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KC-FI-RCE-24

Total questions: 80

Worksheet time: 1hrs 12mins

Name
Class
Date
1.
FICA stands for...
a)
Federal Income Compliance Act
b)
False Insurance Claim Adjuster
c)
Federal Insurance Contributions Act
d)
Financial Insurance Corporation Action
2.
Which of the following is not an investment:
a)
Stocks
b)
Mutual Funds
c)
Real Estate
d)
Taxes
3.
A ______ market with a great deal of price instability is called a 
a)
Bear
b)
Bull
c)
Volatile
d)
Goat
4.
The Government agency that regulates the stock markets is called the ________
a)
Mr Tucker's Goon Squad
b)
Securities and Exchange Commission
c)
The Federal Bureau of Investigation
d)
The Federal Exchange Team
5.
What do stock indices show investors?
a)
The overall financial health of their owned stocks
b)
The overall rating of each stock market
c)
A select group of companies and the current state of their stock.
d)
The markets, every company, everywhere.
6.
Bonus Question: What is the oldest stock market in the USA?
a)
NYSE
b)
NASDAQ
c)
Dow Jones
d)
S&P 500
7.
Janet inherited a valuable necklace and needs a safe place to keep it when she isn't wearing it,
a)
checking account
b)
savings account
c)
safe deposit box
8.
Liam wants cash from his bank, but it is closed, He will use the ATM.
a)
credit card
b)
debit card
c)
savings account
9.
Tyler works part time. He wants to have money for college when he graduates so he won't have to borrow money.
a)
credit card
b)
debit card
c)
savings account
10.
Amirah is going to college and will not be able to visit her home bank very often. She needs a way to access her money and track what she spends.
a)
personal loan
b)
debit card
c)
online banking
11.
NeDavi received a $50 savings bond. She needs a place to keep it until it matures.
a)
safe deposit box
b)
debit card
c)
online banking
12.
Mrs.Mims' home needs a kitchen makeover.She has decided to borrow money that she cannot repay for several years.
a)
safe deposit box
b)
personal loan
c)
online banking
13.
Alex wants new clothes. He plans to visit several stores and does not plan to carry cash.
a)
credit card
b)
online banking
c)
personal loan
14.
Liz received $100 for her birthday. Eventually, she wants to make a down payment on a car, so she wants to earn as much interest on her cash as possible.
a)
savings account
b)
checking account
c)
personal loan
15.
Dominic wants to verify his account balance from home. He has Internet access.
a)
savings account
b)
online banking
c)
safe deposit box
16.
Jacayla wants to buy lunch for her friends but doesn't have any cash, and the restaurant will not take a check.
a)
debit card
b)
checking account
c)
online banking
17.
Provides payments for both liability and property insurance on a vehicle
a)
disability insurance
b)
automobile insurance
c)
coverage
d)
deductible
18.
Someone who receives money if an insured person dies
a)
claim
b)
beneficiary
c)
dependent
d)
employee benefits
19.
A formal request to an insurance company asking for a payment when the policyholder has an acciden, illness or injury
a)
emergency savings
b)
coverage
c)
claim
d)
employee benefits
20.
Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
a)
employee benefits
b)
co-insurance
c)
deductible
d)
coverage
21.
The risks covered and amount of money paid for losses under an insurance policy
a)
emergency savings
b)
beneficiary
c)
claim
d)
coverage
22.
Someone who relies on someone else for income and care
a)
beneficiary
b)
claim
c)
deductible
d)
dependent
23.
Provides payment to replace earnings during times when workers cannot work due to illness or injury
a)
disability insurance
b)
dependent
c)
emergency savings
d)
beneficiary
24.
Cash set aside that can be used to cover the costs of unexpected expenses
a)
emergency savings
b)
emergency spending
c)
emergency fraud
d)
emergency share
25.
Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages
a)
disability insurance
b)
employee benefits
c)
health insurance
d)
automobile insurance
26.
Provides money to pay for health care for illness, injury, or, in some cases, preventative care
a)
automobile insurance
b)
disability insurance
c)
health insurance
d)
personal insurance
27.

Interest can be defined as:

a)

a charge for lending money

b)

the amount owed for borrowing money

c)

the amount added into your savings account when opening a bank account

d)

a charge for convenience of accessing money in your bank

28.

An APR of 25.99% in decimal form is....

a)

.02599

b)

.2599

c)

2.599

d)

25.99

29.

An APR of 5.4% in decimal form is....

a)

.54

b)

.054

c)

5.4

d)

.0054

30.

Select all of the following agencies which are "Credit Reporting Agencies"

a)

Equifax

b)

Trans-union

c)

Geico

d)

Progressive

31.

