WorksheetsMLPKOJSANDKJHAS cba
Total questions: 40
Worksheet time: 20mins
Which of the following options typically offers the highest interest rate?
Checking account
Savings account
Certificate of Deposit (CD)
Money Market Account
How does an ATM fee typically work?
It is a monthly charge for ATM maintenance.
It is a fee charged when using an ATM outside of your bank's network.
It is a fee for withdrawing cash from an ATM within your bank's network.
It is a fee for checking your balance at an ATM.
If a check is not honored due to insufficient funds in the payer's account, it is called:
A bounced check
A voided check
An endorsed check
A certified check
What is one benefit of having a savings account?
Unlimited withdrawals
High transaction fees
Earns interest
Lower credit score
What does FDIC insurance cover?
Deposits up to $100,000 per bank
Deposits up to $250,000 per account holder
Investments in stocks and bonds
What is a feature of a money market account?
Unlimited checks
Higher interest rates than regular savings accounts
Requires no minimum balance
No restrictions on withdrawals
What is the primary purpose of a check endorsement?
To authorize the bank to cash or deposit the check
To make the check void
To ensure the check cannot be used by others
To verify the payer’s identity
What is overdraft protection?
A feature that prevents transactions when funds are insufficient
A service that covers transactions that exceed the account balance
A type of insurance for lost or stolen checks
A policy for protecting deposits against fraud
How often can you typically make penalty-free withdrawals from a Certificate of Deposit (CD)?
Monthly
Quarterly
Annually
At the end of the term
What is the primary benefit of using online banking?
Access to physical checks
Higher interest rates
Convenience and accessibility
Fewer fees and charges
Alex wants to save for a vacation next year. He earns $3,000 per month and decides to save 10% of his income. How much will he save in a year?
$3,000
$3,600
$4,000
$3,300
What is one common reason people fail to stick to a budget?
They do not track their expenses accurately.
They save too much money.
They invest in too many different things.
They have too many sources of income.
What is the purpose of an emergency fund?
To invest in stocks
To cover unexpected expenses
To fund luxury vacations
To buy new gadgets
Axel has 3000permonthtocoverexpenses.Heestimatesmonthlycoststoberentof 1200, car expenses of 700,utilitiesof 200, insurance of 300,foodof 400, student loans of 800,andgoingoutwithfriendsof 200. What is the end result?
A budget deficit of $800
A budget surplus of $800
A total budget of $6800
$0
What is the "50/30/20" rule in budgeting?
50% needs, 30% wants, 20% savings
50% wants, 30% needs, 20% savings
50% savings, 30% needs, 20% wants
50% needs, 30% savings, 20% wants
To reduce her grocery expenses, what is a strategy Alice can use?
Always buy name-brand items
Shop without a list to explore new items
Use coupons and buy items on sale
Purchase prepared meals instead of ingredients
What is a zero-based budget?
A budget where expenses are set to zero
A budget where income equals expenses
A budget that only accounts for savings
A budget that excludes discretionary spending
A monthly budget should include which of the following?
Income, expenses, savings, and debt payments
Only entertainment expenses
Just your income
Only your rent or mortgage payment
How can tracking your daily expenses help you stay within your budget?
It prevents you from saving money
It shows how much you can spend on luxuries
It helps identify spending habits and adjust accordingly
It encourages impulse buying
What is the benefit of setting financial goals in a budget?
It helps track your net worth
It provides motivation to manage money wisely
It increases impulsive spending
It eliminates the need for a budget
Which of the following statements is TRUE about credit utilization?
It refers to the total amount of credit a person has available.
It only affects your credit score if you use over 50% of your available credit.
It is calculated based on the balance you carry on your credit cards relative to your total credit limit.
It does not impact your credit score.
What is one benefit of maintaining a high credit score?
Lower interest rates on loans
Higher fees on credit cards
Limited credit card options
Fewer loan opportunities
Which of the following best describes a secured credit card?
