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Worksheets

QFS Final 2024

Total questions: 100

Worksheet time: 2hrs 52mins

Name
Class
Date
1.

Child identity theft

a)

Someone like a parent, family member, or friend who promises to pay back a loan if you don’t

b)

Buying something you need now with a promise to pay later. Credit is also a measure of financial wellness.

c)

A card that lets you make monthly payments to repay money that you spend

d)

Restrict access to your credit report

e)

When someone uses a minor’s personal information, such as name, address, or Social Security number to get credit

2.

Credit Freeze

a)

Someone like a parent, family member, or friend who promises to pay back a loan if you don’t

b)

Buying something you need now with a promise to pay later. Credit is also a measure of financial wellness.

c)

A card that lets you make monthly payments to repay money that you spend

d)

Restrict access to your credit report

e)

When someone uses a minor’s personal information, such as name, address, or Social Security number to get credit

3.

Credit card

a)

Someone like a parent, family member, or friend who promises to pay back a loan if you don’t

b)

Buying something you need now with a promise to pay later. Credit is also a measure of financial wellness.

c)

A card that lets you make monthly payments to repay money that you spend

d)

Restrict access to your credit report

e)

When someone uses a minor’s personal information, such as name, address, or Social Security number to get credit

4.

Credit

a)

Someone like a parent, family member, or friend who promises to pay back a loan if you don’t

b)

Buying something you need now with a promise to pay later. Credit is also a measure of financial wellness.

c)

A card that lets you make monthly payments to repay money that you spend

d)

Restrict access to your credit report

e)

When someone uses a minor’s personal information, such as name, address, or Social Security number to get credit

5.

Cosigner

a)

Someone like a parent, family member, or friend who promises to pay back a loan if you don’t

b)

Buying something you need now with a promise to pay later. Credit is also a measure of financial wellness.

c)

A card that lets you make monthly payments to repay money that you spend

d)

Restrict access to your credit report

e)

When someone uses a minor’s personal information, such as name, address, or Social Security number to get credit

6.

Annual Fee

a)

The fee you pay for a credit card each year

b)

The interest rate you pay on balances you carry over from month to month on a credit card

c)

A person allowed to use a credit card account by the primary cardholder

d)

How reliable you are in repaying debts

e)

Property or financial resources that can be used as insurance in case the loan is not repaid

7.

Collateral

a)

The fee you pay for a credit card each year

b)

The interest rate you pay on balances you carry over from month to month on a credit card

c)

A person allowed to use a credit card account by the primary cardholder

d)

How reliable you are in repaying debts

e)

Property or financial resources that can be used as insurance in case the loan is not repaid

8.

Character

a)

The fee you pay for a credit card each year

b)

The interest rate you pay on balances you carry over from month to month on a credit card

c)

A person allowed to use a credit card account by the primary cardholder

d)

How reliable you are in repaying debts

e)

Property or financial resources that can be used as insurance in case the loan is not repaid

9.

Authorized user

a)

The fee you pay for a credit card each year

b)

The interest rate you pay on balances you carry over from month to month on a credit card

c)

A person allowed to use a credit card account by the primary cardholder

d)

How reliable you are in repaying debts

e)

Property or financial resources that can be used as insurance in case the loan is not repaid

10.

Annual Percentage Rate (APR)

a)

The fee you pay for a credit card each year

b)

The interest rate you pay on balances you carry over from month to month on a credit card

c)

A person allowed to use a credit card account by the primary cardholder

d)

How reliable you are in repaying debts

e)

Property or financial resources that can be used as insurance in case the loan is not repaid

11.

Credit score

a)

The maximum amount you can spend on a credit card before you have to start paying it back

b)

A number that shows how much of your overall credit you’re using (called utilization)

c)

A detailed history of how you have borrowed money in the past, including how you handled paying back loans and credit cards

d)

Companies that maintain your credit history - Equifax, Experian, and Trans-Union

e)

A number determined by your credit history. It helps lenders determine how creditworthy you are

12.

