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WorksheetsSpring '23 Exam Review
Total questions: 120
Worksheet time: 46mins
Which of the following is FALSE about saving and investing? (hint: choose 2 correct answers)
Saving doesn't outpace inflation; investing usually does
Both saving and investing generally have low returns
Saving is for short-term; investing is for the long-term
Saving has more risk; investing has less risk
Which of the following is FALSE about opening up a Roth IRA? (hint: choose 2 correct answers)
A person of any age with earned income can open one
It can help teens start saving for retirement early
Compounding occurs at a slower rate in a Roth IRA
You need to put at least $1,000 in it every year
What is a reason for why so many Americans live paycheck-to-paycheck?
Many people are paying themselves first and then spending
Many people only buy what they NEED, not what they WANT
Many people impulse shop
Many people spend within their budget
Which is TRUE about online saving accounts? (hint: choose 2 correct answers)
Usually have higher interest rates than non-online accounts
They usually have lower costs compared to brick-and-mortar banks
Online accounts are not FDIC insured
You can withdraw money an unlimited # of times
At what rate does your $ need to grow in order to double in 18 years?
2%
4%
6%
8%
What might you need to open a savings account? (hint: choose 2 correct answers)
Minimum opening deposit
Your previous year's tax returns (or your parents')
The routing number to a checking account
Identification
Which is TRUE about Certificates of Deposit (CDs)? (hint: choose 2 correct answers)
You agree to keep $ in a CD for an undetermined period of time
You pay the bank some interest to keep $ in the CD
The bank can loan out the $ in your CD
The bank pays you interest in return
How do wages and salary differ?
Wages describe what you earn on an annual basis
Salary describes what you earn on an annual basis
Wages mean you have a standard amount in each paycheck
Salaried employees are likely to be paid for overtime
Which of the following are TRUE about gross income and net income? (hint: choose 2 correct answers)
Gross income and net income are the same
Net income is sometimes called "take home pay"
Gross income is the total amount earned before deductions
Net income is the total amount earned before deductions
Which of the following may NOT always appear on your paycheck stub?
Gross Pay
Net Pay
Your Role/Title
Local Tax
It's common to have all of the following expenses BEFORE signing a lease EXCEPT...
Renter's Insurance
Application fee
Application deposit
Apartment hunting expenses
Which of the following might you pay WHEN you sign your lease?
Finder's fee
Application fee
Security deposit
Renter's insurance
According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay.
7-12%
10-15%
15-20%
25-30%
Which of the following would typically NOT be covered under renter's insurance?
A friend slips and twists his ankle in your living room
Your apartment is broken into and your laptop is stolen
A fire destroys 80% of your belongings
Your apartment is flooded, destroying your furniture
Which of the following is a step you can take to mitigate the risk of buying a used car? (hint: choose 2 correct answers)
Get a vehicle history report
Have a mechanic inspect the car after you buy it
Skip the test drive; you have time after you buy it to drive
But a certified, pre-owned car from the dealer
Which of the following is NOT a cost of owning a car?
License and Registration fees
Gasoline
Utilities
Insurance
Which of the following reasons would explain why Justin has decided to forgo owning a car? (hint: choose 2 correct answers)
Public transportation infrastructure does not exist
The walking score in his city is high
He only has his driver's permit
There are numerous car dealerships in his area
About how much of your income should go towards transportation?
5-10%
15-20%
25-30%
35-40%
Jenna wants to decrease the amount of $ she spends on food. Which of the following would help? (hint: choose 2 correct answers)
Decide what she will make for dinner that same day
Go to the grocery store with a list
Go to the store whenever she needs 1-2 items
Keep staple foods (e.g. beans, rice) readily stocked
Which of the following is TRUE about unit pricing?
Unit prices can help you compare the prices of similar items
Unit price labels are universal throughout the country
It's easy to compare quantities on a unit price label
All states require unit price labels
A 18oz box of cereal costs $4.99. How would you calculate the unit price?
18oz / $4.99
9 oz / $2.50
$4.99 / 18oz
(18oz) x ($4.99)
6 cans of tomato soup cost $14.99. What is the unit price?
About $1.50
About $2.50
About $3
About $3.50
Jabar broke his leg while riding his bike. How does having health insurance help him?
