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Financial Math.PFL Review

Total questions: 65

Worksheet time: 3hrs 40mins

Name
Class
Date
1.
Express 0.9 as a percent.
a)
9%
b)
90%
c)
1%
d)
10%
2.

Express 0.86 as a percent.

a)

8.6%

b)

86%

c)

8%

d)

.86%

3.
Which number is equivalent to 0.08?
a)
0.0008%
b)
0.08%
c)
80%
d)
8%
4.

Round $404.929 to the nearest cent.

a)

$404.93

b)

$404.92

c)

$404.90

d)

$405.00

5.

What is $3.436 rounded to the nearest cent (hundredth)?

a)

$3.5

b)

$4

c)

$3.43

d)

$3.44

6.

Round $5.99 to the nearest dollar.

a)

$6.00

b)

$5.00

7.

What is the noun used for the extra money paid for borrowing money?

a)

interesting

b)

interested

c)

interest

8.
a)

Need

b)

Want

c)
d)
9.
The Free Application for Federal Student Aid determines a student’s financial aid. Apply online at www. fafsa.gov. Forms may be filed any time after October 1, of the year for which the student is seeking aid. October of the senior year will be the first opportunity for high school students to apply.
a)
FAFSA
b)
Federal Direct Student Loan Program
c)
Financial Aid Package
d)
Financial Need
10.
Financial aid that does not have to be paid back, such as scholarships and grants
a)
Gift Aid
b)
Grant
c)
Interest
d)
Merit-Based Aid
11.
A fee charged when you take out a loan. Interest is calculated as a percentage of the principal loan amount. The rate may be constant throughout the life of the loan (fixed rate) or it may change at specified times (variable rate).
a)
Interest
b)
Merit-Based Aid
c)
Need Analysis
d)
Need-Based Financial Aid
12.

What is the first step for getting financial aid for college?

a)

Fill out the college application

b)

Fill out the FAFSA

c)

Call the financial aid office of the college

d)

Do nothing - wait for the government to throw you money

13.

What are 3 things that the FAFSA determines your eligibility for?

a)

admission, loans, scholarships,

b)

loans, scholarships, grants

c)

admission, programs, certificates

d)

diploma, certificate, admission

14.

Which kinds of financial aid are considered FREE MONEY?!

a)

Federal Work- Study & Federal loans.

b)

Scholarships & Grants

c)

Subsidized & Unsubsidized Loans

d)

Need-based & Merit-based

15.

Why is financial aid important?

a)

Because everyone needs it!

b)

Because it's required to graduate!

c)

Because the test is tomorrow!

d)

Because the cost of college keeps increasing!

16.

What is a cell in Excel?

a)

A formula

b)

An individual space

c)

A group of data values

d)

A graph

17.

What symbol comes first when using a function?

a)

:

b)

*

c)

(

d)

=

18.

How are cells named?

a)

By row (number) and column (letter)

b)

By column (letter) and row (number)

c)

By the contents of the cell

d)

Names are randomly assigned

19.

Which of the following keys can be used to move around in a worksheet?

a)

Arrow keys

b)

Tab key

c)

Enter key

d)

All of the above

20.

Which of these icons will increase decimal places?

a)

A

b)

B

c)

C

d)

D

21.
________ is an amount of money spent to buy goods and services for yourself or business
a)
Debt
b)
overdraft
c)
needs
d)
expense
22.
_____ is something owed to another-- an obligation to pay
a)
income
b)
debt
c)
goal
d)
money
23.
Money earned through employment and investments
a)
budget
b)
expense
c)
income
d)
debt
24.
What two things does a budget compare?
a)
Income and Expenses
b)
Savings and Interest
c)
Income and Investments
d)
Expenses and Expenditures
25.
Which of the following is a true statement about saving receipts?
a)
Saving receipts allows you to keep an accurate record of your spending.
b)
The more receipts you save, the more money you can save.
26.
This occurs when money is withdrawn from a bank account and the available balance goes below zero.
a)
overdraft
b)
reconcile
c)
balanced
d)
budgeting
27.
What percentage of Americans live paycheck to paycheck?
a)
70
b)
25
c)
50
d)
10
28.
What does it mean to pay yourself first?
a)
pay your bills first
b)
buy what you want first
c)
put your money in savings first
d)
pay your taxes first
29.
Monthly means how many times a year?
a)
4 
b)
12
c)
52
d)
365
30.
Change 6.75% to a decimal.
a)
67.5
b)
.675
c)
675
d)
.0675
31.
Semi-Annually means how many times a year?
a)
4 
b)
2
c)
1
d)
6
32.
5. Describe the difference between simple interest and compound interest?
a)
Simple Interest is applied yearly and compound interest is applied quarterly.
b)
Simple interest is less than 10% and Compound interest is above 10%.
c)
 Compound Interest is calculated only on the principal amount of a loan. Simple Interest is calculated on the principal amount and also on the accumulated interest of previous periods, and can thus be regarded as “interest on interest.”
d)
Simple Interest is calculated only on the principal amount of a loan. Compound Interest is calculated on the principal amount and also on the accumulated interest of previous periods, and can thus be regarded as “interest on interest.”
33.