Credit reporting companies

a)

The maximum amount you can spend on a credit card before you have to start paying it back

b)

A number that shows how much of your overall credit you’re using (called utilization)

c)

A detailed history of how you have borrowed money in the past, including how you handled paying back loans and credit cards

d)

Companies that maintain your credit history - Equifax, Experian, and Trans-Union

e)

A number determined by your credit history. It helps lenders determine how creditworthy you are

13.

Credit report

a)

The maximum amount you can spend on a credit card before you have to start paying it back

b)

A number that shows how much of your overall credit you’re using (called utilization)

c)

A detailed history of how you have borrowed money in the past, including how you handled paying back loans and credit cards

d)

Companies that maintain your credit history - Equifax, Experian, and Trans-Union

e)

A number determined by your credit history. It helps lenders determine how creditworthy you are

14.

Credit ratio

a)

The maximum amount you can spend on a credit card before you have to start paying it back

b)

A number that shows how much of your overall credit you’re using (called utilization)

c)

A detailed history of how you have borrowed money in the past, including how you handled paying back loans and credit cards

d)

Companies that maintain your credit history - Equifax, Experian, and Trans-Union

e)

A number determined by your credit history. It helps lenders determine how creditworthy you are

15.

Credit limit

a)

The maximum amount you can spend on a credit card before you have to start paying it back

b)

A number that shows how much of your overall credit you’re using (called utilization)

c)

A detailed history of how you have borrowed money in the past, including how you handled paying back loans and credit cards

d)

Companies that maintain your credit history - Equifax, Experian, and Trans-Union

e)

A number determined by your credit history. It helps lenders determine how creditworthy you are

16.

Fraud alert

a)

How deserving you are of getting credit, according to companies that lend money

b)

Cards withdraw money already in your account

c)

A company hired to recover money that people haven’t paid back

d)

A federal agency that protects consumers from deceptive and unfair business practices

e)

A notice placed on your credit report that alerts credit card companies that you may have been a victim of identity theft

17.

Federal Trade Commission (FTC)

a)

How deserving you are of getting credit, according to companies that lend money

b)

Cards withdraw money already in your account

c)

A company hired to recover money that people haven’t paid back

d)

A federal agency that protects consumers from deceptive and unfair business practices

e)

A notice placed on your credit report that alerts credit card companies that you may have been a victim of identity theft

18.

Debt collection agency

a)

How deserving you are of getting credit, according to companies that lend money

b)

Cards withdraw money already in your account

c)

A company hired to recover money that people haven’t paid back

d)

A federal agency that protects consumers from deceptive and unfair business practices

e)

A notice placed on your credit report that alerts credit card companies that you may have been a victim of identity theft

19.

Debit card

a)

How deserving you are of getting credit, according to companies that lend money

b)

Cards withdraw money already in your account

c)

A company hired to recover money that people haven’t paid back

d)

A federal agency that protects consumers from deceptive and unfair business practices

e)

A notice placed on your credit report that alerts credit card companies that you may have been a victim of identity theft

20.

Creditworthy

a)

How deserving you are of getting credit, according to companies that lend money

b)

Cards withdraw money already in your account

c)

A company hired to recover money that people haven’t paid back

d)

A federal agency that protects consumers from deceptive and unfair business practices

e)

A notice placed on your credit report that alerts credit card companies that you may have been a victim of identity theft

21.

Grace period

a)

The time between when you spend money using the credit card and when the company charges you interest

b)

The amount earned before taxes, benefits, and other payroll deductions are withheld from your paycheck

c)

When a financial institution checks your credit to make a lending decision. Hard inquiries impact your credit score.

d)

A set amount of money given to a person, then paid off over time, like a car or student loan

e)

The cost of borrowing money, usually, a percentage of the loan amount

22.

Interest

a)

The time between when you spend money using the credit card and when the company charges you interest

b)

The amount earned before taxes, benefits, and other payroll deductions are withheld from your paycheck

c)

When a financial institution checks your credit to make a lending decision. Hard inquiries impact your credit score.

d)

A set amount of money given to a person, then paid off over time, like a car or student loan

e)

The cost of borrowing money, usually, a percentage of the loan amount

23.

