WorksheetsFCEE Ch1+2 Test
Total questions: 24
Worksheet time: 29mins
You go to a restaurant and order a big meal. Even though you’re full, you keep eating because it was expensive. This is an example of...
Sunk cost fallacy
Confirmation bias
Anchoring effect
Availability heuristic
Which of the following is usually a benefit of being a member at a credit union?
Higher interest rates and lower fees
Lower interest rates and higher fees
Higher interest rates and higher fees
Lower interest rates and lower fees
Which of the following is typically a feature of a savings account but not a checking account?
Ability to withdraw money from an ATM
Ability to write checks
Ability to earn interest
Ability to use a debit card
Which of the following is TRUE when comparing savings accounts and certificates of deposit?
Savings accounts are FDIC insured while certificates of deposit are not
Savings accounts allow you to access your money at all times while certificates of deposit require your money to be left alone for a set period of time
Savings accounts typically have a higher interest rate than certificates of deposit
Both savings accounts and certificates of deposit allow you to deposit money at any time
Brynn just started her first job and needs a way to manage her daily financial transactions. What is the purpose of a Checking Account for Brynn?
To invest money for long-term growth.
To make cash withdrawals, deposits, purchases, and pay everyday expenses and bills.
To save money with high interest rates.
To borrow funds for large purchases.
You should review the transactions on your account either online or on your printed bank statement to
ensure you have not become a victim of identity theft.
ensure you have enough money every month available for savings.
calculate your average minimum balance for the month.
see if you can afford the monthly payment on a credit purchase.
Which of the following best describes the purpose of an emergency fund?
To save for vacation
To invest in the stock market
To cover unexpected expenses
To pay for regular bills
Which of the following is not a common feature of a checking account?
Writing checks
High interest rates
Direct deposit
ATM access
What is the 50-20-30 Rule in personal finance?
50% savings, 20% debt repayment, 30% necessities
50% necessities, 20% savings and debt repayment, 30% flexible spending
50% flexible spending, 20% necessities, 30% savings
50% debt repayment, 20% flexible spending, 30% necessities
What is FOMO?
Fear of missing a payment
Fear of missing out on an exciting or interesting event
Fear of losing money
Fear of overdrawing an account
Cognitive bias is...
An error in the way we think that can influence our decisions
A method to improve our decision-making process
A strategy used by financial institutions to attract customers
A type of financial investment
What is the term for the tendency to search for, interpret, and remember information in a way that confirms one's preconceptions?
Overestimation
Overjustification
Overprecision
Confirmation Bias
What is the term for the tendency to avoid losses rather than acquiring equivalent gains?
Overestimation
Overjustification
Loss Aversion
Overplacement
"Monday Morning Wrestlers" are rarely surprised at the results of Wednesdays meets. This tendency to believe that they knew the outcome of the meets would be best explained by:
over confidence
hindsight bias
intuition
illusory correlation
random sampling
Naresh started a new job and is having some of his paycheck deposited directly into a savings account. Which of the following values BEST explains why Naresh does this on a regular basis?
Inner
Social
Physical
Financial
What are social values, as they pertain to money?
Values that influence how you interact with others financially
Values that determine your physical well-being
Values that are related to your personal health
Values that are related to your inner self
You go to the grocery store to buy dog food. The store has three sizes available:
A 20-lb bag for $23.44
An 8-lb bag for $9.88
A 40-lb bag for $49.00
Which size bag has the lowest cost per pound rounded to the nearest cent?
The 8-lb bag
The 20-lb bag
The 40-lb bag
I have a cat
Which of the following has the cheaper unit rate or unit price for eggs: $.99 for 6 eggs, $1.32 for 12 eggs, $1.49 for 16 eggs?
$.99
$1.32
$1.49
They have the same unit rate and unit price.
Which is the best buy?
7 pencils for $1.40
6 pencils for $1.26
8 pencils for $1.88
7 pencils for $1.40
6 pencils for $1.26
8 pencils for $1.88
All have the same unit price
Pepsi
Dollar General $1.75 42.26 oz
Target $2.99 67 oz
Publix $2.39 20 oz
Which store has the lowest unit price?
Dollar General
Target
Publix
Determine which Mazola Corn Oil cost the least per ounce.
320 oz. for $17.99
128 oz. for $9.49
40 oz. for $3.49
320 oz.
128 oz.
40 oz.
None, all three cost the same per ounce.