Jabar will likely have to pay $0 towards his medical costs
Jabar will likely have to cover 100% of his medical costs
Jabar will likely owe a portion of his medical costs
Having health insurance makes no difference
What is a deductible?
The cost you and your insurance share
The amount your insurance pays before you pay
The discount you get on your health insurance every year
The amount you pay before your insurance begins to pay
How can consolidating your student loans help your budget? (hint: choose 2 correct answers)
You'll pay more in interest over time
You can manage your money more easily since you're making just one payment
Your monthly payment may decrease
Your interest rate is guaranteed to decrease
How does the 50/30/20 rule of thumb for budgeting allocate your income?
50% Needs, 30% Wants, 20% Savings & Debt Repayment
50% Wants, 30% Needs, 20% Savings & Debt Repayment
50% Savings & Debt Repayment, 30% Wants, 20% Needs
50% Needs, 30% Savings & Debt Repayment, 20% Wants
Which of the following is an example of buying something you NEED?
"I want to replace something that is no longer working."
"I want to impress someone/ change how they feel about me."
"I'm feeling down, and I need to boost my spirits."
"I don't want to miss out on these deals during the sale!"
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
The state government
The Federal government
Local Businesses
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
Which of the following is NOT a category in the Federal government's spending?
Mandatory spending
Discretionary spending
Interest on loans issued
Interest on national debt
What types of taxes contribute to Federal tax revenue? ( hint: choose 4 correct answers :)
Corporate Income Tax
Income Tax
Estate Tax
Excise Tax
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
What item would you DEFINITELY see on a paystub?
Retirement
Healthcare
Gross Pay
Your occupation/role
By claiming "exempt" on the W-4 form...
You are paying all income taxes upfront at the START of the year.
You are requesting an extension to file your taxes
You will NOT have income taxes withheld from your paycheck.
You are paying all income taxes at the END of the calendar year.
Jason filed his 2022 tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
April 18th
October 15th
December 31st
January 1st of the next year
True or False: All wages, tips, and bonuses are taxable unless specifically excluded.
True
False
Which of the following is FALSE about the W-2 form? (hint: choose 2 correct answers)
The W-2 is sent out in April of every year
It lets you know how much you earned last year
It lets you know how much was withheld from your paychecks
You get 1 W-2 form every year, even if you had multiple jobs
Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?
No, because he didn't earn enough.
No, because you have to be 16 and older to file taxes.
Yes, because he may get a refund.
Yes. You must file taxes even if you didn't earn enough.
What do you need to file your 1040 form? (hint: choose 2 correct answers)
Your W-2
Your W-4
Your prior year's tax return
Social Security Number
Which of the following is NOT a way you can file your taxes?
Through a tax professional
Mailing in a paper tax return to the Federal government
Using tax software like TurboTax
Through your employer's HR department
True or False: A teen's earned income can be reported on a parent's tax return.
True
False
If a teen files a tax return, can the parent still claim him/her as a dependent?
Yes. All teens are dependents until they are 18 years old
No. If a teen files a tax return, he/she cannot be claimed
Yes, as long as the teen meets the dependency requirements
Yes, but the parent has to add the teen's income to theirs
Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?
She will report her total income as $1,700.
She will report her total income as $1,200.
She will report her total income as $500.
Luisa is required to file a tax return.
Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)
Earned is how much you make from a job
Earned is any money you make in interest, dividends, etc.
Unearned is any money you make in interest, dividends, etc
Unearned is how much you make from a job
If you owe taxes, which of the following is FALSE?
You can make a payment using cash
You can delay your payment deadline
With an agreement, you can pay it in installments
You can make a payment with a debit, but not credit card
Which is TRUE if you do not pay your taxes?
You owe twice as much the following year
You're more likely to be approved for low interest loans
You cannot go to jail (but you will be heavily fined)
Your credit score may be impacted
People who are unbanked are most likely to...
Use a mobile banking app
Receive a monthly statement of their transactions
Deposit their checks at the ATM
Incur lots of fees at Check Cashers to access their money
Which of the following is TRUE about checks? (hint: choose 2 correct answers)
You should endorse the back when writing a check
The amount of money is written both numerically and in words
Checks should show up on your statement within 30 days
You should endorse the back when depositing a check
Overdraft protection...
is a service offered only for premium checking accounts.
brings in a few hundred dollars each year to banks.
is a fee-free service that prevents you from overdrawing.
can keep you from overdrawing but charges a fee.
