WorksheetsSSEPF1-4
Total questions: 29
Worksheet time: 23mins
Name
Class
Date
1.
How do commercial banks make a profit?
a)
commercial banks are non-profit institutions.
b)
charge borrowers and depositors the same interest rate
c)
pay depositors a lower interest rate than they charge borrowers
d)
charge borrowers a lower interest rate than they charge depositors
2.
Which describes the risks & returns of investing in stocks?
a)
lowest risk and the highest potential returns
b)
highest risk and the lowest potential returns
c)
highest risk and the highest potential returns
d)
lowest risk and the highest potential returns
3.
Which is a fundamental questions every society must answer?
SSEF1a
SSEF1a
a)
What goods and services are to be produced?
b)
How are the goods and services to be produced?
c)
Who will get the goods and services that are produced?
d)
All of the above
4.
If the producer in the PPC seen here is producing at point X, moving to point Z would mean an opportunity cost of
SSEF1d
SSEF1d
a)
3 pounds of cheese
b)
7 pounds of cheese
c)
10 gallons of milk
d)
20 gallons of milk
5.
Which one of the following terms is an organized spending plan for one's money?
SSEPF1b
SSEPF1b
a)
Cost System Analysis
b)
Bankruptcy
c)
Budget
d)
Profit and Loss Statement
6.
Why do women need to save more money than men for retirement?
SSEPF2d
SSEPF2d
a)
They tend to live longer on average.
b)
Women still earn less than men in some jobs.
c)
Women take time off from their jobs to have/raise children.
d)
All of the above.
7.
Which one of the following terms is money that is paid regularly at a particular rate for the use of borrowed money?
SSEPFb
SSEPFb
a)
Deposit
b)
Withdrawal
c)
Interest
d)
Net Worth
8.
Which federal agency protects deposits in commercial banks ?
SSEPF2
SSEPF2
a)
FDIC
b)
IRS
c)
DEA
d)
EPA
9.
Financial institution licensed to receive deposits and make loans.
SSEPF2a
SSEPF2a
a)
bank
b)
credit union
c)
savings house
d)
credit house
10.
A cost that varies with the level of output.
SSEPF4c
SSEPF4c
a)
fixed costs
b)
profit
c)
variable costs
d)
savings
11.
Expending money with the expectation of achieving a profit.
a)
profiting
b)
budgeting
c)
debiting
d)
investing
12.
Institution that accepts savings at interest and lends money to savers chiefly for home mortgages, but may also have checking and other accounts.
SSEPF2a
SSEPF2a
a)
commercial bank
b)
savings and loan
c)
credit union
13.
A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
a)
profit
b)
deposit
c)
savings
d)
credits
14.
Which of these would increase your credit score?
SSEPF4a
SSEPF4a
a)
pay minimum payment on your credit card balance each month
b)
check your credit score as frequently as possible
c)
earn more income
d)
get as many loans as you can
15.
Why might your parents not want to co-sign your student loan?
SSEPF1a
SSEPF1a
a)
they become liable for the loan
b)
it could increase the loan's total cost
c)
it won't help your credit score as much
d)
it will hurt their credit score
16.
The number that reflects your ability to get a loan and interest rates is your
SSEPF4a
SSEPF4a
a)
credit score
b)
credit karma
c)
bank rank
d)
LTF (Loan Trust Factor)
17.
What is the best way to pay for college?
SSEPF1a
SSEPF1a
a)
scholarships, grants, financial aid
b)
student loans
c)
saving money
d)
going into the military
18.
The number that reflects your ability to get a loan and interest rates is your
SSEPF4a
SSEPF4a
a)
credit score
b)
credit karma
c)
bank rank
d)
LTF (Loan Trust Factor)
19.
Why should we INVEST instead of SAVE for retirement?
a)
Investing money can make it grow in the long term.
b)
Investing is safer than saving.
c)
Saving is too risky for retirement.
d)
Investing is more fun than saving.
20.
What is debt?
a)
Money you have borrowed and need to pay back
b)
Money you make from working at a job
c)
Money you make from the government
d)
Taxes that you pay when you buy something
21.
In Cost/Benefit Analysis, when does adding an additional unit pays off?
a)
Marginal benefits exceed marginal costs.
b)
Marginal costs exceed marginal benefits.
c)
Marginal costs equal marginal benefits.
d)
None of the above.
22.
The part of a loan that consists of the original amount of money borrowed
a)
Principal
b)
Credit History
c)
Annual Percentage Rate (APR)
d)
Interest
23.
Annual Percentage Rate (APR) is the yearly percentage rate of the finance charge.
a)
True
b)
False
24.
Paying the minimum payment on a credit card every month will:
a)
Pay a large percentage of the total balance owed every month
b)
Make the final amount paid substantially higher than the amount initially charged to the card
c)
help the cardholder create a plan for paying of a credit card in a decent amount of time
d)
allow the cardholder to avoid paying any interest charges
25.
Brenda and Kyle have identical credit histories. They each take out a $20,000 loan at six percent interest over twelve years from the same lender. However, at the end of 12 years, Brenda paid the lender roughly $40,000, while Kyle has only paid $34,400. The reason fro the difference is Most Likely because
a)
Brenda and Kyle each had different principals
b)
Brenda had a lower credit score than Kyle
c)
Brenda's loan paid compound interest while Kyle's paid simple interest
d)
The lender discriminates against women
26.
John borrows $100 dollars from Ed. They agree that John will pay back the loan in two months at a rate of 10% monthly. If John pays back exactly $120, the the interest was
a)
Compounded
b)
Simple
c)
Usurious
d)
Impounded
27.
In a society with a market economy, property rights are generally enforced by
a)
the banks
b)
the courts
c)
the producers
d)
the consumers
28.
SSEF1(a) The idea that humans have unlimited wants but limited resources, is often called...
a)
scarcity
b)
efficiency
c)
finance
d)
demand
29.
SSEF1(a) What is a difference between Scarcity and Shortage?
a)
Shortages are temporary
b)
Shortages deal with goods and services, scarcity deals with resources
c)
All of the above
d)
Scarcity is permanent, always
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