WorksheetsFinal Review Personal Finance
Total questions: 40
Worksheet time: 20mins
Name
Class
Date
1.
You are an education major, and part of your financial aid money is the money you earn as a tutor. This type of financial aid would be called...
a)
Scholarship
b)
Loan
c)
Grant
d)
Work Study
2.
How can you improve your credit score?
a)
Open a large amount of credit cards in a short time
b)
Monitor your credit
c)
Keep your utilization low (carry little debt)
d)
A & B
e)
B & C
3.
To ensure that your credit report is accurate, you should:
a)
Request your free credit report from each of the main credit bureaus
b)
Review your personal information and make sure that it's up to date
c)
Report any unauthorized activity to the issuing credit bureau
d)
All of the above
4.
A credit score of 300 is considered
a)
Excellent
b)
Good
c)
Fair
d)
Poor
5.
Interest is the COST of using
a)
Credit
b)
Debit
c)
Money
d)
ATMs
6.
I am received in January. There is one of me for every job you work. By reading me you can tell how much you earned and how much you paid in taxes.
a)
W-4
b)
1040
c)
W-2
d)
1099
7.
When people refer to "Tax Day" they mean...
a)
April 15, the typical deadline to file your taxes
b)
January 1, the first day of the calendar year
c)
Whatever day your tax refund comes in the mail
d)
December 31, the last day to earn income and have it count toward that tax year
8.
Which of the following would NOT be a typical tax deducted from your pay check?
a)
State Income Tax
b)
Federal Income Tax
c)
Social Security
d)
Roth IRA
9.
An employee's earnings before deductions is called
a)
Net Income
b)
Gross Income
c)
Pay Roll
d)
Minimum Wage
10.
Rolando earns $395. His net pay is $356. What taxes were used to get his net pay?
a)
Income/Payroll Taxes
b)
Sales Tax
c)
Gas Tax
11.
You, if your parents claim you on their taxes.
a)
Deductions
b)
Claiming Zero
c)
Taxable Income
d)
Dependent
12.
What do you need to fill out taxes?
a)
Social Security Number
b)
1099 Form
c)
W-2 Form
d)
All of the above
13.
When talking about insurance the word premium would be described as..
a)
the amount you pay when you get in a wreck
b)
the amount you pay each month to keep your insurance coverage
c)
the amount that you could pay if you need to go to the hospital
d)
the amount you pay to agent who finds you your insurance plan
14.
Why is it important to have insurance?
a)
To protect others from your mistakes
b)
To protect your assets from claims by others
c)
Guard against financial loss that can not be predicted
d)
All of the above
15.
What is the name for the portion of a claim that you must pay before the insurance coverage kicks in?
a)
Contracted amount
b)
Premium
c)
Deductible
d)
Benefit
16.
If you do not own your home which type of insurance should you purchase to cover your personal belongings (contents)?
a)
Pet Insurance
b)
Homeowners Insurance
c)
Renters Insurance
d)
Health Insurance
17.
Which of the below is an employer based retirement plan that both employees and employers contribute to?
a)
401(k)
b)
Roth IRA
c)
Social Security
d)
Traditional IRA
18.
The relationship between risk and return can be stated as
a)
Higher risk indicates the higher possible return
b)
Higher risk always indicates a lower return
c)
There is no relationship between risk and return
d)
There are no risks in investing
19.
Which of these accounts do you set up at a brokerage firm or other financial institution that will invest your money to build your retirement?
a)
401K
b)
Social Security
c)
IRAs
20.
Which has less risk when investing?
a)
Stock
b)
Bond
21.
Which means that you have partial ownership of a company when investing?
a)
Stock
b)
Bond
22.
Type of account that allows you to withdraw money, pay a bill, or make purchases easily.
a)
Saving account
b)
Checking Account
c)
Certificate of Deposit
d)
Money Market Account
23.
Cruz had $672.13 in his checking account, and a check that he wrote to his landlord for $650.00 was just deposited.
This will result in which of the following fees?
a)
Service fee
b)
Checking Fee
c)
Overdraft Fee
d)
No fees will occur at this time
24.