Hard inquiry

a)

The time between when you spend money using the credit card and when the company charges you interest

b)

The amount earned before taxes, benefits, and other payroll deductions are withheld from your paycheck

c)

When a financial institution checks your credit to make a lending decision. Hard inquiries impact your credit score.

d)

A set amount of money given to a person, then paid off over time, like a car or student loan

e)

The cost of borrowing money, usually, a percentage of the loan amount

24.

Installment accounts

a)

The time between when you spend money using the credit card and when the company charges you interest

b)

The amount earned before taxes, benefits, and other payroll deductions are withheld from your paycheck

c)

When a financial institution checks your credit to make a lending decision. Hard inquiries impact your credit score.

d)

A set amount of money given to a person, then paid off over time, like a car or student loan

e)

The cost of borrowing money, usually, a percentage of the loan amount

25.

Gross wages

a)

The time between when you spend money using the credit card and when the company charges you interest

b)

The amount earned before taxes, benefits, and other payroll deductions are withheld from your paycheck

c)

When a financial institution checks your credit to make a lending decision. Hard inquiries impact your credit score.

d)

A set amount of money given to a person, then paid off over time, like a car or student loan

e)

The cost of borrowing money, usually, a percentage of the loan amount

26.

Phishing

a)

A fee that is charged when you pay your bill after the due date

b)

The payment on a credit card that is the lowest amount of money the cardholder can pay each billing cycle to keep the account's status current

c)

The amount earned after taxes, benefits, and other payroll deductions are withheld from your paycheck

d)

A record of your wages supplied by an employer

e)

The fraudulent practice of sending emails pretending to be from respectable companies to get people to reveal personal information, such as passwords and credit card numbers

27.

Paystub

a)

A fee that is charged when you pay your bill after the due date

b)

The payment on a credit card that is the lowest amount of money the cardholder can pay each billing cycle to keep the account's status current

c)

The amount earned after taxes, benefits, and other payroll deductions are withheld from your paycheck

d)

A record of your wages supplied by an employer

e)

The fraudulent practice of sending emails pretending to be from respectable companies to get people to reveal personal information, such as passwords and credit card numbers

28.

Net wages

a)

A fee that is charged when you pay your bill after the due date

b)

The payment on a credit card that is the lowest amount of money the cardholder can pay each billing cycle to keep the account's status current

c)

The amount earned after taxes, benefits, and other payroll deductions are withheld from your paycheck

d)

A record of your wages supplied by an employer

e)

The fraudulent practice of sending emails pretending to be from respectable companies to get people to reveal personal information, such as passwords and credit card numbers

29.

Minimum payment

a)

A fee that is charged when you pay your bill after the due date

b)

The payment on a credit card that is the lowest amount of money the cardholder can pay each billing cycle to keep the account's status current

c)

The amount earned after taxes, benefits, and other payroll deductions are withheld from your paycheck

d)

A record of your wages supplied by an employer

e)

The fraudulent practice of sending emails pretending to be from respectable companies to get people to reveal personal information, such as passwords and credit card numbers

30.

Late payment fee

a)

A fee that is charged when you pay your bill after the due date

b)

The payment on a credit card that is the lowest amount of money the cardholder can pay each billing cycle to keep the account's status current

c)

The amount earned after taxes, benefits, and other payroll deductions are withheld from your paycheck

d)

A record of your wages supplied by an employer

e)

The fraudulent practice of sending emails pretending to be from respectable companies to get people to reveal personal information, such as passwords and credit card numbers

31.

Which of the following can be done through a mobile banking app?

a)

Making a deposit

b)

Checking account balances

c)

Transferring money

d)

All of these

32.

Which of the following cannot be done through a mobile banking app?

a)

Making a deposit

b)

Withdrawing cash

c)

Checking an account balance

d)

Transferring money

33.

What can be done in a mobile banking app that can’t be done online?

a)

Getting help

b)

Transferring money

c)

Depositing a check

d)

Opening an account

34.

