WorksheetsOCS Economics Personal Finance Final Exam Review part 1
Total questions: 20
Worksheet time: 20mins
A ________ is a profession that someone feels passionate about that they participate in for a long time in their life span.
Standard of living
Education
Benefit
The amount of money that an individual earns for work completed is called an .
Job
Workforce
Training
An ______ involves obtaining and developing knowledge and skills often in a school or training setting.
Service
Volunteer
Donation
The amount of money that remain after taxes and deductions are taken out that an employee gets to take home with them is called .
Budget
Credit
Investment
A __________ is the amount of money that is regularly paid to someone for the work that they complete, typically on an hourly or completion basis.
Workforce
Training
Long term goal
Eric recently graduated from college and has a goal of owning his own home by the time he’s 30 years old. What tool should he be using to help him plan how to spend his money?
Credit card
Budget
Mutual fund
Amortization calculator
You are starting your first job and you’re asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?
1040
W-2
W-4
Carlos has some extra gravel from a summer project he completed. His neighbor Dan, is upgrading his lawn mower. Dan is willing to trade his lawn mower to Carlos for Carlos’ gravel. What is this exchange called?
Gambling
Royalty
Barter
In-state tuition is always significantly ____________ than out of state tuition.
Lower
Higher
Equal
Longer
What are things that we would like to have but are not necessary for survival?
Substitutes
Needs
Wants
Shelter
What is the actual amount of money borrowed from a lender called?
Closing cost
Principal
Interest
Down payment
What type of card can be used for transactions where money comes directly out of your checking or savings account?
Debit card
Credit card
Insurance card
Identification card
What is the amount of money an individual must pay when using an insurance policy before the company will pay its portion?
Premium
Deposit
Transaction fee
Deductible
Who should be consulted to help with estate planning and writing wills?
Real estate agent
Banker
Estate lawyer
What tools help protect individuals from financially devastating events?
Credit card
Insurance
Certificate of deposit
The amount of money needed to cover basics such as housing, food, taxes, and healthcare is called .
Speculating
Groceries
Investing
A financial plan should include all of the following:
An ongoing assessment, evaluation of current needs, and an evaluation of future needs
A one-time plan considering your needs down the road
A plan to handle your revenues and expenditures in the moment
A one-time meeting with a financial advisor
The idea of raising funds for a project or cause through a large group of people online like GoFundMe is called .
Service Learning
Creating a Budget
What is an organization that helps raise money for those in need called?
Charities
Clubs
Industries
Corporations
One of the biggest events that surround the fraudulent collection of donations is .
Political Campaigns
Animal Support
Military Balls
