WorksheetsEconomics & Personal Finance Final Exam
Total questions: 50
Worksheet time: 25mins
Name
Class
Date
1.
People who experience FOMO may…
a)
Save a percentage of their paycheck each month
b)
Donate money to a cause they care about
c)
Go into debt to keep up with everyone else
d)
Create and stick to a monthly budget
2.
Each of the following statements is an example of confirmation bias EXCEPT…
a)
Interpreting information to support your existing beliefs
b)
Seeking information that challenges your beliefs
c)
Only remembering details that uphold your beliefs
d)
Ignoring information that challenges your beliefs
3.
In a command economy, who holds power over the economy?
a)
The people
b)
The government
c)
Beyonce
d)
The traditions of your ancestors
4.
If the government makes me produce 70 T-Shirts, what economic system is this?
a)
Mixed
b)
Traditional
c)
Command
d)
Market
5.
People that buy a product
a)
Consumers
b)
Producers
c)
Goods
d)
Services
6.
How many factors of production are needed to produce a good or service?
a)
2
b)
4
c)
6
d)
8
7.
What is labor?
a)
Hard Work
b)
People who only do the physical work.
c)
People who do the work to produce something.
d)
None of the above.
8.
What could be an example of capital?
a)
Buildings
b)
Money
c)
Machines
d)
all of the above
9.
Herd mentality may explain why…
a)
Davona chose to skip dinner with her friends and watched a movie at home instead
b)
Mason went to see a movie with his friends even though he didn't like the genre
c)
Ginnifer decided to keep her current phone even though her closest friends bought the new version
d)
Ben bought a shirt he liked from an unpopular brand
10.
You buy a stock that has a price of $50 per share. A week later the stock's price drops to $25 per share (it's lost half its value). If you are affected by loss aversion you would be likely to…
a)
Buy more shares
b)
Sell the shares
c)
Do nothing
d)
Look for other stocks to buy
11.
All of the following are options you might pursue directly after high school, EXCEPT.
a)
A master’s degree
b)
A bachelor’s degree from a four-year college
c)
An apprenticeship
d)
A two-year associate degree from a community college
12.
Which of the following statements explains what gross and net pay are on a paystub from your employer?
a)
Gross pay is the total wages you've earned for the pay period, and net pay is smaller because taxes have been removed
b)
Gross pay is the total wages for just this pay period, and net pay is total wages for the entire year to date
c)
Gross pay is the total wages you've earned with any taxes and contributions removed, and net pay is larger to include all your benefits
d)
Gross pay is the total wages you've earned, and net pay is the total amount in taxes you've paid
13.
All of the following are hard skills EXCEPT…
a)
Coding
b)
Accounting
c)
Carpentry
d)
Adaptability
14.
Your friend, Nabila, has a virtual interview tomorrow and is extremely nervous. Nabila should do all of the following things to prepare for her virtual interview EXCEPT…
a)
test all of her technology including internet connection and audio
b)
dress as comfortably as possible; since this is a virtual interview, professional dress is not necessary.
c)
ensure she has a clutter-free background
d)
maintain positive body language during her interview such as good posture and eye contact with the camera
15.
If a college degree is expensive, why is it often considered a good financial decision to go to college?
a)
College graduates always hold higher-paying jobs than high school graduates
b)
College graduates have higher average lifetime earnings than high school graduates
c)
Most people don’t graduate with student debt
d)
After paying tuition, students will have a partial ownership stake in a valuable university
16.
In which scenario would you be MOST likely to use an elevator pitch?
a)
Uploading a recording of yourself to a job board
b)
Introducing yourself to a hiring manager at a community center's career fair
c)
Sending a follow-up email to someone you've formally interviewed with
d)
Greeting anyone you meet while vacationing out of town
17.
All of the following factors influence a career’s earning potential, EXCEPT...
a)
Industry job growth rate
b)
Median salary
c)
Opportunities for advancement
d)
Availability of direct deposit
18.
A best practice when networking on LinkedIn is...
a)
Joining as many groups as possible even if they're outside of your interests
b)
Asking for a big favor from a recent connection
c)
Repeatedly private messaging hiring managers to check on the status of your job application
d)
Including a personalized note when sending an invitation to connect
19.
