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Personal FInance

Total questions: 94

Worksheet time: 47mins

Name
Class
Date
1.

How can you make the right choices with your money

a)
By spending all your money on unnecessary items
b)
By not keeping track of your expenses
c)

By earning, budgeting, saving, spending, and giving

d)
By making impulsive decisions without considering long-term goals
2.

True or False:

Banks got into the credit union business before 1920 because charging exceptionally high interest rates was legal

a)

True

b)

False

3.

True or False:

You should always make sure you have a budget

a)

True

b)

False

4.

True or False:

To gain an understanding of your personal finances, you should know where you financially, how much income you have, what goals you want to set, and how you'll reach those goals

a)

True

b)

False

5.

What is the first foundation

a)
The first foundation is the topmost layer of a building.
b)
The first foundation is a musical band.
c)

The first foundation is to save a $500 emergency fund

d)
The first foundation is a type of makeup product.
6.

True or False:

It is more important to be a saver than a spender

a)
True
b)
False
7.

What is personal finance

a)
The art of predicting stock market trends
b)

The financial decisions an individual or family must make in order to earn, budget, save, spend, and give money time

c)
The process of managing a company's financial resources
d)
The study of how to make money quickly
8.

What does avoiding debt lead to

a)

Financial freedom and hope

b)
More opportunities for investment and growth
c)
Increased debt and financial instability
d)
Higher credit score and better loan options
9.

What percent of Americans use a budget

a)

35%

b)
10%
c)
90%
d)
50%
10.

Which is not a component of a budget

a)
Goals
b)
Money
c)
Time
d)

Credit score

11.

True or False:

Online budgeting apps are more effective than budgeting with a pen and paper

a)
True
b)
False
12.

What are the four walls in finance

a)
Stocks, bonds, mutual funds, and real estate
b)
Housing, food, transportation, and utilities
c)
Income, expenses, assets, and liabilities
d)
Savings, investments, retirement, and insurance
13.

What is the limit of the amount of categories you need to have in your budget

a)
The limit is 5 categories in a budget.
b)
You should have at least 10 categories in your budget.
c)
You can have a maximum of 20 categories in your budget.
d)
There is no specific limit to the amount of categories in a budget.
14.

True or False:

You should create a monthly budget

a)

True

b)

False

15.

True or False:

If you get married both of you are responsible for budgeting

a)

False

b)

True

16.

What is a budget

a)
A budget is a type of loan
b)
A budget is a type of investment
c)
A budget is a type of bank account
d)

A budget shows you how much money you plan to come in and go out during the month

17.

What percentage of Americans have less than $1,000 saved for an emergency?

a)

50%

b)

10%

c)

45%

d)

1% .

18.

True or False:

You'll have less freedom with your money if you are paying for things in your past

a)
True
b)
False
19.

True or False:

Once you have a $500 emergency fund, you should save it until you have an emergency

a)
False
b)
True
20.

What is the first step you should take when you want to make a large purchase?

a)

Decide how much you'll need and the time frame you want to save it in

b)
Go to the store and make the purchase without any prior research
c)
Ask your friends and family for their opinion
d)
Buy the first option you come across
21.

What is the best way to build wealth

a)
Spend all your money on frivolous things
b)
Take out large amounts of debt
c)

Start investing early

d)
Win the lottery
22.

How do you earn interest?

a)

The bank pays you to use your money

b)
By keeping money under the mattress
c)
By spending all your money
d)
By giving money away for free
23.

It's not _____ an emergency will happen, but _____

a)

none of the above

b)

it, what

c)

when, if

d)

if, when

24.

What is something that credit card commercials don't show you?

a)
Low interest rates and no fees
b)
Credit card rewards and benefits
c)
High interest rates and fees
d)
Easy approval process and no credit check
25.

True or False:

A homeowner can take out a HELOC and use it for more than home repairs and renovations

a)

False

b)
True
26.

How do banks and lenders use credit score?

a)
To decide the color of the borrower's car
b)
To determine the borrower's favorite food
c)
To assess the borrower's height and weight
d)

To determine the likelihood had someone is able to repay debt

27.

What happens when you make purchases with a credit card?

a)
The card issuer pays the merchant and you never have to repay them.
b)
You pay the merchant directly with cash.
c)
The card issuer pays the merchant and you pay the card issuer immediately.
d)

You are borrowing money with interest

28.

What happens you finance a new car?

a)
You pay for the car in full upfront.
b)
You receive the car as a gift.
c)
You lease the car and make monthly payments.
d)

You will end up paying more than the sticker price

29.

True or False:

The majority of Americans live paycheck to paycheck

a)
True
b)
False
30.

What is the greatest tool to building wealth

a)
Borrowing money
b)
Saving
c)

Income

d)
Spending
31.

What do security loans require

a)
Insurance
b)
Collateral
c)
Down payment
d)
Credit score
32.

What is an example of discretionary spending

a)
Dining out
b)
Paying rent
c)
Medical expenses
d)
Grocery shopping
33.

