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BR Financial Literacy Semester FINAL EXAM

Total questions: 59

Worksheet time: 30mins

Name
Class
Date
1.

Which of the following are the three primary functions of money?

a)
Store of Value, Medium of Exchange, Unit of Account
b)
Source of Wealth, Medium of Exchange, Means of Payment
c)
Store of Value, Source of Income, Unit of Measure
d)
Medium of Exchange, Measure of Wealth, Standard of Living
2.

Which of these is a form of earning?

a)
Wages
b)
Theft
c)
A lottery win
d)
An inheritance
3.

Which would be considered an unanticipated life expense?

a)
Furthering education
b)
Childcare
c)
Managing a long-term illness
d)
Leasing a vehicle
4.

Which might be found at the U.S. Department of Labor website?

a)
Information about car insurance
b)
Facts about mortgages
c)
Career resources
d)
Federal guidelines for healthcare
5.

The following are examples of the benefits of getting a certificate or degree through trade school EXCEPT:

a)
Lower initial cost outlay for education
b)
Less time invested
c)
Hands-on job experience is often provided
d)
High amount of perceived prestige
6.

What is the difference between gross pay and net pay?

a)
Net pay is the amount of pay remaining after deductions have been removed from a paycheck, while gross pay is the amount you earn.
b)
Gross pay is exempt from taxes, while net pay is used to determine taxes.
c)
Only gross pay can be used to determine budget, while net pay is used to determine disposable income.
d)
Net pay is always the larger amount, while gross pay is the desirable amount.
7.

Anthony's gross pay this month is $1050. His federal income tax amount is $126; state income tax, $38; Medicare deduction, $17; and FICA contribution, $58. What is Anthony's net monthly pay?

a)
$960
b)
$864
c)
$849
d)
$811
8.

Which of the following benefits has the potential to earn you the most money?

a)
401(k) or other retirement program
b)
Child care benefits
c)
Free lunch program
d)
Two weeks paid vacation time
9.

If too little is withheld on your IRS W-4 Form, you will:

a)
Get a big tax refund (receive money)
b)
Owe additional taxes
c)
Not have to do anything
d)
Have to complete more tax forms
10.

What is the main difference between a bank and a credit union?

a)
Banks exist to make a profit; credit unions re-invest profit to benefit members.
b)
Banks offer higher-yield interest rates than credit unions.
c)
Unlike banks, credit unions do not have online banking.
d)
More services are offered by banks than by credit unions.
11.

Sasha needs a bank that is open 24/7 and accessible overseas. Which bank should she choose?

a)
Local credit union
b)
Internet bank
c)
International financial institution
d)
Savings and loan
12.

Why are higher-interest checking and savings accounts preferable?

a)
They give you more checks.
b)
They hold and transfer money and offer different ways to pay.
c)
They speed up your rate of return.
d)
They take longer to earn you additional money.
13.

Which of the following is not a method of payment using a checking account?

a)
EFT
b)
Debit card
c)
Credit card
d)
Personal check
14.

Adding a fixed amount to your savings each month to have in case of emergency or to save for the future is called:

a)
Pet insurance fund
b)
Paying yourself first
c)
A slush fund
d)
401k retirement fund
15.

The highest-value alternative given up when a choice is made due to scarcity is:

a)
Opportunity cost
b)
Scarcity cost
c)
Discretionary cost
d)
Second best
16.

The Rule of 72 is a method to determine:

a)
The annual interest rate
b)
How many months it will take to save the target amount
c)
The time it will take an amount to double in value
d)
The initial amount you should invest
17.

How is a person’s net worth determined?

a)
It is a projection of their lifetime earnings.
b)
It is their net income multiplied by their annual percentage rate.
c)
It is their total assets combined with the amount in their bank accounts, minus debts.
d)
It is their monetary net worth divided by their debts.
18.

What is the purpose of a transaction register?

a)
To record checks that have been written
b)
To keep a running balance of your bank account
c)
To keep track of all your deposits, payments, and purchases
d)
All of the above
19.

What is an advantage of being a careful consumer?

a)
Getting the best price on purchases
b)
Making the most of your money
c)
Always buying things on sale
d)
All of the above
20.

