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WorksheetsPCC Personal Finance Review
Total questions: 15
Worksheet time: 8mins
What is a budget?
A. A detailed plan for future investments
B. An estimate of incoming revenue and outgoing expenses over a period of time
C. A list of all assets and liabilities
D. A summary of past financial transactions
Which of the following is a benefit of understanding where our money is coming from and what it is going to?
A. Ignoring financial goals
B. Setting expectations
C. Increasing expenses
D. Reducing income
What are the two main components you need to understand in order to build a budget?
Savings and investments
Revenue and expense
Income and debt
Assets and liabilities
What does the Housing Costs category include?
Grocery shopping and eating out
Rent/mortgage, property taxes, home/renters insurance, maintenance costs, HOA fees, and PMI
Cell phone, cable, internet, gas, electricity, trash/sewer
Medical and healthcare bills, co-pays, prescriptions, eye and dental care
What should you do after paying off all of your debt, except your mortgage?
Save $1,000 for an emergency fund
Save three to six months of expenses as your new emergency fund
Begin saving 10 - 15% of your income for retirement
Save for your children's college fund
What does "opportunity costs" refer to?
The cost of borrowing money
Funds available for spending in the economy
What a person gives up in order to execute another decision
General trends in the value of U.S. stocks
Which of the following is a personal factor in budgeting?
Interest rates
Stock market index
Money supply
Values
Which tax is a pay deduction required by law that supports the federal government?
State income tax
Social Security tax
Federal income tax
Payroll deductions
What is the total amount of money you have earned during a pay period, before any deductions?
Net pay
Gross pay
Benefits
Earnings statement
What is the amount of income that you actually ‘take home’ after pay deductions?
Gross pay
Net pay
Earnings statement
State income tax
What are amounts of money withheld from an employee’s gross pay?
Benefits
Insurance
Payroll deductions
Gross pay
If an employee worked 50 hours at a rate of $9.00 per hour, what is their gross pay for the period?
$450.00
$400.00
$500.00
$550.00
How do you calculate the per check pay for a salary?
Multiply the rate of pay by the number of hours worked
Divide the rate of pay by the number of hours worked
Divide the annual salary by the number of pay periods
Multiply the annual salary by the number of pay periods
In the United States, we use which tax system for our federal income tax?
Regressive
Proportional
Progressive
Which of the following is NOT a way to access funds from a checking account?
ATM
Credit Card
Debit Card
Check