If someone wanted to talk to a financial institution representative in person they would need to _______________.

a)

use a mobile app

b)

visit the financial institution

c)

log on to the financial institution’s website

d)

go to an ATM

35.

. Why would someone need to visit a financial institution branch?

a)

To transfer money between accounts

b)

To make a deposit

c)

To talk to a representative in person

d)

To check their account balance

36.

Which of the following is not a benefit of digital banking (online and mobile)?

a)

t’s convenient.

b)

It’s easy to use.

c)

It has many of the same features as in-person banking.

d)

You can talk to a representative in person.

37.

What is a possible danger of using public Wi-Fi for completing digital banking tasks?

a)

You can’t talk to a representative in person.

b)

Someone could steal your information.

c)

You won’t be able to withdraw cash.

d)

You might forget your password.

38.

Why is it a good idea to turn off Wi-Fi while using a mobile banking app?

a)

Wi-Fi is faster than cellular.

b)

Cellular is faster than Wi-Fi.

c)

Cellular data is more secure than public Wi-Fi.

d)

Public Wi-Fi is more secure than cellular data.

39.

Which is not a good security precaution to take while using online or mobile banking apps?

a)

Create a strong password for all accounts

b)

Avoid using public Wi-Fi

c)

Use two-factor authentication like a fingerprint scan

d)

Use public Wi-Fi with a secure password

40.

What are deposits and withdrawals also known as?

a)

Settings

b)

Postings

c)

Transactions

d)

Alerts

41.

A transaction can be ____________.

a)

a deposit or a withdrawal

b)

only deposits

c)

only withdrawals

d)

any time you check your account balance

42.

You can see a record of recent transactions while checking your _______________.

a)

financial institution’s ATM locations

b)

account balances

c)

Wi-Fi settings

d)

mobile banking app settings

43.

Which of the following does not need to be done when depositing a check using a mobile app?

a)

Mark or write ‘For mobile deposit only’ on the back

b)

Verify the amount of the check

c)

Write ‘deposited’ across the check before discarding it

d)

Sign the back of the check

44.

Which of the following needs to be done before depositing a check using a mobile app?

a)

The person or company that wrote the check must add you to their contact list.

b)

‘For mobile deposit’ needs to be written or checked off on the back of the check.

c)

The name of the financial institution must be written on the back of the check.

d)

Your social security number needs to be written on the back of the check.

45.

How long should you keep a check that you deposited using a mobile app?

a)

At least three days

b)

At least seven days

c)

Until it appears in your account as a pending transaction

d)

Until it has been approved and posted to your account

46.

Moving money from a savings account to a checking account at the same financial institution is called a __________.

a)

deposit

b)

bill pay

c)

balance

d)

transfer

47.

What action are you taking if you use your mobile app to transfer funds?

a)

Checking all of your accounts for their transaction histories

b)

Moving money from one account to another at the same financial institution

c)

Paying bills from your checking account

d)

Making a deposit to your savings account

48.

If you wanted to move some money from your checking account to your savings account, what button would you select in a mobile banking app?

a)

Transfer

b)

Deposit

c)

Pay bill

d)

Account

49.

What is the purpose of setting an alert in a mobile banking app?

a)

To wake you up in the morning

b)

To notify you of important account activities

c)

To send messages to peers about your accounts

d)

To pay attention to important news headlines

50.

Which is not a feature of a mobile banking app?

a)

Bill paying

b)

Help from customer service

c)

Ordering food for delivery

d)

Locating nearby financial institutions and ATMs

51.

Which is not a feature of online banking?

a)

Bill paying

b)

Ordering food for delivery

c)

Locating nearby financial institutions and ATMs

d)

Help from customer service

52.

Online banking sites and mobile banking apps can help you manage your money because __________.

a)

they limit how much you can spend

b)

they allow you to track your spending and savings

c)

they offer higher interest rates which helps with savings

d)

they make it easier to spend your money

53.

Since online banking and mobile apps allow you to track your spending and savings, they are really helping you _______________.

a)

reach higher interest rates

b)

make your money even safer

c)

avoid using the services of your financial institution

d)

manage your money

54.

