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Personal Finance

Total questions: 70

Worksheet time: 36mins

Name
Class
Date
1.

What are W-2's?

a)
A type of computer software
b)
A type of car engine
c)
Tax forms used by employers to report wages and taxes withheld
d)
A form of vitamin supplement
2.

What are W-4's?

a)
Tax forms for indicating withholding preferences
b)
A type of vitamin supplement
c)
Instructions for assembling a computer
d)
Recipes for making waffles
3.

What is a business taxed on?

a)
Amount of office space
b)
Number of employees
c)

Profit

d)
Customer satisfaction
4.

What are dependents?

a)
Individuals who are financially independent
b)
Individuals who are not related to anyone
c)
Individuals who live independently
d)

Individuals who rely on the taxpayer for financial support

5.

What are the seven types of taxes Americans pay?

a)

Sales tax, income tax, property tax

b)

estate tax, pay roll tax

c)

gift tax, excise tax

d)

Labor tax,

e)

delivery tax, home tax

6.

What types of mutual funds are there?

a)
Growth funds, value funds, large-cap funds, and small-cap funds
b)
Stock funds, bond funds, money market funds, and real estate funds
c)
International funds, sector funds, target-date funds, and alternative funds
d)
Equity funds, debt funds, balanced funds, and index funds
7.

What is a savings account?

a)
A savings account is a type of credit card with no interest
b)
A savings account is a type of investment that guarantees high returns
c)
A savings account is a type of loan that requires regular payments
d)

It is for your money that you won't withdraw from frequently

8.

How does putting money in a bank benefit you?

a)
Lose money and risk theft
b)
No benefit at all
c)
Increase the chance of bankruptcy
d)

Earn interest and keep money safe and money is insured

9.

What is a 1040?

a)
A type of medical procedure
b)

This form is used to file your taxes and it shows all your income deductions

c)
A type of computer
d)
A type of car
10.

What is revenue?

a)
Money spent on expenses
b)
Profit from investments
c)
Cost of goods sold
d)

total amount of income to the business

11.

What are expenses?

a)

money paid out for the cost of doing business, like supplies, employees, and bills

b)
Gifts received from friends
c)
Savings in a bank account
d)
Money earned from selling goods
12.

What does the (IRS) do?

a)
Deliver mail
b)
Teach math
c)
Build houses
d)
Collect taxes and enforce tax laws
13.

Why would you owe money at tax time?

a)
Overpaying taxes throughout the year
b)
Not filing tax returns
c)
Receiving a tax refund
d)

The amount that your employer withheld and already paid in taxes is less than the tax responsibility shown on your 1040

14.

You recieve refund money at tax time if...

a)
you have not paid any taxes throughout the year
b)
you have received a raise at work
c)

The amount your employer withheld and paid in taxes is greater than your taxes due when you do a 1040

d)
you have not filed your taxes
15.

What are 4 reasons "withholdings" need to be adjusted?

a)
Changes in weather, tax laws, personal circumstances, and dependents
b)
Changes in job, tax laws, personal circumstances, and pets
c)
Changes in expenses, tax laws, personal circumstances, and dependents
d)

Marital status, withholding allowances claimed, any exemptions, additional amount you want withheld

16.

what equation does a business use to determin profit?

a)
Expenses - Revenue = Profit
b)
Revenue + Expenses = Profit
c)
Revenue - Expenses = Profit
d)
Profit - Revenue = Expenses
17.

What are two ways a business can increase profit?

a)
By decreasing sales and increasing expenses
b)
By maintaining the same level of sales and expenses
c)
By increasing sales and reducing expenses
d)
By reducing sales and increasing expenses
18.

What is a 401k?

a)
A type of car engine
b)
A popular brand of coffee
c)
A new social media platform
d)

you contribute a portion of pre tax to get invested

19.

Why do businesses sell off pieces of ownership in the company?

a)
To avoid paying taxes on profits
b)
To give away ownership as a gift to employees
c)

to raise money

d)
To make the company smaller and more manageable
20.

"Buy _______, Sell ______"

(a)  

21.

With a 401K, who sets it up and what are the benefits?

a)

Employer, Tax defender, employer mates contridution

b)
Employees set up 401K plans and the benefits include high fees and no tax advantages
c)
401K plans are set up by the government and the benefits include limited investment options and no employer contributions
d)
Banks set up 401K plans and the benefits include high interest rates and short-term savings
22.

