wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

FCP Final

Total questions: 63

Worksheet time: 32mins

Name
Class
Date
1.
Any money going into the account or leaving the account should always be written down in the __________________.
a)
Deposit Slip
b)
Memo
c)
check register
d)
bank statement
2.

Checking accounts are sometimes called _______________ because money can be withdrawn at any time.

a)

"it's my money and I want it now accounts"

b)

Demand Deposits

c)

Debit Accounts

d)

Credit Accounts

3.
What role does insurance play in financial planning?
a)
It guarantees that income and assets are protected
b)
It helps build and maintain one's credit score
c)
It helps cover day-to-day expenses
d)
It grows in value and appreciates over time
4.
Investing is best for __________.
a)
short-term financial goals, like building an emergency fund.
b)
long-term financial goals, like paying for retirement
c)
earning a little interest while keeping your money safe
d)
guaranteed fast growth on your money.
5.
Which of the following is NOT something that a cover letter should always contain in its closing paragraph?
a)
Suggestion/request for an interview.
b)
Statement thanking the employer for considering the letter-writer.
c)
Statement that the letter-writer looks forward to hearing from the recipient.
d)
Statement suggesting starting salary.
6.

Which savings account will earn you the most money?

a)

One that compounds interest daily.

b)

One that compounds interest monthly.

c)

One that earns simple interest daily.

d)

One that earns simple interest monthly.

7.
Why is it important to reconcile your bank statements?
a)
To avoid spending more than what is in your account.
b)
To detect any errors in your account.
c)
To determine if you were charged any fees
d)
All of the above
8.

What is net pay?

a)

The amount of pay earned for the total number of hours worked.

b)

The amount of money you're paid after all taxes and deductions are taken out of your paycheck.

c)

The amount of money you're paid before all taxes and deductions are taken out of your paycheck.

d)

Your gross pay plus any bonuses.

9.
Generally, _____________ you receive, the higher your lifetime earnings will be.
a)
the less education
b)
the more education
c)
the lower the score on standardized tests
d)
the higher the score on standardized tests
10.
If your earning potential is higher than the cost of your higher education, you will have a _____.
a)
positive return on investment for higher education
b)
negative return on investment for higher education
c)
positive experience while earning a degree
d)
negative experience while earning a degree
11.
Which types of insurance are most appropriate for a single, working, 24-year-old? (hint: choose 3 correct answers)
a)
Health insurance
b)
Disability insurance
c)
Life insurance
d)
Auto insurance
12.
Which of these is not something to consider when trying to get a positive return on investment (ROI) for higher education?
a)
The cost of attendance.
b)
The type of food that is offered on the meal plan.
c)
Your expected career income.
d)
The financial aid package that is offered to you
13.
Which of the following forms is where you can find out how much Federal taxes were paid in the previous year?
a)
W-4 Form
b)
W-2 Form
c)
1040 Form
14.

Determine the amount of federal taxes at a rate of 16.22% for an annual income of $60,000.

4 lines
15.

Calculate the FICA deduction of 7.65% for a yearly gross income of $30,000.

a)

$2,295.00

b)

$2,295.50

c)

$2,295.75

d)

$2,295.25

16.

When do you fill in the 1040 Form?

a)

Before you start employment

b)

During Tax Time

c)

After a month of employment

d)

Option 4

17.

You are paid $15.00 an hour and you work 40 hours a week for 50 weeks. What would be the yearly gross earnings?

a)

$30,000.00

b)

$28,000.00

c)

$31,200.00

d)

$29,000.00

18.

Remember that to calculate the hourly rate, you will need to divide the yearly gross earnings by 2000 hours a year. Calculate the gross hourly rate.

a)

$12.68

b)

$11.68

c)

$10.68

d)

$12.86

19.

Molly has just been hired by a company that offers health insurance. The total premium each month is $750. The company pays 75% of the premium each month and Molly pays 25%. What is the monthly cost of the insurance premium for Molly?

a)

$187.50

b)

$178.50

c)

$587.05

d)

$562.50

20.

Which of the following is the last thing that you do before you submit your taxes to the IRS?

a)

Include a third party designee

b)

Give the form to the Paid Preparer

c)

Sign and Date the form

21.
Which of the following represents what IRS stands for?
a)
Income Redistribution Solutions
b)
Internal Revenue Service
c)
Incalculable Riches Services
22.

The best length of a resume would be...

a)

One page, no longer - Not including the reference page.

b)

Two pages, no longer - Not including the reference page.

c)

Whatever number of pages is necessary to qualify the candidate.

