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WorksheetsPersonal Finance Final Exam 2023-24
Total questions: 34
Worksheet time: 6hrs 45mins
Ima Kween is taking out a loan and is confused by the jargon. Which of the following explanations might help her?
TERM is the length of the loan, and INTEREST RATE is how much total money she will pay
PRINCIPAL is how much she owes per month, and TERM is how much she owes overall
INTEREST RATE is how much the lender charges per year for the loan, and PRINCIPAL is the initial amount Ima borrows
MONTHLY PAYMENT is how much interest costs her each month, and TERM is the name of her lender
Which should you use when creating a budget - your NET PAY or GROSS PAY?
If Parker (age 15) wants to start establishing a credit history next week, which action should he take to meet that goal?
Always say "credit" when asked "credit or debit?" at a store
Ask his parents to cosign a credit card or add him as an authorized user on their credit card
Any time he borrows money from a friend or family member, be sure to pay it back promptly
He can't start building credit until he's 18
(this answer is wrong)
Which of the following is a recommended way of following up with a personal connection after a job interview?
Returning to the office unannounced the next day to express your continued interest in the job
Buying the interviewer(s) a nice gift
Connecting to the interviewer(s) on LinkedIn
Which one of the following is NOT a benefit of taking out a loan with a cosigner?
Which of the following is a method of accessing the money in your checking account?
Buy a prepaid Visa card using cash
Use Venmo or Cash App to pay for a Doordash order
Your little sister wants to know how renters insurance works. Which description should you give her?
Which of the following accurately describes the amount of money you'll have if you put $10,000 into a CD earning 4% annual compound interest for 10 years?
(You can ignore the impact of inflation in this question.) A=P(1+nr)nt
Almost $10,400
Almost $14,000
Almost $15,000
Almost $104,000
Which of the following can be found in your credit report?
When making a decision about a financial product (loan, savings account, credit card, etc.), which of these strategies is the MOST foolish?
Which of the following will result in your paying the LARGEST amount of interest to the credit card company?
When it comes to paying for college, the first option you should consider is…
Which of the following statements about car insurance is TRUE?
Which of the following statements about credit scores does this bar graph support?
Credit scores tend to drop as you grow older because you are more likely to miss a payment at some point
It is more difficult for young people to borrow because they have less payment history for a lender to rely upon
When young people borrow, they are likely to have lower interest rates because their credit scores are lower
It is easier for young people to get loans at lower interest rates because they are likely to have never been late with a payment
Which description of the difference between saving and investing is MOST accurate?
Saving is a risky way to grow your money. Investing is known for being a safe and secure growth strategy.
Savings accounts provide a rate of return that is less risky. On the other hand, investors do not know what their return will be, making investing riskier.
What professional document typically lists a person's education, work experience, and skills?
Which one of the following statements is TRUE?
The majority of Americans have an adequate emergency fund
The majority of Americans have sufficient amounts of money saved for retirement
The majority of Americans have an adequate emergency fund, but do NOT have sufficient amounts of money saved for retirement
The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement
Charlemagne receives his first paycheck and realizes that his take-home pay is substantially less than the rate he was offered when hired. Which of the following would help explain why this happened?
Taxes, social security, and Medicare are being deducted from his pay
His company is downsizing and has decided to pay him less without notice
Charlemagne's pay is smaller than he anticipated because businesses typically pay high school students less than minimum wage
Which one of these is NOT a benefit of using online and mobile banking?
You can keep track of your deposits and withdrawals with an app
The 50 / 30 / 20 guideline for spending says you should allocate...
50% of your NET PAY to saving and investment goals, 30% to wants, and 20% to needs
50% of your NET PAY to wants, 30% to needs, and 20% to savings and debt repayment
50% of your NET PAY to saving goals, 30% to wants, and 20% to investment goals
50% of your NET PAY to needs, 30% to wants, and 20% to saving and investment goals
CiCi has just graduated from college and receives a bunch of paperwork from her new job's Human Resources department. Which of the following should be her first step in making sure she's paying the correct amount of taxes?
Request her W-2 form
Reading through a credit card’s Schumer Box, you see the APR for a specific card is set at 7.99% - 17.99%. Which statement is true?
When given a range of APRs like this, you can assume most cardholders pay the lowest rate listed
In this case, you want the highest APR in the range because you’ll earn more
Your APR will be within that range, depending on the strength of your credit history
The APR on credit cards is usually fixed, so it won't be adjusted as long as you are a cardholder
Juanito has $2500 per month to spend. He estimates his monthly costs to be: rent of $800, car expenses of $650, utilities of $200, insurance of $350, food for $200, and other expenses of $100. What is the end result?
Which of the following scenarios accurately demonstrates the practice of comparison shopping?
Quicia compares the price of a shirt to the price of a pair of pants that she is interested in buying
Antwon compares the quality of a backpack he bought to the quality of a backpack his friend bought
Barbinga compares the price, reviews, and other factors for the same product offered by different retailers
Chit-Chat compares a laptop he bought a year ago to a newer version available now
Angelo has a savings account worth $1000 that earns 2% interest.
He also has a student loan of $40,000 that charges 4.6% interest.
He also pays a credit card bill that has $1500 on it with a 23.4% interest rate.
He has a budget surplus of $300 at the end of the month.
What should he do with the $300?
Put it in the savings account. That way, if he does the same thing next month, he'll have plenty of cash to pay his credit card bill in full
What form(s) do you NEED in order to file your tax return every year?
Name two types of bank fees commonly associated with checking accounts.
Pretend you make $830 worth of purchases on your Costco credit card this month.
Your interest rate is 20%.
Next month, your bill arrives saying your minimum payment due is $30.
So, you pay $30 before the due date.
If you only make this minimum payment,
how much interest (in dollars) will be automatically added to next month's bill?
(provide your answer in dollars. example: $100)
List six different ways you could grow your pocket cash in real-life. You may NOT include working a job (of any kind), budgeting, or trading.
(Example: savings account)
Answer one of the following questions. You do not need to answer both.
1. List three factors that can influence car insurance premiums.
2. List three factors that can influence your credit score.
LONG ANSWER:
Pretend you are a middle school teacher. In plenty of FULL sentences, describe what insurance does and how it is helpful. Make sure to include the following terms:
- Risk
- Premium
- Deductible
- Coverage
- Coverage Limit