With a Traditional IRA, who sets it up and what are the denifites?

a)
The employer sets it up and the contributions are not tax-deductible.
b)
The financial advisor sets it up and the contributions are only for retirement at age 70.
c)
The government sets it up and the contributions are mandatory.
d)
The individual sets it up and the contributions may be tax-deductible.
23.

If you withdraw money from your 401K or Traditional IRA early (before 59 1/2) What percentage of money do they change as a tree?

a)
20%
b)
15%
c)
5%
d)
10%
24.

What is a checking account?

a)
A checking account is a type of investment account for long-term savings
b)
A checking account is a credit card with a high credit limit
c)
A checking account is a retirement account with tax benefits
d)

Its like a wallet you can access daily

25.

What is a checking account?

a)
A checking account is a type of investment account for long-term savings
b)
A checking account is a credit card with a high credit limit
c)
A checking account is a retirement account with tax benefits
d)

Its like a wallet you can access daily

26.

What is simple interest?

a)

you make interest only on your principal amounts

b)

pay after withholdings

c)

money that is owed or due

d)

you get interest on your principal and the interest acumulated

27.

What is compound interest?

a)
Interest calculated without taking into account previous periods
b)
Interest calculated on the final amount only
c)
Interest calculated only on the initial principal
d)

Interest calculated on your principal and the interest accumulated

28.

What is gross pay?

a)

pay before withholdings

b)
Total amount after deductions
c)
Amount after taxes
d)
Net amount after deductions
29.

What is net pay?

a)
Gross income before taxes
b)
Amount of money before deductions
c)
Total income including bonuses
d)

Pay after withholdings

30.

What is debt?

a)
A type of insurance policy
b)

money that is owed or due for a product or service that is already perchased

c)
A form of currency used in ancient civilizations
d)
A type of investment in the stock market
31.

What does a stock quote represent?

a)

The last price a seller and buyer agreed to make a trade

b)
The company's mission statement
c)
The CEO's annual salary
d)
The number of employees working for the company
32.

Insurance helps protect people financially from risk.

a)

TRUE

b)

FALSE

33.

I choose to purchase insurance because...

a)
To have something to complain about
b)

I can afford the monthly fees, but I cannot affor the higher cost of a catastrophy all at once.

c)
To make my friends jealous
d)
To waste money
34.

What does insurance protect?

a)
Financial loss or risk
b)
Social status
c)
Emotional well-being
d)
Physical health
35.

You can insure...

a)
your pet
b)
someone else's property
c)
yourself or your property
d)
your favorite food
36.

Insurance policy

a)
Contract
b)
License
c)
Agreement
d)
Warranty
37.

Insurance premium

a)
Amount of money paid for an insurance policy
b)
Price of a new insurance policy brochure
c)
Monthly salary of an insurance agent
d)
Cost of repairing a damaged car
38.

Beneficiary

a)
Donor
b)
Recipient
c)

person who recieves the life insuance

d)
Giver
39.

Term

a)

Time period that the policy covers

b)
Definition
c)
Acronym
d)
Synonym
40.

Deductible

a)
The amount of money the insurance company owes the policyholder
b)
Amount of money that a policyholder must pay out of pocket before their insurance company will pay any expenses
c)
The total cost of an insurance policy
d)
The maximum amount of money the policyholder can claim
41.

Coverage

a)
Blanket
b)
Exposure
c)

Maximum amount you can recieve in benefits if you do have a claim for a covered event

d)
Uncover
42.

Risk

a)
Safety
b)
Reward
c)

Probability of an insured situation actually occuring

d)
Certainty
43.

Rider

a)

ADD-ON clause you tack on to a policy to add more than basic package offers.

b)
bicicleta
c)
coche
d)
caballo
44.

What types of insurance are there?

a)
Pet insurance, travel insurance, phone insurance
b)
Car insurance, boat insurance, plane insurance
c)
There are various types of insurance such as life insurance, health insurance, auto insurance, home insurance, and more.
d)
Weather insurance, alien abduction insurance, zombie apocalypse insurance
45.

Life and health insurance policies protect people from...

a)
protecting people from winning the lottery
b)
financial loss due to expected medical expenses
c)
protecting people from getting a promotion at work
d)
financial loss due to unexpected medical expenses, disability, or death
46.

