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WorksheetsEVERFI: FutureSmart Review
Total questions: 50
Worksheet time: 42mins
Imagine you're stranded on a deserted island. Which of the following would be a luxury (a want) rather than a necessity (a need)?
A cozy fur coat to keep you warm
A sturdy hut for shelter
A high-tech smartphone
A supply of nutritious fruits and vegetables
Imagine you're a superhero! You have the power to choose between saving the world or having a pizza party. What would be your opportunity cost?
The amount of pizza you could have eaten at the party.
The thrill of saving the world that you gave up for the pizza party.
The amount of money you could have made by selling the pizzas.
The joy of having a pizza party instead of saving the world.
Imagine you're on a quest to find the perfect computer that suits all your needs. You decide to do some detective work to find the best model. Where do you think you'll find the most unbiased and trustworthy clues?
The website of a computer company that's as popular as apple pie.
Advertisements that a computer company sprinkles in a computer magazine like hidden gems.
An independent consumer education website that reviews and rates computers like a tech Sherlock Holmes.
Advice from a salesperson in a computer store who earns commissions on sales, like a savvy market trader.
Imagine you're the boss of your own startup! You're about to create a budget. What do you think should be included in it?
All the money coming in and going out.
Only the fixed expenses, forget about the income.
Only the income, forget about the variable expenses.
Fixed and variable expenses, but let's not worry about taxes.
Imagine you're an adult (if you're not already!). Which of the following would you consider a variable expense?
The amount you spend on fancy dinners and take-outs each month.
Your monthly rent for your cool apartment.
The monthly payment for your shiny new car.
Your monthly payment for health insurance.
Imagine you're a superhero called Budget Buster, and your mission is to help your friend's parents from going over their budget for the month. Which expense would you zap away as it is NOT a need?
Rent payment
Car insurance
Cable service
Groceries
Imagine you're on a shopping spree and you spot two different brands of your favorite item. Knowing the unit prices of both, what superpower does this information grant you?
Unleash your inner detective and compare the prices of the two brands
Transform into a psychic and estimate how much of the item you will need
Turn into a quality inspector and determine which of the two brands is higher quality
Become a math whiz and figure out the discount during a sale on the two items
Imagine it's your birthday and you've just received a $50 gift! You decide to splurge it all on some snazzy new wallpaper for your room. Now, what would you consider as the opportunity cost of this decision?
The price tag on the wallpaper you picked out.
All the other cool stuff you could have bought with your $50.
The time you could have spent chilling instead of shopping for wallpaper.
All of the above
Pop quiz time! Can you spot the statement that is NOT true about a budget? Remember, we're looking for the one that's NOT true. No peeking at the answers!
Option 1: Budgets are like a roadmap, they help you plan how to spend the money you earn or receive.
Option 2: Once you've made your budget, it's set in stone. No changes allowed!
Option 3: A budget can include a little something for those in need, like donations to charities.
Option 4: Budgets are a balancing act, they include both expenses and income.
Pop Quiz! Which of these is NOT a winning strategy for budgeting?
Stashing some extra cash in your budget for those unexpected rainy days.
Whipping out the credit card when sticking to a budget feels like a Herculean task.
Prioritizing your most important needs - because needs come before wants, right?
Regularly revisiting and tweaking your budget - because change is the only constant!
(a) is usually paid on a biweekly or monthly basis for professional employment.
Imagine you're on a shopping spree! What's the BEST reason to use cash for all your fabulous purchases?
Because refilling your wallet at an ATM is a piece of cake.
Because keeping a tab on your spending is as easy as 1, 2, 3.
Because splitting bills with your shopping buddies becomes a breeze.
Because knowing where your money went is as simple as ABC.
Ready for a credit score challenge? Can you guess which factor has the most influence on your credit score?
Is it having a diverse mix of credit types?
Or maybe it's the amount of money you owe on your credit cards?
Could it be your track record of timely payments?
Or is it the number of years you've been a responsible credit user?
Imagine you're a secret agent on a mission to avoid paying interest on your credit cards. What's your master plan?
Just pay the minimum balance each month, like a regular Joe.
Pay the full balance each month, like a true financial ninja!
Have credit cards from two different banks, because two is always better than one, right?
Make payments online, because who uses checks anymore?
Let's play a fun game! Can you spot the odd one out? Which of these do you think is NOT a source of income?
The yearly cash you get for your 9 to 5 grind.
Your monthly student loan payment.
The pocket money you get for that cool internship.
The dough you earn after a hard day's work.
Let's play a game of TRUE or FALSE! Ready? Here's your statement:
The longer you use credit responsibly, the higher your credit score will be.
Is this statement TRUE?
Yes, applying for several credit cards in one year can help increase your credit score.
No, paying off your entire credit card balance can lower your credit score.
