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WorksheetsPersonal Finance Exam
Total questions: 103
Worksheet time: 52mins
Where do you sign the check?
2
5
6
4
I am writing a $40 check to Walmart for groceries. Where do I write Walmart on the check?
5
2
6
3
Where do I write the date on the check?
1
2
3
4
When you make a deposit are you adding money or subtracting money into your account?
Adding money
Subtracting money
When you make a withdrawal are you adding money or subtracting money into your account?
Adding money
Subtracting money
I am writing a $40 check to Walmart for groceries. Where do I write out groceries?
2
6
5
4
Always use permanent ink when writing a check.
True
False
It's okay to only write the money amount in numbers. You don't have to write it in words too.
True
False
When spelling out large numbers, use a hyphen to connect the two words. For example: twenty-two
True
False
Don't worry about writing legibly (neat) when completing a check.
True
False
The 'memo' section is for your signature.
True
False
Always include the month, day, year and seconds when writing the date.
True
False
It's okay to erase and use whiteout to fix mistakes on a check.
True
False
Never sign a blank check.
True
False
It's okay to use a pencil or marker when writing a check.
True
False
Where on the check would you sign your name in cursive, acknowledging you wrote the check?
What two location would you find the check number?
Where on the check would you find information about who owns the money in the account and how to contact them?
Where on the check would you find the routing number identifying the bank the check is drawn off of?
Where on the check would you find the account number identifying the bank account the check is drawn off of?
Label the parts of the check correctly.
The part of the check designates who can receive the money.
Payee Line
Dollar Box
Memo Line
Signature Line
A
Part of the check where the owner of the account signs their name verifying that the account owner has approved the payment.
Payee Line
Dollar Box
Memo Line
Signature Line
Amount Line
Net pay is ...
income before deductions
income after deductions
income you take home
income with holdings
What is the definition of Gross Pay?
state taxes
income after deductions
federal taxes
total income
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
The Government
Local Businesses
Money paid to the government
Paystub
Current
Taxes
Net Pay
The company you work for deposits the net pay straight into your bank account. This is called..
Rate
Direct Deposit
Paystub
Pay Period
Money taken out of paycheck to cover expenses including taxes and health insurance
Deductions
Taxes
Paystub
Net Pay
The date range you are being paid for
Pay Period
Paystub
Rate
YTD
a person that works for a company
employer
biweekly
employee
tax
YTD stands for:
Year to Date
Year Tax Date
Yearly Tax Date
Your Total Deductions
What is the term for money taken out of a paycheck?
salary
deduction
subtraction
none of the above
The money earned before money is taken out of a paycheck is called what?
net pay
earned pay
gross pay
full pay
The time period in which an employee gets paid is called?
pay check
pay period
time period
none of these
Which are considered mandatory deductions from a paycheck?
social security
medicare
federal income tax
all of these
Which are considered optional deductions from a paycheck?
life insurance
health insurance
union dues
all of these
If I decide to purchase a television I will pay what type of tax?
gift
sales
income
property
What is a pay period?
time worked beyond an employee’s regular hours
the number of days an employee works and is paid for each paycheck
the day a person is paid
A fixed amount of money per year paid to an employee to do a job is known as a _____?
hourly rate
deduction
overtime pay
salary
What is the payment people receive for working ?
pay period
income
deduction
FICA
Why can a person have all three of these: a savings account, credit, and a checking account.
Because they are all different.
Because they are all the same.
Because they all require the same type of check.
Because they all can be used with an ATM.
What is needed to open a checking account?
A social security account
Money to deposit
Be at least 18 years old
A check register
An ATM account
You cannot use your debit card to withdraw money from your checking account.
True
False
Automatic teller machine, a bank machine that gives out cash from your account and accepts deposits around the clock.
ATM
Balancing (a checkbook)
Bank
Bank Statement
Financial institution at which you can get a checking account or savings account.
ATM
Balancing (a checkbook)
Bank
Bank Statement
Monthly document from your bank that shows all transactions in your account.
ATM
Balancing (a checkbook)
Bank
Bank Statement
Like a credit card, but directly attached to a checking account; a _____ ____ can be used to pay for items at a store.
Debit card
Direct deposit
Fees
Interest-bearing checking account
Overdrafts
An automatic deposit of a paycheck without having to take a physical check to the bank.
Debit card
Direct deposit
Fees
Interest-bearing checking account
Overdrafts
Amounts withdrawn from your account beyond the money the account holds.
Debit card
Direct deposit
Fees
Interest-bearing checking account
Overdrafts
A savings account is to save money and grow interest.
True
False
A way of growing your money.
Interest
Credit
Deposit
Withdrawal
Taking money out of an account.
Interest
Credit
Deposit
Withdrawal
Putting money into an account.
