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Mr. T's Financial Planning Final Review 2025

Total questions: 55

Worksheet time: 29mins

Name
Class
Date
1.

Variable Expense

a)

monthly bills that can change

b)

expenses that DO NOT change from month to month

c)

monies left over after taxes and expenses are paid

d)

the amount you actually

2.

Fixed Expense

a)

monthly bills that can change, depending on USE

b)

expenses that DO NOT change from month to month

c)

monies left over after taxes and expenses are paid

d)

This one

3.

Discretionary Income

a)

the amount you actually EARN (BEFORE taxes)

b)

the amount you take home (AFTER deductions - mandatory + voluntary)

c)

Overtime pay / Time and a Half

d)

monies left over after taxes and expenses are paid

4.

Gross Income

a)

monies left over after taxes and expenses are paid

b)

the amount you actually EARN (BEFORE taxes)

c)

the amount you take home (AFTER deductions - mandatory + voluntary)

d)

Overtime pay / Time and a Half

5.

Net Income

a)

monies left over after taxes and expenses are paid

b)

the amount you actually EARN (BEFORE taxes)

c)

the amount you take home (AFTER deductions - mandatory + voluntary)

d)

Overtime pay / Time and a Half

6.

An hourly employee works 52 hours in a weekly pay period.  This worker is entitled to...

a)

monies left over after taxes and expenses are paid

b)

the amount you actually EARN (BEFORE taxes)

c)

the amount you take home (AFTER deductions - mandatory + voluntary)


d)

Overtime pay / Time and a Half

7.
An example of a fixed expense is:
a)
A.  Entertainment
b)
B.  Apartment rent
c)
C.  Restaurants
d)
D.  Vacations
8.

Which of the following is a FIXED expense?

a)

Groceries

b)

Dining out

c)

Clothing

d)

Car Insurance

9.

Hourly

a)

paid for the hours worked

b)

one yearly amount, regardless of hours worked

c)

pay based on a percentage of the amount sold

d)

one yearly amount, regardless of hours worked + pay based on a percentage of the amount sold

10.

Salary

a)

paid for the hours worked

b)

one yearly amount, regardless of hours worked

c)

pay based on a percentage of the amount sold

d)

one yearly amount, regardless of hours worked + pay based on a percentage of the amount sold

11.

Commission

a)

paid for the hours worked

b)

one yearly amount, regardless of hours worked

c)

pay based on a percentage of the amount sold

d)

one yearly amount, regardless of hours worked + pay based on a percentage of the amount sold

12.

Salary + Commission

a)

paid for the hours worked

b)

one yearly amount, regardless of hours worked

c)

pay based on a percentage of the amount sold

d)

one yearly amount, regardless of hours worked + pay based on a percentage of the amount sold

13.

Weekly

a)

52

b)

26

c)

24

d)

12

14.

Bi-Weekly

a)

52

b)

26

c)

24

d)

12

15.

Bi-Monthly

a)

52

b)

26

c)

24

d)

12

16.

Monthly

a)

52

b)

26

c)

24

d)

12

17.

What three (3) mandatory payroll taxes are taken from NYS workers’ paychecks?

a)

Federal Income Tax (FIT)

b)

State Income Tax (SIT)

c)

FICA (Social Security, Medicare)

d)

401k/403b/IRA

e)

Insurances

18.

List three (3) possible voluntary payroll deductions a worker MAY choose to have taken from their paycheck.

a)

Federal Income Tax (FIT)

b)

State Income Tax (SIT)

c)

Union Dues

d)

401k/403b/IRA

e)

Insurances

19.

Which is not a main payment type

a)

Check

b)

Credit Card

c)

Loan

d)

Debit Card

20.

What is a Characteristic of a Credit Card

a)

Buy now, Pay later

b)

Buy Now, Pay Now

c)

physical record, banks act as third party,

d)

But Now, Never Pay

21.

What is a Characteristic of a Debit Card

a)

Buy now, Pay later

b)

Buy Now, Pay Now

c)

physical record, banks act as third party,

d)

But Now, Never Pay

22.

What is a Characteristic of a Check

a)

Buy now, Pay later

b)

Buy Now, Pay Now

c)

physical record, banks act as third party,

d)

But Now, Never Pay

23.

What is the Formula for Interest

(a)  

24.

