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WorksheetsDollars and Sense Review NHS
Total questions: 83
Worksheet time: 42mins
Which term refers to the money received, especially on a regular basis, for work or through investments?
Expenses
Paycheck
Income
Savings
What is the form used to report wages paid to employees and the taxes withheld from them?
I9
W2
W4
CD's
Which term refers to the amount of money that is taken out of an employee's paycheck for taxes?
Withholding
Dependents
Credit Score
Bonds
What is the term for the total amount of money required to live, including housing, food, taxes, and other necessities?
Federal Taxes
Cost of Living
Credit Report
Utilities
Which term refers to the report that details an individual's credit history and current credit status?
Credit Score
Credit Report
Credit History
Savings
What is the definition of a consumer?
One that utilizes economic goods
A person who lends money
A financial advisor
A person who manages a business
What is compound interest?
Interest computed only on the principal
Earning interest on the principal plus the interest you have already earned
A fee charged for borrowing money
A fixed amount paid regularly
Who is a cosigner?
A person who manages a loan
Someone who signs a loan for someone who may not have adequate credit history
A person who borrows money
A financial advisor
What is a mortgage?
A type of savings account
A conveyance of or lien against property that becomes void upon payment or performance according to stipulated terms
A type of insurance
A financial plan for retirement
What are occupations/career specialties?
Financial issues that can affect an individual
Particular careers or occupations based on advanced knowledge and skills specific to that career or occupation
A type of loan
A method of saving money
What is personal finance?
Financial issues that can affect an individual
A type of investment
A method of earning interest
A type of insurance
What is the definition of 'Assets'?
A) A plan for spending
B) Money we owe or debt
C) Anything such as cars, our home, collections, or savings that are of monetary value
D) An expense that remains the same from month to month
What does 'Budget' refer to?
A) The cycle of money available in the form of income and then spent on expenditures
B) A plan for spending
C) Ownership
D) Money received from wages, allowance, child support, interest, or monetary gifts
What is 'Cash Flow'?
A) Ownership
B) The cycle of money available in the form of income and then spent on expenditures
C) An expense that remains the same from month to month
D) Readily available cash that you have on hand
What does 'Equity' mean?
A) Ownership
B) To borrow or take out a loan
C) Money we owe or debt
D) Basic for survival such as shelter, food, and clothes
What is 'Fixed Expense'?
A) An expense that remains the same from month to month
B) An experience that changes from month to month
C) Money received from wages, allowance, child support, interest, or monetary gifts
D) Readily available cash that you have on hand
What is 'Income'?
A) Money we owe or debt
B) Money received from wages, allowance, child support, interest, or monetary gifts
C) An estimate, often itemized, of expected income and expense for a period of time in the future
D) The supplying of goods, services, or money in exchange for the promise of future payment
What does 'Liability' refer to?
A) Readily available cash that you have on hand
B) Money we owe or debt
C) Basic for survival such as shelter, food, and clothes
D) An expense that remains the same from month to month
What is 'Liquidity'?
A) Readily available cash that you have on hand
B) Money we owe or debt
C) An expense that remains the same from month to month
D) Ownership
What does 'Net Worth' mean?
A) Assets - liabilities
B) Money we owe or debt
C) An estimate, often itemized, of expected income and expense for a period of time in the future
D) The supplying of goods, services, or money in exchange for the promise of future payment
What is the definition of 'Consumer'?
A person who produces goods and services
A person who uses goods and services, usually in exchange for money
A person who saves money
A person who invests in businesses
What does 'Consumer credit' refer to?
Credit extended to businesses for expansion
Credit extended to consumers for personal needs, not business needs
Credit extended to governments for public projects
Credit extended to non-profit organizations
What is 'Financial planning'?
A tool that allows us to define our financial goals by assessing our current financial situations and then planning what we need to do to achieve those goals
A method of saving money without any specific goals
A way to spend money on luxury items
A process of borrowing money for short-term needs
What is 'Procrastination'?
The act of completing tasks ahead of time
To put off doing something, especially out of constant carelessness or laziness
The process of making quick decisions
The habit of working continuously without breaks
What are 'Certificates of Deposit (CDs)'?
Accounts where you leave your money for a set period of time, usually earning a higher rate of interest than in a regular savings account
Accounts where you can withdraw money anytime without penalties
Accounts that offer the lowest interest rates
Accounts used for daily transactions
What does "Financial opportunity" relate to?
A chance to win a lottery
A good chance for financial advancement, such as an investment opportunity
A chance to get a loan
A chance to open a savings account
What is an Individual Retirement Account (IRA)?