Yes, the longer you use credit responsibly, the higher your credit score will be.
No, people with low credit scores are usually low-risk borrowers.
Imagine you're on a game show and the million-dollar question is: 'What's the real deal with payday loans?' Which of these statements would make you the winner?
They're like a tricky maze, harder to pay back due to low fees but high interest rates.
They're like a double-edged sword, harder to pay back because of high fees and high interest rates.
They're like a walk in the park, easier to pay back due to lower fees but higher interest rates.
They're like a sweet deal, easier to pay back because of lower fees and lower interest rates.
Imagine Amy just landed a cool summer job at the local pool, where she'll be earning $9 every hour. Can you guess what we call this type of hourly income?
Salary
Take-home pay
Wage
All of the above
Imagine Ashley is on a shopping spree and she wants to buy a fancy dress using the money in her checking account. Which method of payment should she whip out to access these funds immediately and directly?
A shiny credit card
Her trusty debit card
A direct deposit slip
A prepaid card loaded with cash
Imagine you're a superhero, but instead of fighting villains, you're battling credit card debt! What happens if you only pay your minimum credit card balance each month?
Your credit score takes a nosedive, just like when superheroes fall from the sky
You have to pay interest, like a superhero paying for their super gadgets
The bank will cancel your credit card, like a superhero losing their powers
All of the above, a triple whammy!
Pop Quiz! Which of these would you NOT put on your resume as a job skill?
Perfect attendance at work
Rockstar team player
Computer whiz
Creative genius
Imagine you're a savvy student trying to cut down your college costs. Which of these clever strategies would save you the most dough?
Enrolling in an in-state public university
Choosing a private college
Buying used textbooks
Moving into an off-campus apartment
Imagine you're a superhero and your next mission is to plan your career! What's the first thing you would do?
Would you apply for as many jobs as possible, like a job application machine?
Would you have a mock interview with a family member or friend, like a professional interviewer?
Would you make a list of your job preferences and skills, like a strategic planner?
Or would you sign up for an internship, like an eager learner?
Imagine Jonathan is a student who wants to earn some cash while gaining real-world experience. What's the best way for him to do this?
Apply for federal financial aid.
Seek out scholarships.
Join a work-study program.
Take out a private loan.
Imagine this: Cynthia, a tech wizard, crafts magical computer programs for the latest mobile phones. In just one week, she's been flooded with five job offers! What could be the reason for this?
Could it be because the demand for computer programmers like Cynthia is sky-high?
Or is it because there's a surplus of computer programmers out there?
Maybe the demand for computer programmers is at an all-time low?
Or is it that the demand and supply for computer programmers are perfectly balanced?
Imagine you're in a world where the economy is taking a nosedive! Who among the following do you think would NOT see a dip in their customer or patient count?
A nurse
A salesperson
A home builder
A restaurant manager
Imagine this! Shannon has been passionately involved in her school's newspaper club for 2 thrilling years and she also loves to spend her free time attending exciting writing workshops. Can you guess which career choice she should explore?
Web Content Developer
Museum Curator
Graphic Designer
Business manager
Who do you think is raking in the big bucks? Choose the career you think earns the highest salary!
Master of Scissors and Style (Hairdresser)
Guardian of Gums and Grins (Dentist)
Bringer of Breaking News (News anchor)
High-Flying Hospitality Hero (Flight attendant)
Imagine you're on a game show and the million-dollar question is: Over their entire lifetime, how much more can someone with a professional degree expect to earn compared to someone with a high school diploma who didn't attend college?
Is it the same amount?
Could it be twice as much?
Or maybe three times as much?
Or even four times as much?
Imagine you're on a quest to earn an advanced college degree! What's the sneaky opportunity cost lurking in the shadows?
You'll be swimming in a pool of gold coins like Scrooge McDuck because you'll earn more income during your career.
You'll feel like a broke student again, earning less money during the years that you are in college.
Some fields are like exclusive clubs, requiring a professional degree before you can begin working.
There may be a low supply of jobs in your professional field, like finding a unicorn in the wild.
Let's talk about money! Can you tell me what 'Revenue' is?
Is it the amount of money a company gives to its hardworking employees?
Or, is it the amount of money a company has left after paying all those pesky bills?
Maybe, it's the amount of money a company makes from selling its awesome products?
Or, could it be the amount of taxes a company has to pay to the government?
Imagine you're a time traveler! You noticed that the average price of milk jumped from $3.00 last year to $3.50 this year. What could be the most likely reason for this?
Time travel caused inflation.
The stock market went bananas.
Time travel caused deflation.
The market basket got a makeover.
Imagine you're a pirate who's just found a treasure chest full of gold! But alas, you can't spend it for several months or longer. Which interest-bearing account would be the best place to stash your loot?