What one way you can one lower a monthly payment on a home/car loan?

a)

Borrow less, use down payment, use trade in to lower monthly payment

b)

Keep a low FICO score, search various banks for higher rates

c)

Shorten the TIME to lower monthly payment

d)

Pay It all back

25.

What one way you can one lower a monthly payment on a home/car loan?

a)

Borrow more, don't use down payment, don't use trade in to lower monthly payment

b)

Keep a high FICO score, search various banks for lower rates

c)

Shorten the TIME to lower monthly payment

d)

Pay It all back

26.

What one way you can one lower a monthly payment on a home/car loan?

a)

Borrow more, don't use down payment, don't use trade in to lower monthly payment

b)

Keep a lower FICO score, search various banks for higher rates

c)

legthen the TIME to lower monthly payment

d)

Pay It all back

27.

When does one start repaying a student loan

a)
Repayment is not required until you find a job.
b)
Repayment starts after a grace period, usually six months after graduation.
c)
You begin repaying the loan after one year of graduation.
d)
Repayment starts immediately after enrollment.
28.

how long do they usually have to pay the student loan off?

a)

10 years

b)

30 years

c)

10 years

d)

5 years

29.

One reason interest rates for personal loans and credit cards always higher than a mortgage or auto loan?

a)
Higher collateral requirements for auto loans.
b)
Longer repayment terms for credit cards.
c)
Lower demand for personal loans.
d)

No collateral for personal loans and credit cards

30.

what range is used to rate an individual’s credit?

a)
400 to 900
b)
300 to 850
c)
250 to 750
d)
100 to 500
31.

the two MOST IMPORTANT categories that determine a FICO Credit Score.

a)
Credit Age and Account Types
b)
Credit Inquiries and Loan Amount
c)

One Time Payment and Low Balances

d)
Debt-to-Income Ratio and Savings Balance
32.

A consumer with a poor credit score may still be able to get a loan. 

However, what might the bank do in order to protect itself against the risk of default?

a)
Offer a lower loan amount without any conditions.
b)
Provide a loan with no interest for the first year.
c)

Ask for more money back

d)
Charge higher interest rates or require collateral.
33.

What does it mean to purchase stock in a company?

a)
To lend money to a company.
b)
To receive dividends without owning shares.
c)
To buy a share of ownership in a company.
d)
To gain control over company management.
34.

Give one situations that MIGHT cause a stock price to increase over time.

a)
A sudden drop in interest rates
b)
Negative news about a company's management
c)
A major economic recession
d)

Higher-than-expected earnings reports;

35.

Give one situations that MIGHT cause a stock price to increase over time.

a)
A sudden drop in interest rates
b)
Negative news about a company's management
c)
A major economic recession
d)

New Product

36.

Give one situations that MIGHT cause a stock price to increase over time.

a)
A sudden drop in interest rates
b)
Negative news about a company's management
c)
A major economic recession
d)

New Leadership

37.

What are the two major stock exchanges in the United States

a)

Chicago Stock Exchange (CSE) and New York Stock Exchange (NSYE)

b)

American Stock Exchange (AMEX) and Nasdaq

c)

Toronto Stock Exchange (TSE) and Chicago Stock Exchange (CSE)

d)
New York Stock Exchange (NYSE) and Nasdaq
38.

how does the New York Stock Exchange deal with the buying and selling of stocks?

a)
The NYSE uses a random selection process for stock trades.
b)
Stocks are traded exclusively through online platforms without brokers.
c)

The NYSE deals with buying and selling of stocks through one buyer for every seller

d)
The NYSE operates on a first-come, first-served basis for all transactions.
39.

how does the nasdaq deal with the buying and selling of stocks?

a)

The Nasdaq can buy stock at many different places and prices

b)
The Nasdaq does not facilitate stock trading at all.
c)
The Nasdaq uses a manual process for matching orders.
d)
The Nasdaq only allows trading through physical exchanges.
40.

What is a specialist?

a)
A specialist is someone who knows a little about everything.
b)
A specialist is a generalist in multiple fields.
c)

Determines prices of stocks

Raises and lowers prices depending on demands to buy or sell

d)
A specialist is an expert in a particular area.
41.

