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WorksheetsAVID Final Review
Total questions: 113
Worksheet time: 1hrs 16mins
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
Jessica is 21, in college, & has a job that pays her bills. Can her parents claim her as an allowance/dependent on their tax return?
Yes
No
The more allowances you claim on your W-4...
The more money is withheld from your paycheck
The less money is withheld from your paycheck
The # of allowances doesn't impact how much $ is withheld
You claim allowances on a W-2, not the W-4
Which of these is the money you earn BEFORE taxes?
Gross Pay
Net Pay
If you worked 40 hours per week at $10 per hour, what is your gross income for the week?
$227
$4000
$40
$400
What is a need?
Bottle of Soda
Dr. Appointment
Netflix
Concert tickets
What is the 50/30/20 rule
50 dollars for me, 30 dollars for you, 20 dollars for paying bills.
50% on expenses, 30% on wants, 20% on savings
save 50% for amusement, 30% for food, 20% for ice cream
save 50% when you spend $20 on the 30th of the month.
Savings accounts are really great for
Long term goals or emergencies
Wants
Immediate needs
Current bills
Which two things does a budget compare?
Savings and interest
Income and expenses
Income and investments
Which of the following is an example of a fixed expense?
shoes
book of the month club
cough medicine
People in debt are often said to have a budget deficit. What does that mean?
They never set up a budget, which directly led to their debt
Their expenditures exceeded their income
They had no income
A deduction is
gross income
money added to your income
net income
money taken out of your income
A Salary is...
How much you get paid per HOUR
How much you get paid per WEEK
How much you get paid per YEAR
How much you get paid per MONTH
How much you make per hour is called...
A Salary
Monthly Wage
Daily Wage
Hourly Wage
When a bank accepts your money, what do they do with it?
They stick it in a shoe box and wait for you to come get it back.
They loan most of it out to people who need money for cars and homes, etc.
They put it in a big pile in the middle of the safe and dance around it.
They write your name on every bill and look at it, longing for your return,
Which of the following is not a characteristic of a SAVINGS ACCOUNT?
Safe place to store money
Owners can write checks from the money in the account
Money is protected by Federal Insurance
Money gains interest over time
Great way to save for something you want or an emergency
An account you can deposit money into and then write checks or use debit card to withdraw money is known as a ____________________.
Money Market
Checking
Savings
ATM
Moving money from one account to another is called a ______________.
Swap
Transfer
Glide
Movement
Putting money into an account is known as _______________.
Sinking
Placing
Withdrawing
Depositing
The ability to use your wealth quickly and purchase goods and services with it is known as......
compounding
shifting
stability
liquidity
Which of the following about Debit cards is NOT true?
They take money straight out of your bank account
You can be charged for using your debit card to take money out of another bank's ATM.
Some banks have a limit on how much you can purchase with your debit card in a day.
You never have to be concerned with someone committing fraud against your debit card.
The relationship between Risk & Return can be stated as
Higher Risk / Lower Return
Higher Risk / Higher Return
Lower Risk / Higher Return
No relationship exists between Risk and Return
With some investments, you may have to wait a long time to access funds.
True
False
Which has the potential to earn higher returns?
Savings
Investing
The profit or income generated by saving and investing is known as
Debt
Inflation
Return
Risk
All investments carry some investment risk.
True
False
All bonds have a maturity date.
True
False
When someone purchases stock in a company, typically they
own a small percentage of ownership in that company
owe the government money
have to sell the stock at a pre-determined date
have to pay a dividend back to the company
If a company performs poorly or goes out of business, a stockholder could lose part or all of their principal investment.
True
False
A dividend is
The highest amount of return you can earn from a stock purchase
Returns from the sale of property
Share of profits from a company that is distributed to stockholders in the form of cash
A fee charged for rental of a property
Which of the following is NOT something an individual would want to do during a job interview?
Shake the interviewer's hand
Ask a follow-up question at the end of the interview
Answer their cell phone during the interview
Look up the location of the interview beforehand
_____________ prohibit(s) employment discrimination based on race, color, & religion
Equal Employment Opportunity Laws
Tier 1 Government Funding
Resume Tracking Features
None of these
The section of a cover letter that lists your name and contact information is called what?
Letterhead
Salutation
Signature
Recipient's Address
Using friends, family, and people in organizations that you know to help you find a job is called:
Personnel
Networking
Interviewing
Interning
Which of the following people would be the best person to serve as a reference?
Aunt Betty
Cousin Joe
Brother Bob
Coach Dave
A ______________ is a document that contains a summary of relevant job experience and education.
Cover Letter
References Page
Resume
Birth Certificate
A(n )______________ is a form used to apply for a job.
