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WorksheetsPersonal Finance Final Exam Review Part 2 2025
Total questions: 11
Worksheet time: 6mins
Which of the following statements about car insurance is TRUE?
If you have insurance and are pulled over for speeding, you won't get "points" on your license
If you cause an accident and another driver is injured, your insurance will cover portions of his/her medical bills
If you are in an accident, the other driver cannot sue if you have car insurance
If you pay your premium on-time every month, you won't have to pay anything extra if you are in an accident
Which of the following people is MOST likely to be a victim of identity theft?
Chelsea, who regularly checks her bank account balance while connected to the WiFi at her local cafe
Morgan, who shreds all documents containing personal information before throwing them away
Abby, who avoids posting on social media about topics that could be used as security questions
Jordan, who uses different, strong passwords for various accounts
Which description of the difference between saving and investing is MOST accurate?
Savings accounts provide a stated rate of return that is less risky. On the other hand, investors do not know what their return will be, making investing riskier.
If you have less than $10,000 in an account, what you are doing is saving. If you have more than $10,000 in your account, you are investing
Investing is best for the short-term and for emergencies while saving is best for the long-term
Saving and investing are the exact same thing
Now that you have a part time job, you'd like to open a checking account where you can deposit your biweekly checks and then use your debit card to pay for expenses with your friends. You'll probably have at most $450 in your account at any one time. As you decide where to open the account, which account feature should you probably care LEAST about?
ATM fees
The annual fee
Overdraft fee
The interest rate
Anna receives her first paycheck and realizes that her take-home pay is substantially less than the rate she was offered when hired. Which of the following would help explain this problem?
Most employers charge a "payroll fee," which the company collects to offset the cost of preparing each employee's paycheck every pay period
Her company is downsizing and has decided to pay her less without notice
Anna's pay is smaller than she anticipated because businesses typically pay high school students less than minimum wage
Taxes, social security, and Medicare are being deducted from her pay
Each of the following is a benefit of using online and mobile banking EXCEPT...
You can eliminate overdraft fees
You can transfer money electronically between accounts
You can keep an ongoing record of your deposits and withdrawals
You can check your balances before you make a purchase
Carmen has just graduated from college and receives a bunch of paperwork from her new job's Human Resources department. Which of the following should be her first step in making sure she's paying the correct amount of taxes?
Complete a 1040 form
Buy a copy of TurboTax and file her taxes
Complete an I-9 form
Complete a W-4 form
Sam has $2500 per month to spend. He estimates his monthly costs to be: rent of $800, car expenses of $650, utilities of $200, insurance of $350, food for $200, and other expenses of $100. What is the end result?
A budget surplus of $200
A budget surplus of $4800
A budget deficit of $200
A budget deficit of $4800
Which of the following is TRUE about robo-advising?
Robo-advisers usually come with much higher fees than if you were to use a fund manager
Robo-advisers are primarily used by people from older generations
Robo-advisers will automatically adjust your asset allocation based on your preferences
Robo-advisers are a form of active investing
Tahira wants to put a small portion of every paycheck into a low-risk investment. Which would be her best option?
Save in a savings account
Invest in an S&P 500 index fund
Pick 2 individual stocks and invest half of her money in each
Buy shares of a super profitable tech company
Angelo has a savings account worth $1000 that earns 2% interest, a student loan of $40,000 that charges 4.6% interest, and a credit card bill that has $1500 on it with a 23.4% interest rate. He has a budget surplus of $300 at the end of the month. What should he do with the $300?
Put it in the savings account so that if he does the same next month, he'll have more than enough to pay his credit card bill in full
Pay it toward the student loan, because he owes far more there than on the credit card
Pay it toward his credit card bill, because it has the highest interest rate
Just leave it in his checking account in case he needs it next month