Which of the following is the best strategy when using online job boards to find a new career?
a)
Attach your resume to every job posting, even when you're not really interested in the job
b)
Set up a profile, set filters on which types of jobs you're looking for, and sign up for alerts
c)
Only check the job boards once or twice a month so you don't get overwhelmed
d)
Either search for specific job titles you desire or specific companies you'd like to work for, but not both
20.
Lilly is working on her first resume and has no previous work experience. What can she do to boost her resume?
a)
Emphasize her education and highlight her strong GPA
b)
Create fictional positions she held in the past
c)
Leave out volunteer experience since it's not paid work
d)
Include a lengthy paragra
21.
What is an insurance premium?
a)
Your monthly payment to your insurer, regardless of whether you use any services
b)
A list of the procedures covered by your insurance carrier
c)
An added cost you pay in order to receive higher-quality services
d)
The amount you pay out-of-pocket for a specific procedure or service
22.
Which term refers to the percentage of covered medical expenses you are responsible for paying after your deductible is met?
a)
Deductible limit
b)
Premium
c)
Out-of-network fees
d)
Co-insurance
23.
When setting your premium, your car insurance company may consider each of the following EXCEPT...
a)
How many miles you drive per year
b)
Your age
c)
Your driving record
d)
Your height
24.
Insurance companies make money by...
a)
Refusing to pay out claims to policyholders
b)
Collecting money from the government
c)
Collecting more in premiums than they need to pay out each year
d)
Keeping costs low with minimal advertising
25.
Which of the following statements is TRUE about auto insurance premiums?
a)
If you have an auto insurance policy and don't get into a car accident or file any claims for a year, you get your premiums back from the insurance company
b)
If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will decrease
c)
Auto insurance premiums are a fixed price across all insurance companies
d)
If you have an auto insurance policy and get into multiple accidents within one year, your premium amount will increase
26.
Your renter's insurance policy costs $20/month and has a $1,000 deductible. A thief breaks into your apartment and steals your $800 TV set. How much would your insurance company pay?
a)
$0
b)
$200
c)
$800
d)
$1,000
27.
Someone broke into Sam’s car by smashing the passenger window. Which type of auto insurance coverage will help cover the cost to get the window replaced?
a)
Bodily injury liability
b)
Property liability
c)
Collision
d)
Comprehensive
28.
Why would someone choose to get long term disability insurance even if they already have health insurance?
a)
Long term disability only covers medical bills, while health insurance will help compensate for lost work with 40-60% of their income
b)
Long term disability insurance plans can also extend coverage to family members and pets
c)
Health insurance only covers regular check ups, while long term disability insurance also covers emergencies
d)
Health insurance only covers medical bills, while long term disability will help compensate for lost work with a percentage of their income
29.
Each of these is considered an "out-of-pocket" expense EXCEPT…
a)
Your monthly premium
b)
A copay of $15 to fill a prescription
c)
A $1000 deductible if you're in an auto accident
d)
Excess bills from a car accident once you've gone over your maximum coverage limit
30.
Medicaid generally provides insurance for which of the following groups of people?
a)
The elderly or disabled
b)
Individuals in low-income households
c)
Anyone who wants to buy coverage from the Marketplace
d)
Employees who have a government position
31.
Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?
a)
Dining out a local restaurants
b)
Loan payment on a new car
c)
Expenses for new clothes
d)
Postponing a purchase for a big screen TV
32.
You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You set a goal of creating a $16,000 emergency fund. How long will it take for you to achieve your goal?
a)
6 months
b)
1 year
c)
2 years
d)
3 years
33.
If you are trying to substantially reduce the amount you spend on food, you should try…
a)
Cooking your own food at home for as many meals as possible
b)
Dining at restaurants more often so you don’t waste water doing dishes
c)
Eating more snacks on the go and way fewer meals at home
d)
Drinking more coffee and soda so you are not as hungry for food
34.
Leila just graduated from college and is comparing a few different cities to move to. Which of these factors is the LEAST important thing for her to consider right now?
a)
Average rent for an apartment
b)
Food and grocery store options in the area
c)
Employment opportunities
d)
Average cost of Uber Lyft or Taxi Fare
35.
Greg is trying to decide whether he needs a car when he moves to the city. Which of the following would be a reason for Greg to get a car rather than use public transportation?
a)
There are several public transportation routes between Greg’s apartment
b)
The cost of public transportation is less than Greg’s monthly car payment
c)
Greg’s company covers half the costs of his monthly public transportation
d)
Using public transportation, Greg’s commute to work one-way is two hours
36.
