WorksheetsPersonal Finance Final Review
Total questions: 60
Worksheet time: 30mins
Name
Class
Date
1.
When you go to select financing for a loan, you will be looking at:
a)
Length of loan
b)
Interest rate
c)
Amount of monthly payments
d)
All of these
2.
When filling out the I-9 which of the following forms of identification can be used to prove your identity and eligibility to work in the US? (Select all that apply.)
a)
US Passport
b)
Driver's License
c)
Birth Certificate
d)
Gym Membership
e)
Utility Bill with address
3.
Who would a creditor be more likely to trust?
a)
Someone who has never borrowed before
b)
Someone who has been borrowing for 10+ years with an average credit score
4.
All of the following are good reasons Alex could use a credit card EXCEPT:
a)
purchasing a bed when he moved out
b)
establishing a good credit rating
c)
buying 10 different ps5 games
d)
it helps him save money by offering him a discount at a store he regularly shops at
5.
Which of the following affects your credit score?
a)
Making payments on time
b)
Making payments late of missing a payment
c)
Having several credit cards and 2 are maxed out
d)
all of the above will impact my credit score
6.
If you only make the minimum payment on your credit card it will _____________. (Select all that apply)
a)
Take you longer to pay off the card
b)
Take you less time to pay off the card
c)
cost you less in the long run
d)
lower your debt to credit ratio
7.
Which of the following is your take home pay after deductions?
a)
Net pay
b)
Gross pay
8.
Which of the following is a short term goal?
a)
a lifetime goal
b)
wanting to graduate high school
c)
trying to lose 50 lbs
d)
wanting to get an A on a test
9.
What is the price per ounce? $2.99 for 16 oz of Jif Peanut Butter
a)
$0.19
b)
$1
c)
$0.51
d)
$0.26
10.
Which of the following information is NOT found on your credit card statement
a)
summary of account activity
b)
current balance
c)
minimum payment due
d)
collateral
11.
Which of the following is NOT an example of a service?
a)
waitressing
b)
washing carpets
c)
shoes
d)
shoe shiner
12.
Which of the following information would you find on a paystub? (Select all that apply.)
a)
Your name
b)
The pay period
c)
Check amount
d)
Political Party
e)
Filing Status
13.
Which of the following is NOT a place people typically negotiate on price? (Select all that apply.)
a)
Car dealership
b)
Facebook marketplace
c)
Target checkout aisle
d)
Gas stations
14.
Which of the following is an example of a long term goal?
a)
wanting to run a marathon
b)
walking 5,000 steps today
c)
Trying to save $5 by the end of the week
d)
Wanting to get an A on this test
15.
Which of the following information can you find in a Schumer Box? (Select all that apply)
a)
APR (Annual Percentage Rate)
b)
Fees and Penalties
c)
Current Balance
d)
Minimum Interest Charge
16.
Which of the following is NOT included in FICA? (Select all that apply)
a)
Social Security
b)
Medicare
c)
Defense Funding
d)
Roth IRA
17.
Jim really enjoyed his fajitas at Atzeca and had a great waitress. His meal was $17.32 with tax. If he wanted to tip 20% how much would he tip?
a)
$3.46
b)
$5.00
c)
$6.23
d)
$2.60
18.
When the money you earn from working goes right into your checking account automatically this is called:
a)
Direct Deposit
b)
Tax refund
c)
Earned income
d)
Pay stub
19.
Which form do you need in order to complete your 1040 Tax Return? Your employer is required to send it to you by January 31st.
a)
I-9
b)
W-2
c)
W-4
20.
Whose responsibility is it to know how much money is in your account?
a)
your mom
b)
your bank
c)
your financial advisor
d)
you
21.
If you write a check to pay your neighbor for a custom shirt she made, where on the check would your write "T Shirt"?
a)
Memo
b)
Pay to the order of (Payee)
c)
Signature
d)
Account Number
22.
Your grandma paid you $30 to clean out her attic. Where on the check did she write $30?
a)
Memo
b)
pay to the order of (payee)
c)
signature
d)
numerical amount on the right and also written out in words under the payee line
23.
You go to the bowling alley with your friends and when you get there they only take cash. You used the ATM they have at the entrance, and withdrew $50 for bowling, shoes, and a little spending money for food and the arcade. Your bank charges you a $4.25 fee for using an ATM out of their network. What is the total withdrawal amount?
a)
$54.25
b)
$50.25
c)
$4.25
d)
They forgive your fee because you spent $50
24.
Which of the following can you NOT do from an ATM?
a)
pay a late fee
b)
deposit money
c)
transfer money
d)
check your account balance
25.