A credit card that requires no credit check.
A credit card that is backed by a cash deposit as collateral.
A credit card that has no spending limit.
A credit card that offers the best rewards points.
A typical consequence of missing a credit card payment is:
A late fee is charged.
Your credit limit increases.
You receive a cash bonus.
Interest rates decrease.
What is one key difference between credit cards and car loans?
Car loans have a minimum monthly payment, but credit cards have a set monthly payment.
Credit cards report to credit bureaus, but car loans do not.
A car loan is for a specific purpose, but a credit card can be used to pay for a variety of goods and services.
Interest is charged on credit cards, but not on car loans.
What is one advantage of using a credit card responsibly?
Building a positive credit history
Accumulating high-interest debt
Avoiding interest charges by making minimum payments
Spending more than you earn
Which of the following is NOT a component of a credit score?
Payment history
Length of credit history
Types of credit used
Income level
What is the purpose of a credit report?
To track your employment history
To determine your eligibility for government benefits
To provide a record of your credit history and financial behavior
To list your assets and liabilities
How can someone improve their credit score?
Maximize credit card balances
Miss payments occasionally
Pay bills on time and reduce outstanding debt
Close old credit accounts
What is the difference between a hard inquiry and a soft inquiry on your credit report?
Hard inquiries do not affect your credit score, while soft inquiries do.
Soft inquiries are only visible to you, while hard inquiries are visible to lenders.
Soft skills can be best described as...
Skills that are easy to demonstrate and measure
Skills that allow a person to work effectively with others
Skills that apply only to a specific position
Skills that are unimportant to employers
Your friend, Nabila, has a virtual interview tomorrow and is extremely nervous. Nabila should do all of the following things to prepare for her virtual interview EXCEPT…
Test all of her technology including internet connection and audio
Dress as comfortably as possible; since this is a virtual interview, professional dress is not necessary
Ensure she has a clutter-free background
Maintain positive body language during her interview such as good posture and eye contact with the camera
Lilly is working on her first resume and has no previous work experience. What can she do to boost her resume?
Emphasize her education and highlight her strong GPA
Create fictional positions she held in the past
Leave out volunteer experience since it's not paid work
Include a lengthy paragraph at the top of her resume explaining why she has no previous work experience
Grayson has a job interview tomorrow. Which of the following would be the BEST advice to give him?
Avoid asking questions during the interview since it will show that he may not know something about the company
Be sure to ask about things like vacation and sick leave since he will want to know how many days he can take off
Plan to arrive at least 60 minutes early for the interview
Conduct research on the company ahead of time to understand how his values and beliefs align with the company’s mission
Which of the following suggestions is the BEST tip for career development?
Wait to enroll in a 401(k) for as long as possible
Stay at each position for at least 7 years
Continue to develop new skills throughout your career
Only update your LinkedIn when you’re job hunting
In the United States, why is it often considered a good financial decision to go to college, even though a college degree is expensive?
College graduates always hold higher-paying jobs than high school graduates
College graduates have higher average lifetime earnings than high school graduates
Most people don’t graduate with student debt
After paying tuition, students will have a partial ownership stake in a valuable university
Which of the following is TRUE about a cover letter?
A cover letter presents the same information that is on your resume
A cover letter highlights your strengths and interest in a position
A cover letter is typically 2-3 pages in length
A cover letter can be used to apply to multiple different jobs
Reign is a freelance personal trainer. Their work includes advertising their business, training clients, and handling billing. Reign would best be described as…
A self-employed worker
A full-time employee
An intern
A business partner
Avery is a recent college graduate with a degree in marketing. She wants to expand her professional network. All of the following strategies would help her expand her network, EXCEPT…
Attend a conference
Complete a self-assessment
Set up informational interviews
Join a professional association
All of the following are hard skills EXCEPT…
Coding
Accounting
Carpentry
Adaptability