Isaiah has a summer internship at a technology company and is paid $3,000. After Federal and state taxes, Social Security, and Medicare are deducted, his take-home pay is $2,500. Which of the statements below is correct?
a)
His gross pay is $2500 and net pay is $3000
b)
His gross pay and net pay are $3000
c)
His gross and net pay are $2500
d)
His gross pay is $3000 and net pay is $2500
37.
You are putting together your first post-graduation budget. Your net pay is $2,500 per month and you estimate that your monthly expenses will be $2,625. How would you describe your budget?
a)
You have a surplus of $125
b)
You have a deficit of $125
c)
You have a deficit of $2625
d)
You have a surplus of $2500
38.
You are interested in renting an apartment after graduating college. You meet with the landlord and complete the application. All of the following may need to be provided when you sign your lease EXCEPT
a)
Proof of employment
b)
A bank account
c)
First and last month’s rent
d)
A security deposit
39.
All of the following are good budgeting strategies if you want to save money at the grocery store EXCEPT:
a)
Focusing on unit price when comparing similar products
b)
Building a weekly meal plan around items you already own or items that are on sale that week, rather than just choosing foods you'd like to eat.
c)
Focusing only on the price when comparing similar products
d)
Preparing a grocery list before you go to the store and avoiding buying items that aren’t on the list
40.
Which description is most accurate for a Zero-Based Budget?
a)
You put every dollar of your net pay into a budget category each month
b)
You spend your checking account balance down to $0 every month
c)
You spend your savings account balance to $0 every month
d)
You pay every one of your debts down to $0 every month
41.
Influencers can have a direct impact on consumers’ financial habits because they typically…
a)
Work with their followers to design products that consumers are likely to buy
b)
Encourage consumers to save money instead of spending it
c)
Rate and review products that their followers are likely to purchase
d)
Promote reusing and recycling items their followers may already have at home
42.
Sean wants to buy a new backpack for school. Which of the following factors should he be LEAST concerned about when comparison shopping.
a)
The PRICE of the backpack
b)
WHEN the backpack was made
c)
The QUALITY of the backpack
d)
REVIEWS left by other consumers
43.
Each of the following is one of the six ways of influence EXCEPT…
a)
Scarcity
b)
Blackmail
c)
Authority
d)
Social Proof
44.
When deciding to follow an influencer on social media, the most important thing teens value is…
a)
How authentic the influencer appears
b)
The number of followers the influencer has
c)
Who sponsors the influencer
d)
The types of products and services the influencer promotes
45.
An influencer is…
a)
An advertising agency that works with various organizations to promote their products on social media
b)
Any type of media (ad, article, picture) that convinces you to buy a product or service
c)
Someone who agrees to follow you back if you follow them on social media
d)
A person who has the ability to convince someone to buy a product or service by promoting it on social media
46.
What is a mission statement?
a)
A comprehensive list of an organization’s employees and volunteers
b)
A brief summary of a person or organization’s purpose
c)
An in-depth personal introduction tied to a person’s values
d)
An overview of how much an organization spends on its programs
47.
How does a personal mission statement contribute to effective philanthropic giving?
a)
It grants you 501(c)(3) status
b)
It allows you to attract more media attention
c)
It helps you focus on causes aligned with your values and goals
d)
It lets you support charitable causes without any personal involvement
48.
Which answer is the best definition of philanthropy?
a)
A network of tax-exempt religious organizations
b)
A political strategy focused on community and taking care of each other’s needs
c)
Actions that promote the well-being of others, often through monetary donations
d)
Programs such as Americorps where individuals commit to work towards national interests for a set period of time
49.
Which statement about philanthropic giving in the U.S. is true?
a)
The majority of Americans DO donate money to charity
b)
The majority of Americans DO NOT donate money to charity
c)
The average American donates 5% of their disposable income
d)
The average American donates 10% of their disposable income
50.
Jeannie says “I just donated and made sure my money went to a 501(c)(3)”. What does she mean?
a)
She deposited money into a tax-advantaged investment account for education
b)
She increased her donation through her employers’ donation-matching program
c)
She made a tax-deductible donation to a nonprofit organization
d)
She donated to a fund that guarantees it will give out that money within one year
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