Which of the following shows negative cash flow?

a)
Net income $580.00; expenses $470.00
b)
Gross income $1,332.00; expenses $1,554.00
c)
Yearly expenses $50,321.00; yearly income $56,000.00
d)
None of the above
21.

Purchases or ventures that earn interest over time.

a)
Investing:
b)
Bond:
c)
Certificate of deposit (CD):
d)
Compound interest:
e)
Interest:
22.

Items of value that can be converted to cash in order to pay debts

a)
Assets:
b)
Balance sheet:
c)
Income:
d)
Net worth:
e)
Liabilities:
23.

Goals for a year or more from now

a)
Long-term goal:
b)
Medium-term goal:
c)
Short-term goal:
d)
SMART goals:
e)
Pay yourself first (PYF):
24.

Debts that must be paid in the future.

a)
Liabilities:
b)
Assets:
c)
Balance sheet:
d)
Consumer credit counseling services:
e)
Credit limit:
25.

time-limited loans that you, a personal investor, make to company or government that pays you interest on the loan in return.

a)
Bond:
b)
Certificate of deposit (CD):
c)
Compound interest:
d)
Interest:
e)
Investing:
26.

shares in the ownership of a company

a)
Stock:
b)
Certificate of deposit (CD):
c)
Compound interest:
d)
Interest:
e)
Investing:
27.

Comparison between the value of your assets and liabilities

a)
Net worth:
b)
Assets:
c)
Balance sheet:
d)
Consumer credit counseling services:
e)
Credit limit:
28.

Goals for the next six months

a)
Long-term goal:
b)
Medium-term goal:
c)
Short-term goal:
d)
SMART goals:
e)
Pay yourself first (PYF):
29.

Setting aside money for savings prior to paying monthly expenses.

a)
Long-term goal:
b)
Medium-term goal:
c)
Short-term goal:
d)
SMART goals:
e)
Pay yourself first (PYF):
30.

Money you earn from an investment or from work that you're not actively involved in.

a)
Passive income:
b)
Bond:
c)
Certificate of deposit (CD):
d)
Compound interest:
e)
Interest:
31.

Which of the following do NOT involve interest payments on purchases?

a)
Personal loans
b)
Credit cards
c)
Debit cards
d)
Title loans
32.

Which of the following is a disadvantage of using a credit card?

a)
The convenience of purchasing now
b)
The ability to purchase expensive items
c)
It is widely accepted for payment
d)
It is subject to interest and fees
33.

Which of the following is NOT an example of an installment loan?

a)
Mortgage
b)
Auto loan
c)
Debit cards
d)
Student loan
34.

Which of the following is considered a liquid asset?

a)

Collectibles

b)

Retirement fund

c)

Real estate

d)

Savings account

35.

What affects an individual's credit history?

a)
Their decisions about loaning others money
b)
Their major financial transactions, such as car purchases and rent payments
c)
Their important achievements, such as graduating from college and having children
d)
Their ability to save money for retirement
36.

Alaina, a 22-year-old college graduate, wants to increase her credit score so that she can get a better interest rate for a loan. At 18, she opened her first credit card. The month she graduated from college, she opened three new credit cards, and made minimum payments on her first monthly statements. Which of these steps that Alaina took negatively impacted her credit score the MOST?

a)
She opened a lot of accounts in a short amount of time.
b)
She opened her first credit card at 18.
c)
She only made minimum payments on the new cards.
d)
She graduated college.
37.

What is the highest possible credit score?

a)
425
b)
675
c)
850
d)
1000
38.

Which of the following is NOT considered good practice in protecting your credit?

a)
Review your bank statements
b)
Use only secure websites
c)
Be on the lookout for scams and phishing schemes
d)
Use the same password for all accounts so you don’t forget it
39.

A friend of yours has made some poor choices with spending, including overspending on a credit card. What would be the BEST advice to offer your friend?

a)
Make a goal to reduce now.
b)
Choose only one item to spend money on.
c)
Don't worry about it and take your time to pay it off.
d)
List the long-term benefits and obstacles of being in debt.
40.

