WorksheetsS24TH 2nd Half - Spring Final
Total questions: 64
Worksheet time: 32mins
Name
Class
Date
1.
If your only debt is a credit card, and you are maxed out on that card, your debt-to-equity ratio is ____ % .
a)
30
b)
20
c)
100
2.
A good debt-to-equity ratio is ____ % or less.
a)
30
b)
20
c)
100
3.
Soft pulls will be on your credit report for ____ years.
a)
2
b)
7
c)
10
d)
None of these
4.
Hard pulls will be on your credit report for ____ years.
a)
2
b)
7
c)
10
d)
None of these
5.
Late payments will be on your credit report for ____ years.
a)
2
b)
7
c)
10
d)
None of these
6.
Bankruptcy will be on your credit report for ____ years.
a)
2
b)
7
c)
10
d)
None of these
7.
Generally, the riskier you look to lenders, the ____ your interest rate will be.
a)
Higher
b)
Lower
8.
Your payment history makes up ___ % of your credit score.
a)
10
b)
20
c)
30
d)
35
9.
Your debt-to-credit ratio (aka credit utlization rate) makes up ___ % of your credit score.
a)
10
b)
20
c)
30
d)
35
10.
_____ % is considered a good debt to credit ratio.
a)
10
b)
20
c)
30
d)
35
11.
Using your credit card for a trip when you DON''T have the cash to pay for the trip is an example of _____ your cash spending.
a)
Supplementing
b)
Replacing
12.
If the primary cardholder makes payments on time, it will increase the credit score of:
a)
The primary cardholder
b)
An authorized user on the card
c)
Both of these
13.
If the primary cardholder doesn't make payments on time, it will decrease the credit score of:
a)
The primary cardholder
b)
An authorized user on the card
c)
Both of these
14.
Who is legally liable to make payments on a credit card:
a)
The primary cardholder
b)
An authorized user on the card
15.
The risk of losing money if your debit card is stolen is ____ the risk of losing money if your credit card is stolen.
a)
greater than
b)
less than
c)
the same as
16.
When you spend money on a consumable good, your net worth always:
a)
Stays the same
b)
Increases
c)
Decreases
17.
Who is responsible to make sure that you are getting a good price when you buy something:
a)
You
b)
The seller
c)
The state government
d)
The federal government
18.
What does caveat emptor mean?
a)
Seller beware
b)
Buyer beware
19.
If you spend money on something that WILL last a year or more, it is an ______ .
a)
Expense
b)
Asset
20.
If you spend money on something that WILL NOT last a year or more, it is an ______ .
a)
Expense
b)
Asset
21.
For every dollar of ____, your net worth will go down by a dollar.
a)
Surplus
b)
Deficit
22.
For every dollar of ____, your net worth will go up by a dollar.
a)
Surplus
b)
Deficit
23.
A millionaire is someone with _____ of $1 million or more.
a)
Income
b)
Assets
c)
Liabilities
d)
Net Worth
24.
If you have a one-year lease and don't give 30 day notice to your landlord, what happens at the end of the year:
a)
You forfeit your security deposit
b)
The lease rolls over for another year
c)
The landlord can evict you
25.
If you are late paying rent, before evicting you your landlord has to give you notice and ___ to pay all past-due rent.
a)
3
b)
14
c)
30
26.
What happens if you stop paying rent because your aparment is not in "liveable condition"?
a)
You forfeit your security deposit
b)
The lease rolls over for another year
c)
The landlord can evict you
27.
Which of these does NOT build equity in your house?
a)
RIP
b)
Interest Expense
c)
Appreciation
28.
Which of these are ways that your landlord can evict you, if you don't pay your rent:
a)
Get a court order
b)
Turn off the electric or the water
c)
Change the locks on the doors
d)
Write you a letter telling you to leave
29.
If you don't pay at least 20% down for your house, lenders will make you ______ .
a)
Refinance
b)
Get a PMI
c)
Take out a second morgtage
30.
When you own a house, which of these are payments that you will make, but do NOT lower your net worth:
a)
Reduction in Principal (RIP)
b)
Interest expense
c)
Real estate taxes
d)
Homeowner's insurance
e)
Maintenance expense
31.
For most people, they should not buy a house unless:
a)
They can pay at least 20% down
b)
They plan to live in the house for at least ten years
c)
The mortgage payments and other housing expenses won't be more than 30% of their net income
d)
All of these
32.
