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Quiz Week 5 Review

Total questions: 43

Worksheet time: 28mins

Name
Class
Date
1.
What are credit scores used for?
a)
To determine how likely someone is to repay a loan on time (better repayment history = lower interest rates).
b)
To determine how much money someone has (more money = lower interest rates).
c)
To determine how good of a job someone has (better job = lower interest rates).
d)
To determine how much income someone has (higher income = lower interest rates).
2.
Which of the following are used to determine your FICO credit score?
a)
Payment history (making loan payments on time).
b)
Your monthly income (how much money you make).
c)
Length of credit history (how long you have been borrower money).
d)
Amount of credit you have (how many loans you have).
3.
A country lets the value of its currency be determined by market forces (supply/demand). What kind of exchange rate does this country have?
a)
Fixed exchange rate.
b)
Gold standard.
c)
Floating exchange rate.
d)
Bretton Woods system.
4.
A country keeps the value of its currency stable by buying/selling reserves of money (tying the value of their currency to other currencies). What kind of exchange rate does this country have?
a)
Fixed exchange rate.
b)
Adjustable exchange rate.
c)
Floating exchange rate.
5.
What concept is described the attached image?
a)
Appreciation
b)
Depreciation
c)
Surplus
d)
Deficit
6.
What concept is described the attached image?
a)
Appreciation
b)
Depreciation
c)
Surplus
d)
Deficit
7.
When a countries currency appreciates, who benefits (who will make more money)?
a)
Importers
b)
Exporters
8.
A country that has a protectionist attitude towards trade would be more likely to do all of the following EXCEPT:
a)
Have a trade embargo.
b)
Have a trade quota.
c)
Have a free trade agreement
d)
Have high tariffs.
9.

Exchange Rate: £1.00 (British Pounds) = $1.29 (USD) A sandwich costs $4.00 (USD). How much would this cost in British Pounds? (Tip: Think of the exchange rate as a ratio of £'s to $'s )

(a)  

10.
In June 2024, £1.00 British Pound was worth $1.26 US Dollars. In July 2024, £1.00 British Pound was worth $1.29 US Dollars. Did the British Pound appreciate or depreciate compared to the US Dollar?
a)
Appreciate
b)
Depreciate
11.
A country exports more goods and services than it imports. This country has a:
a)
Trade deficit.
b)
Trade surplus.
12.
Which of the following account types has the below listed traits: 1. No transaction limit. 2. Debit card. 3. Low interest rate (amount earned on your account balance).
a)
Certificate of Deposit
b)
Money Market Account
c)
Checking Account
d)
Savings Account
13.
Which of the following account types has the below listed traits: 1. Transaction limits. 2. Higher interest rates (amount earned on your account balance).
a)
Certificate of Deposit
b)
Money Market Account
c)
Checking Account
d)
Savings Account
14.
Which of the following account types has the below listed traits: 1. Set term length (before you can access your money). 2. Early withdrawal penalties. 3. High interest rates (amount earned on your account balance).
a)
Certificate of Deposit
b)
Money Market Account
c)
Checking Account
d)
Savings Account
15.
What is one of the main differences between a bank and a credit union?
a)
Banks offer loans; Credit unions don't.
b)
Banks offer savings accounts; Credit unions don't.
c)
Banks offer credit cards; Credit unions don't.
d)
Banks are for-profit businesses; Credit unions are not-for-profit and cooperatively owned.
16.
You are offered a loan with an interest rate that will change every year to the current market rate. What type of interest rate were you offered?
a)
Prime.
b)
Fixed.
c)
Variable.
d)
Discounted.
17.
You are offered a loan with an interest rate that will not change. What type of interest rate were you offered?
a)
Discounted.
b)
Variable.
c)
Prime.
d)
Fixed.
18.
You are offered a loan with an interest rate that is 1% for the first year, but will change to 5% after that. What type of interest rate were you offered?
a)
Variable.
b)
Fixed.
c)
Discounted.
d)
Prime.
19.
What does an APR (Annual Percentage Rate) include? (Check all that apply).
a)
Interest charged on the loan.
b)
Fees charged by the lender.
c)
The principal loan amount.
d)
The down payment on the loan.
20.
Which of the following investment types are considered to be less risky (and thus have a lower payment return rate)?
a)
Short-term investments
b)
Long-term investments
21.
Which of the following are loans? (include all that apply)
a)
Mortgages.
b)
Credit Cards.
c)
Student loans.
d)
Auto loans.
22.
Which of the following loan types have interest rates between 300%-600% per year (and should be avoided at all costs)?
a)
Mortgages.
b)
Credit Cards.
c)
Student loans.
d)
Payday loans/cash advances.
23.
Which of the following taxes are usually taken out of your paycheck? (check all that apply)
a)
Federal income tax.
b)
State income tax.
c)
Social security tax.
d)
Medicare tax.
24.
A tax deduction is:
a)
An amount of money you can subtract from the taxes that you already owe.
b)
An amount of money you can subtract from your total income to lower the amount of money that will be taxed.
c)
The amount of money that you will get back at the end of the year if you paid too much money in taxes.
d)
The amount of money that you will owe at the end of the year if you do not pay enough in taxes.
25.
A tax credit is:
a)
The amount of money that you will get back at the end of the year if you paid too much money in taxes.
b)
An amount of money you can subtract from your total income to lower the amount of money that will be taxed.
c)
The amount of money that you will owe at the end of the year if you do not pay enough in taxes.
d)
An amount of money you can subtract from the taxes that you already owe.
26.
A tax refund is:
a)
An amount of money you can subtract from your total income to lower the amount of money that will be taxed.
b)
An amount of money you can subtract from the taxes that you already owe.
c)
The amount of money that you will get back at the end of the year if you paid too much money in taxes.
d)
The amount of money that you will owe at the end of the year if you do not pay enough in taxes.
27.
Why is saving for retirement as early as possible important? (select all that apply)
a)
Interest will have more time to grow = more money for retirement.
b)
Social security might not cover enough of your expenses once you retire.
c)
Some employers offer to match retirement savings, starting early means more free money.
28.
Which type of interest grows your money faster?
a)
Simple interest.
b)
Compound interest.
29.