Casualty insurance protects you from...

a)
accidents, injuries, or property damage
b)
illnesses
c)
weather damage
d)
car maintenance costs
47.

Home owners Insurance?

a)
Coverage for car repairs
b)
Protection against identity theft
c)
Financial compensation for lost luggage
d)
Financial protection against damage to a home and its contents
48.

What are the three subcatagories for homeowners insurance?

a)
renters insurance, travel insurance, business insurance
b)
dwelling coverage, personal property coverage, and liability coverage
c)
flood insurance, earthquake insurance, pet insurance
d)
car insurance, health insurance, life insurance
49.

Types of car insurance coverage?

a)
Liability, collision, comprehensive, uninsured/underinsured motorist, and personal injury protection
b)
Life insurance
c)
Health insurance
d)
Home insurance
50.

It is legally required of you to have auto insurance in most states.

a)

True

b)

False

51.

Ways to keep auto insurance costs low?

a)
Only purchase the minimum required coverage
b)
Choose a high deductible to save money on premiums
c)
Shop around for the best rates and consider factors such as driving record, type of car, coverage limits, deductibles, and discounts.
d)
Never compare rates from different insurance companies
52.

How does life insurance work?

a)
Life insurance covers medical expenses for the insured person.
b)
Life insurance provides a financial benefit to beneficiaries upon the insured person's death.
c)
Life insurance guarantees a fixed monthly income for the insured person.
d)
Life insurance only provides benefits if the insured person outlives the policy.
53.

Term life insurance?

a)
Provides coverage for a specific period of time
b)
Provides investment opportunities for the policyholder
c)
Covers medical expenses for the policyholder
d)
Pays out a lump sum if the policyholder passes away
54.

Whole life insurance?

a)
complete life insurance
b)
full life insurance
c)
whole life insurance
d)
half life insurance
55.

Health insurance?

a)
Banana
b)
Yes or No
c)
Elephant
d)
Blue
56.

Health insurance covers?

a)
Movie tickets
b)
Car repairs
c)
Grocery expenses
d)
Medical expenses and treatments
57.

Medical bills are the ____ cause of US bankruptcies

a)

#1

b)

#2

c)

#3

d)

#4

58.

Insurance Fraud

a)
Bank Robbery
b)
Car Theft
c)
Insurance Fraud
d)
Identity Theft
59.

Americans take on debt to pay for thier...

a)
charity donations
b)
expenses
c)
vacations
d)
retirement savings
60.

Bad debt?

a)
Guaranteed to be collected
b)
Easily recoverable
c)
Not a financial concern
d)
Unlikely to be collected
61.

Credit

a)
Debit
b)

buying/recieving services before you pay

c)
Loan
d)
Cash
62.

Lenders look at the three "Cs" of credit...

a)

character

b)

capital

c)

capacity

d)

control

63.

How can you build credit?

a)
By opening a credit card, making on-time payments, and keeping credit utilization low.
b)
By maxing out credit cards
c)
By ignoring credit card bills
d)
By never using a credit card
64.

Pros and cons of renting a home...

a)
Renting a home means you can't make any changes to the property
b)
Renting a home provides more stability than owning
c)

can be cheaper, temporary, no big down payment

d)
Renting a home is always cheaper than buying
65.

Pros and cons of buying a house?

a)
It depends on individual circumstances and preferences.
b)
It's always a good investment
c)
It's a waste of money
d)
There are no downsides
66.

Appreciation means?

a)
Ignoring the value of something
b)
Overlooking the significance of something
c)
Disregarding the importance of something
d)
Understanding the value or significance of something
67.

Depreciation means?

a)
Increase in the value of an asset over time
b)
The total value of all assets in a company
c)
The process of acquiring new assets
d)
Decrease in the value of an asset over time
68.

Subsidized student loans?

a)
Loans with government-paid interest
b)
Loans with high interest rates
c)
Loans with no interest
d)
Loans with employer-paid interest
69.

Unsubsidized student loans?

a)
Federal student loans
b)
Grants
c)
Scholarships
d)
Private student loans
70.

What are W-2's?

a)
W-2's are forms used to report monthly expenses
b)
W-2's are documents for tracking employee attendance
c)
W-2's are used to report annual profits for a business
d)
W-2's are tax forms used by employers to report annual wages and the amount of taxes withheld from an employee's paycheck.

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