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Personal Finance Final

Total questions: 40

Worksheet time: 17mins

Name
Class
Date
1.

People who are unbanked are most likely to...

a)

Use a mobile banking app

b)

Receive a monthly statement of their transactions

c)

Deposit their checks at the ATM

d)

Incur lots of fees at Check Cashers to access their money

2.
You can access the money in your checking account by...
a)
Using the cash grandma gave you to pay at the grocery store
b)
Paying bills with a pre-paid debit card
c)
Transferring money though your online account
d)
Using your credit card to Venmo a friend
3.

Overdraft protection...

a)

is a service offered only for premium checking accounts.

b)

brings in a few hundred dollars each year to banks.

c)

is a fee-free service that prevents you from overdrawing.

d)

can keep you from overdrawing but charges a fee.

4.
What is the benefit of direct deposit?
a)
Any overdraft fees are waived
b)
You don't have to spend time and energy depositing a check
c)
The funds from your paycheck are usually available between 3-5 business days
d)
You get a tax benefit from the Federal government
5.
Which of the following is TRUE about banks and credit unions?
a)
Banks are for-profit; credit unions are not-for-profit
b)
Banks are not taxed; credit unions are taxed
c)
Banks are insured by the NCUA; credit unions by the FDIC
d)
There are more local credit unions than there are banks
6.

How can you protect your checking account when using online and mobile banking? (hint: choose 2 correct answers)

a)

Use a strong password

b)

Sharing your pin # with only 1 person in case you forget it

c)

Connect to a secure WiFi network

d)

Opt-out of alerts to notify you of unusual activity

7.
What is a general rule of thumb on how much you should save?
a)
5% of your income
b)
10% of your income
c)
20% of your income
d)
30% of your income
8.
About how much should you save in an emergency fund?
a)
1-3 months of living expenses
b)
3-6 months of living expenses
c)
6-9 months of living expenses
d)
9-12 months of living expenses
9.
What is a good strategy to help you save?
a)
1st, spend money on all expenses; put the rest into saving
b)
Tap into your savings on a regular basis to purchase small items, like snacks
c)
Pay yourself first - set aside money for savings each month
d)
Keep your spending and saving money together in 1 account
10.

What is a reason for why so many Americans live paycheck-to-paycheck?

a)

Many people are paying themselves first and then spending

b)

Many people only buy what they NEED, not what they WANT

c)

Many people impulse shop

d)

Many people spend within their budget

11.
How does the 50-20-30 rule distribute your income?
a)
50% expenses, 20% flexible spending, 30% saving
b)
50% expenses, 20% saving, 30% flexible spending
c)
50% flexible spending, 20% saving, 30% expenses
d)
50% saving, 20% flexible spending, 30% expenses
12.
How does inflation impact the money in your savings account?
a)
Inflation decreases only the $ you earn in interest
b)
Inflation increases the value of the money in your account
c)
Inflation has no impact on $ in your savings account.
d)
The purchasing power of your money decreases over time
13.

A formal request made by the insurance policyholder to the insurance company for payment or services covered by the insurance policy.

a)

Claim

b)

Accident

c)

Premium

d)

Coverage

14.

An type of car insurance policy that provides complete protection.

a)

Deductible

b)

Comprehensive

c)

Liability

d)

Total

15.

The amount you must pay on a claim before the insurance company will pay.

a)

Premium

b)

Policy

c)

Loss

d)

Deductible

16.

A licensed representative who handles the purchase of insurance between the customer and the insurance company.

a)

Business Agent

b)

Insurance Agent

c)

Free Agent

d)

Bond Agent

17.

Death, injury, or damage that could result in an insurance claim.

a)

Term

b)

Loss

c)

Deductible

d)

Premium

18.

A contract of insurance

a)

Policy

b)

Premium

c)

Deductible

d)

Claim

19.

A payment made monthly, twice a year, or yearly, for an insurance policy.

a)

Premium

b)

Copay

c)

Tax

d)

Benefit

20.

The amount of money an insurance policy holder must pay on a claim before the insurance company begins to pay. The higher this is, will usually result in a lower premium.

a)

Premium

b)

Claim

c)

Deductible

d)

Policy

21.

Your net worth...(hint: choose 2 correct answers)

a)

is what you owe minus what you own

b)

is your assets - your liabilities

c)

is your liabilities - your assets

d)

is what you own minus what you owe

22.

Which of the following is TRUE about a credit report?

a)

It is a complete history of one type of credit you have

b)

Credit reports are maintained by the 5 main credit bureaus

c)

You can get a copy of your credit report for free

d)

You can get a credit report only when you're 21 years old

23.

Which of the following does NOT contribute to your credit score?

a)

Your payment history

b)

Which banks issued your credit cards

c)

Your debt-to-credit ratio

d)

Length of credit history

24.

How are a credit score and credit report related?

a)

A credit report is determined by the factors in your score

b)

A credit score is determined by the factors in your report

c)

Credit reports are less important than your credit score

d)

They're not related at all

25.

What information can you find on a credit report?

a)

Your medical insurance information

b)

Your parents' and siblings' contact information

c)

Your education level

d)

Inquiries you've made on new lines of credit

26.

Which of the following is not a filing status?

a)

head of household

b)

married filing jointly

c)

unemployed

d)

single

27.

Which tax form is filled out by a new employee?

a)

1040

b)

1099

c)

W2

d)

W4

28.

Who collects taxes?

a)

NHS

b)

ABC

c)

IRS

d)

IRA

29.

The form sent to the employee in January that states the previous years earnings.

a)

W-4

b)

W-2

c)

1040

d)

I-9

30.

A person reported on a tax form whom a taxpayer supports financially (that would be you)

a)

spouse

b)

dependent

c)

in-law

d)

child

31.
1. A tax deferred retirement investment fund for employees of for profit companies.
a)
401(k)
b)
403b
c)
457
d)
402(a)
32.
Contributions to this retirement account are made after taxes
a)
Non Roth
b)
Roth
33.
Spreading your investments around to inrease financial security
a)
Risk assessment
b)
Diversification
c)
Stocks, bonds & cash
d)
Liquidity trap
34.
Investment vehicle sold by life insurance companies; saved money payout as a defined benefit.
a)
Bond
b)
Roth IRA
c)
401(k)
d)
Annuity
35.
Professionally managed, diversified investment that pools resources of many investors
a)
Treasury bonds
b)
Stock index
c)
Mutual fund
d)
Saving account
36.
Investment taken out of gross income (before taxes) or growing w/o taxes
a)
Stock
b)
Bond
c)
Tax-obligated 
d)
Tax-deferred
37.
Debt investment in which investor loans money to an entity, usually corporate or governmental
a)
Bond
b)
Stock
c)
Cash
d)
Annuity
38.
Ownership in a publicly traded corporation
a)
CD-certificate of deposit
b)
Money Market 
c)
Treasury bill
d)
Stock
39.
World's largest stock exchange founded in 1790.
a)
NASDAQ
b)
AMEX
c)
NYSE
d)
EuroNext
40.
What is happening if stocks are in a "bear market"?
a)
Going up
b)
Going down
c)
Staying even
d)
Inflation

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