wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

PF Semester Test Review

Total questions: 69

Worksheet time: 35mins

Name
Class
Date
1.

Being able to work as a team, communicate well and organize your tasks are examples of ______________________ skills.

a)

21st Century Skills

b)

Soft skills

c)

Hard skills

d)

Communicable skills

2.

Changing a tire, creating a blueprint and creating a lesson plan are examples of what type of skills?

a)

21st Century Skills

b)

Soft skills

c)

Hard skills

d)

Communicable skills

3.

You just found out your bank has gone broke and failed.  You are worried about the $125,000 you have in your savings account.  Then you remembered something you learned in personal finance that calms you down.   Is it….

a)

  1. The social security administration has funds to cover your savings, but you have to wait until retirement to get it.

b)

  1. All you have to do is fill out an insurance form with the IRA and you will get the money back in 4-6 weeks.

c)

  1. Congress set up the FDIC to insure each bank customer up to $250,000 in case a bank fails.

d)

  1. The bank has money hidden in a warehouse to pay you back your $125,000.

4.

My aunt died of cancer last year so I chose to have $25 per paycheck deducted from each paycheck to support the American Cancer Society.  This choice would be based on my

a)

career choice

b)

needs

c)

values

d)

disposible income

5.

What is the (general) relationship between the amount of education after high school and total lifetime  earnings?

a)

As education goes up, lifetime earnings go down

b)

There is no relationship

c)

It depends on the career

d)

As education goes up, lifetime earning also rise.

6.

What is inflation? 

a)

Gradual rise in the price of goods and services

b)

When stocks are at their peak selling price

c)

When companies charge prices that are criminal

d)

An increase in the buying power of the dollar

7.

Last year a Luke Skywalker Funko Pop sold for $210.00.   Right now you can buy one for $50.00.  Explain why this might happen using the laws of supply and demand.

a)

You don't

b)

The demand is higher than the supply

c)

The supply and demand are equal

d)

The supply is higher than the demand

8.

Using the concept of inflation, why might I have to earn more year after year to keep up with inflation?

a)

You have to make more to be able to afford the same items

b)

You don't. Inflation has no impact on earnings.

c)

The government devalues the dollar

d)

Your wages may go down and not buy as much.

9.

Do you have to pay back a student loan? 

a)

Yes

b)

No

10.

Do you have to pay back a grant?

a)

Yes

b)

No

11.

Jermaine has joined a school club, volunteers at a local shelter and has a part time internship related to business so that he can build a ________________  of contacts to help him in his future career.

a)

Contact

b)

Network

c)

Charity

d)

Profession

12.

 Jimmy was injured repairing a drill press at work.  Which employee benefit will cover his medical expenses?

a)

  1. Retirement plan

b)

  1. Social security

c)

  1. Worker’s compensation

d)

  1. Tuition reimbursement

13.

Which employee benefit is the national  program for retired workers ages 65+?

a)

  1. Retirement plan

b)

  1. Social security

c)

  1. Worker’s compensation

d)

  1. Tuition reimbursement

14.

Which tax form is filled out before (b-4) you start a job so your employer knows how much to deduct from your paycheck for federal withholding?

a)

W-2

b)

W-4

c)

I-9

d)

1040EZ

15.

Which tax form is mailed by your employer at the end of the year and used to (2) file taxes?  It tells how much you made in wages and how much you paid in taxes


a)

W-2

b)

W-4

c)

I-9

d)

1040EZ

16.

My friend Benny doesn’t know how to file taxes and asked me for help.  He has his W-2 form from his employer. Which would be the best advice?

a)

  1. Take your W-2 and file taxes  with a tax professional

b)

  1. Go back and get your W-4.  It's the form you need to file taxes

c)

  1. Tell him not to bother, the IRS probably won’t catch him anyway.

d)

  2. Advise him to get a tax refund loan and buy something fun.

17.

 I want to see how I am doing financially so I add up the value of all the items I own  (assets) like my  car, home and electronics.  Then I take the total of all the money I owe (liabilities) like loans, credit card debt and late bills.  I subtract my liabilities from my assets and get my

a)

Gross income

b)

Take home pay

c)

Net worth

d)

Discretionary income

18.

 If I want to increase my net worth, what is my best choice?

a)

  1.  Take money out of saving or cash in your mutual fund  to pay off your car loan

b)

  1. Transfer money from savings to checking to cover expenses

c)

  1.  Stop using credit cards and pay the full amount due with your next paycheck

d)

  2. Check your credit score to make sure your records are correct

19.

Based on the amounts below, what are Bob's total monthly expenses?