Use the correct formula to calculate the answer to the following question, round your answer to 2 decimal points: You put $10,000.00 into a savings account that compounds daily. The interest rate is 5% compounded interest per year. How much money will you have in this account after 30 years?

(a)  

30.

Use the correct formula to calculate the answer to the following question, round your answer to 2 decimal points: You put $10,000.00 into a savings account that has simple interest. The interest rate is 5% simple interest per year. How much money will you have in this account after 30 years?

(a)  

31.
The amount of money you actually receive after the deductions are taken from your gross income.
a)
Net income
b)
Deductions
c)
Wages
d)
Tax
32.
Total money you earn before taxes and other deductions.
a)
Salary
b)
Net income
c)
Gross income
d)
Wages
33.

The amount of money you will be taxed on after you enter in your deductions.

a)

Salary

b)
Net income
c)
Gross income
d)

Adjusted Gross Income (AGI)

34.
As taxable income increases, income tax rates ____
a)
increase
b)
decrease
c)
stay the same
d)
could go either way
35.

This form will be sent to Lily by the end of January. She will use this W-2 form to…

a)

Obtain employment

b)

Receive her paycheck

c)

File her income taxes 

d)

Begin her retirement savings

36.

A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability. If they do not take this deduction, they will need to add up all of their deductible costs by themselves and enter them into their taxes.

a)

Standard Deduction

b)

Itemized Deduction

37.

Jay filed his taxes and found out he owes money. What is the most reasonable explanation as to why he owes money in taxes?

a)

Not enough money was withheld from his paychecks.

b)

Too much money was withheld from his paychecks.

c)

When filing his taxes, Jay accidentally checked “Married filing jointly” instead of “Single”.

d)

The IRS is asking Jay for a future advance on his possible taxes for next year.

38.

The W-4 form lets...

a)

the government know how much you paid in taxes last year

b)

your employer know how much to withhold from your paycheck

c)

the 3 major credit bureaus know how many dependents you have

d)

you know how much you paid in taxes last year

39.

By claiming "exempt" on the W-4 form...

a)

You are paying all income taxes upfront at the START of the year.

b)

You are requesting an extension to file your taxes

c)

You will NOT have income taxes withheld from your paycheck.

d)

You are paying all income taxes at the END of the calendar year.

40.

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

a)

True

b)

False

41.

Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?

a)

No, because he didn't earn enough.

b)

No, because you have to be 16 and older to file taxes.

c)

Yes, because he may get a refund.

d)

Yes. You must file taxes even if you didn't earn enough.

42.

What do you need to file your 1040 form (the form you need to use to file your taxes)?

a)

Your W-2

b)

Your W-4

c)

Your prior year's tax return

d)

Income of $50,000 or more

43.

What is the value of a nations currency in relation to a foreign country?

a)

Trade Deficit

b)

Foreign Exchange Market

c)

Exchange Rate

d)

Trade Surplus

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