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Personal Finance Review

Total questions: 145

Worksheet time: 17hrs 56mins

Name
Class
Date
1.
Examples of Fixed Expenses include:
a)
Mortgage, loans, rent
b)
Cable, entertainment, food
c)
Gas, food, phone
d)
Clothing, gas, food
2.
A vacation is an example of a _________
a)
need
b)
want
3.

How do wages and salary differ?

a)

Wages describe what you earn on an annual basis

b)

Salary describes what you earn on an annual basis

c)

Wages mean you have a standard amount in each paycheck

d)

Salaried employees are likely to be paid for overtime

4.

Which of the following are TRUE about gross income?

a)

They are the same thing

b)

Gross income is the total amount earned AFTER deductions

c)

Gross income is the total amount earned BEFORE deductions

d)

Net income is the total amount earned BEFORE deductions

5.
Which of the following is NOT a need?
a)
Food
b)
Clothes
c)
Netflix
d)
Shelther
6.
Which of the following is an example of a variable expense
a)
Food
b)
Rent
c)
Car payment
d)
Student loan
7.
Your emergency savings fund should have how many months worth of income?
a)
1-2 months
b)
10 months
c)
It doesn't matter
d)
3-6 months
8.
What is the first step in budgeting?
a)
Record what you spend
b)
Estimate your income
c)
Set financial goals
d)
Review and evaluate monthly
9.
A plan for your estimated income, expenses, and savings.
a)
Credit Rating
b)
Budget
c)
Bankruptcy
d)
Financial Goals
10.

What type expense does the following statement best match?

Expense that varies in dollar amount from month to month but that you can expect to have every month.

a)

Fixed

b)

Intermittent

c)

Variable

d)

Discretionary

11.

Katie plans on using the 50/30/20 rule for budgeting. How will she split her budget?

a)

50% needs, 30% wants, 20% savings

b)

50% saving, 30% needs, 20% wants

c)

50% budget, 30% needs, 20% wants

d)

$50 needs, $30 wants, $20 savings

12.

Overdraft protection...

a)

Allows you to withdraw more money than you have in your account

b)

Protects your account from unauthorized transactions

c)

Helps you save money for emergencies

d)

Provides insurance for your deposits

13.

Which of the following is TRUE about banks and credit unions?

a)

Banks are for-profit institutions, while credit unions are non-profit

b)

Banks offer higher interest rates on savings accounts than credit unions

c)

Credit unions are insured by the FDIC, while banks are not

d)

Banks are owned by their customers, while credit unions are owned by shareholders

14.

An endorsement limiting what can be done with a check is a

a)

blank endorsement

b)

special endorsement

c)

restrictive endorsement

d)

Mobile

15.

An endorsement consisting only of the signature of the person to whom the check was written

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

16.

An endorsement in which the original owner transfers ownership to another person.

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

17.

What type of endorsement is this?

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

18.
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)
over spending fee
19.
The checking account fees for Banks A, B, C, and D are shown in the table:
If a customer writes 26 checks per month, which bank will charge him the least in fees
a)
Bank A
b)
Bank B
c)
Bank C
d)
Bank D
20.
This account allows you to withdraw money, pay a bill, or make purchases easily.
a)
Checking Account
b)
Savings Account
c)
Market Money Account
d)
CD Account
21.
This is a written request to your bank to take money from your account & pay it to someone else.
a)
Check
b)
Telephone Call
c)
Text
d)
Email
22.
This allows you to withdraw cash from your account or make payments electronically.
a)
Debit Card
b)
Loan Account
c)
Signature Card
d)
Payday card
23.
FDIC insured for up to $250,000
a)
Credit Union
b)
Bank
24.
NCUA insured for up to $250,000
a)
Credit Union
b)
Bank
25.