Portfolio
Reference
Assessment
Application
A(n)___________________ is a person who can speak of your skills and abilities and will recommend you for a job.
Reference
Recruiter
Employee
Parent
You can earn your undergraduate degree
After receiving a high school diploma
Only after you receive a graduate degree
After you receive an associate's degree
While you're in high school
Which college is more affordable?
Community college
Private college
What is a graduate degree?
An award received after high school
Completion of 4 years of college
In depth study requiring a bachelor's degree
An award given to anyone who graduates
The least amount that must be paid on a credit card each month is
Late Fee
Credit Limit
Payment Amount
Minimum Payment
How can a cardholder avoid paying interest on a credit card?
Do not pay anything
Pay the minimum payment after its due date
Pay the balance in full every month
Pay the minimum balance every month
Parents may add a child who is under 21 as an authorized user to an existing credit card.
False
True
What is a credit score?
a number between 300 and 850 representing your creditworthiness
a statistical number that evaluates a consumer's creditworthiness and is based on credit history.
Often referred to as a FICO score
All of the above
Which is not included in an individual’s credit report?
Current and past addresses
Account balances
Bankruptcies and foreclosures
Medical information
A(n) _________ is the amount of money you must pay each year before your insurance company starts paying
life
beneficiary
deductible
health
__________ insurance is financial protection for a family in case the main source of income dies
life
term
medical
health
The __________ is the person who receives money from a life insurance policy if the insured dies
beneficiary
life
deductible
health
What is another name for the payments which must be made to the insurance company in order to have coverage?
Premium
Deductible
Liability
Benefit
What is the name of an insurance product which covers your home and the contents inside.
Renters Insurance
Auto Insurance
Homeowners Insurance
Life Insurance
If you do not own your home which type of insurance should you purchase to cover your personal belongings (contents)?
Renters Insurance
Liability Insurance
Homeowners Insurance
Life Insurance
A formal request made by the insurance policyholder to the insurance company for payment or services covered by the insurance policy.
Claim
Accident
Premium
Coverage
An type of car insurance policy that provides complete protection.
Deductible
Comprehensive
Liability
Total
A contract of insurance
Policy
Premium
Deductible
Claim
The person to whom an insurance policy is issued.
Agent
Salesman
Broker
Policyholder
Where do you sign the check?
2
5
6
4
I am writing a $40 check to Walmart for groceries. Where do I write Walmart on the check?
5
2
6
3
Where do I write the date on the check?
1
2
3
4
When you make a deposit are you adding money or subtracting money into your account?
Adding money
Subtracting money
When you make a withdrawal are you adding money or subtracting money into your account?
Adding money
Subtracting money
I am writing a $40 check to Walmart for groceries. Where do I write out groceries?
2
6
5
4
Always use permanent ink when writing a check.
True
False
It's okay to only write the money amount in numbers. You don't have to write it in words too.
True
False
When spelling out large numbers, use a hyphen to connect the two words. For example: twenty-two
True
False
The 'memo' section is for your signature.
True
False
Always include the month, day, year and seconds when writing the date.
True
False
It's okay to erase and use whiteout to fix mistakes on a check.
True
False
It's okay to erase and use whiteout to fix mistakes on a check.
True
False
Never sign a blank check.
True
False
Where do you sign the check?
5
11
7
4
What is wrong with this check?
Name is incomplete
Check amount is not written out
Signature issues
Date issues
When writing a check, you should use ___ ink.
red
black or blue
any color is fine
The two sets of numbers found at the very bottom of checks are... (Pick 2!!!)
product numbers from the company that prints the checks.
bank routing number (transit number)
your account number
a code showing the date and the bank branch where you opened your account.
When you RECONCILE your checking account, you...
record deposits and withdrawals in your check register.
compare the balance in the check register to the balance the bank says you have in your checking account.
fill out a DEPOSIT SLIP.
If you "BOUNCE" a check, it means...
you didn't have enough money in the account to cover the check.
you put a date on the check that is in the future so it can't be cashed until then.
you forgot to sign the check, so your payment was late.
None of these.
Person who writes the check and has the bank account
Debit Card
Drawee
Drawer
Payor
Signature on the back of the check designating who to pay
Debit Card
Drawer
Drawee
Endorsement
A check requires an endorsement. Who endorses the check?
the bank
the payee
An endorsement that transfers the right to cash the check to someone else. Also known as a two party check.
An endorsement that restricts for deposit to an account number.
What is A on the check?
check number
date check was written
Name and address of the checking account holder
Routing Number
What does the A in AVID stand for?
Always
Admit
Advancement
Accurate
