WorksheetsREVIEW ASSESSMENT B – PERSONAL FINANCE
Total questions: 25
Worksheet time: 13mins
A bubble, such as the one in the housing market, refers to
An overvalued market
An undervalued market
A market in recession
A market in depression
Which term describes an overall general rise in prices
Prosperity
Demand
Inflation
Scarcity
When you begin a job you will need to fill out this form to instruct your employer on how much to withhold from your paycheck based on your number of allowances.
W-2
1099
1040
W-4
An amount that may subtract from your income for each person who depends on your income to live is known as
An expense
An exemption
withholding tax
A tax
A tax deferred (you do not pay tax now, but when you take the money out) retirement account is
Traditional IRA
401K
Roth IRA
CD
When the payee writes the words “For Deposit Only” and signs his or her name on the back of a check, they are using this type of endorsement.
Blank
Special
Restrictive
Joint
A person’s net worth is determined by
Subtracting assets from expenses
Subtracting expenses from revenue
Adding assets and liabilities
Subtracting liabilities from assets
This auto insurance coverage protects the insured against claims for personal injury.
Collision
Comprehensive
Liability
No-fault
Which of the following factors would NOT cause fluctuation in stock prices
time of year
fear
stable economy
interest rates
A type of credit agreement whereby the borrower makes a down payment and pays the balance in equal periodic payments for a specified period of time is known as
A 30 day account
Open end credit
An installment loan
Revolving credit
When an automobile is purchased with the use of credit, the financial institution’s legal right to the asset in the event of default is known as
A lien
A line of credit
Collateral
Trade credit
The Federal Deposit Insurance Corporation protects up to this amount of a depositor’s money from loss due to bank failure.
$25,000
$250,000
$100,000
$10,000
Which of the following is a factor in selecting an investment?
liquidity
safety
return on investment
all of the above
The monthly process of matching the check register to bank’s records is called
Reconciliation
Balance update
Check clearing
Debit statement
Which of the following is an example of a proportional tax?
Medicare tax
State income tax
Sales tax
Federal income tax
This summary statement of wages earned and taxes withheld must be sent to employees by the end of January so they can file their tax return.
W-4 form
1099
W-2 form
1040A
As an alternative to itemizing deductions, a taxpayer may
Use the personal exemption
Take the standard deduction
Defer from paying taxes
Claim additional exemptions
Which of the following is not a required employee deduction?
Retirement fund
State income tax
Federal income tax
Social security
This form is used to report other earned income.
1040AA
W-2 form
W-4 form
1099 form
This term refers to the money left after your fixed expenses have been paid.
Discretionary income
Taxable income
Gross income
Disposable income
This refers to money left after your taxes have been paid.
Discretionary income
Taxable income
Gross income
Disposable income
This automobile insurance allows drivers involved in an accident to receive reimbursement for their medical and repair expenses from their own insurer.
Personal liability
Life insurance
No-fault insurance
Comprehensive insurance
This type of financial institution is controlled by its members
bank
brokerage firm
credit union
loan institute
A written agreement which allows a tenant to use property for a specified period of time is called a
Deed
Title
Lease
Promissory note
A person who is interested in earning investment income from stocks is generally advised to buy stocks that pay _____.
dividends
premiums
interest
awards