Sherwood Bennett, who has a checking account at Big Bucks Bank, is writing a check to Cassie Porter, who has a checking account at Lots a Loot Bank.
What should be written on the "Pay to the order of" line of the check?
a)
Lots of Loot Bank
b)
Big Bucks Bank
c)
Cassie Porter
d)
Sherwood Bennett
25.
At the beginning of this month, the balance of Vance's checking account was $697.96. So far this month, he has received a paycheck via direct deposit of $962.88, been charged a monthly service fee from his bank of $25.00, used a debit card linked to his account to make a purchase of $83.12, written a check for $138.83 that has already been deposited, and deposited a check written to him for $71.17. What is the current balance of Vance's checking account?
a)
$1620.38
b)
$1485.06
c)
$1510.06
d)
$787.10
26.
an account where money can be saved and earns interest over time, through the means of both simple or compound interest
a)
Savings accounts
b)
Checking Accounts
c)
Money Market Accounts
d)
Certificate of Deposit
27.
Who insures bank deposits up to $250,000?
a)
The FDIC (Federal Deposit Insurance Corporation)
b)
The NCUA (National Credit Union Administration)
c)
Federal Reserve
d)
U.S. Treasury Department
28.
A quick way to estimate how long it takes for your money to double is called...
a)
Rule of 88
b)
Rule of 72
c)
Simple Interest
d)
Compounding Interest
29.
What calculation should you do to answer the question:
How many years will it take $900 to double if the interest rate is 2%?
a)
90 divided by 2
b)
72 divided by 2
c)
2 divided by 100 time 900
30.
___________________________ is funding to a student to help pay for education-related expenses.
a)
Financial Aid
b)
Financial Loan
c)
Financial Fee
d)
Room and Board
31.
______________________________ form used to apply for federally funded financial aid; also used by some states and colleges to determine eligibility for for state- and college-funded aid; includes questions concerning income, financial situation and demographic date
a)
Free Application for Federal Student Aid (FAFSA)
b)
PROFILE Application
c)
Expected Family Contribution (EFC)
d)
Student Aid Report (SAR)
32.
Training that is focused on hands-on work that prepares you for jobs, like plumbing, cosmetology or car repair.
a)
Skills
b)
College
c)
Special Interest
d)
Vocational Training (Trade School)
33.
You are majoring in chemistry and entering your third year of college. You receive money from the federal government through a program that awards financial aid to students majoring in science, technology, engineering and math. You will not have to pay this money back. This type of financial aid is called....
a)
Scholarship
b)
Loan
c)
Grant
d)
Work Study
34.
You borrowed money through a federal program to pay for your education this year. Once you graduate you will have to pay this money back. This type of financial aid is called...
a)
Scholarship
b)
Grant
c)
Loan
d)
Work Study
35.
Which of the following best describes wants?
a)
Expenses that equal all the fixed and variable expenses added together
b)
Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances
c)
Things that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.
d)
Income from all possible sources
36.
Which of the following best describes needs?
a)
Expenses that equal all the fixed and variable expenses added together
b)
Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances
c)
Things that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.
d)
Income from all possible sources
37.
Which of the following would best describe a budget?
a)
Anything that you might incur an expense for
b)
Is a spending plan for managing your money that includes income and expenses
c)
All expenses deducted from income before net pay can result.
d)
Income after all deductions have been paid.
38.
What is a pay stub?
a)
Expenses that increase/decrease monthly or yearly EX: TV provider, internet, food, entertainment, utilities
b)
Hard or electronic copy of earnings that show all deductions and results in net pay
c)
Federal or State tax on your gross income
d)
Income left over after paying all expenses for the month or year.
39.
This is a form of stealing one's identity in which someone pretends to be someone else
a)
identify robbery
b)
stolen description
c)
identity stolen
d)
identity theft
40.
How often should you check credit, debit, bank, store accounts to insure that there has been no identity theft?
a)
Daily
b)
Monthly
c)
Weekly
d)
Annually
100 %