Mobile or email alerts for your checking account can notify you of...(hint: choose 3 correct answers)
Low balances
Unusual activity
Deposits
Credit Card transactions
Which of the following will DEFINITELY show up on your bank statement at the end of July? (hint: choose 2 correct answers)
Ice cream bought with your debit card on July 16th
A salad bought with cash on July 5th
A birthday check you gave to your brother on July 18th
An ATM withdrawal you made on July 21st
A checking account is best used for...(hint: choose 2 correct answers)
Saving money
Storing money to spend
Investing money
Placing money you earn
How can you protect your checking account when using online and mobile banking? (hint: choose 2 correct answers)
Use a strong password
Sharing your pin # with only 1 person in case you forget it
Connect to a secure WiFi network
Opt-out of alerts to notify you of unusual activity
If you want to build work experience directly after high school, you could...
Start an entry-level job
Attend a four-year college
Find an apprenticeship
Volunteer once a year
Which of the following is true about a college education?
College is the only way to get a stable high-paying job
College grads have higher lifetime earnings on average than HS grads
College grads have a higher rate of unemployment
More education is related to lower unemployment
Why would you ask for an informational interview?
To learn more about why a job rejected you.
To negotiate your salary offer
To learn more about a career or industry
To improve your chances of getting hired
What is the difference between soft skills and hard skills?
Hard skills are easily measurable; soft skills are "people skills"
Hard skills are more advanced than soft skills
In job postings, hard skills are "required" and soft skills are "preferred"
Soft skills are less important to employers because they're not technical
Soft skills are a valuable skill set to have. All of the following are soft skills EXCEPT...
Speaking multiple languages
Creativity
Responsibility
Critical thinking
What is best practice when using job boards to find a new job?
Use job search filters and create alerts
Set up a profile on each of the top job boards
Auto-apply to as many positions as possible with one resume
Scroll through job postings without filters every morning
What should you do when attending a career fair?
Give a 5-minute personal pitch so recruiters remember you
Prepare a resume and 30-second elevator pitch
Write a follow-up email to each recruiter
Drop off your resume at each table; recruiters don't have time to talk
All of the following are ways to build your professional network, EXCEPT...
Have an "elevator pitch" ready, you may need it
Attend conferences or events related to your field
Stay off all types of social media
Connect & communicate with local professionals
All of the following are effective ways to use social media to find and land a job, EXCEPT...
Network with other people in your industry
Keep your posts and information professional
Follow companies and organizations in your desired field
Criticize your current job to help network & find a new one
What is the purpose of using LinkedIn?
To find honest reviews of an employer or business
To build a professional network and find jobs
To have personal access to industry leaders
To create specific profiles tailored to each job posting
A resume should include all of the following, EXCEPT
Rationale for why you quit a previous job
Your previous employment experience & responsibilities
A highlight of your education experience
Your contact information
Which is true of an effective resume?
It includes many details; the longer the resume, the better
It works for every job application, so you don't need multiple resumes
It uses key words and has a simple design
It features your photograph
How are your resume and cover letter related?
Both should be handwritten detailed documents
Your cover letter highlights your personality and interest in the position, your resume is work history only
A cover letter includes entire work history, resume does not
Both include your signature to signify they're legitimate
Your cover letter should be one page in length and include...
Two long paragraphs
Benefits you hope to get with this job
Your high school and college GPA, no matter what they are
Descriptions of your strongest qualifications for the job
Which question would be appropriate to ask during a job interview?
Can you describe the requirements of this position?
Do you think you are going to hire me?
What will my salary be?
How many vacation and sick days am I allowed?
Which of the following are effective ways to prepare for an interview?
Research the company
Prepare examples or samples of previous work
Arrive at least 60 minutes early
Plan questions to ask
A pre-tax employer sponsored retirement program is called...
Traditional IRA
Roth IRA
Mutual Fund
401(k)
What form is NOT typically completed when you start a new job?
Form W-2
Form I-9
Benefit forms
Form W-4
Direct deposit is beneficial because...