How often do you recieve a bank statement?
a)
once a month
b)
every week
c)
every two weeks
d)
once every six months
26.
If Avery put $606 into a savings account with 10% interest, how much would she have earned in interest 20 years later? Use the simple interest formula.
a)
$1212
b)
$150
c)
$2000
d)
$395
27.
Which is NOT an advantage of having a savings account?
a)
quick and easy access to your oney
b)
earning interest on funds within the account
c)
having a place to keep money that your are saving
d)
helping you to reach savings goals
28.
Which of the following are tax filing statuses? (Select all that apply)
a)
Its complicated
b)
Engaged
c)
Married filing jointly
d)
Single
e)
Head of household
29.
Which of the following is NOT paid for by taxes?
a)
Schools
b)
Roads
c)
Military
d)
Gas Stations
30.
When is the deadline to file your 1040 tax return form?
a)
December 31st
b)
January 1st
c)
March 1st
d)
April 15th
31.
According to the principal of PYF, if Sydney is earning $3125 a month, how much should she be putting into savings?
a)
$312.50
b)
$468.75
c)
$500
d)
$215.00
32.
A good budget has all of the following characteristics except:
a)
flexibility
b)
practicality
c)
inaccessibility
d)
careful planning
33.
Which of the following should you think about before deciding how to spend your money?
a)
your values
b)
your goals
c)
how much money you have
d)
how much money you owe
e)
all of the above
34.
What is the largest expense you will most liekly have when you move out on your own?
a)
fixed
b)
groceries
c)
gasoline
d)
housing (mortgage/rent)
35.
Jacob had to go to the emergency room for a broken arm. To pay his medical bills he started taking money out of his savings account. What is happening to his net worth?
a)
net worth increases
b)
net worth decreases
c)
net worth increases with medicaid
d)
net worth decreases borrowing money from family
36.
Debts you owe
a)
liabilities
b)
periodic expenses
c)
fixed expenses
d)
assets
37.
Jordan spent $234 on groceries this month but last month they only cost $212, what type of expense is this?
a)
fixed
b)
variable
c)
periodic
d)
discretionary
38.
Who has the most discretionary income?
a)
Seniors over 65
b)
teenagers
c)
New parents
d)
recent college graduates
39.
How many months worth of money should be in your emergency fund?
a)
You dont need an emergency fund
b)
1 month
c)
3-6 months
d)
8-9 months
40.
Which of the following are liquid assets? (Select all that apply)
a)
Checking account
b)
Savings
c)
car
d)
computer
e)
cash in wallet
41.
Which of the following may impact your car insurance rates?
a)
age
b)
number of accidents you have had
c)
marital status
d)
all of these choices are correct
42.
Which of the following is included in basic homeowners insurance?
a)
Personal Property Coverage
b)
Dwelling
c)
Loss of Use
d)
All of these choices are correct
43.
Which number represents the minimum amount of liability car insurance required in the state of Missouri?
a)
25/50/25
b)
250/500/250
c)
50/75/50
d)
15/35/15
44.
When looking at your Homeowners Insurance policy dwelling covers which part of your home? (Select all that apply)
a)
roof
b)
walls and flooring
c)
shed
d)
couch
e)
TV
45.
Liability covers which of the following people in case of an accident?
a)
you, the policy holder
b)
another driver
c)
passengers in ther other drivers car
46.
Which of the following government programs benfit the elderly (65+) and sick (people with qualifying disabilities) and is part of FICA?
a)
Medicare
b)
Medicaid
c)
Affordable Care Act
47.
A sign of debt problems is only being able to make the mimimum monthly payments on bills.
a)
True
b)
False
48.
A low risk investment is often offers high return.
a)
True
b)
False
49.
When writing a check, the money automatically withdraws from your account immediately after writing the check.
a)
True
b)
False
50.
Funds go into an HSA or FSA pretax which makes them a great tool for saving money on health expenses.
a)
True
b)
False
51.
Banks do not charge a fee for overdrafting your account.
a)
True
b)
False
52.
The name brand is typically more expensive than the store brand?
a)
True
b)
False
53.
Setting a dealine makes a SMART Goal time-based
a)
True
b)
False
54.
Three factors that influence decisions include: economics, personal, and social.
a)
True
b)
False
55.
An impulse buy is well planned out.
a)
True
b)
False
56.
A high debt to credit ratio will negatively impact your credit score
a)
True
b)
False
57.
Most high school students are dependents
a)
True
b)
False
58.
The Federal Truth in Lending Act requires Schumer Boxes to be placed on credit card applications.
a)
True
b)
False
59.
If replacement value is more than market value a car is totaled.
a)
True
b)
False
60.
The higher your premium the higher your deductible
a)
True
b)
False
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