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Worksheets

Final Exam Review

Total questions: 27

Worksheet time: 14mins

Name
Class
Date
1.

This type of account is connected to your debit card. Fill in the blank: ________

a)

Checking Account

b)

Savings Account

c)

Credit Account

d)

Loan Account

2.

A monthly fee that some banks charge to keep your account open. Fill in the blank: ________

a)

Maintenance fee

b)

Overdraft fee

c)

ATM withdrawal fee

d)

Deposit slip

3.

This federal insurance program protects the money you deposit in. Fill in the blank: ________

a)

FDIC

b)

FEMA

c)

IRS

d)

SSA

4.

This stock market index represents 500 of the largest companies listed on stock exchanges in the United States. Fill in the blank: ________

a)

S&P 500

b)

Dow Jones Industrial Average

c)

NASDAQ Composite

d)

Russell 2000

5.

This investment vehicle automatically adjusts your investments based on a planned retirement year. Fill in the blank: ________

a)

Target Date Fund

b)

Index Fund

c)

Money Market Account

d)

Certificate of Deposit

6.

This strategy involves spreading investments across different assets to reduce risk. Fill in the blank: ________

a)

Diversification

b)

Speculation

c)

Concentration

d)

Leverage

7.

The amount borrowed by someone for a loan. Fill in the blank: ________

a)

Principal

b)

Interest

c)

Dividend

d)

Deposit

8.

An initial payment made when buying something expensive, such as a car or house. Fill in the blank: ________

a)

Down Payment

b)

Installment

c)

Mortgage

d)

Lease

9.

The lowest amount you can pay on your monthly credit card bill to remain in good standing. Fill in the blank: ________

a)

Minimum Payment

b)

Credit Limit

c)

Annual Fee

d)

Interest Charge

10.

A record of how you've managed loans and payments over time. Fill in the blank: ________

a)

Credit Report

b)

Bank Statement

c)

Income Tax Return

d)

Loan Agreement

11.

This payment method can help you build credit and requires a cash deposit. Fill in the blank: ________

a)

Secured Credit Card

b)

Debit Card

c)

Prepaid Card

d)

Gift Card

12.

This strategy for debt repayment starts with the highest interest-rate debts. Fill in the blank: ________

a)

Avalanche / high-rate method

b)

Snowball method

c)

Ladder method

d)

Consolidation method

13.

Who is one person that might ask to see your credit report?

a)

Credit card companies

b)

Telecommunication companies

c)

Public utilities

d)

Insurance companies

e)

Employers

14.

What is one way to reduce the amount of overall interest you pay on a loan?

a)

Make a higher down payment

b)

Choose a shorter loan term

c)

Find a lower interest rate

d)

Make additional payments above the minimum

15.

Paying for College: Money you borrow for college and need to repay.

a)

Student Loans

b)

Scholarships

c)

Grants

d)

Work-Study

16.

Paying for College: Sticker price - grants/scholarships = ________________.

a)

Net Price

b)

Loan Amount

c)

Tuition Fee

d)

Gross Price

17.

Paying for College: The form submitted by students to determine their eligibility for financial aid.

a)

FAFSA

b)

SAT

c)

ACT

d)

CSS Profile

18.

This type of car insurance covers you if you cause injuries or property damage for someone else.

a)

Liability coverage

b)

Collision coverage

c)

Comprehensive coverage

d)

Personal injury protection

19.

Insurance: If you want a lower deductible and higher coverage limit, you will pay a higher monthly _______.

a)

Premium

b)

Deductible

c)

Claim

d)

Policy

20.

Insurance companies use this strategy to afford large payouts by collecting premiums from a large group.

a)

Risk Pooling

b)

Underwriting

c)

Deductible

d)

Asset Allocation

21.

What is the typical deadline for Americans to file their taxes?

a)

March 1st

b)

April 15th

c)

May 31st

d)

October 15th

22.

What is the extended deadline for Americans to file their taxes if they get an extension?

a)

April 15th

b)

June 1st

c)

October 15th

d)

December 31st

23.

Employees receive this form each January that summarizes their earnings and taxes for the previous year. Fill in the blank: ________

a)

W-2

b)

1099

c)

W-4

d)

1040

24.

Fill this form out when you start a new job to determine how much your employer withholds in taxes. Fill in the blank: ________

a)

W-4

b)

1040

c)

I-9

d)

W-2

25.

Which of the following is a mandatory contribution that shows up on a paycheck?

a)

401(k) retirement contributions

b)

Health insurance premiums

c)

FICA: Social Security and Medicare

d)

Wage garnishment

26.

Which of the following is a voluntary contribution that may show up on a paycheck?

a)

FICA: Social Security and Medicare

b)

Income taxes (federal, state, local)

c)

401(k) retirement contributions

d)

Wage garnishment

27.

Which of the following is a less common deduction that may appear on a paycheck?

a)

Health insurance premiums

b)

Wage garnishment

c)

FICA: Social Security and Medicare

d)

Income taxes (federal, state, local)