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WorksheetsW!SE Test Unit 1 Money Review
Total questions: 20
Worksheet time: 10mins
A common name for US currency is:
Green Backs
Orange Backs
Red Backs
Yellow Backs
Store of value is a key function of our currency. Store of value is best defined by which of the following
Money holds value over time, allowing you to save with confidence
Replaces the barter system because it is accepted by everyone as payment
Money is used as a standard to determine the value of goods and services
A measurement of a number that shows the amount of something
Which of the following is NOT a characteristic of money?
Durable
Reliable
Divisible
Portable
The idea that US currency is given value by the faith that people have in it is to referred to as:
Fiat Currency
Gold Standard
Representative Currency
Commercial Currency
The money I receive BEFORE taxes/deductions come out is referred to as:
Net Income
Gross Income
Complete Income
Taxed Income
Which of the following provides an increase in assets or wealth?
Having Capital Gains
Running in a marathon
Volunteering at a hospital
Taking out a loan
Which of the following is the most common type of income?
Paycheck
Windfall income
Overtime Pay
Rental Property Income
Which of the following is a mandatory (required) deduction?
Life Insurance
Retirement Savings (401k)
FICA Taxes
Automatic Savings Account
The initial amount a lender loans a borrower is called...
The Principal
Loan Balance
Finance Charge
Annual Percentage Rate
Which of the following is the correct definition of interest rate?
The cost of a loan or expected earnings on a savings account
Characteristic used to describe the services money provides
The original amount you borrow on a loan
idea that money can be saved and used for a later time, and still have retained its value at that time
Which of the following is the correct definition of inflation?
When the prices of goods and services fall
When the prices of goods and services rise
A severe or extended recession
A period of negative economic growth
Which of the following is the correct definition of prime rate?
A period of negative economic growth
The interest rate the Federal Reserve charges banks to borrow from them
The interest rate you get for a car loan
Something to do with Amazon
Which of the following best describes a debit card?
A card that allows you to directly withdraw funds from a checking or savings account
A card that lets me borrow money from a bank or other financial institution
Card that gives you access to certain stores
A card that lets you transfer money to and from other individuals
Which of the following best describes the usage of an Electronic Transfer?
Jose pays his rent online through his bank account.
Sammy pays cash for a new video game at Walmart
Keona writes a personal check made out to her landlord that will come out of her checking account
Jaden uses a store specific card to buy coffee in the morning.
New coins and currency make their way into the general economy through the distribution system of--
The Federal Reserve
The US Mint
The Internal Revenue Service
The Treasurer of the United States
Amount left over after taxes and deductions have been taken out of your paycheck.
Gross pay
Net pay
Taxed Pay
Checking Wages
Offered by your employer, you can use this to receive your paycheck quicker.
Direct Deposit
Payroll Taxes
FICA Deductions
Retirement Benefits
This term refers to the skills, knowledge, and education a person possesses.
Capital Gains
Human Capital
Business Capital
Capitalism
This action refers to putting money into an account
Deposit
Withdraw
Limit
Add
Money today is worth more than money tomorrow refers to:
The Time Value of Money
Deflation
The Durability of Money
Medium of Exchange