Rent  $400 Gasoline $25 Utilities $40 Car loan $150 Groceries $75 Entertainment  $50
Clothes $50 Parking $20 Cable/internet $60

a)

$870

b)

$780

c)

$770

d)

$850

20.

 If Bob’s income is $1300 a month, what is his variance?

a)

  1. His income is $430 dollars more than expenses

b)

  1. His expenses are $430 more than income

c)

  1. He has a net loss of $310

d)

  1. He has a net gain of $310

21.

Which of Bob's expenses is a FIXED expense?

Rent  $400 Gasoline $25 Utilities $40 Car loan $150 Groceries $75 Entertainment  $50
Clothes $50 Parking $20 Cable/internet $60

a)

Gasoline

b)

Groceries

c)

Rent

d)

Entertainment

22.

If I'm trying to cut down on monthly spending, are fixed or flexible expenses easier to change?

a)

Fixed

b)

Flexible

c)

Both

d)

Neither

23.

Which of Bob's expenses is a FLEXIBLE expense?

Rent  $400 Gasoline $25 Utilities $40 Car loan $150 Groceries $75 Entertainment  $50
Clothes $50 Parking $20 Cable/internet $60

a)

Car Loan

b)

Rent

c)

Cable/Internet

d)

Clothing

24.

What is the best outcome of a monthly budget?

a)

Income is more than expenses

b)

  1. Expenses are more than income

c)

  1. You put money into retirement and bonds

d)

  2. You give to charity

25.

Why do monthly budgets, paying yourself first and sticking to a grocery list help you meet your financial goals?

a)

You control where and when your money is spent

b)

You learn about different budget categories

c)

You will focus on wants instead of needs

d)

You are more likely to impulse buy

26.

Why do monthly budgets, paying yourself first and sticking to a grocery list help you meet your financial goals?

a)

You control where and when your money is spent

b)

You learn about different budget categories

c)

You will focus on wants instead of needs

d)

You are more likely to impulse buy

27.

Sending emails and other messages in order to obtain personal information for illegal purposes.

a)

Identity theft

b)

Phishing

c)

S

d)

Bank Fraue

28.

To avoid becoming a victim of fraud, make sure your online shopping URL has the letter ___ after http

a)

Identity theft

b)

Phishing

c)

S

d)

Bank Fraud

29.

Stealing a person's private identity information, usually for financial gain.

a)

Identity theft

b)

Phishing

c)

S

d)

Bank Fraud

30.

Keeping your private information out of the hands of others is vital to help prevent you becoming a victim of __________________?

a)

Identity theft

b)

Phishing

c)

S

d)

Bank Fraud

31.

Oh snap, I just realized my credit card was stolen.  What is the first thing I should do?

a)

  1.  Call the police

b)

  1. Cancel your credit card

c)

  1. Set up a report with the Better Business Bureau

d)

  1. Open a file with the 3 credit reporting bureaus

32.

8.  I just bought a tent at Scheels and went to set it up in my backyard.  I found out that it was used, had a small tear and was missing 2 poles.  What should I do?

a)

  1. Call a lawyer and sue Scheels

b)

  1. Go back to Scheel's with the tent and receipt, and talk to the manager

c)

  1. File a claim with the better business bureau

d)

  1. Call the FDIC

33.

Jennifer was able to save money for a downpayment on a house by the age of 28 because she focused her spending on food, clothing and shelter.  Are these wants or needs?

a)

wants

b)

needs

c)

neither

d)

both

34.

The candy, chapstick and other small items lining the checkout lane at the grocery store are an example of the store trying to get you to make a/an ____________________

a)

Impulse buy

b)

  2. Buyer’s remorse

c)

  1. Trade off

d)

  2. Opportunity cost

35.

Julie was out just looking at new cars and the saleswoman pressured her into buying one that day. Three months later she is not happy with her purchase.  It costs a lot to repair, is not good on the snow and is expensive to insure.  Julie is experiencing

a)

Impulse buy

b)

  2. Buyer’s remorse

c)

  1. Trade off

d)

  2. Opportunity cost

36.

Marlyn has always wanted a puppy and bought a maltipoo for $1200..  She knows that she will not have the money to go on a roadtrip with her friends but she feels the puppy was a much better purchase.  This trade off is called a/an _________________________

a)

Impulse buy

b)

  2. Buyer’s remorse

c)

  1. Trade off

d)

  2. Opportunity cost

37.

Ask your teacher for a copy of the Vesta Paycheck to answer the following questions.

What is the total of Carl’s required deductions this pay period?

a)

  1. $298.34

b)

  1. $305.92

c)

  1. $310.56

d)

  1. $298.45

38.

