WorksheetsMoney Matters Final Exam
Total questions: 60
Worksheet time: 3hrs 0mins
Something that credit card commercials don't show you is...
People making payments for months or years on those credit card purchases
How much your credit score will grow right away
How happy your parents will be that they don’t have to lend you cash anymore
How great your life will be with payments
Banks and lenders use credit scores to determine...
the likelihood that someone is able to repay debt
a person's financial responsibility
how much collateral someone has available to put up for a loan
how successful someone is
When you finance a new car, you will end up paying more than the sticker price.
True
False
While it may not always appear so, the majority of Americans live paycheck to paycheck.
True
False
Your greatest tool for building wealth is...
tax cuts
single stocks
your income
your credit score
_______________ require the borrower to put up collateral for the loan.
Unsecured loans
Interest rates
Revolving credit
Secured loans
Leasing a car is a method of financing where someone ____________________.
Makes monthly payments on but does not own the vehicle
Is paying off 2 or more vehicles at one time
Does not have to pay any taxes on the vehicle for the first 6 months
Never pays any interest on fees.
What is The Second Foundation?
Get out and stay out of debt
Save a $500 emergency fund
Pay cash for your car
Build wealth and give
Credit card companies make the most profit from ____________________.
Incentive programs with banks
Partnering with companies to offer rewards to customers
Government tax breaks
Charging interest to customers who only pay part of their monthly debt
Which is an example of an appreciating asset?
A computer used for business purposes
A new car purchased within the past 6 months
A piece of farming equipment
A home
Once you turn 18, you should regularly check your credit report . . .
For errors or signs of identity fraud
To make a plan for improving your credit score
To keep an eye on your credit score
Only if you have a credit card
The debt snowball method involves . . .
Waiting until the winter months to begin paying off debt
Paying off debts from largest to smallest
Pooling together money from other people to pay off your debt
Paying off debts from smallest to largest
Loans that directly help you advance in life, such as student loans, are acceptable debts.
True
False
What is the best way to avoid falling into debt?
Use credit to pay for large expenses now so that you have plenty of time to pay it off.
Only buy things that you can purchase with cash.
Use airline miles earned through a credit card to help pay for a vacation.
Take out a small loan for any purchases over $1,000.
The ________________ is the total amount of the car loan, plus taxes and fees.
Principal
Value
Interest
Term
An example of discretionary spending is ________.
Nonessential goods and services
Essential goods and services
Mandatory bills
Basic living expenses
As an effective marketing strategy, companies pay a lot to...?
Have their products strategically placed in the store.
Get you to dislike their branding.
Confuse you about their product.
Choose a brand similar to theirs.
When someone steals and uses your debit or credit card info, that's called _______________.
Networking
Borrowing
Fraud
Authorized spending
What does it mean to develop power over purchase?
You are powerless in the face of an impulse purchase.
You can make decisions very quickly when it comes to purchasing items.
You are able to slow down and think through your motives before buying something.
You have power to purchase whatever you want, and you do so.
Before you insert your debit card at the gas pump, you should always . . .
Make sure you have enough money in your account
Check out the card reader to see if it looks different, loose, or worn
Ask the store clerk if there has been a thief here lately
Pay cash—never use a card at a gas pump
It's your right as the consumer to . . .
Pitch a fit if you don't like the product you just purchased, and demand a refund
Buy whatever you want, as long as you don't go into debt over it
Keep a product even if it malfunctions or has manufacturing issues
Expect a product to live up to the quality promised to you before you purchased it
Why is paying for something in cash a better option than a virtual payment even if it isn’t as convenient?
If you make spending less convenient, you're less likely to buy things you don't need.
It’s easier to part ways with cash, so you're more likely to overspend.
It isn't a better option. The perks of virtual payments outweigh the downsides.
It helps the store clerk when you use cash.
Why should you never buy the extended warranty?
Retail items and products rarely break or malfunction.
You should buy the extended warranty. It is a smart financial decision.
Most retailers will replace or repair the product if it stops working within the first year.
The retailers never keep their promises.
Which of the following has the lowest risk for getting your card information stolen?
Handing your card over to a server at a restaurant.
Making an online purchase on an unsecured site
Using your debit card and PIN at a reputable store
Storing your card information online
Reading the owner's manual, using the product as intended, and keeping the receipt are ways to . . .
Protect and maintain your purchase
Go into debt over an item
Think through a purchase
Avoid regretting an impulse purchase
Stuff doesn’t equal ______. Debt makes people look better off than they ______.
Wealth; actually are
Investments; should be
Happiness; deserve
Income; want to be
Personal finance is 20% head knowledge and 80% ____________.
Behavior
Attitude
Good intentions
Motivation
What three questions is the brain always asking?
Am I safe? What are my surroundings? What are my thoughts?
