in most instances increase in value?
car
Vacation
Clothing
real estate
Allows a person to identify who gets their assets after they die
W2 Form
will
Tax Return
Credit Report
Your parent's tax return would be required when filing
FAFSA
W-2 Form
1040 Form
SEC Application
Which of the following is an example of a variable expense
mortgage payment
car payment
entertainment
rent
Building equity is an advantage of
purchasing a home
buying a car
Renting a home
Taking out a loan
Amount paid to an employee before deductions
net wages
gross deductions
net deductions
gross wages
Primary tax form used to determine if additional taxes are owed by the taxpayer or if a refund is owed to the taxpayer
Form 1099
Form 1040
Form W-2
Form W-4
Which of the following should be considered when choosing where to open a savings account?
safety
rate of return (interest)
ease of access to money
all are correct
Paying the entire balance when due is a way to avoid the high interest charged on
credit cards
Bank loans
Mortgages
Investment accounts
A penalty for withdrawing money before maturity date is a disadvantage of a
Savings account
checking account
certificate of deposit (CD)
money market account
A major disadvantage of title pawn loans and payday loans is
high credit score required
very high interest rates
Flexible repayment terms
Low fees
An advantage of a fixed rate loan is
if interest rates drop, the payment could drop
Interest rate is always lower than a variable rate loan
refinancing can be time-consuming and expensive
monthly payment does not change
How does inflation impact savings
purchasing power of money goes down
purchasing power of money goes up
purchasing power of money does not change
inflation does not impact savings
Which financial institution usually has lower interest rates on loans
payday loan
commercial bank
Investment firm
credit union
Tax rate increased as income increases
progressive tax
proportional tax
excise tax
regressive tax
Tax rate decreases as income increases
regressive tax
proportional tax
excise tas
late tax
Tax rate does not change as income changes
progressive tax
regressive tax
proportional tax
excise tax
To determine a client's creditworthiness, a lender would check
credit report
credit card application
employment application
school transcript
Which of the following would result in an increase in a credit score?
Making the last payment on an auto loan
paying the remaining balance on credit cards
having a derogatory remark removed
all three should increase a credit score
Used to protect against loss by assuming financial responsibility for unforeseen expenses
Savings
Investment
insurance
credit
A person would buy insurance if
the payout by the insurance company is less than the cost of the insurance
the payout by the insurance company is greater than the cost of the insurance
the premiums are excessively high
the insurance company offers a gift with each new policy
Homeowners insurance would cover
damage from a fire
theft of personal items
storm damage
all 3 would be covered
A higher deductible would result in
lower premium and lower payout by the insurance company
lower premium and higher payout by the insurance company
Increased coverage and higher payout by the insurance company
Reduced coverage and higher premium
Younger drivers usually pay higher premiums for auto insurance because
they present a lower risk for the insurance company
they usually have fewer accidents
they do not drive as much as older drivers
they present a higher risk for the insurance company
Unemployment rates are usually lower among
people with high levels of education
people with low levels of education
people with no job experience
teens who are willing to work for lower wages
Which of the following would make a job applicant more likely to be hired?
questionable references
good work ethic
no experience
unprofessional demeanor
Refers to arriving on time
punctuality
team player
Reliability
Alertness
Insures bank deposits
Federal Reserve System
Federal Deposit Insurance Corporation
Internal Revenue Service
Securities and Exchange Commission
Which of the following could protect against identity theft?
only using secure networks
shred document with sensitive information
do not open attachments to emails from unknown sender
all 3 are correct
Which type of insurance would cover medical costs of someone injured on your property?
Life insurance
homeowners insurance
Automobile insurance
Travel insurance