Managing your money can be made easier with online and mobile banking since they help you _______________.

a)

track your spending and savings

b)

reduce your expenses

c)

increase your interest rates

d)

decrease the number of your bills

55.

.Scheduling an _____ payment of your bills is one way to use online or mobile banking apps to help manage your money.

a)

interest

b)

automatic

c)

organizational

d)

alert

56.

How can you use online or mobile banking apps to help you pay your bills on time each month?

a)

By setting an alert when bills are due

b)

By transferring money between checking and savings account

c)

By having a direct deposit paycheck

d)

By checking up to the minute balances in your accounts

57.

.What can you schedule with online and mobile banking apps that can help you pay your bills on time and regularly?

a)

Transfers between accounts and alerts

b)

Deposit notifications and ATM indications

c)

Automatic payments and alerts

d)

Chatbot notifications and transfer of funds

58.

One way to meet a savings goal is to schedule automatic _____ of money from a checking to a savings account.

a)

alerts

b)

transfers

c)

verifications

d)

withdrawals

59.

Online and mobile banking can be used to help you meet savings goals by _______________.

a)

scheduling automatic transfers into a savings account

b)

raising your savings interest rates the more you use the online and mobile services

c)

offering incentives to keep banking with your current financial institution

d)

accepting direct deposit paychecks

60.

Using online and mobile banking apps to schedule automatic transfers of money into your savings account can help you _______________.

a)

meet your financial institution’s account requirements

b)

raise your credit score

c)

meet savings goals

d)

pay bills

61.

The basic concept of credit is:

a)

Savings

b)

Pay now, buy later

c)

Something only people without high paying jobs need

d)

Buy now, pay later

62.

Professionals in this industry may provide credit or money for something. Which of these is an example?

a)

a bank loan for a customer

b)

a weekly allowance by parents

c)

a paycheck

d)

a job interview

63.
Which category makes up the largest percentage of your credit score?
a)
Type of credit used
b)
Payment history
c)
Outstanding debt
d)
Credit history
64.
Using someone else's money, promising to repay at a future date, and paying a fee for use of the money, is the definition for:
a)
Dividend
b)
Credit
65.
The amount you must pay on a credit card, based on a percentage of the outstanding balance.
a)
minimum fee
b)
minimum payment
c)
monthly statement
d)
minimum monthly interest charge
66.

Imagine you've been using your credit card for almost all your purchases, from small daily items to big-ticket items. What could be a disadvantage of this practice?

a)

They can help build your credit score.

b)

They are more convenient than carrying cash.

c)

They can lead to debt if not used responsibly.

d)

They are accepted worldwide.

67.
What financial habits determine your credit score?
a)
Payment History & Amount you owe 
b)
Length of credit history & Amount of new credit applied for recently
c)
Types of credit open
d)
All of these are correct
68.

What is the primary benefit of using a credit card responsibly?

a)

Accumulating debt

b)

Building a good credit history

c)

Avoiding the need for a bank account

d)

Earning unlimited cash back on purchases

69.

Choose the expense type: dinner in a restaurant

a)

Fixed Expense

b)

Variable Expense

70.

Choose the expense type: monthly rent

a)

Fixed Expense

b)

Variable Expense

71.

Choose the expense type: birthday gift to a friend

a)

Fixed Expense

b)

Variable Expense

72.

Choose the expense type: gasoline for the car

a)

Fixed Expense

b)

Variable Expense

73.

Choose the expense type: monthly cell phone bill

a)

Fixed Expense

b)

Variable Expense

74.

what does the 50% represent?

a)

Resources

b)

Bills

c)

Wants

d)

savings

75.

An example of a fixed expense would be...

a)

Water

b)

Electric

c)

Mortgage or Rent

d)

Groceries

76.

Which is a Variable expense?

a)

Student Loan

b)

Car loan

c)

Rent

d)

Water

77.

What does the 20% represent?

a)

Bills

b)

Wants

c)

Needs

d)

Savings

78.