What is the total of Carl’s voluntary deductions this pay period?

a)

  1. $194.34

b)

  1. $245.76

c)

  1. $254.59

d)

  1. $489.33

39.

How much will Carl take home this month in net pay?

a)

  1. $534.87

b)

  1. $498.23

c)

  1. $511.11

d)

  1. $639.49

40.

Matilda wants to open a bank account and be able to pay bills online and use an ATM. Which of the following would solve her problem?

a)

  1. Direct deposit

b)

  1. Debit card

c)

  1. Safety deposit box

d)

  2. Cashier’s check

41.

In order to avoid trips to the bank and get paid in a more secure way, Marshall has opted to have his paycheck deposited in his account using an electronic funds transfer 

a)

  1. Direct deposit

b)

  1. Debit card

c)

  1. Safety deposit box

d)

  2. Cashier’s check

42.

What is the goal of liquidity?

a)

To shop within your budget

b)

To have a net game on your budget

c)

To sell assets and lose as little money as possible.

d)

To buy stocks and bonds when the market is low

43.

I lost my JHS Chromebook, there is a $255 charge on my student account and I can't get my diploma until I pay the balance.  Which of the following is the most liquid and would allow me to get my money the quickest?

a)

  1. Checking account

b)

  1. 3 month CD

c)

  1. My car

d)

  1. IRA retirement fund

44.

A mathematical explosion, the 8th wonder of the world, interest paid on interest, the best way to build wealth long term.  These all describe:



a)

  1. Simple interest

b)

  1. Compound interest

c)

  1. Savings

d)

  1. Pay yourself first

45.

Which financial tool helps you determine how long it will take your investment to double?

a)

Rule of 72

b)

Amortization schedule

c)

Mortgage calculator

d)

The double ratio

46.

Oh no!  Max spent $40 at the Gap using his debit card but only had $20 in his account.  He didn’t have to pay large fees to his bank or the Gap because he has what?

a)

  2. Minimum balance fee

b)

  1. Savings bypass

c)

  1. Simple interest

d)

  1. Overdraft protection

47.

One of the easiest ways to build long term wealth is to _________________________________.  Which means having funds from your paycheck deposited in a long term retirement account -before you pay any bills.  After a few months, you won’t even know it's missing.

a)

Systematic investing

b)

Pay yourself first

c)

Expand your exemptions

d)

Invest in long term certificate of deposits

48.

You just found out your bank has gone broke and failed.  You are worried about the $125,000 you have in your savings account.  Then you remembered something you learned in personal finance that calms you down.   Is it….

  1. The bank has money hidden in a warehouse to pay you back your $125,000.

a)

  1. The social security administration has funds to cover your savings, but you have to wait until retirement to get it.

b)

  1. Congress set up the FDIC to insure each bank customer up to $250,000 in case a bank fails.

c)

  1. Congress set up the FDIC to insure each bank customer up to $250,000 in case a bank fails.

d)

  1. All you have to do is fill out an insurance form with the IRA and you will get the money back in 4-6 weeks.

49.

Lucille is saving for retirement and has a variety of stocks in large companies, small companies, foreign and domestic corporations, as well as bonds and gold.  Her portfolio would be considered well ______________

a)

Covered

b)

Insured

c)

Diversified

d)

Risked

50.

Why is diversification so important when investing?

a)

It isn't. The investment source is more important

b)

Stock brokers use it in their stock algorithms

c)

You are less likely to lose money if one stock fails

d)

It takes all risk out of investing

51.

What is the benefit of a 401K retirement fund?

a)

  1. You pay taxes when you take the money out (at a lower income level)

b)

  1. The government matches all funds put in

c)

  1. You can pick your own individual stocks

d)

  1. They are made up of new and emerging companies around the world

52.

Who would be the best person to consult if you wanted to start investing in stocks and bonds?

a)

  1. A loan officer

b)

  1. A stockbroker

c)

  1. A budgeting counselor

d)

  1. A family member

53.

A friend comes over and slips on the sidewalk in front of my house.  Which type of insurance will cover her medical bills?

a)

  1. Homeowners insurance

b)

  1. Liability insurance

c)

  1. Replacement insurance

d)

  1. Collision

54.

What does renters insurance cover?

a)

  1. The home you are renting only

b)

  1. Your personal property.  The house is covered by the owner.

c)

  1. The home and outbuildings including any garage or shed.

d)

  1. Just the roof and outside of the building 

55.

I was driving with my friends and drove into another car on an icy street.  My passenger broke her leg.  Which type of insurance will cover her medical bills?

a)

  1. Personal injury protection

b)

  1. Underinsured motorist

c)

  1. Comprehensive coverage

d)

  1. Uninsured motorist

56.

