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Personal Finance and money management module 1 0w0

Total questions: 36

Worksheet time: 18mins

Name
Class
Date
1.

A cognitive bias in which an individual feels the weight of a loss more than that of a gain

an error in thinking.

a)
Loss aversion
b)

Endowment effect

c)

Anchoring effect

d)
Risk aversion
2.

A cognitive bias in which an individual uses the first piece of information they receive about something as a reference point when comparing subsequent information.

a)
Availability heuristic
b)
Anchoring bias
c)
Confirmation bias
d)
Recency bias
3.

An error in thinking in which an individual uses personal values and experiences to make a decision rather than logic.

a)
Emotional reasoning
b)

Cognitive bias

c)
Anecdotal fallacy
d)
Subjective bias
4.

A cognitive bias in which an individual believes something is of value because the group believes it has value

a)
Herd mentality
b)
Peer pressure
c)
Conformity bias
5.

A cognitive bias in which an individual looks for evidence that confirms what they already know or believe to be true

a)
Affirmation bias
b)
Confirmation bias
c)
Validation bias
d)
Agreement bias
6.

A cognitive bias in which an individual prioritizes their needs and wants based on their present situation rather than a future outcome

a)
Present bias
b)

Endowment effect

c)
Time preference
d)
Future bias
7.

A cognitive bias in which a person values an item more because they own it.

a)
Ownership bias
b)
Possession effect
c)
Acquisition distortion
d)
Endowment effect
8.

The amount of income subject to income tax under the law after deductions and credits.

a)
Taxable income
b)

Net pay

c)

Gross pay

d)

Payroll

9.

The amount of income received after any taxes or deductions.

a)
Net income
b)
Gross income
c)
Total income
d)
Pre-tax income
10.

Taxes or expenses subtracted from gross income.

a)
Gross profit
b)
Operating income
c)

Deductions

d)
Revenue
11.

The amount of income received before any taxes or deductions.

a)
Net income
b)
Total income
c)
Taxable income
d)
Gross income
12.

Marginal tax rates are?

a)

how risky it may seem for creditors to lend you money

b)
Tax rates determined by favorite color
c)

the tax percentage that applies to the last dollar of income earned

d)
Tax rates based on shoe size
13.

How risky it may seem for creditors to lend you money

a)
The riskiness for creditors is solely based on the loan amount
b)
Creditors do not consider credit history when lending money
c)

Credit-worthiness

d)
Income stability has no impact on the riskiness for creditors
14.

As income rises, refers to whether the proportion of income to taxes increases, decreases, or stays the same.

a)

Indirect taxes

b)
Decreases
c)

Progressivity

d)
Fluctuates
15.

direct taxes

a)
Taxes collected by non-governmental organizations
b)
Taxes levied on businesses only
c)
Taxes imposed on individuals directly
d)

Taxes paid straight to the government

16.

Indirect taxes

a)
Taxes imposed on individuals directly
b)
Taxes imposed on land and property
c)

paid through an intermediary for rights, privileges, or activities

d)
Taxes imposed on income earned
17.

Income tax

a)
Income tax is a tax on property
b)
Income tax is a tax on sales
c)
Income tax is a tax on imports
d)

Income tax is a tax imposed on individuals or corporations based on their income or profits.

18.

Corporate Taxes

a)
Corporate taxes are taxes imposed on the profits of corporations.
b)
Corporate taxes are taxes imposed on individuals.
c)
Corporate taxes are taxes imposed on real estate properties.
d)
Corporate taxes are taxes imposed on imported goods.
19.

Payroll taxes

a)
Property taxes
b)

A tax levied on employers & employees to cover federal programs such as social security % medicare.

c)
Taxes imposed on goods sold
20.

Gasoline Tax

a)
Gasoline tax is a tax imposed on the sale of gasoline.
b)
Gasoline tax is a tax imposed on the sale of diesel.
c)
Gasoline tax is a tax imposed on the sale of natural gas.
d)
Gasoline tax is a tax imposed on the sale of electricity.
21.