Set of numbers associated with a checking, savings, or other bank account that associates a financial institution with the account.

a)

ATM card

b)

Bank account number

c)

Routing Number

d)

Bounced check

26.

a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.

a)

Bank statement

b)

Bounced check

c)

Check cashing fee

d)

Check fraud

27.

personal check written by a bank account holder, drawn on the account and guaranteed by the bank.

a)

Cashier's check

b)

Certified check

c)

Check cashing center

d)

Check cashing fee

28.

check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier.

a)

Cashier's check

b)

Certified check

c)

Check cashing center

d)

Check cashing center

29.

record of transactions in a checking account.

a)

Check register

b)

Check

c)

Debit card

d)

Credit union

30.

signing a check

a)

Endorsement

b)

Check

c)

Depositor

d)

ATM card

31.

a special form of check that functions as cash; can be cashed at many places around the world; unused checks can be redeemed for cash; useful if traveling and do not want to carry large amounts of money

a)

money order

b)

travelerś check

c)

cashierś check

32.

a request for a financial institution to refuse to honor a check you wrote or a check that has been lost or stolen, as long as the check has not cleared your account and already been paid

a)

stop-payment order

b)

cashier check

c)

certified check

33.

Report that accounts for the differences between bank statement and check register.

a)

Account Reconciliation

b)

Check Register

c)

Bank Statement

d)

Deposit Slip

34.

Louis's dad pays a tax to the federal government each year based off the money he earns from his lawn mowing business. What type of tax does Louis's dad pay each year?

a)

Payroll Tax

b)

Income Tax

c)

Sales Tax

d)

Property Tax

35.

Curtis purchased a new pair of jeans for $18. When Curtis pays for his jeans his total is almost $20 because of taxes. Which type of tax does Curtis pay?

a)

Payroll Tax

b)

Income Tax

c)

Sales Tax

d)

Property Tax

36.

Your parents pay a tax each year of $3500 that is based off the value of your home. Which type of tax do your parents pay each year?

a)

Payroll Tax

b)

Income Tax

c)

Sales Tax

d)

Property Tax

37.

If a teen files a tax return, can the parent still claim him/her as a dependent?

a)

Yes. All teens are dependents until they are 18 years old

b)

No. If a teen files a tax return, he/she cannot be claimed

c)

Yes, as long as the teen meets the dependency requirements

d)

Yes, but the parent has to add the teen's income to theirs

38.

In this tax structure you pay a greater percentage of the value of the tax base as that value increases. Our Federal Income Tax is paid in this manner.

a)

Progressive Tax

b)

Regressive Tax

c)

Proportional or Flat Tax

d)

Excise Tax

39.

In this tax structure a single tax rate (percentage) is applied to all levels of income. Some states use this as structure for State Income tax, and our FICA taxes are collected in this way.

a)

Progressive Tax

b)

Regressive Tax

c)

Proportional or Flat Tax

d)

Excise Tax

40.

In this tax structure a single tax rate (percentage) is applied to all levels of income, however, a smaller percentage of income is used to cover the tax as your income increases. An example of this would be sales tax or even tolls for roads/bridges.

a)

Progressive Tax

b)

Regressive Tax

c)

Proportional or Flat Tax

d)

Excise Tax

41.

Taking payments out of your pay before you receive it.

a)

withholding

b)

tax return

c)

taxable income

d)

personal exemption

42.

The W-4 form lets...

a)

the government know how much you paid in taxes last year

b)

your employer know how much to withhold from your paycheck

c)

the 3 major credit bureaus know how many dependents you have

d)

you know how much you paid in taxes last year

43.
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
44.
Total amount paid to an employee each pay period, including regular pay, overtime pay, and other taxable earnings (such as reimbursements)
a)
net pay
b)
gross pay
c)
payroll deductions
d)
none of these
45.
Helps provide retirement income for the elderly and pays disability benefits
a)
medicare
b)
social security
c)
state income tax
d)
federal income tax
46.
A health care program for the elderly and disabled
a)
social security
b)
medicare
c)
state income tax
d)
federal income tax
47.

