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1st semester final exam

Total questions: 35

Worksheet time: 22mins

Name
Class
Date
1.

putting money aside from current income to buy something in the future

a)

spending

b)

saving

c)

sharing

d)

expences

2.

Dulce has $9 in the bank. She withdraws $3. Later, she deposits $4. How much money does Dulce have in the bank now?

a)

$9

b)

$16

c)

$10

3.

Jayden saves $5 each month. How much will he SAVE in 4 months?

a)

$9

b)

$20

c)

$15

4.

The money added to the cost of items and services . It is usually paid when an item is purchased.

a)

Sales Tax

b)

Income Tax

c)

Markdown

d)

Principal

5.

Your total income before income tax or other deductions are taken out of it.

a)

Net Income

b)

Income Tax

c)

Interest Income

d)

Gross Income

6.

Written document asking a bank to pay a certain amount from your account.

a)

Coupon

b)

Check

c)

Rebate

d)

Credit Card

7.
Amanda has to pay taxes on her annual salary and investments. Which type of tax is Kimberly paying? 
a)
Sales Tax
b)
Property Tax
c)
Payroll Tac
d)
Income Tax
8.

The account that you can use to make payments with a check.

a)

checking account

b)

savings account

c)

credit card

d)

finances

9.

Account where you put money to be held for a long period of time.

a)

checking account

b)

savings account

c)

asset

d)

credit card

10.

What is a budget?

a)

A plan for how money will not be used

b)

A plan for how money will be used

c)

The amount you spend

d)

The amount you save

11.

Which of the following describes credit?

a)

Borrowing money that you have to pay back later.

b)

A percentage that gets added back onto the total amount owed.

c)

Money owed to a bank or lending company.

d)

A person, bank, or company that lends money.

12.

What are bills you have to pay called in finance?

a)

Expenses

b)

Savings

c)

Credits

d)

Wages

13.

Select the best meaning for wage / salary.

a)

Money paid by an employer to an employee for their labor / service.

b)

Money paid for a specific event or percent sold.

c)

The lowest amount an employer can legally pay.

d)

Money set aside for future use.

14.

What is money one earns through employment?

a)

Income

b)

Budget

c)

Credit

d)

Debt

15.

You decide to stop at the ATM and get money out of your account before going to the store. You’re a making a ___.

a)

premium

b)

deposit

c)

withdrawal

d)

deductible

16.

You walk outside only to find that your car has been towed because you were parked illegally. You paid the towing company with a check and took this unexpected expense from the “___” budget.

a)

payments

b)

reserves

c)

meetings

d)

finances

17.

There are many costs associated with owning a car. ___, registration, taxes, and inspection are things you’ll have to pay for, but arbitration is not something you’ll need to pay for.

a)

Maintenance

b)

Groceries

c)

Power bill

d)

Water bill

18.

A health insurance ___ is the amount you pay when you visit a doctor.

a)

premium

b)

plan

c)

copay

d)

outpay

19.

You would budget for your electric and heating bills

in “___”.

a)

Deductibles

b)

Annual

c)

Researching

d)

Utilities

20.

Your employer withholds money from each ___. This money used to pay for federal and state taxes.

a)

paycheck

b)

statement

c)

deductible

d)

amount

21.

The difference between net pay and gross pay is gross pay is your total paycheck and net pay is what you take home after ___.

a)

settlement

b)

taxes

c)

answer

d)

options

22.

You are required to make payments on an auto loan once a ___.

a)

date

b)

week

c)

month

d)

year

23.

On Jan. 8th, your account was charged $30.00 for an overdraft fee. This happened because you spent ___ than what was in your account.

a)

same

b)

more

c)

less

d)

minimum

24.

If you pay off only the amount owed on your credit card each month, but don’t pay it off completely, it’s called making your ___ payment.

a)

total

b)

basic

c)

maximum

d)

minimum

25.

If you decide to rent a place to live, you’ll need to sign a ___.

a)

lease

b)

buy

c)

own

d)

borrow

26.

You charged $500 to your credit card to buy a new TV and paid it off after 6 months. With interest, you paid back a total of $600. $500 is called the ___ in this situation, and you paid $100 in interest.

a)

interest

b)

deductible

c)

payments

d)

principal

27.

A ___ is the name of the document that tells you what you need to pay on your credit card.

a)

statement

b)

answer

c)

options

d)

document

28.

When moving to a new rental, you’ll likely need to pay a security deposit.

This is often the first and last month’s ___.

a)

insurance

b)

power bill

c)

mortgage

d)

rent

29.

A ___is the document that comes with your paycheck and shows you what you were paid and how much was taken for taxes.

a)

paystub

b)

paypal

c)

payfile

d)

payment

30.

Someone broke into your apartment and stole all of your stuff.

Luckily, you have renter’s insurance.

You request that your insurance pay for the lost items by filing a ___.

a)

promissory note

b)

plan

c)

repayment

d)

claim

31.

If you don’t pay your credit card balance off in full each month,

you’ll be charged ___.

a)

interest

b)

full amount

c)

transaction

d)

cents on the dollar

32.

The best way to create a budget is to ___ your income into categories and plan how much you’ll spend on each.

a)

multiply

b)

divide

c)

add

d)

subtract

33.

What is income?

a)

Money that you owe another person.

b)

Money that you put in your savings account.

c)

Money that you earn.

d)

Money that you spend on fun stuff for yourself.

34.

How does your money grow once you put it in a savings account?

a)

It earns interest over time.

b)

The bank gives everyone the same amount each year.

c)

You take money out to buy something you want.

d)

It doesn't grow. It stay the same amount as long as it is in the bank.

35.

debit card

a)

money placed into an account

b)

allows you to make purchases and pay for them at a later date, like a loan

c)

a produce offered by a company promising to protect you from specific financial risks

d)

used to make purchases with funds directly from a checking account; your own money