Savings Account
Checking Account
Certificate of Deposit
Credit card
Imagine you're a pirate! Why would you stash your treasure in a savings account?
To make frequent withdrawals at ATM's, like a modern-day treasure chest!
To earn interest on your treasure, making it grow over time.
To access your treasure with personal checks, like a true pirate of the 21st century.
To easily access your treasure with a debit card, no digging required!
Imagine you're on a mission to start saving money! What's the first step you should take when you're all set to open a savings account?
Rush to the bank and fill out an application.
Do some detective work and review the different savings account options that your bank offers.
Show off your photo ID to the bank representative.
Make your initial deposit like a boss.
Imagine Aaron is a pirate and he's just found a treasure chest full of gold! He wants to stash his loot in a savings account. Which account will make his treasure grow the most?
Account 1: A magical chest with a 2% interest rate, interest compounded daily.
Account 2: A mystical box with a 1% interest rate, interest compounded daily.
Account 3: A enchanted bag with a 2% interest rate, interest compounded monthly.
Account 4: A secret vault with a 1% interest rate, interest compounded annually.
Imagine you're a superhero accountant! Can you tell when you're facing a loss?
When your superpower of generating revenue is greater than the villainous expenses.
When the villainous expenses overpower your superpower of generating revenue.
When your superpower of generating revenue is equal to the villainous expenses.
None of the above scenarios.
Imagine your sister is on a quest to boost the interest she's earning on her treasure chest (aka her savings account). What magical action should she take?
Use the gold from her treasure chest to open a merchant's vault (aka a checking account).
Make monthly withdrawals from her treasure chest.
Switch her treasure chest to a dragon's lair with a lower interest rate.
Deposit more gold into her treasure chest each month.
Imagine you're on a treasure hunt and the next clue is hidden in a checking account! What would you need to open one and move to the next level?
An initial deposit
A salary
A credit card
A copy of your last paycheck
Imagine you're a superhero in the world of economics! Can you tell us what 'deflation' would look like in your world?
It's when the cost of my super gadgets and services decreases.
It's when the cost of my super gadgets and services increases.
It's when the purchases of my super gadgets and services decrease.
It's when the purchases of my super gadgets and services increase.
Imagine Chris is a race car driver. He has car liability insurance. What kind of damage would his insurance cover?
Fixing up other cars if he caused a crash during a high-speed race.
Fixing up his own car if he crashed it during a daring overtaking maneuver.
Fixing up his own car if it was damaged by a sudden hailstorm or stolen by a rival team.
Fixing up his own car if it was damaged by another driver who forgot to renew their insurance.
Let's play a game! Can you tell me what a 'premium' is in the world of health insurance?
Is it the amount you hand over to the health insurance company every month for coverage?
Or, is it the amount you personally have to cough up before your health insurance starts covering your medical costs?
Could it be a fixed fee you pay for specific medical services?
Or, is it the maximum amount you have to pay for health care in a full year?
Imagine you're a Wall Street tycoon! Can you guess one reason why a stock you invested in might become more valuable over time?
The industry you invested in is booming.
The company you put your money in is super well-managed.
There's a huge demand for the product of the company you invested in.
All of the above.
Imagine you're a secret agent and your mission is to invest your money wisely. Which of the following pieces of information is LEAST important to your mission?
Whether or not you can make deposits online while sipping a latte at your favorite cafe
When you will need to use the money for your next secret mission
The expected rate of return on your investment to fund your high-tech gadgets
How risky the investment is, just like your thrilling missions
(a) is a loan to a company or government for a set amount of time. They earn interest and are considered low-risk investments.
Imagine this! Every month, Janine sets aside $100 for health insurance. But that's not all! Each year, she also has to pay the first $500 of her medical bills before her insurance steps in. This $500 that Janine shells out is known as what?
Premium
Deductible
Copay
Annual out-of-pocket maximum
(a) is a small piece of ownership in a company.
Imagine you're a time traveler! Over the centuries, what do you think is the average rate of return on stocks?
Is it less than 2%?
Could it be 3%?
Maybe 4%?
Or is it more than 5%?
Pop Quiz! Which of these statements about health insurance is pulling your leg?
Insurance is like a safety net, reducing the risk of having to pay a fortune for medical expenses.
Insurance plans with varying premiums and deductibles let you play the game of risk - how much financial loss are you willing to gamble?
Health insurance is always the cheaper option than paying for your own medical expenses. No exceptions!
None of the above. They're all true!
Imagine you're a financial advisor and your client is hanging up their boots next year. How would you advise them to handle their investments?
Go all in! Highest risk, highest growth
Balance is key. Medium risk, medium growth
Play it safe. Lower risk, lower growth
Keep it under the mattress. No risk. Just savings accounts