What is a Grace Period?

a)

A period where you don't have to pay interest

b)

A period where if you pay, then you don't have to pay interest

c)

A period where the Bank will give you extra time to pay off what you owe

d)

A period where interest is accumulating but you don't have to pay it

32.
In order to qualify for Federal student loans…
a)
You must have financial need
b)
You must file the FAFSA
c)
You must complete a separate application for federal loans
d)
You must take out a private loan
33.
Which of the following statements is TRUE about the advantages of federal student loans compared to private student loans?
a)
Federal student loans generally offer higher interest rates which remain fixed over the term of the loan
b)
Federal student loans do not need to be repaid if the borrower runs into financial difficulty and goes bankrupt
c)
Federal student loans require a credit check
d)
Federal student loans offer more flexible repayment terms
34.
A subsidized loan is when ____________________ pays the interest while you are in school, while an unsubsidized loan is when ___________________ pays the interest while you are in school.
a)
the government; parents
b)
the borrower; parents
c)
the borrower; the government
d)
the government; the borrower
35.
Which federal loans are available for parents to take out for their children's education?
a)
Perkins Loans
b)
Direct PLUS Loans
c)
Subsidized Direct Loans
d)
Unsubsidized Direct Loans
36.
A rule of thumb is a broadly accurate guide or principle. Which statement below represents a rule of thumb for how much a student should borrow for their college education?
a)
A student should borrow as much as a private lender will allow them to borrow.  
b)
A student should borrow no more than 35% of their discretionary income upon graduation from college.
c)
A student should borrow no more than they expect to make as a starting salary upon graduation from college.  
d)
A student should borrow as much as they expect to earn 10 years after they graduate from college.  
37.
Your friend is talking about stuff she has read online about PRIVATE student loans. Which of the following statements she says is TRUE?
a)
"You do not need a co-signer for taking out private student loans; you only need a co-signer for taking out federal loans."
b)
"Private student loans are subsidized."
c)
"All private student loan lenders offer forbearance and deferment options."
d)
"Private student loan lenders may require you to make payments toward the loan while you are still in school."
38.

The longer the loan term the less total interest you pay.

a)

False

b)

True

39.
If my credit score is low at a 600, should my interest be high or low
a)
High Interest
b)
Low Interest
40.
Should you buy a car even though you haven't test driven it yet?
a)
YEs its ok
b)
No, always test drive first
41.

Ariana is charged compound interest at the rate of 0.036% per day on outstanding credit card balances. She has $780 outstanding for 24 days.

How much compound interest is she charged?

a)

$ 6.74

b)

$ 6.77

c)

$ 786.74

d)

$ 786.77

42.

What amount must be invested now at 4% per annum, compounded quarterly, so that in five years it will have grown to $ 60 000?

a)

$8919

b)

$11 156

c)

$ 49 173

d)

$ 49 316

43.

Michelle borrows $100 000. The interest rate charged is 12% per annum compounded monthly. The monthly payment is $ 1029, and the first repayment is made after one month.

What is the amount outstanding immediately after the second monthly repayment is made?

a)

$ 97 942

b)

$ 99 971

c)

$ 99 941.71

d)

$ 99 914.61

44.

Harrison bought 2300 shares for $ 1.52 each. In September he received a dividend of 18 cents per share and the market value of the shares was $ 2.00 per share.

What is the dividend yield?

a)

7%

b)

8%

c)

9%

d)

10%

45.

Jack borrows $245 000 over 20 years at reducible interest rate of 6.5% p.a. He pays $1856 per month.

What is the total paid on this loan?

a)

$ 200 440

b)

$ 318 500

c)

$ 445 440

d)

$ 563 500

46.

A $ 5000 diamond ring appreciates in value at 2.5% p.a.

Calculate its value in 25 years. Answer to the nearest dollar.

a)

$ 9270

b)

$ 9044

c)

$ 11 011

d)

$ 11 023

47.

Excel is used to find the future value of an annuity using the following function
=FV(0.095, 8, -4820) = $ 54 129.56
What is the interest rate?

a)

9.5%

b)

0.95%

c)

3.8%

d)

5%

48.

Based on your table.

Katarina would like to buy a house in 4 years and needs a deposit of $40 000. What contribution should she make every 6 months into an account earning interest of 6% p.a compounded half-yearly to reach this amount?

a)

$ 3937.36

b)

$ 4498.27

c)

$ 6030.45

d)

$ 9561.14

49.

Use the table to find the future value of an annuity with a contribution of $ 600 per quarter for 9 months at 10% p.a compounded quarterly.

a)

$ 1845.36

b)

$ 2491.50

c)

$ 5621.10

d)

$ 5972.70

50.