What does the I in I = PRT mean?

a)

invest

b)

interest

c)

ice cream

d)

internal

34.

What does the P in I =PRT mean?

a)

Power

b)

Principal

c)

Product

d)

Percent

35.

What does the T in I =PRT means?

a)

time

b)

kind of loan

c)

temperature

d)

multiplication

36.
The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.
a)
fraction
b)
decimal
c)
ratio
d)
dollar amount
37.

What is the simple interest on a housing loan of $350,000, over 30 years with a rate of 4.5%? (Find the interest for one year and then multiply by 30)

a)

$350,00

b)

$47,250

c)

$350,000

d)

$472,500

38.
If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?
a)
divide 12 by the months
b)
multiply 12 times the months
c)
divide the months by 12
d)
change the months to a decimal
39.
To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.
a)
compound; lowest
b)
simple ; lowest
c)
compound ; highest
d)
simple ; highest
40.
John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions enable him to earn MORE interest?
a)
selecting an account with a higher interest rate
b)
leaving his money in the account for a long period of time
c)
transferring money into his checking account each month
d)
higher interest rate AND leaving money in for a longer time
41.
What is important about how time is calculated in I= Prt ?
a)
it must be in months
b)
it must be in years
c)
it is not calculated
42.
Find the simple interest:
Principal: $6,000
Interest Rate: 5%
Time: 6 months
a)
$150
b)
$1,800
c)
$1,500
d)
$15,000
43.

Which of the following is NOT a common way most people are using P2P, such as Venmo?

a)

Splitting bills with friends

b)

Paying rent or utilities

c)

Sending money to family members

d)

Investing in stocks

44.

How can you protect your checking account when using online and mobile banking?

a)

Use strong and unique passwords

b)

Avoid using public Wi-Fi networks

c)

Regularly monitor your account activity

d)

All of the above

45.

What are some reasons for why so many Americans live paycheck-to-paycheck?

a)

Low wages

b)

High cost of living

c)

Lack of financial education

d)

All of the above

46.

How is compound interest different than simple interest?

a)

Compound interest is calculated on the initial amount only

b)

Compound interest is calculated more frequently

c)

Simple interest is calculated more frequently

d)

Simple interest is calculated on the initial amount only

47.

How does inflation impact the money in your savings account?

a)

It increases the value of your money

b)

It decreases the value of your money

c)

It has no impact on the value of your money

d)

It depends on the interest rate

48.

A nonprofit financial institution that is owned by its members and organized for their benefit

a)

commercial bank

b)

credit union

c)

annual percentage yield

d)

endorsement

49.

A card issued by a financial institution that  allows you to withdraw money from your account or pay  for purchases by deducting funds directly from your checking account

a)

endorsement

b)

debit card

c)

Certificate of Deposit

d)

Short term loan

50.

When writing a check, it is a good idea to use

a)

pencil

b)

erasable pen

c)

blue or black ink pen

d)

red pen

51.

Approximately how often does a financial institution send a bank statement to an account holder?

a)

yearly

b)

weekly

c)

quarterly

d)

monthly

52.

Which part of the check is the least important?

a)

memo line

b)

signature line

c)

routing numbers

d)

check number

53.
This account allows you to deposit money at a bank for safekeeping.
a)
Saving Account
b)
Checking Account
c)
Bill Account
d)
Casino Account
54.
This account allows you to withdraw money, pay a bill, or make purchases easily.
a)
Checking Account
b)
Savings Account
c)
Market Money Account
d)
CD Account
55.
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
over spending fee
56.

Interest rate charged for balances on a credit card.

a)

APR

b)

Principal

c)

Collateral

d)

Fees

57.
Interest may be charged.
a)
Debit card
b)
Credit card
c)
Both
58.
Each purchase is a loan that is repaid later.
a)
Debit Card
b)
Credit Card
59.
Amount charged if your payment is received after the billing date
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
60.
It is best to pay more than the minimum due on your credit card.
a)
True
b)
False
61.
How can a cardholder avoid paying interest on a credit card?
a)
Do not pay anything
b)
Pay the minimum payment after its due date
c)
Pay the minimum balance every month
d)
 Pay the balance in full every month
62.
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
a)
American Express
b)
Chase Sapphire
c)
Neither
d)
All of the above
63.

Annual means...

a)

...happening every month.

b)

...happening every week.

c)

...happening every year.

d)

...happening every 10 years.

64.

If a credit card has an APR (annual percentage rate) of 19%, and you have purchases totaling $5200, what is the interest paid on the balance (using simple interest) if you have not made any payments yet?

a)

$999.00

b)

$988.00

c)

$98.80

d)

$9080.00

65.

What logo is this?

a)

MasterCard

b)

American Express

c)

Capital One

d)

Visa

e)

Discover

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