I hit a deer,  my friend's car went up in a tornado and a tree fell on my sister’s car.  Both of these expenses are covered by ____________________

a)

  1. Personal injury protection

b)

  1. Collision insurance

c)

  1. Comprehensive coverage

d)

  1. Uninsured motorist

57.

My mom just got her car totaled by a 12 year old who stole an uninsured vehicle.  My moms  repairs will be covered by ________________________

a)

  1. Personal injury protection

b)

  1. Collision insurance

c)

  1. Comprehensive coverage

d)

  1. Uninsured motorist

58.

I only have liability auto coverage and just ran into a van.  What happens now?

a)

  1. Nothing - it was an act of God

b)

  1. I will have to pay out of pocket

c)

  1. Only the van’s repairs will be covered

d)

  1. Only my repairs will be covered

59.

What is the name for the lowest amount you can pay on your credit card bill each month?

a)

  1. Balance due

b)

  1. Total finance charges

c)

  1. Minimum payment

d)

  1. Billing cycle amount

60.

What is the term used to describe all the interest, fees and penalties paid on a credit account?

a)

  1. Balance due

b)

  1. Total finance charges

c)

  1. Minimum payment

d)

  1. Billing cycle amount

61.

Juan and Michelle acquired credit to purchase their first home over a 30 year period.  What is the name of this payment?

a)

  1. Service loan

b)

  1. Rotating credit

c)

  1. Line of credit

d)

  1. Mortgage

62.

Remember that collateral is something of yours the bank will take away if you don’t pay your loan.  When you buy a house, what is the collateral?

a)

  1. Your tax return

b)

  1. The home itself

c)

  1. Your good reputation

d)

  1. Your car

63.

Which of the following would be a first step to building a good credit history?

a)

  1. Pay cash for your monthly rent

b)

  1. Get a small bank loan and make all your payments on time

c)

  1. Get a loan from your parents and pay it back early

d)

  1. Use part of your paycheck each month to pay down any overdue bills

64.

What would be the best way to increase your credit score?

a)

  1. Pay cash for your monthly rent

b)

  1. Get a loan from your parents and pay it back on time

c)

  1. Get a credit card with a low credit limit and pay your bills on time

d)

  1. Use part of your paycheck each month to pay down any overdue bills

65.

Why is buying a house a good personal finance decision?

a)

  1. It looks good on your resume

b)

  1. The bank builds equity in your home

c)

  1. Homes almost always increase in value

d)

  1. You learn skills that can transfer over to money management

66.

What is one drawback of leasing a car?

a)

  1. You don’t own the car at the end like you would if you had a loan

b)

  1. You have to pay more for the car than it's worth in the beginning

c)

  1. Leased cars are generally basic models that other consumers don’t want.

d)

  1. Nothing - leasing is a great way to get reliable transportation

67.

Why is filing bankruptcy a bad idea?

a)

  1. The bankruptcy will stay on your credit records for 8-10 years

b)

  1. It is much more difficult to get loans or open credit card account

c)

  1. You will pay higher interest rates for any loans you do get

d)

  2. All of the above

68.

How many credit reporting agencies are there?

a)

1

b)

2

c)

3

d)

4

69.

Being a good consumer means checking your financial records for errors and fixing them.   How often can you get a free copy of your credit report to do that?

a)

  1. Every six month

b)

  1. Every other year

c)

  1. Yearly from each of the 3 credit reporting agencies

d)

  1. Any time you want - they are free for anyone anytime

Similar Resources on Wayground

FUN GAMES

66 questions

FUN GAMES

quiz

Worksheet

•

7th - 12th Grade

Introduction to Culinary Review

71 questions

Introduction to Culinary Review

quiz

Worksheet

•

12th Grade

Basic Competency Test

65 questions

Basic Competency Test

quiz

Worksheet

•

9th - 12th Grade

Ferg - Acctg - POP QUIZ 11/25/19

70 questions

Ferg - Acctg - POP QUIZ 11/25/19

quiz

Worksheet

•

9th - 12th Grade

Principles of BMF Mid Term Review

70 questions

Principles of BMF Mid Term Review

quiz

Worksheet

•

10th - 12th Grade

AAD Unit 2 Test

70 questions

AAD Unit 2 Test

quiz

Worksheet

•

9th Grade - Professio...

Ag Foundations CFE

67 questions

Ag Foundations CFE

quiz

Worksheet

•

9th - 12th Grade

Review Nutrition Final 2022

69 questions

Review Nutrition Final 2022

quiz

Worksheet

•

9th - 12th Grade