What does the 30% represent?

a)

Bills

b)

Savings

c)

Wants

d)

Needs

79.

Should our wants outweigh our needs?

a)

yes

b)

no

80.

Should our wants be realistic and reachable?

a)

No

b)

Yes

81.

Ali has divided up his income according to the 50/30/20 rule. Which part of his income should go to paying his bills and utilities?

a)

50

b)

30

c)

20

82.

An example of a "Need" in the 50-30-20 Budget rule is?

a)

a. Food

b)

b. Computer

c)

c. iPhone 14

d)

d. A new truck

83.

The 50-30-20 Budget rule entails putting 50% into "Needs", 30% into "Wants', and 20% into ____?

a)

a. Checking

b)

b. Savings

c)

c. Stocks

d)

d. Bonds

84.

After taxes, you have $1000 left, how much should you put towards "Need" in the 50-30-20 budget rule?

a)

a. $400

b)

b. $600

c)

c. $500

d)

d. $300

85.

After taxes, you have $1000 left, how much should you put towards "Wants" in the 50-30-20 budget rule?

a)

a. $200

b)

b. $400

c)

c. $100

d)

d. $300

86.

Which type of bank account is best for everyday transactions?

a)

Checking Account

b)

Savings Account

c)

Money Market Account

d)

Certificate of Deposit

87.

When using a debit card, you are pulling money out of your...?

a)

Loan account

b)

Credit card account

c)

Savings account

d)

Checking Account

88.

What is interest?

a)

The money you earn from a job or a career

b)

It is calculated as a percentage of a sum of money

c)

Banks can pay you interest for letting them use the money you deposit.

d)

Financial institutions can charge you interest for the privilege of using their money.

89.

Which of the following statements about savings accounts is true? (Choose all that apply)

a)

Savings accounts pay interest on the money you deposit.

b)

Savings accounts allow an unlimited amount of withdrawals each month.

c)

Savings accounts may require you to maintain a minimum balance to avoid paying a fee.

d)

Savings accounts are best used to store money for longer-term goals.

90.

Does a savings or checking account TYPICALLY earn more money?

a)

Savings

b)

Checking

91.

Investing is best for ________.

a)

short-term financial goals, like building an emergency fund.

b)

earning a little interest while keeping your money safe.

c)

long-term financial goals, like paying for retirement

d)

guaranteed fast growth on your money.

92.

A stock is ________.

a)

A type of debt investment that acts like a loan

b)

A type of investment that invests in a mix of different types of investments.

c)

A share of ownership in a company.

d)

A type of savings account that pays interest based on current interest rates in the money market.

93.

When you set your check from your job to be used as a direct deposit your money will typically go into a ...

a)

Checking account

b)

Savings account

c)

Certificate of deposit account

d)

Stocks account

94.

If you are saving for a trip that you will take this summer, so you will need your money soon, what account should you put your money in?

a)

Checking

b)

Savings

c)

Certificate of deposit

d)

Stocks

95.

You did some extra work and have some money that you could save or invest. It would not hurt you financially to lose it, but you do want to try to earn some interest on it. Where should you put your money?

a)

Checking

b)

Savings

c)

Certificate of Deposit

d)

Stocks

96.

What is budgeting?

a)

Having money left over at the end of the month.

b)

A plan made in advance showing how you spend money based on available income.

c)

The ability to pay your bills on time.

d)

Having enough money to go out to eat.

97.

___________ are good places to look to find your current expenses when building your budget.

a)

Banks and credit unions

b)

Grocery stores and concerts

c)

Bank and credit statements

d)

Online research websites

98.

Name the expense that stays the same amount and choose an example of it.

a)

fixed expense

b)

variable expense

c)

Car note payment

d)

Fuel cost

99.

Name the expense that does not stay the same amount and choose an example of it.

a)

fixed expense

b)

variable expense

c)

Apartment rent

d)

Electricity bill

100.

What are recurring expenses?

a)

Expenses that you have to pay one time

b)

Expenses that you never pay

c)

Expenses that you pay month to month or on a regular basis

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