WorksheetsPersonal Finance Unit 1 Test Review
Total questions: 63
Worksheet time: 3hrs 18mins
What are you total deductions if your gross wage is $5000 a month and your net income is $3600?
$8,600
-$1,400
$2000
$1,400
What strategy can help you reach your financial goals?
Obtain a job
Live paycheck to paycheck
Borrow money for all you can
Spend all your money
What strategies can help you reach your financial goals?
Plan your finances
Spend Wisely
Save
Never plan for life events
Financial planning in high school is not important?
True
False
The main reason that people have money problems is
that they didn't go to college
that they have too many mouths to feed
that they don't get minimum wage
that they do not plan ahead how they will use their money
Spending, saving, and investing to have the kind of life that you want and financial security can be achieved by
personal financial planning
paying interest
buying stock
regulating inflation
Guides monetary policy
Federal Reserve (FED)
Securities and Exchange Commission (SEC)
Federal Deposit Insurance Corporation (FDIC)
National Credit Union Administration
Needs are the things that all people must have to __________.
stay alive
not need
play everywhere
throw away
Wants are things that make our life _____________.
more difficult
not fun
expensive
easier
Is this brand of clothing a need or want?
Need
Want
Tom decided to buy $200 worth of new clothes. Which of the following would be good reasons for the clothes being a need and not a want. (Pick 2)
Tom needed to look more stylish. His other clothes were too ugly.
Tom needed to fit in with his friends. All of his other friends wear the type of new clothes he bought.
Tom needed to buy new clothes for his new job. His job has a certain dress code.
Tom needed to wear name brand clothes. His other clothes were from stores that no one shops at anymore.
Tom needed to buy new clothes because he lost all of his other clothes. Unfortunately, Tom’s house was flooded.
NEED OR WANT?
NEED
WANT
An engineering student who bought a high end scientific calculator
Need
Want
An FEU student who wants to have his own car for transportation even though his house is just 10 meters away from the school
Need
Want
Inflation happened to this burger. How did inflation affect it?
The cheeseburger got cheaper.
The Cheeseburger got more expensive.
The cheeseburger got smaller.
Inflation has (slowly) over time affected this coffee. What happened?
The coffee got less expensive.
There is more coffee now.
There is less coffee now.
The price of coffee has gone up.
What does the M in SMART stand for?
Maximum - there are no limits for goals
Memorable - a goal must be easily remembered
Measurable - a goal must have some kind of number attached so you have a way to know if you are reaching the goal.
Mental - you have to be able to think about the goal.
What does the A in SMART stand for?
Attainable - a goal must be reachable; you CAN do it.
Admirable - a goal must impress people.
Artistic - a goal must be creative.
Academic - a goal must be scholarly and oriented towards learning.
Give an example of a non-measurable goal.
Increasing sales by 15% in the next quarter
Being happier
Reducing production cost by 10% in the next month
Completing a project within the set deadline
What is the importance of setting SMART goals?
They are easy to achieve
They provide a clear direction and deadline
They are trendy
They are not necessary for success
What does a realistic goal in SMART goals mean?
A goal that is easy to achieve
A goal that is achievable with the available resources and time
A goal that is too challenging
A goal that is not related to the overall objective
What does the 'R' in SMART goals stand for?
Rapid
Realistic
Ridiculous
Rough
If INFLATION is rising, what would be the appropriate FISCAL policy?
expansionary policies such as lower taxes and increasing govt. spending
contractionary policies such as raising taxes and decreasing govt. spending
This is controlling the amount of money in circulation
monetary policy
fiscal policy
Who is in control of monetary policy?
The Federal Reserve
The President and Congress
A tax on imported or exported goods.
Inflation
Monetary Policy
Reserves
Tariff
The lower the interest rate, the more banks will do what?
borrow money
print money
increase the interest rate
fire the bankers
What makes up the largest area of government spending?
Food Stamps
Medicare
Social Security
Interest payments
The total amount of personal income prior to taxes and deductions
Property taxes
Payroll taxes
Gross income
Sales Taxes
the income that remains after taxes and other deductions are taken from an individual’s gross income
Sales taxes
Gross income
Net income
Property taxes
the amount of money collected by a store (retailer), in addition to a good or service that was purchased, for the local government as required by law
property tax
sales tax
net income
income taxes
the amount of money collected from a property owner based on the value of a property for the local government as required by law
sales tax
property tax
income tax
payroll tax
Jose's monthly salary is $1,200. His check only shows $1,098. What kind of taxes is he paying?
Sales tax
Property tax
income tax
There is a mistake on his check
Some of the money Juan got deducted on his check is for social security and Medicare. What kind of taxes are these?
payroll taxes
sales taxes
income taxes
property taxes
Jose purchased a car for $3,000. What kind of taxes is he paying?
sales tax
property tax
payroll tax
income tax
Wages, salary and commission are examples of what type of income?
Earned
Portfolio
Passive
Amount $1,600.00
Rate 3%
A document that provides information about you to a potential employer.
References
Resume
Which selection would you list in "Work Experience"?
Babysitter
Honor Roll
Bilingual
Energetic
If you don't have any work experience, what could you list in your resume?
activities
awards
skills
ALL of them
There are 6 sections on a resume: name, contact info, skills and what else?
relevant info, birthdate, phone
intro, experience, education
intro, blood type, height
Is this an example of a good resume?
YES
NO
Choose the best objective for a Sally's resume:
Awesome graduate of life seeking any fun position requiring a cool girl with a great sense of humor and style.
Graduate seeking a position that I could take professional pictures of people.
A "key word" is:
Something relevant to your family
The answer to a popular riddle
Words that are found in the job description you are applying for
Words the are found on the companies website
When you are a high school student with little or no work experience you should ideally format your resume so that:
Your objective begins with a joke
Your work experience is placed above your education
Your education is placed above your work experience
You have a catchy email address
The objective statement in your resume should be placed:
In the Education section
At the beginning
At the end
With your extracurricular activities
Overtime is calculated at 1.5 times an employee's regular rate of pay.
True
False
What percent of FICA taxable income are Social Security + Medicare Taxes?
Amorelle earned $384 in gross income. Her payroll taxes + insurance premiums total $122. Calculate her net income.
$506
$406
$262
$266
FICA (Federal Insurance Contributions Act) taxes include...
Health Insurance
Social Security
Worker's Compensation
Medicare
David's gross income: $127.25
David's deductions: $25.20
David's net pay: ?
$102.05
$102.45
$112.05
$152.45
Melinda’s gross pay is $570. If the Social Security tax is 6.2%, how much will she pay in Social Security?
$4
$3.53
$35.34
$23
FICA taxes include:
social security tax
withholding allowances
local tax
commission
Which is generally collected when people by clothes from a store?
Corporate taxes
General sales taxes
Individual income taxes
Property taxes
Who is Medicare designed to help?
Single Parents
Senior Citizens
Low income families
Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called which kind of taxes?
Sales
Property
Excise
Eli earns an 8% commission on his sales of $75,680. What is his commission?
$6,054.40
$60,544
$605,440
$75,688
Dash works as a corporate lawyer and makes $150,000 per year. How much will he have withheld for Social Security this year?
$9300
$8239.80
$10414.80
Cannot be calculated, do not have enough information.
Daria works as a corporate consultant making $210,000 a year. Calculate the Medicare withholding for the year.
$3045.00
$2940.00
$1927.05
$1860.60
