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EPF Final Exam

Total questions: 65

Worksheet time: 1hrs 27mins

Name
Class
Date
1.

What is this called?

a)

A Check

b)

A credit card

c)

A debit card

d)

Money Order

2.

How can you discover if you are a victim of identity theft?

a)

check your credit report once a year

b)

google your name

c)

hire a private detective

d)

read all your junk mail

3.

The value of the NEXT BEST ALTERNATIVE when a decision is made

a)

Better Business Bureau

b)

opportunity cost

c)

want

d)

need

4.

The ability to have your income to allow you to be able to attain whatever personal goals you have to live a lifestyle you enjoy.

a)

Financial Well Being

b)

Line of Credit

c)

Credit Score

d)

Retirement Fund

5.

Which term is used to define a minimum of wants and needs to maintain a person's circumstances or status

a)

Quality of Life

b)

Standard of Living

c)

American Dream

d)

Personal Financial Planning

6.
Which is bigger, gross pay or net pay?
a)
gross pay
b)
net pay
7.
Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income
a)
gross pay
b)
withholdings
c)
net pay
d)
real pay
8.
Helps provide retirement income for the elderly and pays disability benefits
a)
medicare
b)
social security
c)
state income tax
d)
federal income tax
9.
FICA taxes are
a)
U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare
b)
U.S. federal payroll taxes imposed on employees only to fund Social Security and Medicare.
c)
U.S. federal payroll taxes imposed on both employees and employers to fund Social Security.
d)
U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare
10.
In Terms of credit, what does APR stand for?   
a)
Annual Penalty Rate
b)
Annual Payoff Rate
c)
Annual Payment Rate
d)
Annual Percentage Rate
11.

401(k) is an example of a __________ account.

a)

Retirement

b)

College Savings

c)

Low Interest

d)

Stock

12.
The cost of borrowed money, usually expressed as a percentage.
a)
interest
b)
savings plan
c)
scarce
d)
purchase
13.
Which of the following is the most important to consider when planning a budget?
a)
A budget for unexcpected expenses before expected expenses
b)
Budget for fixed expenses Before flexible expenses
c)
Budget for needs before wants
d)
Budget for unexpected events before expected expenses
14.
The cost of credit expressed as a yearly interest rate is known as:
a)
Annual Percentage Rate (APR)
b)
Annual Fee
c)
Penalty APR
d)
Introductory Rate
15.
The maximum amount you may borrow on a credit card is known as:
a)
creditworthiness
b)
credit report
c)
credit limit
d)
variable rate of credit
16.
Examples of penalty fees include:
a)
over-the-limit fee
b)
late payment fee
c)
returned payment fee
d)
all of these
17.
How can you avoid paying interest fees on your credit card?
a)
Only use it for groceries
b)
pay off the full balance, on time, each month
c)
you cannot avoid interest fees
d)
only use Discover
18.
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 
19.
Having a high credit score will allow lenders to give you lower interest rates.
a)
True
b)
False
20.
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
a)
American Express
b)
Chase Sapphire
c)
Neither
d)
All of the above
21.

There’s no penalty if I pay my credit card balance after the due date.

a)

True

b)

False

22.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
23.
I should review my credit report for errors.
a)
True
b)
False
24.
A credit report contains my personal information such as my address and social security.
a)
True
b)
False
25.

Which of the following is TRUE about a credit report?

a)

It is a complete history of one type of credit you have

b)

Credit reports are maintained by the 5 main credit bureaus

c)

You can get a copy of your credit report for free

d)

You can get a credit report only when you're 21 years old

26.

Which is an exceptional credit score?

a)

672

b)

555

c)

713

d)

813

27.

What type of credit score is this 570?

a)

Average

b)

Great

c)

Poor

d)

Excellent

28.

My credit history does not affect my chances for renting my first apartment.

a)

True

b)

False

29.

A credit report is best defined by which of the following statements?

a)

A score that represents your credit reputation

b)

A summary of an individual's credit history

c)

A compilation of all public and private records relating to your finances

d)

An accounting of legal action taken against you to collect debts

30.

The three primary national credit bureaus are:

a)

TransUnion, Equifax and Experian

b)

Experian, Sallie Mae, and TransUnion

c)

Fair Isaac, Equifax, and Experian

d)

FICO, Equifax, and Sallie Mae

31.

A credit report contains all of the following information except an individuals':

a)

race

b)

household income

c)

marital status

d)

Social Security number

32.

How many times per year can you request a free copy of your credit report from each of the primary credit bureaus?

a)

One time

b)

Two times

c)

Three times

d)

As many times as you wany

33.
True or False:  Rent-to-own total prices are comparable to those you'd find in a store. 
a)
True
b)
False
34.

How do people get trapped in the payday loan cycle?

a)

Customers usually only need to borrow money once

b)

Lenders typically give loans out with a low APR

c)

Customers may visit several payday loan lenders to get $

d)

Lenders typically give out long-term loans

35.

What is a disadvantage of a rent-to-own transaction?

a)

A credit check is not always necessary

b)

There are usually no down payments needed

c)

The consumer ends up paying more than the value of the item

d)

The item may be delivered to your house or apartment

36.

Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited. This will result in which of the following fees?

a)

Overdraft Fees

b)

Service Fees

c)

ATM Fees

d)

Check Fees

37.
What do you need to withdraw cash from an ATM?
a)
Pin Number
b)
Debit Card
c)
Cash in your Account
d)
All of the Above
38.
If you use an ATM that is not sponsored by your bank, you may be...
a)
given extra money.
b)
given a hug.
c)
given ice cream.
d)
charged a service fee.
39.
This is money you can get to pay for college, which has to be paid back.
a)
Scholarhip
b)
Grant
c)
Student Loan
d)
College Savings
40.

How do you go into Loan Default?

a)

By paying too much each month

b)

By paying too little each month

c)

By stopping payments all together

d)

By ignoring tax collectors phone calls

41.

State and community colleges are...

a)

bad investments and should be avoided

b)

are more expensive compared to private schools

c)

are much cheaper than private schools

d)

none of the above

42.

Insurance that pays for damage you cause to another person's vehicle

a)
collision
b)
liability
43.

Coverage that pays for damages you cause even if it's to your own vehicle

a)
collision
b)
liability
44.

Insurance coverage that pays for losses that are out of your control (weather related, fire, hitting an animal, etc.)

a)
collision
b)
comprehensive
c)
liability
45.
if you have to get a loan to purchase a vehicle it's known as...
a)
financing
b)
proof of insurance
c)
cash payment
46.

Having a lower APR could mean that your...

a)

monthly car payment is lower

b)

interest paid is higher

c)

car loan will be over a longer period of time

47.

You're likely to save more money in the long run if you...

a)

Buy a used car

b)

Lease a car

c)

Buy a new car

48.

Which type of auto insurance is required by law in most states?

a)

liability

b)

collision

c)

comprehensive

d)

personal Injury

49.

A loan payment is a fixed expense.

a)

True

b)

False

50.

Every month, Jack’s mother pays the following expenses: the house payment, the club membership, the car payment, and the cost of food. Which is a variable expense?

a)

the house payment

b)

the cost of food

c)

the club membership

d)

the car payment

51.
Variable expenses may not be the same every month.
a)
True
b)
False
52.

Cory gives his friend money to buy a cheeseburger since he forgot his wallet at home, but he expects to be repaid. This represents the financial service of:

​ (a)  

Choose from the below words
lending
borrowing
investing
saving
53.

Which of the following is an example of unearned income?

a)

Interest income

b)

Commissions

c)

Overtime

d)

Tips

54.

Andy worked a total of 43 hours this week. His pay rate is $23.50. What is his gross pay?

4 lines
55.

Jim worked a total of 46 hours this week. His pay rate is $35.00. What is his gross pay?

4 lines
56.

Some concession stand vendors view Coca-Cola and Pepsi as substitutes. If the price of Coca-Cola rises, then in the market for Pepsi

a)

the equilibrium price will fall and the equilibrium quantity will fall

b)

both the equilibrium price and quantity will rise

c)

the equilibrium price will rise and the equilibrium quantity will decrease

d)

the equilibrium price will rise, while the change to equilibrium quantity is unable to be determined

57.

Why does Carl have the highest credit score?

a)

He has the largest credit limit

b)

He pays his bills on time the most

c)

He makes the most money

d)

He has the largest outstanding credit balance

58.

Based on the chart provided, which items provide Country X with a favorable balance of trade?

a)

electronics and fossil fuels

b)

wheat and fossil fuels

c)

steel and electronics

d)

wheat and steel

59.

If the state of North Carolina collects $80 billion in tax revenue in 2023 and total spending that same year is $78.4 billion, the result will be a

a)

budget deficit

b)

budget surplus

c)

decrease in payroll tax

d)

decrease in proportional taxes

60.

Debbie was behind on her stereo installment credit contract payments. As a result, the creditor seized and sold the stereo. The sale price did not cover all of the loan balance, the creditor got a court to order her employer to withhold part of her wages. This court order is called:

a)

Wage assignment

b)

Bankruptcy

c)

Deficiency judgment

d)

Garnishment

61.

Dalton lost her debit card. She reported it missing within two days. If an unauthorized person used her debit card, her maximum liability is:

a)

Unlimited liability

b)

$50

c)

$0 (no liablility)

d)

$500

62.

Debbie owns a clothing store. She is concerned that a customer who is injured in the store will sue. Which type of insurance should Debbie purchase?

a)

Social insurance

b)

Liability insurance

c)

Surety bonds

d)

Life insurance

63.

David bought stock for $4,000 and one year later he sold it for $1,000. The sale resulted in a:

a)

Yield

b)

Capital Loss

c)

Market value

d)

Price Earning

64.

A Neon Oil Corporation tanker spilled oil in the ocean around Australia. As a result of this accident, the share price of this stock is likely to:

a)

Fluctuate

b)

Increase

c)

Not be affected/remain the same

d)

Decrease

65.

You bought 10 shares of stock in StreamingVideoCo for $45 per share. Two months later you sold the 10 shares of stock for $80 per share. What was your profit or loss on StreamingVideoCo stock? (Assume that StreamingVideoCo didn't pay a dividend and that you didn't incur any trading fees during that period.)

a)

Loss of $800

b)

Profit of $350

c)

Loss of $450

d)

Profit of $800

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