Property Tax

a)

A tax imposed on real estate and vehicles by the government.

b)
Property tax is a tax imposed on personal income by the federal government.
c)
Property tax is a tax imposed on vehicle registration by the state government.
d)
Property tax is a tax imposed on sales transactions by the municipal government.
22.

Estate Tax

a)
Estate tax is a tax on income earned from real estate properties.
b)
Estate tax is a tax on the transfer of property upon the owner's death.
c)
Estate tax is a tax on the purchase of new estates.
d)
Estate tax is a tax on the maintenance of estate gardens.
23.

"Dept" money definition

a)
Multiplying money in a person's account or balance
b)
Transferring money between accounts
c)
Adding money to a person's account or balance
d)

Money borrowed from or owed to lenders.

24.

As income rises, refers to whether the proportion of income to taxes increases, decreases, or stays the same.

a)
Decreases
b)
Remains constant
c)
Fluctuates
d)

progressivity

25.

Proportional tax

a)

Tax system where all incomes are taxed at the same rate or percentage

b)
Tax rate increases as the taxable amount decreases.
c)
Tax rate is fixed regardless of the taxable amount.
26.

Regressive Tax

a)
A regressive tax is a tax that takes a fixed amount from all income earners.
b)
A regressive tax is a tax that takes a smaller percentage of income from low-income earners than from high-income earners.
c)

A tax system where all incomes are taxed at the same rate, but the tax takes a larger percentage of income from people with lower incomes.

d)
A regressive tax is a tax that takes a larger percentage of income from high-income earners than from low-income earners.
27.

Progressive Tax system

a)
Progressive tax system is a system where the tax rate remains constant regardless of the taxable amount.
b)
Progressive tax system is a system where the tax rate increases as the taxable amount increases.
c)
Progressive tax system is a system where the tax rate decreases as the taxable amount increases.
d)
Progressive tax system is a system where the tax rate is determined randomly.
28.

Marginal Tax Rates

a)

The tax percentage that applies to the last dollar.

b)
Marginal tax rates are fixed for all taxpayers.
c)
Marginal tax rates are determined by age.
29.

Capital Gains Tax

a)
Capital gains tax is a tax on sales tax
b)
Capital gains tax is a tax on inheritance
c)
Capital gains tax is a tax on income from employment
d)

Capital gains tax is a tax on the profit made from the sale of an asset such as stocks.

30.

"Externalities" money defiition

a)

Externalities in money only refer to costs, not benefits.

b)

Third party unintended consequences.

c)

Externalities in money are limited to the parties involved in the transaction.

d)

Externalities in money have no impact on individuals or entities.

31.

Minimum balance

a)

A certain amount of money a bank requires a person than is their account in order to receive banking service.

b)
The minimum balance is the average amount in an account.
c)
The minimum balance is the highest amount required to keep an account active.
d)
The minimum balance is the lowest amount required to keep an account active or avoid fees.
32.

Overdraft fee

a)
An overdraft fee is a charge imposed by a bank when a customer withdraws more money than is available in their account.
b)

The fee a bank charges if someone spends more money than is in their bank account

c)
An overdraft fee is a fee charged for depositing money into the account
d)
An overdraft fee is a discount given by the bank for exceeding the account balance
33.

Credit Score

a)
A credit score is a numerical representation of a person's creditworthiness.
b)
A credit score is a type of currency.
c)
A credit score is a measure of physical fitness.
d)
A credit score is a random number assigned to individuals.
34.

"Annual Fee" Money Definition

a)
A fee charged monthly
b)
An annual fee is a fee charged by a credit card company once a year for use of a credit card.
c)
A fee charged every 6 months
d)
A fee charged only once
35.

Payroll Card

a)
Gift card for special occasions
b)
Prepaid card used by employers to pay employees' wages
c)
Credit card used for personal expenses
d)
Debit card linked to a savings account
36.

Installment Loans

a)
Installment loans are repaid in a single payment
b)
Installment loans have variable interest rates
c)
Installment loans do not require any credit check
d)

A type of loan in which a fixed payment is paid for a specific period of time, a car loan is a type of installment loan.

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