An account for daily expenses
An individual account set up with a financial institution for personal savings and investments, tax deferred
A type of loan from a bank
A checking account for regular transactions
What does "Interest" refer to in financial terms?
Money paid regularly at a particular rate for the use of money lent or for delaying the repayment of a debt
The principal amount of a loan
The total amount of money in a savings account
The fee for opening a bank account
What does "Liquidity" refer to?
The interest rate of a loan
The ease with which an asset can be turned into cash without losing its value
The total value of investments
The amount of money in a savings account
What is a "Money market account"?
An account that usually pays a higher rate of interest than a regular savings account
A checking account for daily transactions
A loan account with a fixed interest rate
An account for business expenses
What is a "Mutual fund"?
A professionally managed collection of money from a group of investors
A personal savings account
A type of loan from a bank
A checking account for regular transactions
What does "Personal finance" refer to?
Financial issues that can affect an individual
Business expenses
Government financial policies
Corporate finance
What is a "Savings account"?
An account where you can place money to be saved and it will earn interest
A checking account for daily transactions
A loan account with a fixed interest rate
An account for business expenses
What happens when you buy stocks (shares)?
You become a part-owner of the company.
You loan money to the government.
You receive a fixed interest rate.
You are protected against unfair credit billing.
What does the Truth in Lending Act (TILA) protect you against?
Losses in stock investments.
Unfair insurance practices.
Inaccurate and unfair credit billing and credit card practices.
Bank deposit losses.
What does the Federal Deposit Insurance Corporation (FDIC) insure?
Bank deposits up to $250,000.00
Investments in stocks
Mutual funds
Treasury securities
What is an ATM Machine used for?
To write checks
To make deposits, withdraw cash, and transfer money
To track deposits and withdrawals
To insure bank deposits
What is a mutual fund?
A type of bond
A type of checking account
Shares sold to investors to collect a pool of money to buy a variety of investments
A promissory note
What is the purpose of Overdraft Protection?
To prevent unauthorized access to your account
To insure deposits in credit unions
To protect someone if a check is written for more money than in the account
To provide a detailed report summarizing the history of purchases
What does a PIN (Personal Identification Number) do?
It insures deposits in credit unions
It is a fractional share of ownership in a company
It is used to keep your debit card secure
It is the maximum amount of money the loaner agrees to lend
What is a stock?
A detailed report summarizing the history of purchases
A fractional share of ownership in a company
The maximum amount of money the loaner agrees to lend
A number representing your ability to repay a loan
What is a credit limit?
The maximum amount of money the loaner agrees to lend
A detailed report summarizing the history of purchases
A number representing your ability to repay a loan
The least amount the consumer must pay on revolving credit
What is a credit report?
The maximum amount of money the loaner agrees to lend
A detailed report summarizing the history of purchases made on credit and payment history
A number representing your ability to repay a loan
The least amount the consumer must pay on revolving credit
What is a credit score?
The maximum amount of money the loaner agrees to lend
A detailed report summarizing the history of purchases made on credit and payment history
A number representing your ability to repay a loan
The least amount the consumer must pay on revolving credit
What is a grace period?
A period of 25-30 days in which no interest is charged on a credit card if the balance is paid off
Monthly payments for a set length of time
Money paid for the use of someone else’s money
The least amount the consumer must pay on revolving credit
What is installment credit?
A period of 25-30 days in which no interest is charged on a credit card if the balance is paid off
Monthly payments for a set length of time
Money paid for the use of someone else’s money
The least amount the consumer must pay on revolving credit
What is interest?
A period of 25-30 days in which no interest is charged on a credit card if the balance is paid off
Monthly payments for a set length of time
Money paid for the use of someone else’s money
The least amount the consumer must pay on revolving credit
What is the minimum payment?
The maximum amount of money the loaner agrees to lend
A detailed report summarizing the history of purchases made on credit and payment history
A number representing your ability to repay a loan
The least amount the consumer must pay on revolving credit
What is a mortgage?
A loan obtained to purchase real estate
A detailed report summarizing the history of purchases made on credit and payment history
A number representing your ability to repay a loan
The least amount the consumer must pay on revolving credit
What is the principal?
The maximum amount of money the loaner agrees to lend
The amount of money owed on the loan without the cost of interest
A number representing your ability to repay a loan
The least amount the consumer must pay on revolving credit
What is revolving credit?
A loan obtained to purchase real estate
A detailed report summarizing the history of purchases made on credit and payment history
Open-ended credit which allows the person to charge an item, pay part or all of it off, then charge again
The least amount the consumer must pay on revolving credit
What does Certification prove?