Normally, the biggest expense of owning a car is _____.
a)
Depreciation
b)
Fuel
c)
Maintencance
d)
Insurance
e)
Taxes
33.
The best way to avoid being upside down on your car is:
a)
Make the Term as short as possible
b)
Make the Term as long as possible
34.
If you buy life insurance, the amount that you pay is called _____ .
a)
Premiums
b)
Death Benefits
c)
Beneficiaries
35.
If you buy life insurance, the amount the insurance company pays when you die is called :
a)
Premiums
b)
Death Benefits
c)
Beneficiaries
36.
If you die, the death benefits will go to your _____.
a)
Rent
b)
Beneficiaries
c)
Cash Surrender Value
d)
Income taxes
37.
Insurance companies negotiate lower rates for doctors that are ______ .
a)
In Network
b)
Out of Network
38.
You will probably pay more if you go to doctors that are ______ .
a)
In Network
b)
Out of Network
39.
_____ are subtracted from your medical bills before your insurance company pays anything.
a)
Deductibles
b)
Copays
40.
With _____, you pay a percentage of the medical bill, and your insurance company pays the rest.
a)
Deductibles
b)
Copays
41.
If your apartment is furnished, how much can your landlard charge you for a security deposit ?
a)
Not more than your monthly rent,
b)
Not more than 1.5 times your monthly rent,
c)
Not more than 1/2 your monthly rent,
42.
Which of these are reasons why younger people need to invest more for retirement than older generations had to:
a)
Pensions are no longer common
b)
Social security benefits are not increasing
c)
Both of these
43.
How much money should you put toward your home's downpayment?
a)
Your entire emergency fund
b)
3 times your monthly expenses
c)
20% of the price of the home
d)
5 years' worth of payments
44.
Which of these statements about MSRP is NOT true:
a)
Car dealers are required to charge the MSRP - that is what the "R" stands for.
b)
The MSRP is just a suggestion that is what the "S" stands for.
c)
The price you pay can be much lower than the MSRP.
45.
What is the financial term used to describe the decrease in value of assets that you own?
a)
Depreciation
b)
Upside Down
c)
Appreciation
46.
What is the financial term used when you owe more on your car than it is worth?
a)
Depreciation
b)
Upside Down
c)
Appreciation
47.
Who pays for PMI:
a)
The borrower
b)
The lender
48.
Who benefits from PMI:
a)
The borrower
b)
The lender
49.
Your paycheck is _____.
a)
income
b)
exepense
c)
asset
d)
liability
50.
Child support that you receive is _____.
a)
income
b)
exepense
c)
asset
d)
liability
51.
Scholarships that you receive are _____.
a)
income
b)
exepense
c)
asset
d)
liability
52.
Child support that you pay is _____.
a)
income
b)
exepense
c)
asset
d)
liability
53.
Tuition that you pay is _____.
a)
income
b)
exepense
c)
asset
d)
liability
54.
Rent that you pay is _____.
a)
income
b)
exepense
c)
asset
d)
liability
55.
Student loans are a _____.
a)
income
b)
exepense
c)
asset
d)
liability
56.
A car loan is a _____.
a)
income
b)
exepense
c)
asset
d)
liability
57.
A mortgage is a _____.
a)
income
b)
exepense
c)
asset
d)
liability
58.
The amount that you owe on your credit card is a _____.
a)
income
b)
exepense
c)
asset
d)
liability
59.
A _____ tells you where you hope to be in the future.
a)
Budget
b)
Income statement
c)
Balance Sheet
60.
A _____ tells you where you have been in the past.
a)
Budget
b)
Income statement
c)
Balance Sheet
61.
A _____ tells you where you are now.
a)
Budget
b)
Income statement
c)
Balance Sheet
62.
What should "balance" on your balance sheet
a)
Income should balance expenses
b)
Assets should balance liabilities
c)
Liabilities plus net worth should balance assets
63.
What is “cash stuffing” used for?
a)
Investing
b)
Building credit
c)
Budgeting your money
d)
Tracking your net worth
64.
How do you describe the "cash stuffing" method of budgeting?
a)
Putting cash in separate categories on a detailed spreadsheet
b)
Putting cash in separate buckets within your online savings account
c)
Putting cash in separate envelopes for different spending categories
d)
Putting cash in different bank accounts for different purposes
100 %