23.

You are paid $12.50 an hour and you work 39 hours a week for 52 weeks. What would be your monthly gross earnings?

a)

$2112.50

b)

$2211.50

c)

$2250.11

d)

$2111.50

24.
Which institution will most likely have the lowest sticker price?
a)
Public 4-year university
b)
Private 4-year university
c)
Community college
d)
A certificate program
25.
Which of the following should you consider when setting a budget?
a)
Your financial goals
b)
Needs and wants
c)
Savings
d)
All of the above
26.

Calculate your daily net earnings. Divide the yearly net by 260 days.

a)

$66.10

b)

$65.66

c)

$67.30

d)

$66.50

27.

Remember that to calculate the hourly rate you will need to divide the yearly net earnings by 2000 hours a year. Calculate the net hourly rate.

a)

$8.75

b)

$7.09

c)

$7.19

d)

$7.77

28.

Calculate the net yearly earnings if you are paid $12.50 an hour and you work 39 hours a week for 52 weeks. Use the tax base from questions above.

a)

$17,194.41

b)

$17,591.41

c)

$17,499.10

d)

$19,741.19

29.
Which of the four items below should NOT be on a resume?
a)
Your skills and accomplishments.
b)
A recent picture of yourself.
c)
Your complete address.
d)
Your e-mail address.
30.
If an employee's yearly gross earnings are $25,800.00, what are the employee's monthly gross earnings?
a)
$2064.00
b)
$1986.14
c)
$2436.36
d)
$2150
31.
FICA is another term used for what tax?
a)
Federal
b)
Social Security
c)
Financial
d)
State
32.

If an employee's monthly gross earnings are $2150.00 and 8.5% is withheld for federal taxes, 5.5% is withheld for state taxes, and FICA withheld is 7.2%, what are the total deductions?

a)

$455.80

b)

$495.60

c)

$545.08

d)

$475.95

33.
Which of the following is NOT a function of a cover letter?
a)
To tell the employer what kind of job you seek.
b)
To show how well you write or express yourself.
c)
To inform the reader of what you expect to get out of the job you're applying for.
d)
To entice the reader to want to get to know you better by interviewing you.
34.

Michael took a road trip from Great Falls to Bozeman, which is 200 miles. When he filled his gas tank up in Bozeman, his car had used 10.2 gallons of gas. How many miles to the gallon did his car get?

a)

19.61 mpg

b)

17.6 mpg

c)

16.93 mpg

d)

19.77 mpg

35.
If a gallon of gas is $3.09 and Zoe's car gets 18.6 miles per gallon, what would it cost her to drive 300 miles?
a)
$49.84
b)
$16.13
c)
$55.68
d)
$57.09
36.
If a savings account earns 3% interest per year, what is the monthly interest rate as a decimal?
a)
.30
b)
.03
c)
.003
37.
How long does an employer scan a resume?
a)
5 minutes
b)
2 minutes
c)
Less than 1 minute
38.
Which of the following paycheck withholdings puts money into a retirement investment fund that you will manage?
a)
Social Security
b)
401(k) contribution
c)
Medicare
d)
Federal income taxes
39.
When do you start paying income taxes?
a)
When you turn 18
b)
When you get a full-time job (part-time does not count)
c)
When you make more than the minimum income requirement
d)
When you are notified by the IRS that you are required to pay federal income taxes
40.
What is the 2023 standard deduction for single people?
a)
$13,850
b)
$18,350
c)
$24,400
41.
Which of the following describes what a "dependent" is for tax purposes?
a)
A child or adult that you support financially
b)
Someone who is temporarily disabled
c)
An adult who financially supports you
d)
Someone who is a full-time student under the age of 30
42.
When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.
a)
withholding
b)
direct deposit
c)
deduction
d)
refund
43.

What is the definition of "taxable income"?

a)

The total amount of your tax refund.

b)

The gross amount of income that is earned within a year before taxes and any deductions.

c)

The amount of income used to calculate how much tax an individual owes to the government in a given tax year.

44.
Which of the following statements about the W-2 form is TRUE?
a)
A W-2 lists all the money you earned in cash over the last year
b)
The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form
c)
You need a separate W-2 form from EACH of your employers in order to file your taxes
d)
The W-2 includes information about the interest you earned from your investments
45.
When should you send a cover letter?
a)
Only when an ad specifically requests it.
b)
Every time you send out your resume.
c)
When you need to list your salary requirement.
d)
When you need to list references.
46.