Which of the following describes a Debt Management Plan?

a)
A savings plan offered by financial institutions
b)
A repayment plan agreed upon with an employer
c)
A payment plan created with a credit counseling agency
d)
Opening another credit card to pay off your debt
41.

What is the primary purpose of a credit score?

a)
To track your spending habits
b)
To calculate your tax obligations
c)
To assess your creditworthiness
d)
To determine your annual income
42.

What is the impact of closing a credit card account on your credit score?

a)
It will immediately improve your credit score
b)
It may lower your credit score by reducing your available credit
c)
It will increase your credit score by reducing your debt
d)
It has no effect on your credit score
43.

What is the primary reason people invest their money?

a)
To have many choices
b)
Learn more about real-estate
c)
Increase its value
d)
Monetize risks
44.

How are risks and rewards related to each other?

a)
As risk increases, reward increases.
b)
As risk decreases, reward increases.
c)
As risk increases, reward is unchanged.
d)
As risk decreases, reward is unchanged.
45.

One way in which you could have ownership in a corporation would be through:

a)
Opting into medical insurance
b)
Opening an employee-funded retirement account
c)
Buying the company's product frequently
d)
Buying shares of stock
46.

Which of the following statements about benefits is FALSE?

a)
Employee benefits are an inexpensive way to reward good employees.
b)
Employee benefits attract better workers.
c)
Employee benefits improve retention.
d)
Employee benefits improve attitude.
47.

Kai is looking to grow his wealth over the long term, but he doesn’t know where to start. Which is the BEST option for Kai, if he wants a diversified portfolio that he does not need to actively manage?

a)
Use all their investment money to buy stocks from a single, well-known company.
b)
Invest in a mutual fund
c)
Put all their money in a savings account
d)
Buy bonds
48.

What is the primary benefit of having an emergency fund?

a)

To cover unexpected expenses without going into debt

b)

To invest in high-risk stocks

c)

To pay off long-term loans

d)

To increase monthly spending

49.

Which of the following is a key factor in determining your credit score?

a)

The number of credit cards you own

b)

The amount of your monthly rent

c)

Your educational background

d)

Your payment history

50.

What is a common strategy for reducing debt?

a)

Ignoring bills until they are due

b)

Paying only the minimum amount due

c)

Consolidating multiple debts into one payment

d)

Taking out new loans to pay off old ones

51.

Which of the following is a benefit of having a high credit score?

a)

Higher interest rates on loans

b)

More frequent credit card offers

c)

Easier approval for rental applications

d)

Increased tax liabilities

52.

What is the primary advantage of a high-yield savings account?

a)

Access to a personal financial advisor

b)

No minimum balance requirement

c)

Unlimited withdrawals

d)

Higher interest rates compared to regular savings accounts

53.

Which of the following is a key feature of a Roth IRA?

a)

Withdrawals are tax-free after retirement

b)

It is only available to self-employed individuals

c)

It requires mandatory withdrawals at age 72

d)

Contributions are tax-deductible

54.

Which of the following is a benefit of having an emergency fund?

a)

It increases your credit score immediately.

b)

It provides financial security during unexpected events.

c)

It eliminates the need for insurance.

d)

It allows you to invest in high-risk stocks.

55.

What is the primary purpose of a budget?

a)

To eliminate all expenses

b)

To plan and control your financial resources

c)

To track your daily activities

d)

To increase your monthly income

56.

Which of the following is a characteristic of a fixed expense?

a)

It remains the same each month.

b)

It is optional and can be skipped.

c)

It is a one-time payment.

d)

It varies each month.

57.

What is the main advantage of having a diversified investment portfolio?

a)

It guarantees high returns.

b)

It reduces risk by spreading investments.

c)

It eliminates all financial risks.

d)

It focuses on a single asset class.

58.

What is the effect of making only the minimum payment on your credit card each month?

a)

It will reduce your credit limit.

b)

It will improve your credit score.

c)

It will increase the interest you pay over time.

d)

It will help you pay off your debt faster.

59.

What is the primary purpose of a budget?

a)

To track your spending and manage your finances

b)

To ensure you pay the least amount of taxes

c)

To increase your net worth

d)

To eliminate all debts

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