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WorksheetsFACS Midterm Review 2/2
Total questions: 21
Worksheet time: 12mins
Which of these is the best way for a college student to build good credit as quickly as possible?
pay credit card bill on time
get multiple credit cards and use them often
always make payments the day after the grace period
only use credit card for a major purchase like a car
avoid getting or using credit cards
Amount of income left AFTER taxes and deductions have been taken out.
gross pay
net pay
taxable income
gross net
not pay
What is the purpose of the W-4 form?
To send the IRS when you file your yearly tax return form
To determine how much your gross pay and benefits should be
To inform your employer of how much federal income tax to withhold from your paychecks.
To avoid paying income taxes on your paychecks.
to protect metal from rust and corrosion
Which of these forms does your employer send you at the end of the year to tell you how much you've made and how much you've paid in taxes during the past year?
1040
W-2
W-4
R2D2
5W30
Which of these terms means "A sum of money taken out of your paycheck (for the purpose of taxes, employee medical insurance contribution, etc.)"?
deduction
dependent
gross pay
duck dynasty
aqueduct
Which of these would financial experts recommend for reaching a short-term financial goal?
investing in the stock market
saving
gambling
buying gold coins
What does the term “unemployment rate” mean?
% of people who have lost a job in the past 5 years
% of people who have lost a job in their lifetime
% of people who currently don’t have jobs but are looking for work
% of people who currently don’t have jobs
% of people who currently have a job but are looking for a new one
Which of these is a type of investment that is a) run by professional money managers and b) involves a diverse collection of stocks, bonds, etc.
allocation
diversification
dividend
mutual fund
mutually assured destruction
If a stock price drops and then a ton of people start buying it, what will happen to the price of the stock?
it will start going up
it will stay the same
it will continue to drop
there is no way to know
Elon Musk will buy it
Which of these terms means "A type of savings vehicle/bank account in which you earn interest on the principal"?
savings account
bank statement
checking account
expense account
accountants
Which of these refers to "the bank's accounting of your transactions; The monthly record of your account transactions sent to you by your bank"?
checking account
bank statement
personal check register
conditional statement
political statement
Which of these terms means, "a fee paid by a borrower to the lender for the use of the borrowed money"?
interest
bank statement
ATM fee
maintenance fee
interesting fee
which of these terms means "a sum of money placed or kept in a bank account; the act of placing a sum of money into a bank account"?
overdraft
deposit
reconciliation
withdrawal
debit
which of these terms means "a sum of money withdrawn from an account (taken out of an account)"?
overdraft
deposit
reconciliation
withdrawal
credit
Which of these occurs when money is withdrawn from a bank account and the available balance goes below zero?
overdraft
rough draft
reconciliation
withdrawal
back draft
Which of these terms means "an accounting procedure that compares two sets of records to check that the figures are correct and in agreement"?
reconciliation
overdraft
residual
reconnaissance
money market
Which of these means, "the smallest amount of money that you have to pay each month to keep your account in good standing"?
minimum payment
minimum balance
minimum wage
minimum base pay
minimum credit score
Which of these means, "the deposit of funds electronically into a bank account rather than through a physical, paper check"?
minimum payment
direct deposit
autopay
deposit slip
tech deposit
Which of these means, "the person or institution receiving a payment of money"?
payor
payee
pastor
partee
lucky
Which of these means, "an entry recording a sum of money received/deposited into the account"?
credit
debit
accreditation
payor
debit card
Your bank charges a $50 overdraft fee. After your account goes below zero, on the same day, you purchase a $2 soda from a vending machine, a $3 bag of chips from inside the gas station, and $10 of gas (paid at the pump). How much will you pay in overdraft fees?
$50
$100
$150
$65
none