What percent of your earnings goes to Medicare?

a)

1.45%

b)

.0145%

c)

6.2%

d)

.062%

48.

What percent of your earnings goes to Social Security?

a)

1.45%

b)

.0145%

c)

6.2%

d)

.062%

49.
Why do people fill out I-9 forms? 
a)
To prove they were born in the US
b)
To prove they can work in the US
c)
For their taxes
d)
To take out the right amount of money out of their taxes
50.

People who are unbanked are most likely to...

a)

Have a high credit score

b)

Have a low income

c)

Have a college degree

d)

Have a mortgage

51.

Overdraft protection...

a)

Allows you to withdraw more money than you have in your account

b)

Protects your account from unauthorized transactions

c)

Helps you save money for emergencies

d)

Provides insurance for your deposits

52.

Which of the following is TRUE about banks and credit unions?

a)

Banks are for-profit institutions, while credit unions are non-profit

b)

Banks offer higher interest rates on savings accounts than credit unions

c)

Credit unions are insured by the FDIC, while banks are not

d)

Banks are owned by their customers, while credit unions are owned by shareholders

53.

What feature is the LEAST important for a college student to look for in a checking account?

a)

Low or no monthly fees

b)

Convenient ATM access

c)

High interest rates

d)

Online and mobile banking

54.

Which of the following is FALSE about check registers?

a)

They help you keep track of your account balance

b)

They are used to record deposits and withdrawals

c)

They are no longer necessary with online banking

d)

They can help you detect errors or fraud

55.

How does the 50-20-30 rule distribute your income?

a)

50% for needs, 20% for savings, 30% for wants

b)

50% for savings, 20% for needs, 30% for wants

c)

50% for wants, 20% for savings, 30% for needs

d)

50% for needs, 20% for wants, 30% for savings

56.

Saving accounts differ from checking accounts in that...

a)

Saving accounts have higher interest rates

b)

Saving accounts have more fees

c)

Saving accounts have unlimited transactions

d)

Saving accounts have overdraft protection

57.
Janet inherited a valuable necklace and needs a safe place to keep it when she isn't wearing it,
a)
checking account
b)
savings account
c)
safe deposit box
58.
Liam wants cash from his bank, but it is closed, He will use the ATM.
a)
credit card
b)
debit card
c)
savings account
59.
Amirah is going to college and will not be able to visit her home bank very often. She needs a way to access her money and track what she spends.
a)
personal loan
b)
debit card
c)
online banking
60.

An endorsement limiting what can be done with a check is a

a)

blank endorsement

b)

special endorsement

c)

restrictive endorsement

d)

Mobile

61.

An endorsement consisting only of the signature of the person to whom the check was written

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

62.

An endorsement in which the original owner transfers ownership to another person.

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

63.

What type of endorsement is this?

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

64.

What type of endorsement is this?

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

65.

What type of endorsement is this?

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

66.
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)
over spending fee
67.
At the beginning of this month, the balance of Vance's checking account was $697.96. So far this month, he has received a paycheck via direct deposit of $962.88, been charged a monthly service fee from his bank of $25.00, used a debit card linked to his account to make a purchase of $83.12, written a check for $138.83 that has already been deposited, and deposited a check written to him for $71.17. What is the current balance of Vance's checking account?
a)
$1620.38
b)
$1510.06
c)
$1485.06
d)
$787.10
68.
Which of the following is not found on a check?
a)
Account Owner's Name & Address
b)
Account Owner's Social Security Number
c)
routing number
d)
account number
69.
The number of a checking account is also known as the:
a)
Pin Number
b)
Social Security Number
c)
Routing number
d)
Account Number
70.
The checking account fees for Banks A, B, C, and D are shown in the table:
If a customer writes 26 checks per month, which bank will charge him the least in fees
a)
Bank A
b)
Bank B
c)
Bank C
d)
Bank D
71.