True or False:

Stores like scan and go options, apps, and one-click purchases because it makes paying easier and faster, so customers are more likely to overspend

a)
True
b)
False
34.

What is an effective marketing strategy

a)
Relying solely on one marketing channel
b)

Companies pay a lot to have their products strategically placed in the store

c)
Not conducting any market research
d)
Spamming potential customers with irrelevant information
35.

What is fraud

a)

When someone steals and uses your debit card info

b)
Honesty and integrity
c)
Accidental mistake
d)
Unintentional error
36.

What is power over purchase

a)
Ability to fly
b)
Ability to speak multiple languages
c)
Ability to control the weather
d)
Ability to influence or control the decision to buy something
37.

What is the best way to have more money

a)

Have contentment

b)
Ignore financial planning and budgeting
c)
Spend recklessly and go into debt
d)
Rely on luck and gambling
38.

Why do companies use marketing

a)
To make the company look busy
b)
To waste money
c)

To get your prefrontal cortex offline so you'll be vulnerable to impulse purchases

d)
To annoy people with advertisements
39.

True or False:

The best way to make the contribution you were born to make is by doing work you're passionate about

a)
True
b)
False
40.

True or False:

You should always do research about the company you're applying to

a)
True
b)
False
41.

What is an entrepreneur

a)

A person who starts and runs their own business

b)
A person who works for a company and has no interest in making a profit
c)
A person who enjoys taking risks but has no interest in starting a business
d)
A person who invests in existing businesses and does not take any risks
42.

What is the first step in finding your dream job

a)

Discovering your talents, passions, and values

b)
Apply to every job you see
c)
Choose a job based on salary alone
d)
Ignore your skills and interests and just take any job
43.

What does the Proximity Principle say

a)
The Proximity Principle states that distance is irrelevant in forming relationships
b)

In order to do what you want to do, you need to be around people who are doing it and in places where it's happening

c)
The Proximity Principle suggests that the further away you are from someone, the more likely you are to form a relationship with them
d)
The Proximity Principle claims that relationships are not affected by physical distance
44.

True or False:

The very best investment you can make is yourself

a)
True
b)
False
45.

True or False:

Earning a grant is not a benefit of working while in school

a)
False
b)
True
46.

What should your resume NOT include

a)

How much money you want to make

b)
Salary expectations
c)
High school achievements
d)
Personal hobbies and interests
47.

True or False:

Many high schoolers get so caught up in the idea of the college experience that they don't think critically about how their college choice will affect their financial future

a)

False

b)
True
48.

True or False:

Student loans are not a good type of debt

a)
False
b)
True
49.

What are the parts of making a plan to pay cash for college?

a)

Saving money

b)

Searching for scholarships

c)
Not worrying about expenses
d)

Talking with your family about how much financial help you'll get

50.

How can you fund your education?

a)
Winning the lottery
b)
Borrowing money from friends and family
c)
Selling personal belongings
d)
Scholarships, grants, student loans, part-time jobs, and financial aid
51.

What do you ask yourself before you start applying to schools

a)
What is my favorite food?
b)
What is my favorite color?
c)

Do I need this degree for my career?

d)
How many pets do I have?
52.

Which of the following is a better question to ask before applying to schools?

a)

Where do I want to go to college?

b)
What is the school's ranking in sports?
c)

What do I want to do for a career?

d)
What is the school's mascot and team colors?
53.

How long does it take for the average person to pay off their student loan debt?

a)
30 years
b)
Varies
c)
10 years
d)
20 years
54.

True or False:

Private student loans typically have a higher interest rate than federal student loans

a)
False
b)
True
55.

True or False:

A bank can't help you manage your money and keep it safe

a)
False
b)
True
56.

What are some of the services the bank offers?

a)
Movie tickets, restaurant reservations, travel booking
b)
Home repairs, landscaping, house cleaning
c)

Mortgages, check writing, and debit cards

d)
Car wash, grocery delivery, pet grooming
57.

What is a savings account?

a)

A type of bank account where you can deposit money for long term saving goals

b)
A type of bank account where you can borrow money and pay interest on the balance.
c)
A type of bank account where you can invest in stocks and bonds.
d)
A type of bank account where you can withdraw money without any fees.
58.

What is an easy way to avoid ending up with errors in your checking account?

a)
Never checking your account
b)
Spending more than you have
c)
Ignoring your bank statements
d)

Monitor your account regularly

59.

How long does the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Association (NCUA) insure?

a)

$500,000

b)

$250,000

c)

$100,000

d)

$1,000,000

60.

How do credit unions differ from retail banks?

a)

Credit unions typically require memberships based on criteria.

b)
Credit unions and retail banks operate in the same way and offer the same services to their customers.
c)
Credit unions are owned by the government and focus on making profits for shareholders.
d)
Retail banks are member-owned and focus on providing services to their members, while credit unions are typically owned by shareholders.
61.

True or False:

Your emergency fund should not go into your bank account but instead in a money market account

a)
False
b)
True
62.

