WorksheetsMoney Management Test Review
Total questions: 50
Worksheet time: 28mins
Name
Class
Date
1.
Type your REAL FIRST and LAST NAME for credit.
4 lines
2.
Known as the Central Bank
a)
Internal Revenue Service
b)
US Treasury
c)
Federal Reserve
d)
The White House
3.
The closest Federal Reserve Bank to US is in
a)
Washington, DC
b)
Alexandria
c)
Richmond
d)
Charlottesville
4.
Greatly influences when interest rates rise and fall
a)
The US Deptartment of Treasury
b)
The US Mint
c)
The White House
d)
The Federal Reserve
5.
Policy used to regulate the US MONEY supply in circulation
a)
Fiscal
b)
Monetary
c)
Open Market
d)
Condensed
6.
If the Fed wants to encourage spending and borrowing, what will they do to the interest rate?
a)
Increase the interest rate
b)
Lower the interest rate
c)
Keep the interest rate the same
d)
Defer the rate for 5 years
7.
If the Fed wans to slow down the economy and ease inflation, it can do what to the interest rate?
a)
Increase the interest rate
b)
Lower the interest rate
c)
Keep the interest rate the same
d)
Defer the rate for 5 years
8.
The Federal Reserve is part of the Federal Government
a)
True
b)
False
9.
Money declared by the Federal Government as legal tender
a)
Dispsoable Currency
b)
Fiat Currency
c)
Bartering
d)
Trading
10.
Another name for paper bills is
a)
foreign currency
b)
Blue Backs
c)
Green Backs
d)
Void Currency
11.
Produces PAPER Money
a)
US Bureau of Engraving & Printing
b)
The US Mint
c)
The Internal Revenue Services
d)
The Federal Reserve
12.
Produces COINS
a)
US Bureau of Engraving & Printing
b)
The US Mint
c)
The Internal Revenue Services
d)
The Federal Reserve
13.
Money in the US includes checking account balances on which checks can be drawn and not credit card debt.
a)
True
b)
False
14.
If you deposit $10,000 or MORE into a bank account, the bank must notify
a)
The Federal Reserve
b)
The IRS
c)
The Mint
d)
The US Department of Treasury
15.
Tells your employer the number of withholding allowances you are claiming so they know how much to withhold from your check for federal taxes.
a)
I-9
b)
W-2
c)
W-4
d)
1040 EZ
16.
Used by your employer to verify your identity and determine if you are legally eligible to work in the US.
a)
I-9
b)
W-2
c)
W-4
d)
1040 EZ
17.
Provided by your employer and used to file your taxes.
a)
I-9
b)
W-2
c)
W-4
d)
1040 EZ
18.
Your employer MUST send you a copy of your W-2 by this date each year.
a)
January 1
b)
January 31
c)
April 15
d)
May 1
19.
Federal program that provides income to the elderly
a)
Social Security
b)
Medicare
c)
Mediciad
d)
Unemployment
20.
Health insurance for the elderly
a)
Social Security
b)
Medicare
c)
Mediciad
d)
Unemployment
21.
Provides health insurance for those with limited resources
a)
Social Security
b)
Medicare
c)
Mediciad
d)
Unemployment
22.
Social Security and Medicare COMBINED are known as this tax.
a)
Federal Tax
b)
Unemployment Tax
c)
FICA Tax
d)
Old People Tax
23.
The amount of money you earn BEFORE taxes and other deductions are subtracted
a)
Overall Income
b)
Gross Income
c)
Net Income
d)
After-Tax Income
24.
The amount of money you earn after taxes and other deductions are subtracted
a)
Overall Income
b)
Gross Income
c)
Net Income
d)
Before-Tax Income
25.
Agency responsible for collecting federal taxes and enforcing tax rules
a)
Internal Revenue Service
b)
The US Treasury
c)
The Federal Reserve
d)
The White House
26.
The main source of income for people between ages 20-35 who don't live on a pension or social security are salaries, wages & tips.
a)
True
b)
False
27.
This is the same thing as your NET INCOME
a)
Disposable Income
b)
Discretionary Income
c)
Gross Income
d)
Unemployment Income
28.
After you've paid all bills and saved/invested, the leftover money is called
a)
Disposable Income
b)
Discretionary Income
c)
Gross Income
d)
Unemployment Income
29.
Lottery winnings are taxable and are also called
a)
Gross Income
b)
Net Income
c)
Investment Income
d)
Windfall Income
30.
A plan for receiving and spending money
a)
Accounting
b)
Budget
c)
Checking Account
d)
Credit Card
31.
Expenses should never be ______ than income.
a)
Equal To
b)
Less Than
c)
More Than
d)
Invested
32.
An expense that stays the same, like a car payment or rent/mortgage
a)
Fixed Expense
b)
Variable Expense
c)
Unexpected Expense
d)
Deducted Expense
33.
An expense that can change monthly like electiricty and groceries
a)
Fixed Expense
b)
Variable Expense
c)
Unexpected Expense
d)
Deducted Expense
34.
When you EARN MORE than you spend, you have a budget __________
a)
Deficit
b)
Surplus
c)
Rate
d)
Variance
35.
When you SPEND MORE than you earn, you have a budget ______
a)
Deficit
b)
Surplus
c)
Rate
d)
Variance
36.
When you spend less money on something you budgeted for, it is called a budget ____________
a)
Deficit
b)
Surplus
c)
Rate
d)
Variance
37.
The continual INCREASE in the price of goods and services
a)
Fixed Expense
b)
Variable Expense
c)
Inflation
d)
Deflation
38.
Inflation hurts someone on a FIXED income because they have the same amount of money to spend every month, regardless of inflation.
a)
True
b)
False
39.
The Time Value of Money means that a dollar received today is worth ______ than a dollar received in the future.
a)
The Same
b)
Less
c)
More
d)
Devalued
40.
Means sending a pre-specified amount of money to savings from each paycheck before doing anything else.
a)
Pay yourself first
b)
Pay yourself last
c)
Pay others
d)
Give it away
41.
Assets - Liabilities = ______________
a)
Gross Income
b)
Net Income
c)
Investment Income
d)
Net Worth
42.
Things that you OWN like a car, home, stocks, money, etc.
a)
Assets
b)
Liabilities
c)
Credit
d)
Net Income
43.
Things that you OWE like a mortgage, car loan, student loan, etc.
a)
Assets
b)
Liabilities
c)
Credit
d)
Net Income
44.
When the amount you owe to creditors decreases, your Net Worth ____________.
a)
Decreases
b)
Increases
c)
Stays the same
45.
To plan for unforeseen financial crisis (job loss or medical bills), you should have at least ____________ of emergency savings in a rainy day fund.
a)
1 week
b)
2 weeks
c)
2 months
d)
3-6 months
46.
If you have anything of value, you should have a _____.
a)
Power of Attorney
b)
Contract
c)
Will
47.
Statistically, someone who goes to college could earn ____ times the money than those that do not finish high school.
a)
2 times
b)
3 times
c)
4 times
d)
5 times
48.
Before making any major financial decisions, make sure you know your financial goals.
a)
True
b)
False
49.
The higher your debt ratio, the better off financially you are.
a)
True
b)
False
50.
When does your teacher want you to open a savings account if you don't already have one?
a)
Now
b)
Only after you get a job
c)
By the time you are 26
100 %