You are less likely to bounce checks
Your net pay is higher
You can automatically split money into multiple accounts
You endorse your paycheck for security
When asking for a raise, you should...
Prepare evidence of your contributions to the company
Ask for 50% higher than the average market rate
Provide detailed information on your personal finances
Threaten to leave the company
What is a benefit of going to college and having a college degree?
Lower lifetime earnings
Lower interest rates on future loans
Expanded professional and social netowrk
Guaranteed starting salary of $50,000 after graduation
All of the following are costs of going to college EXCEPT...
Tuition and fees
Room and board
Textbooks and school supplies
Scholarships and grants
Which is TRUE about sticker price and net price? (hint: choose 2 correct answers)
Net price is the published cost of going to a school
Sticker Price is the published cost of going to a school
Net price is the sticker price minus scholarships & grants
Sticker price is the net price minus scholarships & grants
When does the FAFSA filing period open every year?
January 1st
June 1st
October 1st
December 1st
Why should you file the FAFSA as early as possible?
It can help your chances of being accepted into schools
Aid is given out on a first-come, first-serve basis
You're guaranteed to get more merit-based scholarships
You'll get a lower interest rate on federal student loans
What kinds of aid are you eligible for by filing the FAFSA? (hint: choose 3 correct answers)
Grants and Scholarships
Private Student Loans
Work-Study
Federal Student Loans
How do scholarships and grants differ?
Scholarships are need-based; grants are merit-based
Grants are private forms of aid; scholarships are federal
Grants are need-based; scholarships are merit-based
They're not different; they are one and the same
What do you need to file your FAFSA if you're a dependent?
Just your tax forms
Your high school student ID number
Your and your parents' tax forms from 2 years priors
A pay stub if you had a job in the past year
Which is TRUE about the FAFSA?
You only need to file the FAFSA 1x in your college career
Your parents must earn below a set amount for you to apply
You need to file it at the start of every quarter/semester
There is no cost to file the FAFSA
Which is TRUE about the EFC?
It's the cost of filing the FAFSA
It's how much you & your family are expected to pay for college
It's another term for "net price"
It's how much your parents must contribute towards college
Which of the following is the correct flow of submitting/receiving these documents?
SAR > FAFSA > Financial Aid Package
Financial Aid Package > SAR > FAFSA
FAFSA > Financial Aid Package > SAR
FAFSA > SAR > Financial Aid Package
What are two things you will need to do if you accept a Federal student loan?
Agree to an official credit check by the government
Complete entrance counseling
Pay a refundable deposit to secure your loan
Sign a Master Promissory Note
Which of the following is TRUE about how you get your financial aid?
All financial aid is paid directly to you in one payment
All financial aid is paid to you in installments
Aid is 1st applied to your account; you get the rest
The school receives all of your financial aid
Which of the following is TRUE about federal and private student loans?
Private loans may be subsidized; federal ones are not
Both types offer the same repayment plans
Private loans always offer fixed interest rates
Fed. loans don't have prepayment penalties; private ones may
How can you lower the total amount you in pay in student loans?
Choose a repayment plan with a longer term
Accept private loans first, then federal ones
Make interest payments during your grace period
Accept loans with variable interest rates, not fixed ones
If you select a repayment plan with a longer term for your loans...
You will have a larger monthly pyament
You will have a smaller monthly payment
You will pay less in interest
You will pay the same amount in interest
Which is TRUE about loan payments?
$ goes 1st towards the principal, then the accrued interest
Interest rate has little impact on total cost of the loan
Payments are not split between interest and principal
Interest can be added to the principal if it goes unpaid
What can happen if you don't make payments towards your student loans? (hint: choose 2 correct answers)
You will owe all interst in full after 270 days
Your loan balance may become due in full, but no interest
Your loan servicer will contact you via phone, email, etc.
Your credit score may suffer
When looking at a financial aid award letter, which type(s) of aid would you have to pay BACK?
Federal Pell Grant
Direct Subsidized Loan
Merit Scholarship
Federal Work-Study
In what order should you accept different types of financial aid?
Work-study, scholarships, federal loans, private loans
Private loans, scholarships, work-study, federal loans
Scholarships, work-study, federal loans, private loans
Scholarships, work-study, private loans, federal loans