The interest rate on a CD is __________ than that on a regular savings account.

a)

Lower

b)

Higher

c)

Same

d)

Does not earn interest

72.
This account allows you to withdraw money, pay a bill, or make purchases easily.
a)
Checking Account
b)
Savings Account
c)
Market Money Account
d)
CD Account
73.
This account allows you to deposit money at a bank for safekeeping.
a)
Saving Account
b)
Checking Account
c)
Bill Account
d)
Casino Account
74.
This is a written request to your bank to take money from your account & pay it to someone else.
a)
Check
b)
Telephone Call
c)
Text
d)
Email
75.
This allows you to withdraw cash from your account or make payments electronically.
a)
Debit Card
b)
Loan Account
c)
Signature Card
d)
Payday card
76.
for-profit financial companies and can be large or small, national or local.
a)
Credit Union
b)
Bank
77.
not-for-profit financial cooperatives that are typically small and local.
a)
Credit Union
b)
Bank
78.
FDIC insured for up to $250,000
a)
Credit Union
b)
Bank
79.
NCUA insured for up to $250,000
a)
Credit Union
b)
Bank
80.
What is the starting balance on this check register?
a)
4720.33
b)
4500.00
c)
4500.75
d)
4320.00
81.
What was the balance of the account at the end of the day on 7/24?
a)
4720.33
b)
4320.03
c)
5091.15
d)
4500.75
82.
What should be written on line 6?
a)
the date
b)
the amount of the check
c)
who the check is going to
d)
your signature
83.

Set of numbers associated with a checking, savings, or other bank account that associates a financial institution with the account.

a)

ATM card

b)

Bank account number

c)

Routing Number

d)

Bounced check

84.

a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.

a)

Bank statement

b)

Bounced check

c)

Check cashing fee

d)

Check fraud

85.

personal check written by a bank account holder, drawn on the account and guaranteed by the bank.

a)

Cashier's check

b)

Certified check

c)

Check cashing center

d)

Check cashing fee

86.

check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier.

a)

Cashier's check

b)

Certified check

c)

Check cashing center

d)

Check cashing center

87.

Located in the top right corner of the check and the very end of the bottom series of numbers. It provides a record of transaction.

a)

Check number

b)

Check register

c)

Check stub

d)

Check

88.

record of transactions in a checking account.

a)

Check register

b)

Check

c)

Debit card

d)

Credit union

89.

the electronic transfer of a payment directly from the account of the payer to the recipient's account.

a)

Check

b)

Paycheck

c)

Direct deposit

d)

Endorsement

90.

signing a check

a)

Endorsement

b)

Check

c)

Depositor

d)

ATM card

91.

a payment order for a specific amount of money payable to a specific payee; useful for those who do not have checking accounts to send money safely

a)

money order

b)

cashierś check

c)

travelerś check

92.

a special form of check that functions as cash; can be cashed at many places around the world; unused checks can be redeemed for cash; useful if traveling and do not want to carry large amounts of money

a)

money order

b)

travelerś check

c)

cashierś check

93.

an organization that provides services related to money

a)

commercial bank

b)

charter

c)

financial institution

94.

an independent agency created by the federal government to protect bank customers by insuring their deposits

a)

Federal Deposit Insurance Corporation

b)

Financial Depository Insurance Company

c)

Financial Department of Insurance Corporation

95.

Two types includes mutual savings and loan associations and stock savings and loans association

a)

credit unions

b)

savings and loans associations

c)

commercial banks

96.

the movement of money electronically from one financial institution to another

a)

electronic funds transfer

b)

electronic financial transitioning

c)

automated teller machine

97.

service offered by most banks and credit unions that requires a Personal Identification Number (PIN) to check account balances, make cash withdrawals and deposits, and move money from one account to another.

a)

electronic funds tranfer

b)

electronic financial transitioning

c)

automated teller machine

98.

a request for a financial institution to refuse to honor a check you wrote or a check that has been lost or stolen, as long as the check has not cleared your account and already been paid

a)

stop-payment order

b)

cashier check

c)

certified check

99.