Haley was taking a road trip from Great Falls to Bozeman, which is 200 miles. When she filled her gas tank up in Bozeman, her car used 10.2 gallons of gas. How many miles to the gallon (gas mileage) did her car get? (Carry answer to 2 decimal places.)

4 lines
47.

List two things the federal government spends your tax dollars on that you benefit from.

4 lines
48.
How do lenders use credit scores when deciding whether to approve a loan?
a)
To determine the maximum loan amount you can receive.
b)
To evaluate the risk of lending you money and decide the terms of the loan.
c)
To calculate the total interest you will pay over the life of the loan.
d)
To set a fixed repayment schedule for the loan.
49.

The PIN is a number or password that should be kept highly confidential and allows you to gain entry into your own account.

a)

True

b)

False

50.
It is absolutely fine for people to share their PIN numbers for their checking accounts as their identity is always checked at the ATM machine.
a)
True
b)
False
51.
If a credit card is used properly, what benefits does it have for the cardholder?
a)
The cardholder will pay higher interest rates on other forms of credit.
b)
The cardholder will develop a positive credit history.
c)
There are no benefits for the cardholder.
d)
The cardholder will develop a negative credit history.
52.
Using the Rule of 72, your interest rate is 8% a year. How long before your investment doubles?
a)
9 years
b)
8 years
c)
7 years
d)
Never
53.
The rise in the general level of prices.
a)
Inflation
b)
Risk
c)
Speculation
d)
Investment Risk
54.
Which type of bank account is best for everyday transactions?
a)
Checking Account
b)
Savings Account
c)
Money Market Account
d)
Certificate of Deposit
55.
Putting money into the account is commonly known as making a deposit, and this can be done electronically and automatically, or you can physically go to the bank to do this.
a)
True
b)
False
56.
An example of a variable expense would be rent.
a)
True
b)
False
57.
A deficit in your budget at the end of the month means income was greater than expenses.
a)
True
b)
False
58.
The newer the car, the more expensive it is to insure. This is because:
a)
New cars get in more accidents
b)
People who drive new cars are more reckless
c)
They cost more to fix and replace if something happens to them.
59.
Which of the following expenses would be a good reason to spend money from an emergency fund?
a)
Repair your laptop that you use for homework.
b)
Upgrade your phone to the latest model.
c)
Buy new track shoes because they’re in style.
d)
Purchase concert tickets to see your favorite artist
60.
Which of the following best describes what a credit score represents?
a)
The total amount of money you have borrowed.
b)
A numerical representation of your creditworthiness based on your credit history.
c)
The interest rate you are charged on a loan.
d)
The amount of money you can borrow without collateral.
61.

What is the primary purpose of a budget?

a)

To track daily expenses

b)

To plan for future financial goals

c)

To calculate monthly income

d)

To determine tax liabilities

62.

Calculate the monthly gross earnings if you are paid $15.00 an hour and you work 40 hours a week for 52 weeks.

a)

$2,600.00

b)

$2,400.00

c)

$2,800.00

d)

$2,500.00

63.

Which of the following is a benefit of having a high credit score?

a)

Lower interest rates on loans

b)

Higher monthly income

c)

More tax deductions

d)

Increased job opportunities

Similar Resources on Wayground

Prueba UD02-Cableado

60 questions

Prueba UD02-Cableado

quiz

Worksheet

•

KG - University

Final Test Study Guide

61 questions

Final Test Study Guide

quiz

Worksheet

•

KG - University

Simulado AZ-900 24 01

65 questions

Simulado AZ-900 24 01

quiz

Worksheet

•

KG - University

2ºA_ESO:REPASO ESTRUCTURAS

64 questions

2ºA_ESO:REPASO ESTRUCTURAS

quiz

Worksheet

•

6th - 8th Grade

Med Term - Q1 Exam (Ch. 1, 2, 3)

68 questions

Med Term - Q1 Exam (Ch. 1, 2, 3)

quiz

Worksheet

•

9th - 12th Grade

Computer Literacy Final Question Bank

58 questions

Computer Literacy Final Question Bank

quiz

Worksheet

•

KG - University

Nostradamus 0, Nostalgia 1

63 questions

Nostradamus 0, Nostalgia 1

quiz

Worksheet

•

KG - University

TT Hồ Chí Minh 2

60 questions

TT Hồ Chí Minh 2

quiz

Worksheet

•

KG