What is your best subject in Y12?

a)

Mathematics

b)

Business Studies

c)

English

d)

SDD

e)

Economics

51.
Recommend financial products, such as stocks, bonds, mutual funds, or insurance; Recommend to clients strategies in cash management, insurance coverage,investment planning, or other areas to help them achieve their financial goals is 
a)
investment counselor
b)
stock broker
52.
A professional individual who executes buy and sell orders for stocks and other securities through a stock market, or over the counter, for a fee or commission.
a)
stock broker
b)
investment counselor
53.
This shows the NET WORTH of the company.
a)
Owner's Equity
b)
Liabilities
c)
Assets
d)
Revenue
54.
A specific period of time covered by an accounting statement or report (1 month or year).
a)
statement period
b)
fiscal period
c)
yearly period
d)
monthly period
55.
The amount of money a company earns is called
a)
revenue
b)
profit
c)
sales
d)
expense
56.
This results when a business' expenses are greater than its income.
a)
income
b)
profit
c)
revenue
revenue
d)
loss
57.
Mortgage loan debt, accounts payable are all classified as Items On Income Statement.
a)
true
b)
false
58.
Accounting, auditing, bookkeeping are all
a)
functions in Accounting
b)
Functions in Finance
c)
Accounting Activities
d)
Finance Activities
59.
Social Security, Retirement, Taxes are all deductions from a persons paycheck.
a)
true
b)
false
60.
Buildings, office equipment and land are all
a)
liabilities
b)
assets
c)
expenses
d)
deductions
61.

A classmate is having trouble finishing a report. He'll pay you to finish it for him. What is the ethical thing to do?A classmate is having trouble finishing a report. He'll pay you to finish it for him. What is the ethical thing to do?

a)

Decline to do it, but ask for the money anyway or you'll tell the teacher.

b)

Decline to do it, explaining that you don't have time.

c)

Agree to do it since you have time. But decline the money because it's wrong.

d)

Agree to do it. You could use the money.

62.

The U. S. Supreme Court hears cases that involve ____________.

a)

Constitutional cases

b)

Civil cases

c)

Criminal cases

d)

Tort cases

63.

Local laws passed councils are called ____________.

a)

Qualification

b)

Propositions

c)

Ordinances

d)

Ratifications

64.

A cashier gives you more change then she should have. The ethical choice is to ____________.

a)

Donate the money to a worthy cause

b)

Return the extra money

c)

Keep the money

d)

Spend the money

65.

A precedent law:

a)

is made by a legislature

b)

Oversees an agency

c)

is based on customs

d)

is determine by a court case

66.

_______ protects the name and identifying symbol of a product or company.

a)

Trade secret

b)

Patent

c)

Trademark

d)

Copyright

67.

The exclusive right granted to an inventor to manufacture, use, or sell an invention is a(n) ____________.

a)

Patent

b)

Trademark

c)

Trade secret

d)

Copyright

68.

After work John is planning to do some of his job tasks at home to get back on schedule. But he needs some office supplies at home. To save time and a trip to the store, he decides to take the supplies from work. Is John's action ____________.

a)

Ethical

b)

Unethical

c)

Illegal

69.

Laws passed by legislatures are called ____________.

a)

Statutory laws

b)

Common laws

c)

Ordinances

d)

Precedent laws

70.

A business organization that has members is a(n) ________.

a)

Corporation

b)

Partnership

c)

Sole proprietorship

d)

LLC

71.
Which agency controls the price of natural gas and electricity for interstate business
a)
Environmental Protection Agency
b)
Federal Energy Regulatory Commission
c)
Nuclear Regulatory Commission
d)
Department of Energy
72.
Which act established a national policy and goals for the protection, maintenance, and enrichment of theenvironment?
a)
Clean Air Act
b)
National Environmental Policy Act
c)
Energy Independence and Security Act
d)
Energy Policy Act
73.
Which act was created by the US Environmental Protection Agency to authorize the National Ambient AirQuality Standards (NAAQS) to assist in the creations of law to protect the environment?
a)
Clean Air Act
b)
National Environmental Policy Act
c)
Energy Independence and Security Act
d)
Energy Policy Act
74.
Which agency generates safety policies and regulations for nuclear reactors and materials?
a)
Environmental Protection Agency
b)
Federal Energy Regulatory Commission
c)
Nuclear Regulatory Commission
d)
Department of Energy
75.
Which agency promotes supply and delivery of reliable, affordable, and environmentally sound energy?
a)
Environmental Protection Agency
b)
Federal Energy Regulatory Commission
c)
Nuclear Regulatory Commission
d)
Department of Energy
76.
Which act increases clean renewable fuel production, research on greenhouse gas, and improves the government’s energy performance?
a)
Pollution Prevention Act
b)
Energy Independence and Security Act
c)
Energy Policy Act
d)
Clean Water Act
77.
Which act protects fish, shellfish, and wildlife in rivers, lakes, streams and oceans?
a)
Pollution Prevention Act
b)
Energy Independence and Security Act
c)
Energy Policy Act
d)
Clean Water Act
78.
Which agency manages all federal antipollution programs and handles air, solid waste, toxic substances, andpesticides?
a)
Environmental Protection Agency
b)
Federal Energy Regulatory Commission
c)
Nuclear Regulatory Commission
d)
Department of Energy
79.
Which act establishes activities for recycling, source reduction, and sustainable agriculture, and helps topromote the conservation of energy, water, and natural resources?
a)
Pollution Prevention Act
b)
Energy Independence and Security Act
c)
Energy Policy Act
d)
Clean Water Act
80.
A person injured can sue for
a)
damages
b)
penalties
c)
paper
d)
years to come

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