Interest
Credit
Deposit
Withdrawal
If you make a mistake on the check you must write this and don't throw the check out.
Joint banking account
Clear
Minimum balance
Void
Why is it important to keep your online banking information private?
To impress your friends
To avoid sharing your favourite colour
To protect your money and personal information from strangers
Which of the following is a strong password?
Your pet's name
Your favourite cartoon character
A combination of letters, numbers, and symbols that are not easy to guess
What is two-factor authentication (2FA)?
A way to use two different computers
A security feature that adds an extra layer of protection by requiring a second verification step
A way to slow down hackers
What should you do if you receive an email or message asking for your online banking password?
Share it with them
Ignore the message
Immediately report it to a trusted adult
When using a public computer or Wi-Fi, what should you avoid doing?
Checking your online banking
Sharing your favourite memes
Using a secure and encrypted connection
Why is it important to regularly check your online banking statements?
To see how much money your friends have
To make sure your favourite online store is still open
To monitor your transactions and detect any unauthorized or suspicious activity
What should you do if you notice a transaction on your online banking statement that you didn't make?
Keep quiet and hope it goes away
Call your friends and ask if they made the transaction
Report it to your bank immediately
What does "log out" mean in online banking?
Take a break from using the internet
Close your online banking session to prevent unauthorised access
Share your login details with friends
How can you make sure you are visiting the official website of your bank when logging in?
Click on any link that looks like it
Type the bank's website address directly into the browser
Ask your friends for the correct link
Match the type of fraud: Chris learned their identity had been used during an arrest, but Chris hadn’t been arrested.
Tax
Investment
Identity Theft
Communications
Credit
Chose all of the answer choices that apply: Pat is considering purchasing a new tablet online; what are three steps they should take to protect against fraud?
Look for “https” and/or a picture of a lock by the URL
use a credit card
use a secure password
use a debit card
Match the way fraud may occur in the scenario: A scammer is using email to pretend to be your bank.
Computer
Skimming
Phishing
Stealing
A debit card should be used (instead of a credit card) when making online purchases.
True
False
Fraud is: deliberate deception, designed to secure unfair or unlawful gain.
True
False
Is fraud legal or illegal?
illegal
Legal
If you fall for a phishing scam, what should you do to limit the damage?
Delete the phishing email
Unplug the computer. This will get rid any malware.
Change any compromised password.
How many districts are there in the Federal Reserve System?
3
7
12
19
Federal Reserve economists generally agree that the economy performs well when:
There is no inflation.
Inflation is low and prices are stable.
There is no unemployment.
Stock market values are rising.
_____ carry out Fed policy and oversee banking within its district.
Financial Institutions
Federal Reserve System
District banks
The _____ is the central bank of the United States.
Financial institutions
Federal Reserve System
District Banks
_____ accept deposits from depositors and lend money to businesses and consumers.
Financial institutions
Federal Reserve System
District banks
When was the Federal Reserve established?
1900
1913
1929
1945
Why was the Federal Reserve created?
To regulate the banking system
To control inflation
To manage the national debt
To oversee the stock market
Why is regulation important for the financial system?
To ensure stability and protect consumers
To increase market volatility
To reduce transparency
To limit market access
"The Fed" refers to the....
Federal Bureau of Investigation
Federal Government
Federal Reserve System/Bank
Federal Income Tax
Money that you borrow from a bank:
loan
principal
interest
payment
What is the employee's social security number on the W-2 form?
987654321
123-45-6789
00122234001
123-45-9876
What is the employer's identification number (EIN) on the W-2 form?
123-45-6789
00122234001
987654321
123456789
How much federal income tax was withheld according to the W-2 form?
1,000.00
1,080.50
895.90
500.00
What is the amount of social security wages listed on the W-2 form?
10,000.00
14,450.00
12,000.00
15,000.00
How much was withheld for social security tax according to the W-2 form?
1,080.50
895.90
500.00
1,000.00
What is the amount of Medicare wages and tips listed on the W-2 form?
10,000.00
14,450.00
12,000.00
15,000.00
What is the amount of local wages, tips, etc. listed on the W-2 form?
10,000.00
14,450.00
12,000.00
15,000.00
How much was withheld for Medicare tax according to the W-2 form?
209.52
100.00
150.00
300.00
What do you know about Lily’s employment?
Lily earned minimum wage plus tips
Lily worked at Scoops Ice Cream in 2024
Lily worked during every month of 2024
Lily’s annual net pay (take-home pay) was $14,450 after taxes
What were Lily’s gross wages from this employer for this period?
$895.90
$1,080.50
$14,450
$16,635.92
What is the purpose of a W-2 form?
To report annual income and taxes withheld
To apply for a new job
To calculate monthly expenses
To file for unemployment benefits