Report that accounts for the differences between bank statement and check register.

a)

Account Reconciliation

b)

Check Register

c)

Bank Statement

d)

Deposit Slip

100.

What are the two components of Payroll Taxes?

a)

Social Security and Medicare

b)

Social Security and Medicaid

c)

Medicare and Medicaid

d)

Payroll and Sales Taxes

101.

Payroll Taxes can include all of the following except

a)

state income tax

b)

Sales tax

c)

Federal income tax

d)

FICA

102.

When you are ready to file for taxes you must have form

a)

W-2

b)

W-6

c)

WD40

d)

W-2484

103.

You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?

a)

W-2

b)

1099

c)

W-4

d)

I-9

104.

How many months of expenses should be set aside for an emergency fund?

a)

3-6 months

b)

6-12 months

c)

12-18 months

d)

1-3 months

105.

A standard deduction is

a)

Income you receive for upholding good standards.

b)

Is a $1,000 taken off your tax bill to reduce your tax bill.

c)

A fixed amount all people are allowed to deduct from their AGI to reduce their tax liability.

d)

A specific expense or expenses that, under law, can be deducted from income to reduce the amount of income subject to income tax

106.

The purpose of deductions and exemptions is to reduce

a)

Your Adjusted Gross Income (AGI)

b)

Your Net Income

c)

Your Capital Gains

d)

Your Take Home Pay.

107.

An itemized deduction is

a)

A specific expense that, under tax law, can be deducted from income to reduce the amount of income subject to income.

b)

Items you want to give to the IRS.

c)

A waste of time. Just take the standard deduction.

d)

the same as a standard deduction.

108.

An itemized deduction is

a)

A specific expense that, under tax law, can be deducted from income to reduce the amount of income subject to income.

b)

Items you want to give to the IRS.

c)

A waste of time. Just take the standard deduction.

d)

the same as a standard deduction.

109.

The IRS is the

a)

Internal Reading Skill

b)

Implement Revenue Soon

c)

Implement Real Service

d)

Internal Revenue Service

110.

Another name for take-home pay is

a)

Gross Pay

b)

Salary

c)

Net Pay

d)

Income

111.

By law federal tax returns must be filed by what date?

a)

January 1

b)

December 31

c)

May 2nd

d)

April 15th

112.

The out of pocket cost to the insured when a loss occurs is called...

a)

Premium

b)

Deductible

113.

The out of pocket cost to the insured when a loss occurs is called...

a)

Premium

b)

Deductible

114.
The amount paid for insurance is the
a)
closing cost
b)
premium
c)
deductible
d)
assessed value
115.
Bodily injury covers your liability for injury to
a)
yourself
b)
property
c)
others
d)
other cars
116.
Insurance that protects your family against financial loss due to your death is
a)
coinsurance
b)
disability insurance
c)
life insurance
d)
comprehensive insurance
117.
The type of insurance that provides protection against financial loss from medical bills is called
a)
health insurance
b)
coinsurance
c)
life insurance
d)
premium
118.
The type of insurance that covers damage or loss to a vehicle from fire, theft, vandalism, or hail is called
a)
term life insurance
b)
bodily insurance
c)
comprehensive
d)
collision
119.
This term pays for protection against loss of life, property, and finances.
a)
collision
b)
premium
c)
insurance
d)
deductible
120.
This type of insurance pays the fees of other doctors who see you in or out of the hospital.
a)
hospitalization insurance
b)
disability insurance
c)
medical insurance
d)
life insurance
121.