What does it mean when your bank account says pending on a purchase?

a)
The purchase has been cancelled by the bank
b)

Transaction has not been fully processed yet

c)
The transaction has been completed and the money has been deducted from the account
d)
The purchase has been approved and the money has been transferred to the seller
63.

True or False:

Insurance helps you transfer the risk from your bank account to the insurance company

a)
True
b)
False
64.

True or False:

It is wise to have liability insurance because even if your are a great driver, there are plenty people who aren't

a)
False
b)
True
65.

What is dwelling insurance?

a)
Insurance for a car
b)
Insurance for the contents of a home
c)
Insurance for a pet
d)
Insurance for the structure of a home
66.

True or False:

If you are young and healthy, you do not need health insurance

a)
False
b)
True
67.

What does long term disability provide?

a)
Discounted gym memberships
b)
Free healthcare services
c)

Money to replace lost income for years, eve up to retirement

d)
Unlimited vacation days
68.

What does life insurance guarantee?

a)
Guarantees a free vacation for the insured person's beneficiaries
b)
Guarantees a successful career for the insured person's beneficiaries
c)

Your loved ones get a certain amount of money when you pass away

d)
Guarantees a lifetime supply of money for the insured person
69.

True or False:

In return for paying the insurance company a fee, they will pay for certain expenses or damages

a)
True
b)
False
70.

What does renters insurance do?

a)
Provides free home repairs for the tenant
b)
Gives the tenant a discount on their rent
c)
Covers the cost of utilities for the tenant
d)

Covers you and your belongings if there is ever a fire, theft, or vandalism

71.

What does comprehensive coverage do?

a)
Covers only damages caused by a collision
b)

Pays for loss or damage to your car caused by anything other than a collision

c)
Does not provide any protection for your vehicle
d)
Provides protection for your vehicle from damages caused by a collision
72.

What are withholdings and deductions?

a)
Money added to an employee's paycheck for bonuses
b)
Amounts taken out of an employer's profits for employee benefits
c)
Fees paid by the employer to the government for hiring new employees
d)

Expenses taken out of your paycheck

73.

What is consumption tax?

a)
A tax on the purchase of goods and services
b)
A tax on inheritance
c)
A tax on property ownership
d)
A tax on income
74.

What is a wage?

a)
A type of fruit
b)
A type of transportation
c)
A type of clothing
d)

The money you earn hourly for your time and effort at work

75.

What is a W-4 form?

a)

Estimates how much tax you'll owe based on your personal situation

b)
A form for applying for a credit card
c)
A form for registering for a driver's license
d)
A form for applying for a passport
76.

True or False:

Every American who earns an income must file a federal tax return each year

a)
True
b)
False
77.

True or False:

When you make more money, you won't need to pay more taxes

a)
True
b)
False
78.

True or False:

If you work and earn money, you will have to pay taxes

a)
False
b)
True
79.

What is sales tax?

a)
A tax imposed on the purchase of land
b)
A tax imposed on income from investments
c)
A tax imposed on the export of goods
d)

A tax imposed when you buy clothes or check out at the grocery store

80.

True or False:

It's best to develop good money habits instead of waiting until you're on your own to figure it all out

a)
False
b)
True
81.

True or False:

Renting is a great option for many people

a)
False
b)
True
82.

What should your rent total come out to be?

a)

No more than 25% of your paycheck

b)

63% of your paycheck

c)

100% of your paycheck

d)

57% of your paycheck

83.

True or False:

When you are ready to buy a house, the best option is a 15 year fixed rate conventional mortgage

a)
True
b)
False
84.

What does the cost of living refer to?

a)
The number of people living in a certain area
b)
The average temperature in a specific location
c)
The cost of purchasing a new car
d)

The average cost of the basic goods and services needed to maintain a certain standard of living

85.

Making periodic payments to a landlord is called _______

a)
utility payment
b)
lease payment
c)

renting

d)
mortgage payment
86.

True or False:

You should rent until you are able to buy a home right away

a)
True
b)
False
87.

What is the 5th foundation

a)

Save money

b)

Save a $500 emergency fund

c)

Build wealth and give

d)

There isn't one

88.

A security that represents is called a _____

a)
bond
b)
currency
c)
commodity
d)
stock
89.

True or False:

When you invest in a mutual fund, you are contributing to a pool of money that will be invested in a mix of stocks, bonds, and money market accounts

a)
False
b)
True
90.

True or False:

Diversification can reduce your risk by using a mix of investment types in your portfolio

a)
True
b)
False
91.

What is retirement planning?

a)

The process of figuring out how much money you'll need in retirement and creating a plan to get there

b)
Planning for a vacation
c)
Investing in a new business
d)
Buying a new car
92.

What is generosity?

a)
Act of expecting something in return for being kind to others
b)
Act of being selfish and keeping everything for oneself
c)

The cure for selfishness

d)
Act of being rude and unkind to others
93.

True or False:

Investing your money earns you more money because of compound growth

a)
False
b)
True
94.

True or False:

Before you invest, you should make sure a mutual fund has done well for 5-10 years

a)
False
b)
True

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