Am I safe? Do I belong? Does this feel good?
Can I buy it? Should I buy it? Will I buy it?
Am I nervous? Am I mad? Am I scared?
Since marketers have sophisticated technology and plans to get your money, what can you do to make sure you don’t fall into their trap?
Make snap decisions to buy products.
Be aware of when and where you’re being marketed to.
Stay off any form of digital media entirely.
Never buy anything online.
Contentment is hindered by ____________.
Immediate gratification
Delayed gratification
Money principles
The Five Foundations
The best way to make the contribution you were born to make is by doing work .
That pays you a lot of money
With nonprofits
That's easy
You're passionate about
An entrepreneur is someone who ...
Works an entry level job at a large business
Starts and runs their own business
Gets hired to work for their dream company
Starts and runs someone else's business
The Proximity Principle says: In order to do what you want to do, you need to be ___ people who are doing it and in ___ where it’s happening.
Around; places
Researching; areas
Friendly to; proximity to
Nice to; areas
What is NOT a benefit of working while in school?
Boost your GPA
Gain experience
Earn a grant
Develop skills
For entrepreneurs, taking ___ and growing a business go hand in hand.
Applications
Risks
Breaks
Classes
What is the point where your greatest talents, passions, and values intersect?
Your perfect place
Your sweet spot
Your dream job
Your first job
___ skills are things you learn in school or receive special training on.
Hard Skills
Soft Skills
Life Skills
Professional Skills
When writing your purpose statement, what should you think about?
Who you want to work for and how you can add value
Where you want to be in 30 years and how much money you want to make
Who you most want to help and the problem you want to solve
Who you want to learn from and how to solve their problems
What is an example of putting the Proximity Principle into practice?
Reading
Volunteering
Researching
Listening to a podcast
What is the key to failure?
Never embracing it
Avoiding it
Talking about it
Learning from it
Your first job will likely be your dream job.
True
False
Which of the following is NOT a way to make yourself a valuable employee in the future?
Improve your communication skills
Determine how much income you should make
Learn computer literacy skills
Become a team player
The difference between soft skills and hard skills is:
Soft skills are personal attributes, while hard skills are technical abilities.
Soft skills are technical abilities, while hard skills are personal attributes.
Both are the same and used interchangeably.
Soft skills are more important than hard skills.
Which of the following are factors that help you identify your personal brand?
Your values and beliefs
Your favorite color
Your daily routine
Your pet's name
Which of these is an example of a bold first impression when applying for a job?
Having a flashy designed resume
Applying a couple of weeks after the job is posted
Applying several times for the same position
Calling the hiring manager and introducing yourself
Many high schoolers get so caught up in the idea of the college experience that they don't think critically about . . .
How their college choice will affect their financial future
Their high school GPA
Their dream job
What requirements they need to get into college
Student loans are a type of "good" debt.
True
False
You can fund your education by finding the right mix of _______, _______, and _______.
Cash; loans; grants
Grants; scholarships; work
Work; loans; cash
Scholarships; trust funds; federal aid
What's a better question to ask instead of, "Where do I want to go to college?"
"What do I want to do for a career?"
"How do I get into college?"
"Where do I want to live?"
"Do I want to go to college?"
It takes the average person ______ to pay off their student loan debt.
20-40 years
10-15 years
5-10 years
2-4 years
Getting good grades and scoring well on college entrance exams give you a better chance of _____________.
Going to an out-of-state college
Getting a scholarship
Getting an interview
Graduating early
Since federal funding is often awarded on a first-come, first-served basis, you'll be more likely to get financial help by filling out your FAFSA as soon as possible.
True
False
A two-year degree with specialized training, a flexible schedule, and lower educational costs is called a(n) _____________.
Community college degree
Associate degree
Bachelor's degree
Graduate degree
FAFSA is the federal application required to . . .
Receive financial aid
Get a part-time job your first semester
Do a work-study program
Get into college
To stay extra focused on your debt-free degree goal, you will need to avoid . . .
The FAFSA
A college degree
All types of financial aid
Student loans
When applying for scholarships, you should consider both ______ and _________.
Friends; teachers
Tuition; school
Range; intensity
Speed; accuracy
Most employers care more that you're educated in your field than they care about . . .
If you're good at your job
Your work ethic
Your future career plans
What college you went to
Most students don't consider that they'll end up paying far more than the original amount they borrowed on their student loans because of ________.
The debt snowball
Higher income
Interest rates
Monthly payments
What is The Fourth Foundation?
Pay cash for college.
Pay cash for your car.
Save a $500 emergency fund.
Build wealth and give.
A lot of students incorrectly prepare for thinking about college by:
Starting too late in the process
Researching all possible colleges
Seeking advice from counselors
Focusing on extracurricular activities