A type of car insurance that covers damage to your OWN motor vehicle is

a)

collision

b)

comprehensive

c)

bodily injury

d)

uninsured motorist

122.
If you can not work due to a health condition or injury, this type of insurance will pay you a portion of the income you lose.
a)
disability
b)
health
c)
premium
d)
hospitalization
123.
This type of insurance protects against damage to the car OR injury to persons in the car caused by a driver who carries no insurance.
a)
collision
b)
comprehensive
c)
property
d)
uninsured motorists
124.
A formal request to an insurance company asking for a payment when the policyholder has an acciden, illness or injury
a)
emergency savings
b)
coverage
c)
claim
d)
employee benefits
125.

This type of insurance should pay for damages if a tree that goes through your roof.

a)

Product

b)

Health

c)

Homeowners

d)

Life

126.

This is the minimum required by law, only repairs the vehicle you hit, not your own

a)

Liability

b)

Collision

c)

Comprehensive

d)

Deductible

127.

What does renters insurance cover?

a)

The damage to the property

b)

Earthquakes

c)

Personal items the tenant owns

d)

If a burglar breaks in and he/she is injured as a result

128.

In which of the following scenarios will you obligated to pay the least amount of money out-­‐of-­‐pocket for medical expenses?

a)

You have no insurance.

b)

You have health insurance with a $500 deductible.

c)

You have auto insurance with a $700 deductible.

d)

You have health insurance with a $1,500 deductible.

129.
Which of the following typically have the highest insurance premiums.
a)
Young, inexperienced drivers
b)
Older, experienced drivers
c)
Drivers who have with safe driving records
d)
Drivers who travel long distances
130.

Which type of Life Insurance policy only pays a beneficiary when a person dies during a pre-determined time period?

a)

Term Life Insurance

b)

Whole Life Insurance

c)

Variable Life Insurance

d)

Universal Life Insurance

131.

Most experts in personal finance say that everyone should have life insurance no matter what age you are.

a)

TRUE

b)

FALSE

132.
When you shop for life insurance, you should consider only the cost or premium you will pay.
a)
TRUE
b)
FALSE
133.

Which college student is MOST likely to need their own renters insurance policy?

a)

Abigail, who lives with her parents and commutes to college

b)

Beatrice, who is a freshman living in a dorm and whose mom has homeowners insurance

c)

Carson, who is a senior living in a dorm and whose guardians have homeowners insurance

d)

Dani, who lives in an off-campus apartment with her cousin and a friend

134.

When we budget or buy things what do we need to know?

a)

How much you will get paid next week.

b)

How much money you have

c)

Weekend plans

135.

A stated amount you can subtract from adjusted gross income if you do not itemize deductions

a)

tax credit

b)

standard deduction

c)

exemption

d)

taxable income

136.

Employers must have a W-2 to their employees by.....

a)

April 15

b)

December 31

c)

January 31

d)

January 1

137.

A policyholder's request for reimbursement for a loss under the terms of an insurance policy...

a)

coverage

b)

claim

c)

benefit

d)

face value

138.

An event whose occurrence can cause a loss

a)

hazard

b)

peril

139.

A person named on an insurance policy to receive the benefits from the policy

a)

insured

b)

insurer

c)

beneficiary

140.

The chances of loss or harm to personal or real property

a)

speculative risk

b)

liability risk

c)

property risk

d)

pure risk

141.

Chance of loss with no chance of gain

a)

speculative risk

b)

pure risk

c)

liability risk

d)

property risk

142.

Payment made to the insurance company to cover potential losses

a)

premium

b)

claim

c)

benefits

143.

Mrs. Whitlatch's favorite color

a)

pink

b)

blue

c)

purple

d)

green

144.

What is Mrs. Whitlatch's favorite Disney movie?

a)

Sleeping Beauty

b)

Cars

c)

Coco

d)

Rapunzel

145.

Mrs. Whitlatch's alter ego....

a)

The Evil Queen

b)

Queen of Hearts

c)

Maleficent

d)

Captain Hook

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