Expertise in a specific topic
Interest in a specific field
Ability to start a business
Knowledge of consumer services
Who is a Consumer?
A person who pays for a product or service
A person who starts a business
A person who provides services
A person who designs curriculum
What are Consumer Services?
Services provided to consumers of a product by the company that produces, markets, or supports the product
Services provided by consumers to companies
Services provided by entrepreneurs
Services provided by educational institutions
What is the definition of Education?
The act or process of acquiring knowledge
The act of starting a business
The act of providing consumer services
The act of certifying expertise
Who is an Entrepreneur?
One who starts a business or other venture that promises economic gain but that also entails risks
One who provides consumer services
One who designs curriculum
One who certifies expertise
What are Interests?
What you like to do
What you need to learn
What you need to certify
What you need to sell
What are Occupations/Career Specialties?
Specific careers or occupations based on advanced knowledge and skills specific to that career or occupation
General education fields
Recreational activities
Artistic skills
What do Knowledge and Skills describe?
What learners/employees need to know and can do for career success within a Cluster and/or Pathway
What consumers need to buy
What entrepreneurs need to start a business
What educators need to teach
What is a Program of Study (curriculum framework)?
A sequence of instruction providing preparation for a career
A type of certification
A consumer service
An entrepreneurial venture
What is a Personal Plan of Study designed to do?
Adjust to the interests and career aspirations of a learner
Provide a fixed curriculum for all students
Focus solely on academic achievements
Ignore co-curricular activities
What does an Apprenticeship involve?
Working for another for a specific amount of time in return for instruction in a trade, art, or business
Attending college full-time
Self-study without any practical experience
Volunteering without any legal agreement
What are Career Clusters?
A way of organizing curricula, instruction, and assessment around specific occupational groups
A method to reduce the number of courses a student takes
A system to eliminate extracurricular activities
A way to focus solely on sports education
What is the main goal of Career Preparation Courses?
To provide opportunities for students to participate in a learning experience that combines classroom instruction with paid business and industry employment experiences
To focus only on theoretical knowledge
To prepare students for leisure activities
To eliminate the need for internships
What does Certification signify?
A designation earned by a person to assure qualification to perform a job or task
A participation certificate in a workshop
A diploma for completing high school
A membership in a professional organization
What is the term for a written estimate of the value of property?
Asset
Appraisal
Claim
Premium
Who is the person that receives the benefit of life insurance when the policyholder dies?
Beneficiary
Policyholder
Insurer
Claimant
What is the reserve built up in a whole life insurance policy called?
Premium
Deductible
Cash value
Co-pay
What is the term for the policyholder’s request for reimbursement when an event happens?
Claim
Risk
Premium
Deductible
What is the portion of payment that is paid by the insured called?
Deductible
Co-pay
Premium
Cash value
What is the term for the total assets one owns at the time of his or her death?
Estate
Asset
Cash value
Premium
What is the term for insurance plans that cover a large group of people?
Group insurance
Policy
Premium
Open-enrollment period
What is the term for the money the consumer pays for the policy?
Premium
Deductible
Co-pay
Cash value
What is the term for the chance of loss from an accident, illness, disaster, or death?
Risk
Claim
Deductible
Premium
What is disciplined thinking that is clear, rational, open-minded, and based on evidence called?
Problem solving
Critical thinking
Cumulative
Essential
What term describes including or adding together all of the things that came before?
Essential
Problem solving
Cumulative
Critical thinking
What term means extremely important and necessary?
Essential
Cumulative
Problem solving
Critical thinking
What is the process of overcoming obstacles and finding a solution that best resolves an issue called?
Critical thinking
Cumulative
Essential
Problem solving
What are closing costs?
Various fees that must be paid by the buyer or the seller when a home purchase is finalized
A form of home ownership that involves individual ownership of a unit and shared ownership of common areas
A building that contains two separate living units
A bank account in which money is held in trust
What is a duplex?
A building that contains two separate living units
A final loan payment that is much larger than the other installments
A bank account in which money is held in trust
A person, business or group that pays to use another person’s property
What is earnest money?
A deposit to prove that a buyer is serious about purchasing a home
A final loan payment that is much larger than the other installments
A legal contract for renting a home
A loan obtained to purchase real estate
What is an escrow account?
A bank account in which money is held in trust
A form of home ownership that involves individual ownership of a unit and shared ownership of common areas
A building that contains two separate living units
A legal contract for renting a home
Who is a landlord?
An owner of rental property
A person, business or group that pays to use another person’s property
One who utilizes economic goods and services to satisfy wants and needs
A commercial in the form of a game
