WorksheetsFinal Exam Review
Total questions: 27
Worksheet time: 1hrs 21mins
What makes a clearly written goal?
Specific and measurable
Vague and general
Long and detailed
Ambiguous and unclear
Why should you make a decision making grid?
To organize and compare different options
To make decisions randomly
To avoid making decisions
To delay decision making
What is the name of the plan that parents can start for the child's education?
529 Plan
401(k) Plan
Roth IRA
Health Savings Account
What is the difference between Sticker Price and Net Price?
What is FAFSA?
Free Application for Federal Student Aid
Federal Application for Student Assistance
Financial Aid for Students and Families
Federal Aid for Student Applications
FAFSA is used for:
Applying for federal student aid
Registering for college courses
Paying tuition fees directly
Applying for student loans only
What is the difference between a Student Loan and a Scholarship/Grant?
A Student Loan needs to be repaid, while a Scholarship/Grant does not.
A Scholarship/Grant needs to be repaid, while a Student Loan does not.
Both need to be repaid.
Neither needs to be repaid.
A budget helps you prioritize your spending and saving by:
Allowing you to track your expenses
Helping you save for future goals
Ensuring you do not overspend
All of the above
What is the difference between fixed expenses and variable expenses?
Fixed expenses remain constant, while variable expenses fluctuate.
Fixed expenses fluctuate, while variable expenses remain constant.
Both fixed and variable expenses remain constant.
Both fixed and variable expenses fluctuate.
What is the difference between net pay and gross pay?
Which of the following is an example of a mandatory tax deduction?
Health insurance premiums
Charitable donations
Social Security tax
Mortgage interest
What is a 1040 Form and when is it completed?
A 1040 Form is a tax form used for individual income tax returns in the United States, completed annually.
A 1040 Form is a document for reporting business expenses, completed quarterly.
A 1040 Form is a form for reporting charitable donations, completed monthly.
A 1040 Form is a form for reporting employee benefits, completed bi-annually.
What is a W-4 Form used for?
To report income to the IRS
To claim tax exemptions
To determine tax withholding
To file annual tax returns
What is a W-4 Form and when do you receive it?
What is a W-2 Form and when do you receive it?
Overdrafting or overdrawing is:
Withdrawing more money than is available in the account
Depositing money into an account
Transferring money between accounts
Checking the account balance
What is the cost of a loan?
The interest rate
The principal amount
The total repayment amount
The monthly installment
The money from debit card payment comes from:
A bank account
A credit line
A loan
A gift card
What are the three types of credit?
Revolving, Installment, Open
Secured, Unsecured, Revolving
Personal, Business, Mortgage
Fixed, Variable, Adjustable
What is included in your credit score?
Payment history
Credit utilization
Length of credit history
All of the above
Who uses your credit score?
Banks and lenders
Employers
Landlords
All of the above
How can you keep good credit/improve your credit score?
Pay your bills on time
Max out your credit cards
Ignore your credit report
Close old credit accounts
How can you reduce the cost of insurance premiums?
By increasing the deductible
By decreasing the deductible
By adding more coverage
By not having any insurance
Liability coverage is:
Insurance that provides protection against claims resulting from injuries and damage to people and/or property
A type of health insurance
Coverage for personal belongings
A savings plan for retirement
What is disability insurance?
A type of insurance that provides income in the event a worker is unable to perform their work due to a disability
A type of insurance that covers medical expenses
A type of insurance that covers property damage
A type of insurance that provides life coverage
The Truth in Lending Act requires lenders to disclose:
The annual percentage rate (APR)
The total amount financed
The total cost of the loan
All of the above
What is identity theft and why should you be concerned?