For the most part (a decent sized handful doesn't follow this rule) how can you tell what market (NYSE or NASDAQ) a stock trades on by looking at simply the stock symbol?

a)
If the stock symbol is one to three letters long, it trades on the NYSE; if it has four or more letters, it trades on NASDAQ.
b)
If the stock symbol ends with a number, it trades on NASDAQ; otherwise, it trades on the NYSE.
c)
All stock symbols with any number of letters trade on the NYSE.
d)
If the stock symbol is four letters long, it trades on the NYSE; if it has one to three letters, it trades on NASDAQ.
42.

What about mutual fund symbols?

a)
Mutual fund symbols are only used for stocks.
b)
Mutual fund symbols are the same as stock tickers.
c)
Mutual fund symbols are not necessary for trading.
d)

Mutual fund symbols are FIVE LETTERS - AND ENDS with an X

43.

What is a market maker?

a)
A market maker is a type of investment bank that only sells stocks.
b)
A market maker is a trader who only buys assets without selling them.
c)
A market maker is a financial analyst who provides investment advice.
d)

Market maker can choose what stocks to sell and at what price to sell them

44.

What is a stock dividend?

a)

A share of profits given QUARTERLY to shareholders of record

b)
A stock dividend is a payment made in cash to shareholders.
c)
A stock dividend is a loan given to shareholders.
d)
A stock dividend is a tax imposed on shareholders.
45.

In what two ways can you collect a dividend?

a)

Cryptocurrency exchange or Bond interest

b)

Bond interest payments or additional shares

c)

Real estate investment or Cash payment

d)
Cash payment or additional shares (stock dividend)
46.

Are stock dividends mandatory?

a)
Yes, companies must pay stock dividends.
b)
Dividends are required by law for all stocks.
c)
Stock dividends are mandatory for profitable companies.
d)
No, stock dividends are not mandatory.
47.

When would you use a Stop Loss order?

a)
To guarantee a profit on an investment.
b)
To increase the amount of shares owned.
c)
You would use a Stop Loss order to limit potential losses on an investment.
d)
To automatically sell all investments at market price.
48.

Define Canceled Check

a)
A canceled check is a check that has been written but not yet deposited.
b)
A canceled check is a check that has been lost and cannot be traced.
c)
A canceled check is a check that has been processed and marked as paid by the bank.
d)
A canceled check is a check that has been altered after being issued.
49.

Define Outstanding Check

a)
An outstanding check is a check that has been cashed by the bank.
b)
An outstanding check is a check that has been issued but not yet cleared by the bank.
c)
An outstanding check is a check that has been lost or stolen.
d)
An outstanding check is a check that has been voided by the issuer.
50.

Define Returned/Bounced Check

a)
A bounced check is a check that has been lost in the mail.
b)
A returned check is a check that has been successfully processed.
c)
A returned or bounced check is a check that cannot be processed due to insufficient funds or other issues with the account.
d)
A returned check is a check that has been altered or forged.
51.

Define Postdating a check

a)
Postdating a check is the act of writing a check with a date that is later than the current date.
b)
Postdating a check is the act of writing a check with a past date.
c)
Postdating a check means canceling a check before it is cashed.
d)
Postdating a check is writing a check with the current date.
52.

Define the parts of Auto Insurance: Liability

a)
Comprehensive coverage includes liability and collision.
b)
Liability only covers theft of the vehicle.
c)
Liability in auto insurance includes bodily injury liability and property damage liability.
d)
Liability in auto insurance is only for personal injuries.
53.

Define the parts of Auto Insurance: Collision

a)

covers damage to the actual car in an accident or overturned vehicle

b)

Liability coverage

c)
Comprehensive coverage
d)
Personal injury protection
54.

Define the parts of Auto Insurance: Comprehensive

a)
Comprehensive auto insurance only covers collision damage.
b)
Comprehensive auto insurance is mandatory in all states.
c)
Comprehensive auto insurance only applies to new vehicles.
d)

Comprehensive auto insurance covers all other damage to the car - vandalism, weather damages, stolen, fire

55.

Define the parts of Auto Insurance: Omnibus Clause

a)
The Omnibus Clause extends coverage to permissive users of the insured vehicle.
b)
The Omnibus Clause applies only to commercial vehicles.
c)
The Omnibus Clause excludes any drivers not listed on the policy.
d)
The Omnibus Clause only covers the primary driver of the vehicle.

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